Binance Compliance Staff Leave Financial Crime, Monitoring Roles
Exchanges
”When Binance pleaded guilty to US sanctions and anti-money-laundering violations in late 2023, rebuilding its compliance operation was key to the deal. The exchange had earlier that year hired Noah Perlman, a former assistant US attorney, as chief compliance officer, to lead teams handling sanctions enforcement, financial crime monitoring and investigations. Three years later, Perlman is looking to leave sometime this year or next and has begun discussions with management about his departure, according to a person familiar with the matter who asked not to be named because the plans haven’t yet been made public. Binance said Perlman ‘has no exit date, no identified successor, and is fully committed to the work ahead.’ The New York Times and Fortune reported earlier this year on Perlman’s conversations about departing.”
Source: Bloomberg
SEC Crypto Safe Harbor Heads to White House Review, Proposal Due 'Shortly' Says Atkins
Policy
“A proposed safe harbor framework to allow crypto projects to launch without needing to register right away is now in the White House's hands, according to Securities and Exchange Commission Chair Paul Atkins. On Monday, at a digital assets summit hosted by Vanderbilt University and the Blockchain Association, Atkins said the proposal, introduced last month, has advanced to the Office of Information and Regulatory Affairs (OIRA), a division within the Office of Management and Budget that reviews federal regulations before publication. 'We'll have reg crypto that we'll be proposing here shortly,' Atkins said. 'It's in fact at OIRA right now, which is the next step before being published, so that's exciting.'”
Source: The Block
Strategy Posts $14.5 Billion Unrealized Loss in First Quarter
Treasury Companies
“Bitcoin accumulator Strategy Inc. registered a roughly $14.5 billion unrealized loss in the first quarter as the value of the Michael Saylor-led company’s cryptocurrency holdings fell. Bitcoin tumbled more than 20% in the three months, the largest first-quarter drop for the notoriously volatile digital asset since 2018. Strategy held more than $50 billion of cryptocurrency at quarter-end. The company adopted accounting standards last year that require changes in the fair value of its Bitcoin holdings to flow through earnings, driving multibillion-dollar swings in results. Strategy, formerly known as MicroStrategy, also said it bought 4,871 Bitcoin from April 1 through April 5 for about $330 million, according to a US Securities and Exchange Commission filing Monday.”
Source: Bloomberg
Kalshi Wins Appeal Against New Jersey Over Sports Event Contracts
Prediction Markets
“An appeals court handed Kalshi and its prediction market peers a major victory on Monday, ruling that New Jersey does not have explicit authority over sports-related event contracts offered by entities regulated by the Commodity Futures Trading Commission. On Monday, in the U.S. Court of Appeals for the Third Circuit, a panel of judges ruled 2-1 and said that New Jersey gaming regulators cannot block Kalshi from offering those contracts in the state. Kalshi sued New Jersey and other states last year after it received cease-and-desist orders prohibiting it from offering sports-related contracts. The predictions market argued that it is a federally regulated commodities exchange, a designated contract market (DCM) and that the Commodity Exchange Act supersedes states' authorities.”
Source: The Block
Jamie Dimon Says JPMorgan Must Move Faster as Tokenization Reshapes Finance
Tokenization
“JPMorgan CEO Jamie Dimon said the bank must move faster to keep up with blockchain-based competitors as tokenization reshapes parts of the financial system, according to his annual letter to shareholders. 'A whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization,' Dimon wrote, framing the technology as a direct challenge to traditional banking models. He added that these technologies, alongside fintech firms, 'may change the fundamental nature of how all this is done,' referring to core banking functions such as payments, trading and asset management.”
Source: CoinDesk
