Blockchain
Coinbase Bags FinCEN Award Following Crime Prevention Efforts
Cryptocurrency exchange Coinbase has received an award from the Financial Crimes Enforcement Network (FinCEN) for its contribution to criminal investigations. In an April 11 post on X (formerly Twitter), Paul Grewal, Coinbase’s Chief Legal Officer disclosed the official letter from the government agency.
FinCEN Stresses Compliance
Coinbase contributed to the investigations of one of the seven major criminal cases spurring the FinCEN Director’s Law Enforcement Award. Firms bagged the award after reporting under the Bank Secrecy Act (BSA) was used to effectively prosecute cases.
“The investigations nominated for consideration in this year’s award program may not have been pursued without the BSA reports that financial institutions like yours make, pursuant to FinCEN’s regulatory requirements…. We want to provide this letter and a summary of related cases about your institution’s invaluable contribution.”
The agency urged financial firms not to comply based on requirements but to fight crime and protect the United States financial markets. In recent months, United States regulators have ramped up regulatory efforts to curb digital asset fraud in a bid to protect investors. Global authorities have joined their United States counterparts seeking collaborative regulatory efforts.
The agency underscored the importance of the BSA reporting to prevent illicit finance in many sectors as it helps in the development of risk indicators.
Coinbase Expresses Support for Authorities
In an X post, Grewal restated Coinbase’s commitment to remove bad actors from the crypto space, hailing the efforts of the team. Furthermore, he added that the exchange compliance team does not engage in lawlessness despite criticisms by people who prefer scapegoating to solutions.
We received this letter from FinCEN congratulating @coinbase on our substantial contributions to one of seven significant criminal cases to receive the FinCEN Director’s Law Enforcement Award. We appreciate this recognition of our commitment to weeding out bad actors in whatever… pic.twitter.com/lQFSP1gRjv
— paulgrewal.eth (@iampaulgrewal) April 11, 2024
“Our compliance and government investigations teams are the best in the business. They do not abide by any culture of lawlessness, notwithstanding the slurs and misrepresentations of those who prefer scapegoating over solutions.”
Recently, Coinbase has been in the middle of SEC’s regulatory battles with the exchange criticizing the Commission’s approach and pushing for clear-cut rules.
Also Read: Fidelity Launches Three New Liquid Alts ETFs for Enhanced Equity
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Sui Foundation has recently made an important partnership agreement with Franklin Templeton Digital Assets, which will help develop DeFi solutions on the Sui platform. This will give the Sui ecosystem developers support and additional guidance in enhancing blockchain solutions and products.
Franklin Templeton Joins Sui Foundation to Support Blockchain Projects
A recent blog post reveals that Franklin Templeton Digital Assets will partner with the Sui Foundation to support developers deploying and working on Sui. The partnership will increase the use of decentralized finance (DeFi) in the execution of various projects and the deployment of enhanced blockchain technologies.
Franklin Templeton brings years of experience in blockchain-based technology, including node validation and investment strategies. Its dedicated research team focuses on tokenomics and leverages data science for informed decisions. Key projects highlighted by the partnership include Deepbook, Karrier One, and Ika, which showcase the scalability and security of the blockchain.
Sui Blockchain Records Impressive DeFi Growth Metrics
The blockchain has demonstrated remarkable performance in the DeFi sector since its mainnet launch in May 2023. It recorded a 675% growth in total value locked (TVL) and a 956% increase in DeFi transaction volume. These metrics underscore the platform’s efficiency, enabled by its massive parallelization technology, low transaction latency, and consistently low gas fees.
Projects like Deepbook and Karrier One benefit from Sui’s advanced infrastructure, driving developer interest and ecosystem expansion. The partnership with Franklin Templeton will boost this growth trajectory further.
Can Price Soar to $18 After 740% Rally?
Additionally, the blockchain’s native token, SUI, has seen a 740% price increase in just four months, outperforming other Layer-1 blockchains like Solana. The token is currently trading at $3.51, with analysts predicting that the SUI price could reach $18 during this bull cycle, provided it breaks key resistance levels at $3.93. Market analysts note that the price rally was driven by the blockchain’s innovative capabilities and growing DeFi adoption.
Recently, the Sui Network faced a two-hour outage that temporarily halted block production. Validators encountered technical challenges, prompting the Sui team to deploy a fix swiftly. While the network resumed normal operations, the incident raised concerns among the community.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
- The summit focuses on ethical AI development through decentralized governance models.
- Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.
Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.
These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.
Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.
All eyes on the Open AGI Summit
As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.
By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.
The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.
Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.
Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.
Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.
Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.
This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.
- Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
- The summit focuses on ethical AI development through decentralized governance models.
- Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.
Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.
These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.
Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.
All eyes on the Open AGI Summit
As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.
By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.
The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.
Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.
Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.
Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.
Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.
This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.
Why a New Solana All-Time High May Be Near
Dogecoin Fractal Points To A Potential Breakout, Can It Reach A New ATH?
WIF Shakes Off Setbacks As Bullish Resurgence Targets More Gains
BTC Continues To Soar, Ripple’s XRP Bullish
Ethereum Price Repeats Bullish ‘Megaphone’ Pattern From 2017
Bitcoin Price And Satoshimeter: Analyst Says $100,000 Is Far From The Peak
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market17 hours agoWhy the Altcoin Season May Be Underway
-
Altcoin4 hours ago
BTC Continues To Soar, Ripple’s XRP Bullish
-
Market23 hours agoTrump Taps Pro-Crypto Scott Bessent for Treasury Secretary Role
-
Altcoin23 hours agoTerra Luna Classic Community Discord On Proposal Amid LUNC Price Rally
-
Market22 hours agoArtificial Intelligence Coins on the Rise: TFUEL, ZIG, and AKT
-
Altcoin22 hours agoAlameda Research Dumping Polygon (POL) Amid Price Spike, What’s Next?
-
Altcoin20 hours agoSHIB Lead Shytoshi Kusama Hints At TREAT Token Launch
-
Market19 hours agoSEC Secures Record $8.2 Billion in 2024 Financial Remedies
✓ Share: