• The U.S. government recently hit Bankman-Fried and their attorneys with over 4 million pages of discovery documents.
• Rep. Patrick McHenry called proposed crypto tax rules an ‘attack on the digital asset ecosystem’
• Binance allegedly maintained ties with blacklisted Russian banks despite Western sanctions
U.S. Government Slaps Bankman-Fried with Discovery Documents
The U.S. government has handed down a massive amount of discovery documents to Bankman-Fried and their attorneys, totaling more than 4 million pages in all. The documents are intended to uncover any possible wrongdoing by the company or its associates, and are sure to take some time for them to sift through.
Proposed Crypto Tax Rules Called Attack on Digital Asset Ecosystem
Rep. Patrick McHenry has spoken out against proposed crypto tax rules from the IRS, calling them an attack on the digital asset ecosystem as a whole rather than just addressing issues of taxation within it specifically. His comments come as many investors have expressed frustration at the lack of clarity around crypto taxation in the United States and other countries around the world that have yet to provide clear guidance on how this new technology should be treated from a legal standpoint.
Binance Allegedly Maintains Ties With Blacklisted Russian Banks
According to reports from The Wall Street Journal, Binance has allegedly been maintaining ties with blacklisted Russian banks despite Western sanctions against them being in place for years now. This information comes amidst controversy surrounding these banks which emerged earlier in the week when WSJ first released its report alleging Binance’s involvement with these entities via peer-to-peer (P2P) trading services offered by the exchange itself.
Binance Removes Sanctioned Banks From P2P Trading Service
In response to these allegations, Binance has removed several sanctioned Russian banks from its P2P trading service according to a new report released by The Wall Street Journal today (Aug 25). A quote obtained from Binance stated that they regularly update their systems „to ensure compliance“ and if any gaps are pointed out they seek „to address and remediate them as soon as possible“.
Insider Trading Sentence Issued For Nate Chastain
Nate Chastain was recently sentenced to three months for insider trading at OpenSea after attempting to manipulate prices using his inside knowledge of upcoming sales events before they were made public information available by the marketplace itself . This is not only seen as a warning sign for others looking into similar behaviors but also serves as an example of why it is important for marketplaces like OpenSea to keep track of who is buying or selling items within their platform so that good faith users don’t fall prey to scams like this one in future transactions