Cryptocurrency Exchange Beaxy and Founder Face SEC Lawsuit for Alleged Violations
The SEC has filed a lawsuit against Beaxy.com for running an unregistered exchange, brokerage, and clearing business simultaneously. This marks the first time the agency has taken such action against a crypto platform. SEC Chair Gary Gensler has repeatedly called on digital asset companies to separate and register their different operations, as combining multiple functions under one roof endangers investors.
World's Largest Asset Manager, BlackRock, Expects Federal Reserve to Hold Interest Rates Steady in 2023
BlackRock, as the largest asset manager globally, foresees no interest rate cuts from the Federal Reserve in the current year. Their analysts suggest that central banks are intentionally triggering the recession to combat inflation, a strategy that differs from the past when central banks would try to rescue the economy during a recession by cutting interest rates. Consequently, BlackRock considers rate cuts improbable this time.
Russia Pushes Back Release of Digital Ruble
Russia's trial of its digital ruble, which was scheduled for April 1, has been postponed due to the lack of regulatory framework. The legislation concerning Central Bank Digital Currency (CBDC) could be approved by the State Duma in the upcoming month and is expected to come into effect by May. The trial period will involve 13 banks.
South Korea and US in Pursuit of Extraditing Do Kwon
Do Kwon, the founder of Terraform Labs, a defunct cryptocurrency company, has been arrested in Montenegro while attempting to flee to Dubai. The US and South Korea are competing to extradite him back to their respective countries. Terraform Labs had raised $44 million in 2017, but multiple lawsuits alleging fraud and securities violations were filed against it, leading to the company's collapse in 2018 and millions of dollars in losses for investors. Kwon and another individual, Hon Chang Joon, are facing charges of illegal activity and embezzlement.
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