This week’s Crypto Biz explores crypto exchanges renewed challenges, BlackRock’s Bitcoin ETF inflows, Goldman Sachs’ clients returning to crypto, and Mastercad’s forecasts for remittances in Latin America.
Crypto exchanges are facing a new wave of regulatory hurdles worldwide, with the United States Department of Justice (DOJ) indicting KuCoin and its founders on March 26 for allegedly operating an unlicensed money-transmitting business and violating the Bank Secrecy Act (BSA).
The charges coincide with a civil enforcement case by the U.S. Commodity Futures Trading Commission (CFTC), alleging multiple violations by the exchange. The DOJ claims KuCoin handled over $5 billion in suspicious and criminal funds.
Staying in the United States, another setback hit Coinbase on March 27. District Judge Katherine Failla denied the exchange’s motion to dismiss a lawsuit from the U.S. Securities and Exchange Commission (SEC), arguing that similar transactions have previously been considered securities transactions. Coinbase sought an order to drop the case, challenging the SEC’s authority over crypto exchanges.
