Binance has responded to concerns over a suspiciously large transaction involving the recently listed memecoin, Book of Meme (BOME), by clarifying that the transaction was not linked to any of its staff.
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Joseph Conlan, a former executive at StoneX Financial (previously known as INTL FCStone, Inc.), has reached a settlement with the Securities and Exchange Commission (SEC) over insider trading charges.
An ex-product manager of Coinbase, along with his brother, have reached an agreement to resolve charges brought by the US top watchdog in connection with insider trading.
“Providing this level of transparency is a major step toward de-risking DeFi – allowing the industry and regulators to assess the true magnitude of insider trading in cryptocurrencies, investigate and root out rogue traders, and uphold fundamental market integrity and consumer protection standards.”
Coinbase’s product manager, who pleaded guilty to sharing insider information in order to profit from cryptocurrency trading, argued that he should be given a sentence of just 10 months, despite sentencing guidelines recommending a minimum of three years.
Nikhil Wahi, the brother of a former Coinbase employee, has been ordered by a New York District Court to pay nearly $470,000 to the US cryptocurrency exchange for his participation in an insider trading scheme.
“We are committed to doing all we can to maintain and enhance public trust by leveling the playing field and holding Buyer accountable for illegally profiting from his access.”
“If everyday investors think that the market is rigged at their expense in favor of insiders who abuse their positions, they are not going to invest their hard earned money in the markets.”
The Securities and Exchange Commission has charged a former Coinbase product manager, his brother, and his friend with insider trading.
Clark allegedly engaged in a fraudulent scheme in which he received kickbacks from the brokerage commissions paid by his employer to a voice broker, Classic Energy LLC.
David Schottenstein made over $600,000 in profits, close friend Ryan Shapiro made about $121,000, but Kris Bortnovsky made the most out of the inside information: $4 million.
Binance, the embattled crypto exchange that has been at loggerheads with various regulators around the world, is now being investigated for insider trading and market manipulation.
The complaint alleges that, in addition to order-book information, Trovias sold the pre-release earnings reports of publicly traded companies.
ASIC announced today that it is initiating criminal proceedings against Westpac for insider trading, unconscionable conduct and breaches of its licensing requirements.
Mr. Peltz regularly used his relationship with the reporter to trade shortly before the publication of his articles about publicly traded companies, which were often followed by increases in the prices of the companies’ stock.
A 2017 research study pointed to insider trading as a pervasive practice among the most successful investors in China. Only time will tell if the new rules will make a dent in their gains.
Despite ongoing social distancing rules and home working, regulators including the SEC and UK FCA are still strictly enforcing financial firms’ obligations under Market Abuse related regulations, which means powerful and reliable automated surveillance is even more important than ever” says SHIELD CEO Shiran Weitzman
Yue Li is charged with unlawfully trading in securities of a US-based acquisition target while he was aware of material, non-public information about a forthcoming acquisition.
The FCA has noticed a spike in buying activity of shares in companies that are about to conduct a major deal, therefore has launched an inquiry into insider trading.