Ex-OneCoin Official Pleads for Leniency; OKX Exits India; Coinbase Plans DOGE Futures Launch
Summary:
Ex-OneCoin executive Irinia Dilkinska seeks a "time served" leniency for her involvement in a $4 billion scam. In India, crypto exchange OKX is initiating a service shutdown following government compliance orders. Meanwhile, Coinbase is setting the stage for futures trading for Dogecoin, Litecoin, and Bitcoin Cash.
Irinia Dilkinska, an ex-executive involved in the $4 billion OneCoin fraud scheme, has sought a "time served" leniency through a filing in New York's Southern District Court on March 20. Meanwhile, Indian crypto exchange OKX is shutting its services and has notified its Indian user base ahead of their impending account closures. This follows the government compliance notices received by several exchanges. On the other hand, Coinbase is gearing up for the launch of its new futures trading instruments for Dogecoin, Litecoin, and Bitcoin Cash.
John Buza, legal counsel for Dilkinska who spearheaded compliance at OneCoin, filed a sentencing memorandum recommending leniency based on time served. Dilkinska was instrumental in wire fraud and money laundering operations. Buza's memorandum alludes to Dilkinska's unique situation, indicating that a time-served sentence would be appropriate.
Dilkinska formerly admitted to laundering money for the co-founders of the OneCoin project, Karl Sebastian Greenwood and Ruja Ignatova. The duo launched the project in 2014, which was later revealed as a $4 billion fraud scheme. Greenwood received a 20-year prison sentence in September, while Ignatova, also known as the "Cryptoqueen," is still missing.
The OKX cryptocurrency exchange is winding up its Indian operations, three months after the country's Financial Intelligence Unit flagged nine foreign crypto exchanges for compliance. In a March 21 notice, OKX asked its Indian users to close their accounts and withdraw any funds before April 30, blaming local regulatory issues for the closure. Regulatory ambiguity and stringent governmental actions make India a challenging territory for foreign crypto exchanges, despite the presence of a burgeoning market.
Coinbase plans to introduce futures trading for Dogecoin, indicating that the cryptocurrency's sustained popularity suggests it has evolved beyond its meme roots. On March 7, Coinbase Derivatives shared its intention to launch cash-settled futures contract offerings for Dogecoin, Litecoin, and Bitcoin Cash in three distinct letters to the United States Commodity Futures Trading Commission. The anticipated launch date is April 1. Coinbase holds that Dogecoin has outgrown its meme birth, cementing itself as a vital component of the cryptocurrency industry.
Dogecoin's price experienced a 17% surge within 24 hours, with a current market price of $0.15, according to CoinMarketCap data. Please note that this article does not provide investment or trading advice. Always do your research and understand the inherent risks before making any decisions. Additional reporting by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
3/21/2024 11:20:43 PM
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