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Research by WuBlockchain in 2022 pointed toward a principal risk for KuCoin as its main user traffic source is the United States. The cryptocurrency exchange has not even banned American IP addresses, unlike many other offshore exchanges. According to data from Similarweb, while the largest source of traffic for exchanges like Binance, OKEx, and Huobi is Russia, KuCoin's largest demographic is US users. OKEx's second-largest and Deribit's largest traffic source also comes from China. 

According to the United States Attorney's Office: Cryptocurrency exchange KuCoin and its founders, Chun Gan and Ke Tang, have been indicted for allegedly operating an unlicensed money transmitting business and violating the Bank Secrecy Act. KuCoin is accused of failing to maintain an adequate anti-money laundering (AML) program, neglecting to verify customer identities, and not filing any suspicious activity reports as required by law.   As unveiled by U.S. Attorney Damian Williams, KuCoin is alleged to have deliberately concealed a large number of U.S. users trading on the platform. It further took advantage of its extensive U.S. customer base to become a leading cryptocurrency exchange with a daily trading volume in billions of dollars. The indictment alleges that KuCoin knowingly neglected its obligation to implement an adequate know-your-customer (KYC) program. It only adopted a KYC process for new customers in July 2023 after being notified of a federal criminal investigation into its activities. According to the charges, KuCoin and its founders tried to mask the existence of U.S. customers to evade U.S. AML and KYC requirements. The indictment also alleges that KuCoin received over $5 billion and sent over $4 billion of suspicious and criminal funds since its founding in 2017. If found guilty, both Gan and Tang face a maximum sentence of five years in prison for each of the two counts charged. The three entities under KuCoin's umbrella could face up to 25 years in prison for the combined charges.

According to Foresight News, Portugal's data protection authority, CNPD, has ordered Sam Altman's iris scanning project, Worldcoin, to stop collecting biometric data for 90 days. CNPD stated that citizens' data protection rights are at high risk, and there is reason to take emergency intervention measures to prevent serious harm. CNPD also mentioned that over 300,000 people in Portugal have provided biometric data to Worldcoin. Worldcoin said that the company began transitioning to 'individual custody' in March, which will enable users to control their own data, including deletion and any future use.

According to Foresight News, Turkish investment bank Misyon is partnering with Swiss crypto custody provider Taurus to enter the digital asset custody and tokenization sector. Misyon will deploy several solutions developed by Taurus, including the custody platform Taurus Protect, tokenization tool Taurus Capital, and blockchain node infrastructure Taurus Explorer. This collaboration aims to expand the digital asset services offered by both companies and strengthen their presence in the growing cryptocurrency market. The partnership will enable Misyon to provide secure and reliable custody services for digital assets, as well as tokenization solutions for various industries.

Binance is set to enhance crypto compliance and interoperability with traditional legal and financial systems through its recent partnership with the Global Travel Rule (GTR) Alliance. This alliance merges virtual-asset service providers using the same solution to comply with critical international anti-money-laundering rules.   Joining the GTR Alliance means greater levels of data security and regulatory compliance for Binance, aligning with the Financial Action Task Force’s (FATF) Recommendation 16, also known as the Travel Rule. This reporting requirement is already enforced in various countries and is predicted to become a universal standard in the coming years. Binance recognizes the importance of a regulated environment in dispelling negative perceptions about crypto, protecting users, and encouraging broader adoption of crypto assets. Their collaboration with GTR ensures user data remains safe and private. The GTR creates a secure platform for companies to navigate FATF Travel Rule requirements by offering a global solution, secure encrypted channels, and a seamless one-time integration, therefore promoting interoperability and standardized compliance in the digital-asset space. In terms of data security, GTR provides VASPs with control over their decryption keys while applying Keccak256 encryption to all Personal Identifiable Information (PII), transforming sensitive user data into unique identifiers. The platform eliminates plaintext PII storage and uses mutual transport layer security (mTLS) technology for transmission, which enhances the security framework. By joining GTR, Binance can collaborate with other compliance-focused industry leaders like CODE, Sygna, and Sumsub. This move aims to enhance trust within the crypto ecosystem and tackle collective compliance needs.

