According to a Friday court document, the Securities and Exchange Commission has charged former FTX auditing company Prager Metis with breaking American auditor independence laws.The SEC claims that the company aided its clients in breaking federal securities rules, including 62 firms that were registered with the regulator.It requests a restraining order against the auditor and demands that it forfeit any earnings earned via illicit activities in addition to paying fines. In November, on the same day that FTX filed for bankruptcy in the United States with a $7 billion shortfall on its balance sheet, Prager Metis, an auditing firm, reported $1 billion in revenues for the foreign division of FTX in 2021.In addition, the business intended to establish a presence in the Metaverse.However, the SEC’s complaint is focused on the agreements the firm signed with its multiple clients rather than the auditor’s connections to FTX. According to a document filed on Friday with the U.S. District Court for the Southern District of Florida, Prager Metis violated the independence requirements for auditors by entering into agreements with clients that included indemnification clauses, where clients agreed to hold Prager harmless from liabilities and expenses from its services “attributable to any knowing misrepresentations by management.”The agency additionally asserted that the auditor has been informed of these irregularities since at least January 2019. “Auditor independence is critical to both protecting the integrity of financial reporting and promoting public trust. As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor

The Monetary Authority of Singapore has granted the cryptocurrency exchange Coinbase a license as a payment institution. This licence will allow the exchange to increase its “provision of digital payment token services to both individuals and institutions in Singapore,” the business stated in a blog post on Monday. As a holder of a payments institution

According to a statement from the company, Tim Grant was named CEO of the investment firm Deus X Capital, which is funded by a family office. The business starts out with $1 billion in assets, including money that has already been invested and money that will be used for private equity, venture capital, and fund

The DOJ wants to emphasize the experiences of institutional and retail clients who gave FTX access to significant amounts of money.  In the future trial against Sam Bankman-Fried, the former FTX CEO, the Department of Justice (DOJ) has announced its intention to call former FTX customers, investors, and employees as witnesses. On September 30, the

The THORChain router and Railgun contract received a sizable share of the 7,749 ETH, worth over $13 million. Recent data from Spot On Chain shows that since September 30, transfers totaling more than 10,000 Ether, or $17 million, have been sent across five different addresses from an address associated with the FTX attack, known as

According to the SEC, Prager Metis, an accounting company hired by the defunct cryptocurrency exchange FTX in 2021, violated auditor independence hundreds of times. The Securities and Exchange Commission (SEC) of the United States has filed a lawsuit against an accounting firm that worked with the cryptocurrency exchange FTX before it filed for bankruptcy. In

According to Teneo, the company’s liquidator, Su Zhu, co-founder of the hedge firm Three Arrows Capital, was detained on Friday at Changi airport in Singapore.Due to industry interdependencies, the collapse of the hedge fund in 2022 resulted in the rapid onset of a second crypto winter. Due to his disobedience of a court order, Zhu and co-founder Kyle Davies were the subjects of a committal order, which sentenced them both to four months in jail. The statement also said that it was still unknown where Davies was.The Monetary Authority of Singapore earlier in September imposed a nine-year ban on Zhu and Davies’ ownership and management of any registered capital markets firm.The couple received another censure from Dubai’s cryptocurrency authority in May for running their new business, an OPNX bankruptcy exchange, as an uncontrolled exchange.Additionally, a New York court’s subpoenas concerning the demise of 3AC were not answered by Davies. The new project from the duo’s native coin decreased by 21% as its market cap decreased to $40 million.

The U.S. Securities and Exchange Commission (SEC) has approved the addition of ether (ETH) futures to Valkyrie’s Bitcoin Strategy ETF (BTF), but Valkyrie stated on Friday morning that it will not make any purchases until that clearance takes effect.The asset manager also stated that it would cancel any ether futures purchases it had already made in an SEC Form 497 filing. After yesterday’s announcement that it had started adding ether futures exposure to the BTF after receiving SEC approval, the firm quickly reversed course. The SEC won’t let anyone launch independently like BITO [ProShares Bitcoin Strategy ETF] in 2021, according to Bloomberg ETF analyst Eric Balchunas, who stated in a tweet that the unwinding of ether futures purchases from Valkyrie is an example of this.Despite Valkyrie’s efforts, it appears like a number of ether futures ETFs will start trading in the United States on Monday. ProShares, Bitwise, and VanEck are just a few of the companies who confirmed this in SEC filings on Friday.

