Nov 2023 Crypto Industry Updates

Content will be sorted chronologically with latest at the bottom.

• FTX founder Sam Bankman-Fried was found guilty on all seven counts he faced for fraud and conspiracy [2 Nov 2023]
• MAS Strengthens Regulatory Measures for Digital Payment Token Services [23 Nov 2023]
  • Guidelines to protect retail customers: prohibiting retail customers from using local credit cards to buy cryptocurrencies from regulated Digital Payment Token Service Providers (DPTSPs), risk assessments for retail customers, and a ban on offering financing, leverage options, and trading incentives.
  • Business conduct code for DPT service providers focusing on: conflict of interest management, regulatory policy disclosure, and effective complaint resolution procedures.
• Binance, and its CEO Changpeng Zhao, pleaded guilty to U.S. anti-money laundering and sanctions violations
  • the company agreed to pay fines totaling $4.3 billion
  • Zhao agreed to pay a fine of $50 million and to step down as chief executive officer.
• SEC sued US exchange Kraken
  • alleging it commingled user funds and failed to register as a securities exchange, broker, dealer and clearing agency.
• Former MAS, SGX executive Richard Teng succeeds Zhao Changpeng as Binance CEO
  • Richard Teng joined the company in August 2021 as CEO of Binance Singapore.
  • Mr Teng, a Singaporean, was also once the director of corporate finance at the Monetary Authority of Singapore (MAS).