On Aug. 24, Pavel Durov, the CEO and founder of the messaging platform Telegram, was arrested in France, triggering widespread reactions across the tech and crypto communities.
The arrest came as a surprise to many, given Durovâs influential role in the emerging tech and decentralized communities and Telegramâs status as a key platform for the cryptocurrency sector.Â
French authorities have yet to disclose the specific charges, but the arrest is believed to be linked to ongoing investigations into data privacy and cybersecurity concerns, which have increasingly put tech giants under the legal microscope.
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Binance and CZ face new class-action lawsuit in SeattleÂ
Former Binance CEO Changpeng âCZâ Zhao and the Binance exchange are facing fresh legal troubles. Three investors have filed a new class-action lawsuit in Seattle.Â
The lawsuit accuses CZ and Binance of misleading investors while violating US securities laws. The plaintiffs say that their crypto was stolen and sent to Binance by the thieves to make their transactions untraceable and âremove the connection between the ledger and their digital assets.â
They say Binance played an essential part in the money laundering process.
This is just the latest in a series of legal challenges for Binance, which has been under intense scrutiny from US regulators. In November 2023, CZ stepped down as CEO following a $4.3 billion settlement with US authorities, where he pleaded guilty to violating the Bank Secrecy Act.
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Court denies Krakenâs motion to dismiss SEC lawsuitÂ
A US court recently denied Krakenâs motion to dismiss a lawsuit filed by the Securities and Exchange Commission, which accuses the crypto exchange of offering unregistered securities.
Kraken had argued that the SECâs claims were unfounded. However, the courtâs latest decision means the case will proceed, adding to the growing legal pressures on major cryptocurrency exchanges in the US.
The cryptocurrency exchange Coinbase is involved in a similar lawsuit with the US regulator regarding the status of its virtual asset staking products being an unlawful securities offering.
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German BaFin regulator cracks down on crypto ATMsÂ
Germanyâs Federal Financial Supervisory Authority (BaFin) has intensified its crackdown on unlicensed crypto ATMs across the country.Â
In recent months, BaFin has ordered the shutdown of several crypto ATMs operating without proper authorization. On Aug. 20, it announced that it had already seized 13 automated cash kiosks from 35 locations.
According to the regulator, machines were âillegally installedâ and were not registered under Section 32 of the Banking Act.
This move is part of a broader effort by German authorities to regulate the rapidly expanding crypto market and ensure compliance with Anti-Money Laundering regulations.
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Magazine: Jack Dorseyâs âmarketplace of algorithmsâ could fix social media⊠so why hasnât it?