Do Kwon and Daniel Shin, co-founders of Terraform Labs, discussed executing fraudulent transactions in leaked Slack discussions. Do Kwon, a co-founder of Terraform Labs, has disputed the validity of disclosed Slack chats used as proof. During the conversation, co-founder Daniel Shin and I talked about tricking financial systems to draw in investors. The co-founders’ September

The digital lari is envisioned as offering interoperability with a digital euro while protecting monetary freedom while the nation is being evaluated for EU membership. In a limited-access live pilot environment, the National Bank of Georgia (NBG) has declared that it will advance its research on a digital lari central bank digital currency (CBDC). Nine

The data exposes two $4 million transactions in which the exploiter moved 2,500 ETH each. On-chain data showed recent activity in the hacker’s wallet, known as 0x3e957, on Saturday, September 30, 2023, almost a year after the FTX breach of $600 million in tokens. This is taking place just before an Ethereum-based ETF is introduced

The permanent futures listing for customers outside of the United States was approved by Bermudan regulators, according to a statement made this week by cryptocurrency exchange Coinbase (COIN).It is not surprising that Coinbase made the decision; in April, in response to a gung-ho approach from American regulators, it obtained a license in Bermuda to run a spot exchange with the eventual goal of launching a permanent futures platform. Trading leveraged “long” or “short” positions in an underlying asset is possible through perpetual futures, a class of cash-settled derivatives contract.Perpetual swap traders pay a funding rate that equals the difference between the mark and index price of the underlying asset, preventing the contract from expiring every month or every three months. This maintains the efficiency of pricing.The total liquidity and trading volume in the cryptocurrency market have drastically decreased after FTX, the biggest crypto futures platform at the time, collapsed last year.The market is still suffering from the fall almost a year later, and there are still a few exchanges with a lot of the market’s limited liquidity. The crypto market is presently dominated by Binance in terms of trading volume.For derivatives, however, Binance earned $32 billion in trading volume over the past 24 hours, translating to about $9.6 million in daily revenue from trading fees. Its spot market has seen activity of $6 billion, compared to Coinbase’s $1.2 billion.Coinbase has the ability to keep exceeding revenue projections if it can win some of this market share.According to Kaiko analyst Riyad Carey, Coinbase is “well positioned” to take some of that market share that has been left behind. “Regarding Coinbase, I do think that it’s well positioned to capture significant market share,” Carey said. “Given Binance’s recent troubles it stands to reason that larger traders and institutions may be skittish to hold significant funds on the exchange. On the other hand, Coinbase is one of the most trusted exchanges, which

The South China Morning Post stated that four further suspects had been detained by police in Hong Kong and Macau as part of an investigation into the JPEX cryptocurrency exchange. A total of 18 people have been detained as a result of the arrest of those who the police believe to be “relatively close to

In the Securities and Exchange Commission’s lawsuit against prominent cryptocurrency exchange Binance, stablecoin issuer Circle has intervened, stating that financial trading laws shouldn’t be extended to stablecoins whose value is correlated to other assets. Regulators charged Binance with many legal infractions in June for enabling trading in cryptocurrencies like Solana’s SOL, Cardano’s ADA, and the

To better serve the largest institutions in the financial sector, tokenization business BlockFold has been purchased by crypto custody technology company Fireblocks. The acquisition would increase Fireblocks’ tokenization capabilities, which enable traditional assets to be exchanged on the blockchain. These capabilities will include customised token orchestration, distribution, and advisory services, the company said via email

Exchange of digital assets In keeping with the trend of cryptocurrency exchanges segregating custody from trading, Bitfinex is aiming to improve security for its institutional clients with Zodia Custody’s Interchange product. Following the failure of FTX in November of last year, centralised cryptocurrency exchanges were confronted with a number of issues relating to their organisational