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Here’s what happened in crypto today

3 min read
Here’s What Happened In Crypto Today

Former Binance CEO Changpeng “CZ” Zhao has been ordered to remain in the United States until his sentencing in February. Meanwhile, Do Kwon, the disgraced co-founder of Terraform Labs, will reportedly be extradited to the United States. Robinhood has launched crypto trading services in Europe, with over 25 cryptocurrencies available for trade.

Binance founder CZ must stay in US until sentencing, judge orders

Binance founder Changpeng “CZ” Zhao has been ordered to stay in the United States until his sentencing in February, with a federal judge determining there’s too much of a flight risk if the former exchange CEO is allowed to return to the United Arab Emirates.

On Dec. 7, Seattle District Court Judge Richard Jones ordered Zhao to stay in the U.S. until his Feb. 23, 2024 sentencing date.

Breaking News: CZ Must Stay in the U.S. Until His Sentencing

US District Judge Richard Jones just ruled that Binance founder Changpeng Zhao (CZ) can’t return to his home in the United Arab Emirates (UAE) before he is sentenced in the US, which will not be for at least six…

— John Reed Stark (@JohnReedStark) December 8, 2023

“The defendant has enormous wealth and property abroad, and no ties to the United States,” Judge Jones wrote, agreeing with earlier arguments from federal prosecutors who said they “would not be able to secure his return” if Zhao decided not to return to the United States.

“His family resides in the UAE and it appears that he has favored status in the UAE. Under these circumstances the Court finds that the defendant has not established by clear and convincing evidence that he is not likely to flee if he returns to the UAE,” Judge Jones added.

Do Kwon to be extradited: Report

According to The Wall Street Journal, Terraform Labs co-founder Do Kwon will be extradited to the United States, where he faces criminal charges. 

According to the Dec. 7 report citing unnamed sources, Montenegrin Justice Minister Andrej Milović plans to grant the U.S.’s extradition request. Kwon also faces charges in his native South Korea. He was arrested in Montenegro in March for using falsified travel documents. 

Montenegro Plans to Extradite Do Kwon to US – WSJ

— Fofty Pawlow (@FoftyPawlow) December 7, 2023

If extradited to the U.S., the former blockchain executive would face eight charges, including securities fraud, commodities fraud, wire fraud, and conspiracy to defraud investors. The U.S. Securities and Exchange Commission has also charged Kwon with defrauding investors. 

Before his arrest in Montenegro, Kwon’s whereabouts were largely unknown, with some speculating that he was based in Singapore. 

Robinhood launches crypto trading services in Europe

Trading and brokerage firm Robinhood announced the launch of its crypto services for all eligible European Union customers on Dec. 7. The platform will allow traders to buy and sell over 25 cryptocurrencies.

Robinhood’s entry into the European crypto market comes just a week after the firm launched its stock trading application in the United Kingdom.

Cointelegraph contacted Oliver McIntosh, senior product communications manager at Robinhood, to understand the firm’s crypto focus and expansion plans in Europe. Mcintosh said that the EU is the right market to anchor the company’s international expansion plans, and Robinhood “welcomes the approach that the EU has taken in creating the world’s first comprehensive regime for crypto assets via the Market in Crypto-Assets Regulation (MiCA).”

Mcintosh added:

“Robinhood’s mission is to democratize finance for all, and launching a custodial crypto product for customers in the EU is a significant step forward in that journey. We’re currently focused on launching Robinhood Crypto for customers in the European Union. We don’t have anything more to share at this time.”

The new crypto app charges zero trading fees, and customers will also receive a percentage of their trading volume back every month in Bitcoin. The new platform also prioritizes transparency, allowing customers to view the spread, including the rebate received by the company from sell and trade orders in the app.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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