SEC-Binance Emergency Relief Agreement Keeps U.S. Customer Assets in Country

Binance, SEC strike deal to keep US customer assets in country

Binance, the world’s biggest cryptocurrency exchange, and Binance.US have entered into an agreement with the U.S. Securities and Exchange Commission to ensure that U.S. customer assets remain in the United States until a sweeping lawsuit filed this month by the regulatory agency is resolved.

The agreement, disclosed in court papers filed late on Friday, still requires the approval of the federal judge overseeing the litigation. To make certain that U.S. customer assets do not go offshore, the agreement allows only Binance.US employees access to these assets.

Terra’s Do Kwon Found Guilty of Document Forgery in Montenegro, Sentenced to 4 Months in Jail

Terraform Labs founder Do Kwon has been sentenced to four months in jail by a Montenegro court after being found guilty of document forgery.

A Basic Court in the country’s capital Podgorica shared the verdict on Monday, adding that the time spent in detention will be included in the sentence.

The South Korean national was arrested in the Balkan nation back in March for the alleged possession of falsified documents, along with another Terra executive Han Chang-Joon. The two have remained in custody since their arrest despite local courts approving bail last week on the second try.

8 Crypto Insights from an Ex-SEC Lawyer

Since Gary Gensler has been adamant that all of these things are securities, you could say that Coinbase has been pushing the line – just like anybody else in this industry has been pushing the boundaries – because we’re getting all these speeches that say ‘everything’s a security.’

But at the end of the day, everything is not a security, period, end of story. You don’t have to be bullish on crypto to be in that camp. These things are not designed to be investments. The majority of them are designed to be used in a decentralized network to bring people together on a peer-to-peer basis. If we regulate these things as securities, this technology just simply cannot operate and it fails.

So when you take a position like the SEC has taken, that everything is a security, you’re really kind of putting us all in a place where we just inherently disagree, because they’re not intended to be securities….

Private Equity Firms Exposed by Unhedged Risk, Interest Rates Surge

By failing to appreciate just how much central banks would jack up rates, many private equity firms opted against hedging arrangements that could have shielded companies saddled with $3 trillion in floating-rate debt from rising interest costs, that in some cases, doubled or more. For much of the past decade, those hedges cost next to nothing.

***

Whatever the precise number, this much is clear: The consequences of rising rates for hundreds, if not thousands, of companies could be crippling, and the fallout widespread. Not only for investors, who face deep losses, or workers, who stand to lose jobs, but also the global economy, which could be upended if corporate defaults pile up.

The Market for Corporate Criminals by Andrew Jennings

This Article identifies problems and opportunities at the intersection of mergers and acquisitions (M&A) and corporate crime and compliance. In M&A, criminal successor liability poses a special problem in that it is less predictable and qualitatively more threatening to buyers than successor liability in tort or contract. Private successor liability requires a buyer to bear bounded economic costs, which the contracting process can in turn reallocate to sellers. Criminal successor liability, however, threatens a buyer with non-indemnifiable, and potentially ruinous, punishment for another firm’s wrongful acts.