This week’s comprehensive roundup zooms in on the unfolding global regulatory landscape, encapsulating key events from Nigeria’s pivotal decision to lift its crypto ban to legal proceedings involving prominent figures in the crypto realm like Do Kwon, 3AC, and Sam Bankman-Fried.
Do Kwon’s Extradition Overturned
After the Podgorica High Court’s initial approval for Terra founder Do Kwon’s extradition to either South Korea or the United States, the Montenegro Court of Appeal intervened, overturning the extradition approval due to procedural violations.
Assets Frozen in 3AC Case
In a significant development, a court in the British Virgin Islands froze over $1 billion in assets linked to Three Arrows Capital (3AC). This freeze prevents the fund’s co-founders, Su Zhu and Kyle Davies, from transferring or selling these assets, crucial as the fund owes creditors $3.3 billion.
Bankman-Fried’s Sentencing Hearing
Sam Bankman-Fried, founder of FTX, was denied a request by Judge Lewis Kaplan to postpone his sentencing hearing by four to six weeks. Scheduled for March 31, 2024, this decision arrives after Bankman-Fried’s November conviction on all charges.
SEC’s Regulatory Actions
The U.S. Securities and Exchange Commission (SEC) made headlines for various actions this week. Discussions with asset managers intending to launch spot BTC ETFs saw requests for product modifications favoring cash-based redemptions. Additionally, the SEC reached agreements to maintain document confidentiality in the case of Terraform Labs.
Criticism and Apologies
The SEC faced intensified criticism following revelations about the DEBT Box case, where an SEC director apologized for misrepresentation in a restraining order request. Commissioner Hester Peirce expressed dissent over the SEC’s $1.7 million fine on BarnBridge DAO, citing imprecise legal reasoning.
Nigeria Lifts Crypto Ban Amidst these developments, Nigeria’s Central Bank lifted a two-year ban on crypto transactions imposed in February 2021. The ban’s relaxation follows the appointment of a new governor and signifies a more positive stance towards cryptocurrencies in Africa’s most populous country.
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