Hot on the heels of its Bitcoin (BTC) futures exchange-traded fund (ETF) in Hong Kong, Samsung Asset Management has indicated it's considering the launch of a spot Bitcoin ETF on the city's exchange if policies allow for it. In an interview with Bloomberg published on Jan. 13, Hong Kong chief executive for Samsung Asset Management, Sam Park, said: “It really depends on how policy is going to be developed,” adding that the Hong Kong administrators are “clearly” interested in developing the city into a crypto hub. An ETF analyst at Bloomberg Intelligence, Rebecca Sin, noted that “Hong Kong is well …

A group of crypto fraud victims of the BitConnect investment scheme will see some respite from the multi-billion dollar fraud scheme after a court ordered they receive a share in a $17 million restitution. The United States District Court for the Southern District of California ordered the restitution for the “massive” scheme on Jan. 12 according to a release on the same day by the Department of Justice (DOJ). 800 victims of the scheme, hailing from 40 countries will be able to take a small slice of the $17 million restitution, a term that refers to returning property or monetary …

Crypto exchange WonderFi, which is backed by crypto investor and billionaire Kevin O’Leary, has confirmed it is in preliminary discussions with fellow Canadian crypto exchange Coinsquare for a possible merger. In a statement on Jan. 12, WonderFi responded to a Bloomberg report suggesting the two exchanges were in "advanced merger talks" to "create a Canadian crypto giant." WonderFi clarified that the discussions were "preliminary" at this stage, adding that it cannot guarantee that an agreement will be reached. "In response to the press speculation, the Company acknowledges that it has held preliminary discussions with various third parties with respect to …

Eight major media companies including Bloomberg, The Financial Times and Reuters have demanded public disclosure of the two individuals responsible for guaranteeing FTX former CEO Sam Bankman-Fried's $250 million bond. In a Jan. 12 letter addressed to New York District Court Judge Lewis Kaplan, attorneys from Davis Wright Tremaine LLP — acting on behalf of the media giants — argued that “the public’s right to know Bankman-Fried's guarantors outweighed their privacy and safety rights.” Media organizations looking to persuade the judge to unseal the identities of Bankman-Fried's guarantors include the Associated Press, Bloomberg, CNBC, Dow Jones, The Financial Times, Insider …

The United States Securities and Exchange Commission (SEC) on Jan. 12 charged cryptocurrency lending firm Genesis and crypto exchange Gemini with offering unregistered securities through Gemini's "Earn" program. The regulator said its investigating other securities law violations from other entities relating to the Gemini Earn program. This story is developing and more information will be added as it becomes available.

Republicans in the United States House of Representatives reportedly plan to step up their oversight of the crypto industry with the creation of a new subcommittee. According to a Jan. 12 report from Politco, North Carolina Representative Patrick McHenry, chair of the House Financial Services Committee, said he planned to set up the subcommittee in part due to “a big hole” in how the committee is currently structured. Arkansas Representative French Hill and Ohio Representative Warren Davidson will reportedly be the chair and vice chair of the subcommittee, respectively, focused on issues related to digital assets, financial technology, and financial …

Nigerian crypto exchange Roqqu was granted a virtual currency license for the European Economic Area, after two years waiting for the permission from regulatory authorities. The move allows the firm to operate in 30 countries and broaden its services within one of the world's largest crypto markets. Speaking to Cointelegraph, the company said that seeks to attract early traders looking to gain an edge in the crypto space by offering a better experience for newcomers and competitive fees. With the expansion, Roqqu plans to reach over 5 million users in 2023, up from 1.4 million users in Nigeria, the only …

Joseph Bankman, the father of former FTX chief executive officer Sam Bankman-Fried, has reportedly hired an attorney as the criminal case against his son moves forward. According to a Jan. 12 report from Reuters, Bankman retained Sean Hecker of New York-based law firm Kaplan Hecker & Fink LLP. Bankman-Fried’s father reportedly advised and assisted his son on matters related to lobbying lawmakers in Washington D.C. and may now be cooperating with prosecutors behind SBF’s case. It’s unclear at the time of publication whether Bankman has any criminal or civil liability related to the collapse of FTX, and what information, if …

Economists at the Bank of International Settlements (BIS) took a look at the risks inherent in the crypto ecosystem and came up with a seemingly novel solution. “Develop an alternative,” they advised in a bulletin released Jan. 12. What they had in mind was central bank digital currency (CBDC). The authors of the bulletin, headed by BIS senior economist Matteo Aquilina, said they sought lessons from the crypto winter that descended in 2022. The recent failures in crypto asset markets underscore the need to address the risks presented by crypto before those markets become “systemic,” they said. Both centralized and …

The United States House of Representatives finally elected a speaker last week, concluding a four-day, 15-ballot ordeal that left many wondering if political gridlock was now the new normal in the U.S., and if so, what the consequences would be. For example, were the concessions made by Republican Kevin McCarthy to secure his election as speaker ultimately going to make it difficult to achieve any sort of legislative consensus, making it impossible for the U.S. to raise its debt ceiling and fund the government later this year? Not all were optimistic. The House of Representatives will be largely “ungovernable” in …

Setting aside the criminal investigations of failed crypto businesses like FTX, Celsius, 3AC, Terra and others, 2022 set the record in illicit on-chain transactions. According to a yearly report published by Chainalysis on Jan. 12, the total cryptocurrency value received by illicit addresses reached $20.1 billion in the last year. The numbers aren’t final, as the measure of illicit transaction volume grows over time as the analysts identify new addresses associated with criminal activity. Moreover, it doesn’t include proceeds from non-crypto native crimes like drug trafficking and the funds on the balance of those failed companies, which are now under …

Troubled cryptocurrency lender Nexo is facing more pressure from regulators as its offices have been reportedly raided as part of an international investigation. A group of prosecutors, investigators and foreign agents started searches of Nexo’s offices in the Bulgarian capital, the local news agency Standart reported on Jan. 12. The operation was reportedly initiated a few months ago, targeting a large-scale financial criminal scheme allegedly involving money laundering and violations of international sanctions against Russia. Citing sources of the Bulgarian National Television, the report alleges Nexo’s involvement in the scheme. The television also highlighted Nexo’s alleged ties with the government …