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Paul Zimmerman
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Showing 2 posts by Kraig Ahalt.

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Binance De-Platforms Suex Exchange Amid Groundbreaking Sanctions: Potential New Standards in Cryptocurrency Compliance

Last month, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) levied sanctions against Russian-based cryptocurrency exchange Suex. This move represents the first time the U.S. has sanctioned a digital currency exchange, signaling a major shift for cryptocurrency exchanges and their potential exposure to liability.

The news gets even worse for Suex. Around the same time that OFAC announced the sanctions, cryptocurrency exchange Binance announced that its compliance program had identified issues with Suex, de-platformed the exchange, and shared information from its investigation with law enforcement. Binance’s success may set a new standard for digital asset compliance programs, but time will tell whether it has set a new gold standard or will become the bare minimum. (Read More)

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SEC v. BitConnect: New Technology, Same Old Financial Fraud

Blockchain technology is often touted for its enormous potential to revolutionize many aspects of the financial system. This relatively new technology, however, does nothing to eliminate would-be criminals from leveraging age-old fraud schemes. The SEC’s recent case against BitConnect bears this out. The proceeding also demonstrates that the federal government maintains a strong interest in rooting out old-fashioned fraud, even in the digital asset space. (Read More)