Nigeria drops charges against Binance exec Gambaryan
Nigeria’s government has dropped money laundering charges against Binance executive Tigran Gambaryan, allowing him to seek urgent medical treatment abroad. Gambaryan, who has been detained in Nigeria since February, developed multiple health complications during his time in prison, including malaria, pneumonia, and a herniated disc.
Despite the charges against Gambaryan being dropped, Nigeria’s legal battle with Binance continues. The government is pursuing the company for alleged tax evasion and demanding $10 billion in penalties.
This decision comes after mounting pressure from Gambaryan’s family, Binance CEO Richard Teng, and members of the U.S. Congress, all of whom called for his release due to his deteriorating health.
We’ll update more as this story develops.
Read more on politicsnigeria.com
UK Financial watchdog defends position on crypto regulations
The United Kingdom’s (UK) Financial Conduct Authority (FCA) has defended its stern position on the crypto industry. The FCA head of payments and digital assets, Val Smith, asserted in a post on the agency’s website that “terrorism, organized crime, sanctions evasion and human trafficking are just some of the real-world issues we’re helping tackle by maintaining the standards the Money Laundering Regulations (MLRs) require.”
She stressed the importance of mitigating financial crime risk in the industry, to preserve the sector’s long-term viability and stability. In so doing, she also acknowledged the nascence of the crypto asset industry and encouraged engagement with the FCA by crypto entities.
Earlier in the year, in its annual report for 2023/24, the FCA noted that just four out of 35 crypto registration applicants were adequately AML/CFT compliant to legally operate in the UK.
Find out more about this story at FCA.org.uk.
World Economic Forum comments on global crypto regulation as US election looms
The World Economic Forum’s (WEF) recent report on different approaches to crypto regulation worldwide has noted that the US currently focuses on enforcement of AML/CFT laws, rather than providing clear policy direction.
The results of the upcoming US election are likely to impact the regulatory environment for the crypto industry, as different positions on the issue by the main candidates have highlighted.
The WEF report concluded that, regardless of the impending election result, the US will have to adapt its regulatory structure to be more coherent and accommodating to potential investors, or risk losing a competitive edge with the better developed frameworks in Asia and the European Union.
Find out more about this story at Businessinsider.com.
Major hedge fund firm praises UAE’s crypto regulations
Speaking at the Alternative Investment Summit (AIM) in Dubai, compliance chief of the hedge fund Brevan Howard Asset Management LLP, Ryan Taylor, praised the United Arab Emirates’ “sensible regulations” governing the burgeoning crypto industry.
Speaking at a panel discussion during the conference, he said that the favorable environment afforded by the UAE’s rules on cryptocurrencies meant that Brevan Howard did a “significant amount” of its crypto trading from there. He added that “the regulators in the UAE are hard, but they want the industry to fly.”
At the same panel discussion, JP Morgan Asset Management representative, Brandon Robinson, also praised the growth in opportunities in the UAE. Meanwhile, Jonathan Beardall of the Dubai International Financial Centre Authority (DIFC) said that the 65 hedge funds registered in Dubai would increase to 70 within weeks.
Find out more about this story at Reuters.com.
Sentencing in crypto fraud trial of IcomTech head delayed
One of the major promoters of the crypto asset mining and trading company, IcomTech, will have a chance to testify in his defense before being sentenced on October 25, 2024. The United States District Court for the Southern District of New York announced the decision on October 22.
Gustavo Rodriguez, along with associates David Brend and David Carmona, were originally indicted for running a Ponzi scheme via crypto investments during 2018 and 2019. The scam ultimately cost users over $8M.
Carmona pleaded guilty in late 2023 and was sentenced to ten years in prison for wire fraud, with US attorney Damian Williams cautioning at the time that his guilty plea “should send a clear message to those who engage in Ponzi schemes — whether in the cryptocurrency markets or elsewhere — that this Office is committed to rooting out fraud in all its forms and holding those responsible to full account.”
When they are finally sentenced, Rodriguez faces up to 20 years in prison, and Brend up to 17-and-a-half years.
Find out more about this story at Cointelegraph.com.
Japanese electoral hopefuls focus on crypto regulations
Japanese political parties have homed in on crypto regulation reforms in the foreshadow of the country’s national elections.
The Democratic Party for the People advocates for crypto assets to be taxed at a rate of 20%, separate to “miscellaneous income,” while the Liberal Democratic Party wants to reform the tax system for the industry, and embrace web3 and blockchain technology. Meanwhile, the Constitutional Democratic Party of Japan expressed a desire to form a legal system to govern Decentralized Autonomous Organizations (DAOs).
Japan’s current crypto taxation framework has faced criticism, with high earners facing up to 45% tax on crypto profits. The election takes place on October 27, 2024.
Find out more about this story at Coindesk.com.
