Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

U.S. regulators have sanctioned crypto mixer Sinbad and seized its website over allegations that it laundered money for North Korea’s Lazarus Group. In other news, Binance has no license to operate in the Philippines, the country’s financial regulator said, and bankrupt crypto lender Genesis and Digital Currency Group have reached a deal that could end Genesis’ lawsuit against DCG.

U.S. regulators sanction Sinbad

The U.S. Treasury Department’s Office of Foreign Assets Control has sanctioned cryptocurrency mixer Sinbad over allegations that it laundered money on behalf of North Korea’s Lazarus Group.

On Nov. 29, OFAC accused Sinbad of processing “millions of dollars’ worth of virtual currency from Lazarus Group heists,” including the 2022 hacks of Horizon Bridge and Axie Infinity’s Ronin Bridge, as well as the more recent hack of Atomic Wallet. These heists compromised roughly $820 million in user funds at the time.

“Mixing services that enable criminal actors, such as the Lazarus Group, to launder stolen assets will face serious consequences,” said Treasury official Wally Adeyemo. “The Treasury Department and its U.S. government partners stand ready to deploy all tools at their disposal to prevent virtual currency mixers, like Sinbad, from facilitating illicit activities.”

The home page of Sinbad’s website currently reads: “This service has been seized,” with various logos of U.S. government departments.  

Binance operating without license in Philippines, regulator says

Cryptocurrency exchange Binance has been operating in the Philippines without the necessary approval or license, according to the local securities regulator.

The Philippines Securities and Exchange Commission (SEC) issued a warning against Binance on Nov. 28, informing the public that the exchange is not authorized to sell or offer securities in the country.

The announcement emphasized that an exchange like Binance must apply for registration and provide detailed information about offered securities before selling them to the public. Such detailed information includes the issuance price, the nature of securities and other data.

The Philippines’ Securities Regulation Code (SRC) also requires securities issuers to be registered in the country before being offered for investment. The issuer should also acquire a secondary license to sell or offer securities to the public, the statement notes, adding:

“Based on the Commission’s database, the operator of the platform Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities as defined under Section 3.1 of the SRC.”

In addition to operating without the necessary license, the SEC argued that Binance had been illicitly promoting its services in the country. The regulator warned entities involved in promoting or trading on Binance may be held criminally liable under Section 28 of the SRC.

Genesis strikes repayment deal with DCG and end $620M lawsuit

Bankrupt crypto lender Genesis and its parent company, Digital Currency Group (DCG), has struck a deal that could end an ongoing lawsuit over $620 million in repayments owed by DCG.

In a Nov. 28 filing to a New York Bankruptcy Court, Genesis said DCG agreed to pay its outstanding $324.5 million in loans by April next year, and Genesis can chase up on any unpaid amounts.

The proposed deal aims to allow Genesis to end a lawsuit filed against DCG in September that sought to have the firm repay overdue loans worth around $620 million. DCG has made some payments since the suit.

Genesis said the repayment deal will provide it with “immediate significant and near-term benefits” and avoid the “risk, expense, and diversion of resources that would be required by litigation.”

The deal will form part of Genesis’ plans to pay back creditors, who will vote on the plan before it is sent to bankruptcy judge Sean Lean for a decision — who will consider the creditor’s votes.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.