#counterparty

Extract:

“... negotiation is a necessary ritual. It isn’t a bureaucratic invention of the boardroom; it’s something we have been doing for millennia. It’s a social lubricant, an essential part of how things get done and how we co-exist in the world. It allows for friendships and marriages to grow, children to be educated, businesses to prosper, societies to function and countries to collaborate (and in all these cases, sometimes the alternative). Negotiation is such a key part of what it is to be human that we can’t pretend it doesn’t exist.

So don’t try to avoid negotiation. Whether it’s for reasons of fear, nerves and anxiety or a misguided attempt to speed things up, avoiding or limiting the negotiation process is likely to only lead to two outcomes. The first is that you deprive yourself of making the most of opportunities that come your way, and the second is that your counterparty starts to question your motives and the quality of the deal that you so readily agreed to.

In the intricate world of financial markets, efficiency and transparency are paramount and the SEC (US regulatory body) has adopted the rule to shorten the settlement cycle and yet another step to improve the financial markets. The new settlement cycle will be shortened to T+1 effective May 28, 2024, and would apply for all U.S. securities transactions that settle through Depositary Trust…

Alameda Research was often the ‘only counterparty’ at Binance.US’ OTC Desk

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As markets, customers, and industry observers continue to dissect the U.S. Securities and Exchange Commission’s (SEC) extensive lawsuit against cryptocurrency giant Binance and its affiliates, surprising new details are continually coming to light.

Among the unexpected revelations buried within the 136-page complaint is that Binance.US. had a significant relationship with Alameda Research through its over-the-counter trading desk.

This detail, tucked away on page 55, exposes a previously under-the-radar link between two major entities in the cryptocurrency world, adding another layer of intrigue to the legal battle.

The SEC this week makes a single reference to Alameda Research on page 55, stating the firm was often the only counterparty for Binance.US’s OTC trades between May 2020 and February 2022.

While this disclosure does not directly implicate Alameda Research or its CEO, Sam Bankman-Fried, in any wrongdoing in regard to the Binance suit, its inclusion in the complaint against Binance and its affiliate companies is unlikely to be accidental or immaterial.

The inclusion of Alameda Research in the complaint is particularly notable given the firm’s existing legal troubles. Alameda, the sister company of cryptocurrency exchange FTX, has come under scrutiny in recent months. Its CEO, Caroline Ellison, has already pleaded guilty to charges of conspiracy to commit wire fraud and securities fraud, among other offenses. Bankman-Fried is currently awaiting trial.

The SEC document reveals that Binance.US’s OTC Desk saw over $654 million in trades in 2021, serving primarily institutional traders for large volume crypto asset and fiat pair trades. The report also details the involvement of Alameda Research as a frequent counterparty for these trades through the platform’s OTC Desk.

Alameda Research’s inclusion in the SEC’s complaint underscores the extent to which crypto companies and exchanges do business with one another. As authorities worldwide step up their oversight of digital asset markets, the industry is facing increasing pressure to improve compliance with financial regulations.

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Ripple effects, contagion, counterparty risk as banks and crypto stocks slide

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Binance Recognized as Counterparty to Anatoly Legkodymov’s Bitzlato Alleged Income Laundering Plan

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Resource: iStock/kali9

Binance, the world’s major crypto trade by trading volume, has been recognized as a counterparty to the minor-identified exchange Bitzlato, which is now facing revenue laundering expenses in the US.

The controversy bordering Bitzlato now also includes Binance, immediately after the US Section of the Treasury wrote in an order that Binance was Bitzlato’s top obtaining counterparty of bitcoin (BTC) amongst May perhaps 2018 and September 2022.

Coming in as the next and 3rd acquiring counterparties had been Russian dim world wide web sector Hydra and TheFiniko, a Russia-centered internet site that has been accused of operating a pyramid scheme.

The major sending counterparties were being identified as Hydra, peer-to-peer buying and selling platform LocalBitcoins, and TheFiniko.

The get claimed that about two-thirds of Bitzlato’s “top getting and sending counterparties are affiliated with darknet marketplaces or frauds.” It also explained that the trade, which is registered in Hong Kong, has “significant ties to and connections with Russia,” and that it was utilised for money laundering by “Russian illicit finance.”

Binance assisted investigation

Commenting on the news that Binance was a leading receiver of resources from Bitzlato, a Binance spokesperson told Bloomberg that the exchange fully cooperated with regulation enforcement in the case.

Binance “provided sizeable support to global regulation enforcement partners in aid of this investigation. This exemplifies Binance’s motivation to doing work collaboratively with law enforcement associates globally,” the spokesperson reported.

Bitzlato’s founder, Russian nationwide Anatoly Legkodymov, was arrested in Miami on Tuesday this week on expenses associated to income laundering from unlawful gambling and drug discounts. It is said that roughly $700m of unlawful proceeds have been laundered through Bitzlato.

News ridiculed in crypto community

The announcement by the US Authorities that it is pursuing rates from Bitzlato has mostly been met with ridicule in the crypto group, the place few men and women have even read about the exchange just before.

“LOL I devote 8+ hrs a working day pursuing this beautiful marketplace and I’ve practically never ever listened to of Bitzlato,” the well-liked Bitcoin proponent Dylan LeClair wrote on Twitter as the news broke on Wednesday.

Many others agreed, with for instance the common crypto trader Mike Alfred calling the news “pretty lame.”

Stuart Alderoty, a common counsel for Ripple, also admitted on Twitter that he experienced never ever hears about Bitzlato just before, but said the Division of Justice by the latest tends to make it obvious that it will prosecute crypto-similar crimes.

“That’s very good plan,” he claimed.

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Binance named among Bitzlato top 3 receiving counterparty

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Binance was named as one of Bitzlato’s top three receiving counterparties, according to an order by the US Treasury Financial Crimes Enforcement Network (FinCEN).

The US authorities brought enforcement actions against the little-known exchange on Jan. 18, accusing it of facilitating the laundering of $700 million. The exchange’s Russian founder Anatoly Legkodymov was arrested in Miami.

Around two-thirds of Bitzlato’s top receiving and sending counterparties were associated with darknet markets or scams,the FinCEN order reported. The authorities pointed out that apart from Binance, the other top receiving counterparties of Bitzlato included Russia’s darknet Hydra and Ponzi scheme “TheFiniko.”

Meanwhile, a Binance spokesperson told CryptoSlate:

“Binance is pleased to have provided substantial assistance to international law enforcement partners in support of this investigation. This exemplifies Binance’s commitment to working collaboratively with law enforcement partners worldwide.”

FinCEN said its order prohibits all covered financial institutions from transmitting funds involving Bitzlato.

The authorities added that the exchange was determined to be a “primary money laundering concern in connection with illicit Russian finance.”

The order becomes effective Feb. 1.

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Court sets new deadline for Celsius restructuring plan

Celsius halted withdrawals on the platform on Jun. 13 and filed for bankruptcy a month later on Jul. 13.