• Kraken is closing its Abu Dhabi office, leading to the discharge of 8 team members.
• Bithumb owner Kang Jong-hyun has been arrested on embezzlement charges.
• Sam Bankman-Fried won a Texas case alleging violations of securities laws via FTX offerings.
Kraken Closes Abu Dhabi Office
Leading crypto exchange Kraken is closing its location in Abu Dhabi, resulting in the discharge of eight team members. The Abu Dhabi Global Market’s registry showed that Kraken was no longer active in the country, though clients in the region will still be able to use the platform and make deposits in US Dollar.
Bithumb Owner Arrested on Embezzlement Charges
Bithumb owner Kang Jong-hyun has been arrested on embezzlement charges for allegedly misappropriating approximately $50 million. This follows investigations into former Chairman Lee Jung-hoon who was accused of misappropriating roughly $70 million from his deal with BK Group chairman Kim Byung-Gun.
SBF Wins Texas Case Alleging Violations of Securities Laws
Former FTX CEO Sam Bankman-Fried gained an early victory in a lawsuit filed against him by Texas regulators for alleged violations of securities laws via FTX offerings. The court ruled that Bankman-Fried had properly complied with state regulations when issuing certain derivatives products and as such did not violate any securities laws.
Research Shows “Bullishness” Among Investors Around the World
A new report conducted by cryptocurrency data research firm Arcane Research shows that investors around the world are becoming increasingly bullish on cryptocurrencies due to government intervention and institutional investment activity. The research found that more than half of respondents think Bitcoin price will hit $100k within three years and over 80% believe it will eventually reach six digits figures at some point in time.
Conclusion
The cryptoverse saw major news today as Kraken announced its closure of its Abu Dhabi office, Bithumb owner was arrested for embezzlement charges, Sam Bankman-Fried won a Texas case alleging violations of securities law, and research showing increasing bullishness among investors around the world regarding cryptos.