Cryptocurrency

High Salaries at Upbit Crypto Exchange

Monday. August 19 at 1:00 PM

1 min. read

Employees and executives at Dunamu, the company behind Upbit crypto exchange, are earning higher average salaries compared to employees at major banks in South Korea. According to data from the Financial Supervisory Service (FSS), Dunamu employees received an average salary of 133.73 million South Korean won in the first half of 2024, exceeding the average salaries at KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank. This increase in salaries is attributed to the exchange's strong performance in the first two quarters of 2024, fueled by the approval of the first spot Bitcoin ETFs by the US SEC. The surge in interest in digital assets in South Korea also contributed to Dunamu's success, with the exchange recording significant sales and operating income growth. The company's performance bonuses reflect its profitability amidst the growing acceptance of cryptocurrencies.

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Banning of CBDC in North Carolina

Wednesday. September 11 at 1:30 AM

The North Carolina General Assembly has approved a bill prohibiting the state from using a US Federal Reserve-issued central bank digital currency (CBDC), despite Governor Roy Cooper's veto being overridden by the Senate. The bill, known as House Bill 690, was passed by the Republican Party-led Senate with a narrow majority, following a previous veto override by the House of Representatives. This legislation bars North Carolina from accepting CBDCs as payment and participating in any future CBDC trials conducted by the Federal Reserve. The Senate vote to override Cooper's veto saw a shift in support, with some Democrats changing their stance. While some view the ban positively, others, like Blockware Solutions' Mitchell Askew, are critical of the Senate's decision. Cooper's office has not yet commented on the bill's passage, as discussions on CBDCs continue at the federal level.

Cryptocurrency

SEC Enforcement Actions Surge in 2024

Wednesday. September 11 at 1:00 AM

In 2024, the United States Securities and Exchange Commission (SEC) saw a significant increase in enforcement actions against crypto firms and executives, totaling nearly $4.7 billion. This marked a substantial jump of over 3,000% from the previous year. The SEC's record-breaking year was largely driven by a $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, making it the largest enforcement action to date. Despite taking fewer actions, the SEC's fines skyrocketed, surpassing the total amount from the past decade. The regulator's strategic shift towards targeting more impactful cases resulted in fewer but larger fines, setting precedents for the industry. Notable cases include actions against Telegram, GTV Media Group, Ripple Labs, and individuals like John and Tina Barksdale. While a significant portion of fines were below $1 million, the average fine in 2024 exceeded $420 million, indicating a shift towards more substantial penalties.

Cryptocurrency

Settlement Reached in Bankrupt FTX's Dispute Over Robinhood Shares

Wednesday. September 11 at 12:30 AM

Bankrupt cryptocurrency exchange FTX has finalized an agreement with Emergent Technologies, founded by Sam Bankman-Fried, regarding over $600 million worth of Robinhood shares. FTX will pay Emergent $14 million to cover administrative costs linked to withdrawing a petition for 55 million Robinhood shares and cash. This resolution also paves the way for Emergent to swiftly conclude its bankruptcy proceedings in Antigua. FTX stated that the deal will aid in recovering more funds for its creditors, avoiding additional legal expenses, and is a crucial step in its restructuring plan to maximize creditor value. The settlement, as outlined in a motion filed by FTX CEO John Ray III, was the result of fair negotiations devoid of collusion. Emergent had acquired approximately 56 million Robinhood shares valued at $600 million in May 2022 through an agreement with Bankman-Fried and Alameda Research.

Cryptocurrency

SEC Stance on Crypto Custody Services

Wednesday. September 11 at 12:00 AM

The United States Securities and Exchange Commission has maintained its position on a rule that limits crypto custody services for regulated financial firms. SEC Chief Accountant Paul Munter reiterated the agency's stance on accounting for crypto assets in a recent address, emphasizing the importance of SEC Staff Accounting Bulletin No. 121 (SAB 121). According to Munter, entities should record a liability on their balance sheets to safeguard crypto-assets held for others, unless specific mitigating circumstances exist. The SEC's introduction of SAB 121 in March 2022 sparked controversy, as it restricted banks and financial institutions from custodying crypto assets for clients. Despite opposition, the SEC stands firm on the rule, with exceptions for certain entities like bank holding companies with bankruptcy protection. SEC Commissioner Hester Peirce has expressed concerns about the rule, while political efforts to overturn it have been unsuccessful. The debate over SAB 121 continues to shape the regulatory landscape for crypto custody services.

Cryptocurrency