Nigeria lifts crypto ban; Do Kwon; SBF; 3AC

4 Min Read

In in the present day’s weekly recap, the main focus is on the proliferation of worldwide regulatory efforts, with Nigeria lastly lifting its ban on cryptocurrency transactions. Submit-implosion developments surfaced, involving Do Kwon, 3AC and Sam Bankman-Fried. 

Do Kwon extradition overturned

  • Recall that the Podgorica Excessive Court docket authorised the extradition of Terra founder Do Kwon to both South Korea or the US. Subsequent reviews steered that the U.S. is perhaps the favourite to obtain the previous fugitive.
  • Whereas each nations vied to safe custody of Do Kwon, reports from this week confirmed that the Montenegro Court docket of Enchantment had overturned the sooner extradition approval. The court docket cited violations of felony procedures.

Court docket freezes belongings belonging to 3AC

  • Hedge fund Three Arrows Capital (3AC) noticed a court docket within the British Virgin Islands freeze over $1 billion in belongings belonging to the imploded hedge fund.
  • Because of this asset freeze, executives at 3AC — together with Su Zhu and Kyle Davies — the fund’s co-founders, wouldn’t be capable of legally switch the belongings, totaling $1.14 billion, or promote them off. Recall that the fund owes its collectors $3.3 billion.

Bankman-Fried tries to delay sentencing

  • Decide Lewis Kaplan, Senior Decide of the SDNY District Court docket, denied Sam Bankman-Fried’s request to delay a sentencing listening to by 4 to 6 weeks.
  • Bankman-Fried, the founder and former CEO of FTX, was discovered guilty of all prices in November. His sentencing listening to is scheduled for March 31, 2024.
  • FTX’s new administration is planning to finish the corporate’s chapter case on good grounds. This week, they amended the plan to calculate the value of their crypto belongings at their values when FTX collapsed.

US SEC makes headlines

  • This week, the U.S. Securities and Alternate Fee (SEC) additionally took the highlight for its regulatory and enforcement actions. The regulatory company made a cope with authorized representatives of Terraform Labs to take care of the confidentiality of sure paperwork, because the trial of Do Kwon approached.
  • As well as, the securities regulator was reported to have met with the asset managers seeking to launch spot BTC ETFs on Dec. 21. The assembly featured discussions in regards to the potential merchandise, with the SEC requesting that the corporations modify their merchandise to make for cash-based redemptions.
  • The crypto neighborhood leveraged a possibility to accentuate its criticism of the SEC’s shortcomings this week following a report involving the company’s case with crypto mission DEBT Field. An SEC director issued an apology after the court docket discovered that it lied in its request for a restraining order on the mission.
  • In the meantime, crypto-friendly SEC Commissioner Hester Peirce expressed displeasure on the company’s transfer to tremendous BarnBridge DAO, a DeFi entity, to the tune of $1.7 million. Peirce famous that she voted in opposition to the concept, attributing it to an “imprecise authorized reasoning.”

Nigeria lifts ban on cryptocurrencies

  • Nigeria, probably the most populous African nation, is now having a extra favorable outlook on cryptocurrencies. The nation lifted its two-year ban on crypto transactions this week. 
  • The Central Financial institution of Nigeria imposed an implicit ban on these transactions in February 2021, mandating banks to shut accounts involving crypto fund actions. The comfort of the ban comes a number of months after the Central Financial institution welcomed a brand new governor.

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