- Ripple Ordered to Pay $125M for Securities Law Violation
- Binance Hit with $86M Tax Demand in India
- Judge Approves $12.7B Repayment Plan for FTX Creditors
The DeFi and crypto space continues to evolve at a rapid pace, and it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space.
Ripple Ordered to Pay $125M for Securities Law Violation
A federal judge has ordered Ripple Labs to pay $125 million in civil penalties for violating securities laws, potentially concluding the SEC vs. Ripple case. The fine, imposed by Judge Analisa Torres, follows Ripple's breach of securities regulations in 1,278 institutional sales. The penalty is far lower than the $1 billion initially sought by the SEC.
Binance Hit with $86M Tax Demand in India
The Directorate General of GST Intelligence (DGGI) in Ahmedabad has issued a show-cause notice to Binance, the world's largest cryptocurrency exchange, demanding a GST payment of Rs 722 crore ($86 million). This is the first such action by the DGGI against a cryptocurrency firm, signaling India's regulatory push in the virtual currency market.
Judge Approves $12.7B Repayment Plan for FTX Creditors
A New York judge has approved FTX and Alameda Research to repay $12.7 billion to creditors, resolving a 20-month lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC). The settlement includes $8.7 billion in restitution and $4 billion in disgorgement, with no civil penalty sought by the CFTC.
These significant events highlight the rapid development of the DeFi and crypto world. From court decisions to tax demands, each piece of news contributes to shaping the future of the digital economy.
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