Bitcoin

Here’s what happened in the cryptocurrency industry today

adminDecember 8, 2023

A bipartisan group of U.S. senators has introduced legislation to address the role of cryptocurrencies in terrorist financing. Meanwhile, Kazakhstan will block 980 unlicensed cryptocurrency exchanges in 2023 and launch nine investigations into illegal exchange operations and money laundering, with former Binance CEO Changpeng “CZ” Zhao sentenced in February. I was ordered to stay in the U.S. until then.

US Senator Targets Cryptocurrencies in Counterterrorism Financing Bill

Republican and Democratic lawmakers in the U.S. Senate have introduced legislation to address the role of cryptocurrencies in financing terrorism.

On December 7, Senators Jack Reed, Mark Warner, Mike Rounds, and Mitt Romney announced the introduction of the Countering the Financing of Terrorism Act. The bill aims to expand sanctions to include parties funding terrorist organizations with cryptocurrency or fiat currency.

Senator Rounds said:

“It is important that Treasury has the counter-terrorism tools it needs to confront modern-day threats. “The Terrorist Financing Act takes common sense steps to eradicate terrorism by sanctioning foreign financial institutions and foreign digital asset companies that help commit these heinous acts.”

The bill also allows the U.S. Treasury to ban transactions with sanctioned “facilitators of foreign digital asset transactions.”

Last October, the Treasury Department sanctioned a Gaza-based cryptocurrency operator suspected of having ties to Hamas.

Kazakhstan blocked 980 unlicensed cryptocurrency exchanges in 2023.

In 2023, Kazakhstan’s Financial Supervisory Authority (FMA) blocked access to nearly 1000 cryptocurrency exchanges serving Kazakh citizens without proper registration.

The FMA has denied access to 980 illegal platforms in 2023, according to a December 7 press release posted on the government website. It has also launched nine investigations into ‘illegal exchange operations’ and money laundering.

The Digital Assets Act, enacted in February 2023, prohibits the creation and trading of digital currencies and cryptocurrency exchange activities unless a state license is obtained.

The list of blocked unlicensed exchanges includes some major international platforms. Last November, it was revealed that Kazakh citizens were unable to access the Coinbase website due to an order from the Ministry of Culture and Information.

To date, Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit, and Xignal&MT have been approved to operate in the country.

Binance founder CZ must remain in the United States until the ruling and judge’s order.

Binance founder Changpeng “CZ” Zhao has been ordered to remain in the United States until his sentencing in February, after a federal judge ruled that the former exchange CEO was too great a flight risk if he were allowed to return to the United Arab Emirates.

On December 7, Seattle District Court Judge Richard Jones ordered Zhao to remain in the United States until his sentencing date of February 23, 2024.

“The defendant has enormous wealth and assets overseas and has no ties to the United States,” Judge Jones wrote. He agreed with federal prosecutors’ previous argument that if Mr. Zhao decides not to return to the United States, he “will not be able to secure the defendant’s return.” USA.

“His family resides in the UAE and he appears to prefer a position in the UAE. In these circumstances, the court found that there was no clear and convincing evidence that the defendant was unlikely to flee if he returned to the UAE,” Judge Jones added.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.