Binance hires ex-Kraken compliance chief; Coinbase faces patent infringement lawsuit

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The biggest news in the cryptosphere for September 23 includes the handover of Kraken’s former compliance chief to Binance, the new patent infringement lawsuit that Coinbase faces, and the bankruptcy of Chapter 11 of Bitcoin mining firm Compute North.

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Binance hires former compliance chief Kraken

Binance has hired its rival Kraken’s head of compliance and said it is looking to hire more staff to work in its compliance department.

Steven Christie left Kraken to become Binance’s new senior vice president of compliance. He is leading a team of 750 people at Binance, including the cyber investigation team.

Bitcoin mining company Compute North declares bankruptcy, CEO resigns

Compute North, a Bitcoin (BTC) mining data center, filed for Chapter 11 bankruptcy. The company reportedly owes $ 500 million to nearly 200 creditors despite having assets valued at between $ 100 and $ 500 million.

CFTC collects $ 250,000 fine on bZeroX, accuses Ooki DAO of regulatory violations

In one day, the Commodity Futures Trading Commission (CFTC) fined a blockchain trading protocol, bZeroX, and filed federal law enforcement against bZeroX’s successor, Ooki DAO (OOKI).

The CFTC revealed that bZeroX operated an illegal decentralized trading service from 2019 to 2021. Ooki DAO, on the other hand, faced federal civil police action for allegedly offering illegal leverage and margin trading.

Celsius shareholders want their own legal representation in a bankruptcy case

Bankrupt Celsius network shareholders want the company to dollarize its clients’ cryptocurrency holdings and pay them their shares.

Stakeholders argue that the Unsecured Creditors Committee is prioritizing retail clients to ensure they get the most value regardless of the stockholder situation.

IRS secures court approval to probe MY Safra Bank records, FOX users for non-filing of taxes

The International Revenue Service (IRS) legally persecuted MY Safra Bank users, claiming they did not pay taxes.

On September 22, a US judge granted the IRS a petition requiring MY Safra Bank to file its taxpayer documents. After receiving the petition, the IRS also insisted on receiving the same records from the first cryptocurrency broker SFOX, stating that MY Safra Bank also offered services to SFOX users.

UK Should Lower Cryptocurrency Tax Rate To Encourage Growth – MP Matt Hancock

Former Secretary of State for Digital, Culture, Music and Sports Matt Hancock said the UK needs to take a long-term approach to cryptocurrencies.

He said:

“HMRC has taken a revenue-maximizing approach … applying it in a hammer-like way … what we need to do is have a growth-maximizing vision where revenue in the future will be far greater.”

Currently, UK law treats cryptocurrency trading like other assets and imposes a fixed 20% tax rate on all capital gains.

Binance to add the toggle button for 1.2% LUNC taxation on all trades

Binance CEO Changpeng Zhao said the exchange is implementing an activation button for the Terra Luna Classic (LUNC) tax burn.

This button will be visible to LUNC holders and will be able to activate it if they wish to burn 1.2% of their LUNCs in each transaction.

Research highlighting

Debunking the FUD surrounding Bitcoin transaction fees

CryptoSlate analysts have released an exclusive report on the Fear-Uncertainty-Doubt (FUD) on Bitcoin transaction fees. Transaction fees tie the Bitcoin network together, and people who would like to see Bitcoin fail rely heavily on FUD attacks.

Attackers are not random individuals on Twitter. Instead, we see the World Economic Forum, national regulators and central banks attack Bitcoin claiming that it “will consume more energy than the whole world” or “it is not a secure network”.

News from all over the cryptoverse

Coinbase is suing for violation of cryptocurrency transfer technology

Veritaserum Capital LLC filed a patent lawsuit against Coinbase for alleged patent infringement for a cryptocurrency transfer technology assigned to the founder of Veritaserum, Reuters reported on 23 September.

Veritaserum alleged that several Coinbase services have infringed the patent and asked for $ 350 million in compensation for its damages.

Cryptocurrency market

Bitcoin (BTC) has fallen by 2.71% in the past 24 hours to trade at $ 18,675. Ethereum (ETH) was also down 1.38% to $ 1,285.

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