According to Foresight News, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) plans to launch a new platform within the next 1 to 2 years that will connect central bank digital currencies (CBDCs) currently under development to existing financial systems. The latest tests involve 38 central banks, commercial banks, and settlement platforms, with a focus on interoperability between different CBDCs. The trials also explore the potential of CBDCs for complex trade or foreign exchange payments and transaction automation to speed up processes and reduce costs. SWIFT is considering productizing the new platform within the next 12-24 months, aiming to transition from the experimental stage to reality.

According to Bloomberg, the Securities and Exchange Commission (SEC) is set to release a public brief on Tuesday regarding its lawsuit against Ripple. The SEC sued Ripple in 2020, alleging that the company violated its rules by raising funds through the sale of the digital token XRP without registering it as a security. The outcome of this case is being closely monitored by the cryptocurrency community due to its potential implications for the SEC's jurisdiction. In a development seen as a setback for the SEC's authority, a federal judge ruled in July that sales of XRP to retail investors on exchanges did not constitute investment contracts. Following this news, XRP's value increased by approximately 4% to 66 cents on Monday. The token has experienced a growth of around 6% this year.

According to Bloomberg, South Korean billionaire Kwon, 32, left Stanford University in 2015 with a computer science degree. His TerraUSD, an algorithmic stablecoin, and its sister token Luna experienced a significant increase in value during the pandemic. However, TerraUSD's implosion shook the digital token market globally, exacerbating a $2 trillion wipeout. Kwon's Terraform Labs has rejected the South Korean charges, stating that the case against him has become a 'billionaire.'

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) is reportedly requesting a New York judge to impose a $2 billion judgment against Ripple Labs. The motion for judgment and remedies was filed on Friday and remains under seal to outside parties. Ripple Labs' chief legal officer, Stuart Alderoty, stated that redacted versions of the documents will be publicly available by Tuesday, March 26. The judgment would conclude this phase of the multi-year legal battle between Ripple Labs and the SEC, which started in December 2020 when the SEC sued the crypto firm and its executives for allegedly violating federal securities laws by selling XRP to both institutional and retail customers. The lawsuit led to the widespread delisting or trading suspension of XRP from U.S. exchanges. A federal judge ruled last year that Ripple violated federal securities laws in directly selling XRP to institutional investors, but not in selling XRP to retail investors through exchanges. Ripple Labs' CEO, Brad Garlinghouse, indicated in his X (formerly Twitter) post that the company will fight back against the proposed judgment motion. He wrote, 'The SEC plans to ask the Judge for $2B in a case that involved no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. We will continue to expose the SEC for what they are when we respond to this.' Alderoty stated that the company will file its response to the SEC's motion next month. An SEC spokesperson declined to comment.

According to Cointelegraph: The SEC has commenced its civil trial against Terraform Labs, portraying the company as a 'house of cards' that led to investors losing significantly. The trial kick-started on March 25, following a lawsuit filed by the SEC in February 2023 against Terra and its co-founder, Do Kwon, for allegedly orchestrating a multi-billion dollar crypto asset securities fraud. Do Kwon did not appear in the courtroom on trial day one. Source: Reuters The SEC's allegation revolves around the supposed misleading of investors about the stability of TerraUSD (UST), an algorithmic stablecoin. Following its depegging from the U.S. dollar, Terra and other tokens faced a major dip, contributing to a significant market downturn in 2022 that resulted in multiple company bankruptcies. Originally slated to begin in January, the trial was delayed to March, awaiting Do Kwon's defense in person. Judge Jed Rakoff previously ruled in favor of the SEC over Terra's handling of unregistered securities and in favor of Kwon and his platform for offering and selling security-based swaps in December 2023. The Terraform trial marks one of many anticipated legal confrontations in the crypto sphere in 2024. Sam Bankman-Fried, FTX's former CEO, is set to be sentenced following his conviction on seven felony charges on March 28.