Binance Hires Former Kraken Chief Compliance Officer; Coinbase faces patent infringement lawsuit

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The biggest news in the cryptosphere for Sept. 23 includes the move of Kraken’s former chief compliance officer to Binance, the new patent infringement lawsuit Coinbase faces, and the Bitcoin mining company’s Chapter 11 bankruptcy. Compute North.

Top CryptoSlate Stories

Binance Hires Former Kraken Chief Compliance Officer

Binance hired rival Kraken’s chief compliance officer and said it was looking to hire more staff to work in its compliance department.

Steven Christie has left Kraken to become Binance’s new senior vice president of compliance. He leads a team of 750 people at Binance, including the cyber investigations team.

Bitcoin mining firm Compute North files for bankruptcy, CEO resigns

Compute North, a Bitcoin (BTC) mining data center, has filed for Chapter 11 bankruptcy. The company owes $500 million to nearly 200 creditors while having assets valued between $100 million and $500 million .

CFTC Fines bZeroX $250,000, Indicts Ooki DAO for Violating Regulations

Within a day, the Commodity Futures Trading Commission (CFTC) fined a blockchain trading protocol, bZeroX, and filed a federal civil action against bZeroX’s successor, Ooki DAO (OOKI).

The CFTC revealed that bZeroX operated an illegal decentralized trading service from 2019 to 2021. Ooki DAO, on the other hand, faced federal civil action for allegedly offering illegal leverage and margin trading.

Celsius shareholders want their own legal representation in bankruptcy

Shareholders of the bankrupt Celsius Network want the company to dollarize its customers’ crypto holdings and pay them for their shares.

Stakeholders argue that the committee of unsecured creditors prioritizes retail clients to ensure they get maximum value regardless of shareholder circumstances.

IRS Obtains Court Approval to Investigate MY Safra Bank and SFOX Users’ Files for Non-Filing Taxes

The International Revenue Service (IRS) is legally prosecuting MY Safra Bank users, claiming that they have not paid their taxes.

On September 22, a US judge granted the IRS a motion that forced MY Safra Bank to submit its taxpayer records. Before receiving the petition, the IRS also insisted on receiving the same records from cryptocurrency prime broker SFOX, claiming that bank MY Safra also offered services to SFOX users.

UK should lower crypto tax rate to encourage growth – MP Matt Hancock

Former Secretary of State for Digital, Culture, Music and Sport Matt Hancock says the UK needs to take a long-term approach to crypto.

He said:

“HMRC has taken a revenue maximizing approach…applying it like a hammer…what we need to do is adopt a growth maximizing view where revenue at the future will be far more important.”

Currently, UK law treats crypto trading the same as other assets and imposes a flat tax rate of 20% on all capital gains.

Binance will add an opt-in button for 1.2% LUNC burn tax on all transactions

Binance CEO Changpeng Zhao said the exchange is implementing an activation button for the Terra Luna Classic (LUNC) fee reduction.

This button will be visible to LUNC holders, and they can activate it if they want to burn 1.2% of their LUNC in each transaction.

Research Highlight

Demystifying the FUD Surrounding Bitcoin Transaction Fees

CryptoSlate analysts have released an exclusive Fear-Uncertainty-Doubt (FUD) report on Bitcoin transaction fees. Transaction fees tie the Bitcoin network together, and people who would like to see Bitcoin fail rely heavily on FUD attacks.

The attackers are not random individuals on Twitter. Instead, we see the World Economic Forum, national regulators, and central banks attack Bitcoin claiming “it will consume more energy than the whole world” or “it is not a secure network”.

News from all over the Cryptoverse

Coinbase sued for violation of crypto transfer technology

Veritaserum Capital LLC has filed a lawsuit against Coinbase for allegedly infringing on a patent for a crypto transfer technology attributed to Veritaserum founder, Reuters reported September 23.

Veritaserum claimed that several Coinbase services violated the patent and sought $350 million in compensation for its damages.

Crypto market

Bitcoin (BTC) is down 2.71% in the past 24 hours to trade at $18,675. Ethereum (ETH) also fell 1.38%, falling to $1,285.

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