1. FTX settles $24 billion tax claim with the IRS
According to Bloomberg, FTX reached a settlement with the IRS on a $24 billion tax claim. The settlement amount is only a small fraction of what the IRS claimed it owed, which will help FTX pay a large amount of customer compensation.
The IRS will receive $200 million in priority claims in the FTX bankruptcy case, which will be paid within 60 days of the company’s proposed reorganization plan becoming effective. The agency will also receive $685 million in lower-priority claims, which will be paid to customers and other creditors “on a junior basis” and “as funds become available.”
2. Ukrainian police raid cryptocurrency scam call center, arrest 14 people
According to Protos, the Ukrainian National Police raided a network of scam call centers that promised fake cryptocurrency investments and defrauded victims in Ukraine, Moldova, Kazakhstan, and the European Union.
During the operation, police detained 14 suspects and seized 12 luxury cars, 136 computer devices, 951 SIM cards and $64,500 in funds. The scammers posed as stock exchange employees and used psychological techniques to persuade victims to invest in cryptocurrencies and transfer funds to digital wallets and bank cards controlled by criminal organizations. Police said one of the organizers of the network was linked to a "thief boss" nicknamed "Khmyelo."
3. 12 American politicians wrote to Biden, urging him to bring back Binance executives detained in Nigeria
According to Cointelegraph, several American politicians have asked US President Biden and the Hostage Affairs Unit to try to bring home Binance employee Tigran Gambaryan, who has been detained in Nigeria for more than three months on suspicion of money laundering and tax evasion.
In a June 4 letter to U.S. President Joe Biden, Secretary of State Antony Blinken and Special Presidential Envoy for Hostage Affairs Roger D. Carstens, 12 U.S. politicians stressed that Gambaryan remains “wrongfully detained” by the Nigerian government and that immediate action must be taken to prevent the situation from deteriorating further.
The U.S. politicians also said Tigran Gambaryan, who worked for the U.S. Internal Revenue Service for a decade before joining Binance, was not allowed to meet with his legal team without Nigerian officials and armed guards.
4. Reuters: Qatar's sovereign fund has agreed to acquire 10% of China Asset Management's shares
Qatar's sovereign wealth fund has agreed to buy a 10% stake in China's second-largest mutual fund company, China Asset Management, Reuters reported, citing people familiar with the matter. The Qatar Investment Authority (QIA) will buy the stake in China Asset Management from investment firm Primavera Capital, the sources said.
The sources declined to disclose financial details of the deal, but CITIC Securities, which owns about 62 percent of China Asset Management, said in March it had decided to abandon its right to buy the 10 percent stake currently owned by Primavera Capital, worth at least $490 million.
The Qatar sovereign fund's proposal has been submitted to Chinese regulators for approval. If approved, the deal will make the Qatar Investment Authority the third-largest shareholder of China Asset Management.
5. Fidelity Digital Assets' UK business saw revenue drop by nearly 60% in 2023, with losses exceeding £7 million
Fidelity Digital Assets’ UK business saw revenue fall by nearly 60% in 2023, with losses for the entire business widening to more than £7 million, according to Financial News.
According to its accounts filed with CompaniesHouse, the division had revenue of £545,000 in the 12 months to the end of December 2023, down from £1.34 million the previous year.
6. Türkiye is considering taxing investment income from cryptocurrency assets
According to Bloomberg, Turkish Finance Ministry officials revealed that as part of fiscal austerity measures, Turkish Finance and Finance Minister Mehmet Simsek discussed plans to tax investment gains in stocks and cryptocurrency assets at a ruling party meeting. No final decision has been made on the plan, and Finance Ministry officials declined to comment on the possible size of the tax.
7. Bain Capital Crypto plans to launch a second cryptocurrency fund
According to CoinDesk, a document from the U.S. SEC shows that Bain Capital Crypto recently submitted an application for its second cryptocurrency fund.
Bain Capital launched its first cryptocurrency fund in March 2022, participating in Worldcoin's $115 million financing. The first fund, co-led by Stefan Cohen and Alex Evans, focuses on early investments and liquidity tokens in the DeFi and Web3 fields, and has invested nearly $100 million in projects.
