In today’s weekly recap, we’ll focus on global regulatory efforts and recent developments in the crypto industry. One significant development is that Nigeria has lifted its ban on cryptocurrency transactions after two years.
Do Kwon extradition overturned
- The Podgorica High Court initially approved the extradition of Terra founder Do Kwon to either South Korea or the United States. However, the Montenegro Court of Appeal has now overturned this decision, citing violations of criminal procedures.
Court freezes assets belonging to 3AC
- A court in the British Virgin Islands has frozen over $1 billion in assets belonging to hedge fund Three Arrows Capital (3AC). This asset freeze prevents executives at 3AC from transferring or selling off the assets, as the fund owes creditors $3.3 billion.
Bankman-Fried tries to delay sentencing
- Judge Lewis Kaplan denied Sam Bankman-Fried’s request to delay his sentencing hearing by four to six weeks. Bankman-Fried, founder and former CEO of FTX, was found guilty of all charges and is scheduled for sentencing on March 31, 2024.
US SEC makes headlines
- The U.S. Securities and Exchange Commission (SEC) made several regulatory and enforcement actions this week. They reached a confidentiality agreement with legal representatives of Terraform Labs ahead of Do Kwon’s trial. The SEC also met with asset managers interested in launching spot BTC ETFs, requesting modifications for cash-based redemptions.
- The SEC faced criticism from the crypto community after an SEC director apologized for lying in a restraining order request involving crypto project DEBT Box. Additionally, SEC Commissioner Hester Peirce expressed disagreement with the agency’s decision to fine BarnBridge DAO, citing “imprecise legal reasoning.”
Nigeria lifts ban on cryptocurrencies
- Nigeria has lifted its ban on cryptocurrency transactions after imposing it in February 2021. The Central Bank of Nigeria mandated banks to close accounts involving crypto fund movements. The ban was relaxed following the appointment of a new governor.
Hot Take: Global Regulatory Efforts and Nigeria’s Crypto Ban Lifted
Global regulatory efforts have been a major focus in the crypto industry this week. From Do Kwon’s overturned extradition to the freezing of 3AC’s assets, regulatory actions have had significant implications. The US SEC also made headlines with its dealings with Terraform Labs and discussions about spot BTC ETFs. However, the SEC faced criticism for its handling of the DEBT Box case and the fine imposed on BarnBridge DAO.
On a positive note, Nigeria’s decision to lift its ban on cryptocurrencies is a step towards embracing digital assets. This move will likely have a positive impact on the Nigerian crypto community and contribute to the growth of the industry in Africa’s most populous country.
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