In today’s Coin Logic news flash, we are taking a look at Binance being under the microscope of FinCEN after the Bitzlato takedown, Ukraine is launching new tax regulations as announced at Davos, and Ripple’s CEO hints at a possible SEC verdict by June. These are just a few of the many headlines out there in the cryptocurrency news world, but they seem to be some of the hotter topics. So let’s dive in!
FinCEN lists Binance in the Bitzlato case
The Financial Crimes Enforcement Network (FinCEN) has listed Binance as one of the top Bitcoin counterparties of Bitzlato, a peer-to-peer (P2P) exchange which is facing multiple enforcement actions from the US authorities for alleged money laundering and facilitating circumvention of sanctions against Russia.
The FBI arrested Bitzlato founder Anatoly Legkodymov on January 17 in Miami. Binance’s involvement in Bitzlato’s case raises concerns about the exchange’s operations and potential ties with Russia, as Binance was among the exchanges that opted to continue to serve non-sanctioned Russians after the European Union adopted the eighth sanctions package against the country.
This could mean big trouble for CZ and company. But, they were not listed at the top 3 Bitcoin senders during the time mentioned in the report. According to the FinCEN document, the biggest Bitcoin senders to Bitzlato between May 2018 and September 2022 were Hydra, Finland-based exchange LocalBitcoins and Finiko.
Ukraine to be top crypto jurisdiction after Davos announcement
The Digital Minister of Ukraine, Alexander Bornyakov, recently announced at the World Economic Forum in Davos that the country is planning to introduce new tax rules for cryptocurrency in order to become the best jurisdiction for crypto businesses.
Bornyakov stated that the new rules will be favorable for companies operating in the crypto space, allowing them to pay lower taxes and providing a clear legal framework for their operations.
The minister also emphasized the importance of blockchain technology for the country’s economic development. This move by the Ukrainian government is aimed at attracting more crypto businesses to the country and boosting its economy.
Check out the full article at Bitcoin.com
Possible Ripple verdict may come in June
The CEO of Ripple, Brad Garlinghouse, has hinted that the verdict for the lawsuit brought against the company by the US Securities and Exchange Commission (SEC) may be announced in June.
The SEC has accused Ripple of conducting an unregistered securities offering through the sale of its XRP token. Garlinghouse has stated that the outcome of the case will have a significant impact on the entire cryptocurrency industry. He also stated that the company is confident in its legal position and that it will continue to fight for the rights of XRP holders.
The case has been ongoing since December of 2020 and has been a thorn in the side of the cryptocurrency industry since it began. With a possible verdict coming, we may finally get some direction on how the industry can successfully fight back against overbearing regulators.
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