8. Hong Kong Financial Services and Treasury Bureau Deputy Secretary Chan Ho-lim: The government intends to establish a licensing system for issuers of legal currency stablecoins and virtual asset over-the-counter trading service providers
In a written reply to a Legislative Council member's question today, Hong Kong Financial Services and the Treasury Bureau's Deputy Secretary, Chan Ho-lim, said that the virtual asset market is developing rapidly, and a robust, transparent and up-to-date regulatory environment is the primary condition for the development of the third-generation Internet and financial innovation. Looking to the future, the Commission will work with regulators to continuously improve the regulatory framework, including establishing a licensing system for issuers of legal currency stablecoins and virtual asset over-the-counter service providers. Chan Ho-lim said that the public consultation on the proposal has been completed and the relevant bill will be submitted to the Legislative Council as soon as possible.
9. Hong Kong Securities Regulatory Commission CEO Leung Fung-yee: DLT, as the underlying technology of Bitcoin, can stand the test of time. Traditional financial services and products should be transferred to blockchain
Fung-yee Leung, CEO of the Hong Kong Securities and Futures Commission, delivered a speech entitled "Building a Fintech Ecosystem and Shaping the Future of Finance" at the Greenwich Economic Forum (Hong Kong). Fung-yee Leung said that we should make good use of the power of technology and focus on distributed ledger technology (DLT). "Bitcoin has experienced many cycles of rise and fall in the past 15 years, which proves its ability to survive as an alternative asset. What is more certain is that as the underlying technology of Bitcoin, DLT will stand the test of time." In addition, Fung-yee Leung said that traditional financial services and products should be transferred to blockchain.
10. Vitalik: I am disgusted by celebrity meme coins and other behaviors that use financialization as the final product
Ethereum co-founder Vitalik tweeted to comment on the recent celebrity meme coin craze. Vitalik said, "So far, I am very dissatisfied with the 'celebrity experiment in this cycle.'" Vitalik respects financialization as a means to support valuable things (such as health care, open source software, art, etc.), but he is disgusted by financialization as the final product.
11. Polkadot launches independent entity PolkaPort East in Hong Kong
Polkadot announced the launch of an independent entity, PolkaPort East, in Hong Kong to enhance the decentralization of ecological development. Currently, Web3 Foundation has provided a grant to PolkaPort East to support it in leading investor relations in the region and promoting Polkadot and its technology.
12. Sotheby’s will auction 4 BAYCs and derivative NFTs owned by Three Arrows Capital on June 18
Memeland CCO @punk9059 tweeted that Sotheby's will auction 4 BAYC and derivative NFTs owned by Three Arrows Capital on June 18, including 1 BAYC, 2 MAYC, and 1 BAKC. Sotheby's Vice President Michael Bouhanna has retweeted to confirm the information.
13. UAE Central Bank approves stablecoin license and regulatory regulations
According to the Emirates News Agency, the Central Bank of the United Arab Emirates (CBUAE) recently held a board meeting to discuss projects under the government's Financial Infrastructure Transformation (FIT) program. The program aims to promote digital transactions, drive the development of the country's digital economy and promote innovation. During the meeting, the board approved the issuance of stablecoin licensing and regulatory regulations, as well as a series of policies aimed at supporting the banking and insurance industries and financial infrastructure-related services.
14. Argentina’s National Securities Commission launches virtual asset service provider registration center
The Argentine National Securities Commission announced the launch of the Virtual Asset Service Provider Registry. The relevant application expired on June 3. A total of 85 corporate applications and 8 individual applications were received, of which 35 have been registered.
15. Hong Kong Monetary Authority: mBridge project enters the minimum viable product stage
According to Radio Hong Kong, the Hong Kong Monetary Authority announced that the mBridge project has entered the minimum viable product (MVP) stage. The project team will continue to optimize various aspects of the platform and further expand the participation of public and private institutions.
The mBridge project aims to study how to apply central bank digital currency and innovative solutions to solve the current pain points of cross-border payments. As of June, five Hong Kong commercial banks have connected to the mBridge platform and participated in the MVP stage, including Bank of China (Hong Kong), Bank of Communications (Hong Kong Branch), ICBC (Asia), Standard Chartered (Hong Kong), and HSBC. The authorities expect that more banks will connect to the platform in the future.
