Do Kwon Set for U.S. Extradition, Robinhood Expands Crypto Trading to Europe, and Presidential Candidate Slams Regulatory Agencies
Summary:
Do Kwon, co-founder of Terraform Labs, is reportedly set to be extradited to the U.S. to face a slew of charges related to investor fraud. Meanwhile, trading firm Robinhood has expanded its services to offer crypto trading to eligible European Union customers, a week after launching their stock trading app in the UK. Lastly, during a recent Republican presidential debate, candidate Vivek Ramaswamy criticized SEC Chair Gary Gensler and other regulatory bodies for their perceived inefficiency and lack of progression in dealing with the emerging crypto industry.
Terraform Labs' co-founder, Do Kwon, reportedly set for extradition to America, changes are taking place at trading platform giant Robinhood, and presidential candidate Vivek Ramaswamy blasts perceived incompetency at the SEC and other governing bodies during a recent Republican debate.
Reports suggest that Do Kwon, the controversial figure behind Terraform Labs, will be sent from Europe to the U.S. to face an array of charges. Unverified sources have indicated that Montenegrin Justice Minister Andrej Milović is ready to approve the American request for Kwon's extradition. Kwon was taken into custody in Montenegro in March due to fraudulent travel documents and also has charges pending in South Korea.
In the U.S, he's up against several charges, such as securities fraud and conspiracy to defraud investors. Regulatory authorities, like the SEC, have alleged Kwon of various counts of investor fraud. Prior to his capture, his location remained a mystery, but there was speculation that he might be based in Singapore.
In other news, Robinhood, a renowned brokerage firm announced unveiling their crypto services to all the eligible customers based in the EU on December 7. Through this platform, traders will have opportunities to sell and buy more than 25 cryptos.
One week ago, Robinhood introduced its stock trade application to the UK, signaling a keen focus on expansion. The company successfully entering the European cryptomarket supports this view, with a representative saying that the EU is the ideal region to anchor its global growth plans.
The fresh crypto feature allows free trades and rewards trading volumes each month. The new product emphasises clarity, letting customers see the spread which includes the rebate given by the company from specific orders.
Elsewhere, Vivek Ramaswamy, a presidential candidate, criticised SEC chair Gary Gensler and similar agencies during a Republican debate. Ramaswamy blasted the regulators' incapacity to keep up with the crypto industry, and called out Gensler’s reluctance to categorize Ether, Ethereum’s native currency, as a commodity.
Answering a question about the recent confession of guilt by Binance CEO, Changpeng “CZ” Zhao, Ramaswamy argued fraud has always been a problem, but regulatory bodies need to match the contemporary environment.
Ramaswamy is one of a small group of presidential candidates putting crypto at the center of their campaign, being the only Republican candidate to propose a structured crypto policy.
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Published At
12/7/2023 11:32:50 PM
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