Weekly Roundup: Darren Robinson fined $11M, Binance’s CZ walks free in August

May 4, 2024 3:16 pm UTC, abdelaziz Fathi

Welcome to our weekly roundup, where we dive into all the latest buzz in the Forex, Fintech, and cryptocurrency scenes. We’ve got you covered with a rundown of the week’s top events and trends in these dynamic sectors, so you can stay in the know and ahead of the game.

FX Markets: Regulatory Crackdown on One End

Darren Robinson, who scammed 38 people out of $7,196,365.37 through a Forex Ponzi scam, has been ordered to pay $11 million. He is currently a fugitive from U.S. law enforcement. In another case, Idin Dalpour has been charged with wire fraud related to an alleged Ponzi scheme that defrauded investors of over $43 million.

On a positive note, foreign exchange service provider Alpha Group International plc has confirmed its upgrade to the premium list of the London Stock Exchange’s main market. Additionally, B2Prime has obtained a security dealer license in Seychelles as part of its efforts to expand global operations.

Crypto Digest: Is the Regulatory Ice Thawing for Binance?

In the crypto world, Johann Steynberg, the South African behind a notorious bitcoin Ponzi scheme, has reportedly died under suspicious circumstances while under house arrest in Brazil. Meanwhile, MicroStrategy, the largest corporate investor in bitcoin, has raised over $1.5 billion in the first quarter and used it to buy more bitcoin (BTC).

On the regulatory front, Changpeng Zhao, the former CEO of Binance, has been sentenced to four months in prison in Seattle after pleading guilty to money laundering charges. In contrast, Roger Ver, an early Bitcoin investor known as “Bitcoin Jesus,” has been arrested in Spain facing U.S. charges of evading $48 million in taxes.

Conclusion

This week’s roundup highlights the ongoing regulatory crackdown in both the Forex and crypto markets. While some players face severe penalties for fraudulent activities, others continue to thrive and expand their operations. The dynamic nature of these sectors underscores the need for investors to stay informed and vigilant.