RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, rising by 0.08 percent to $21,117.68 as of 8:10 a.m. Riyadh time.
Ethereum, the second most traded cryptocurrency, was priced at $1,435.78 rising by 0.90 percent, according to data from Coindesk.
Crypto exchange Kraken suspected of violating sanctions
Kraken, a cryptocurrency exchange, is under investigation by the US government for potentially violating US sanctions by allowing Iranian and other users to buy and sell digital tokens, the New York Times reported, citing Reuters.
The US Treasury Department’s Office of Foreign Assets Control has been investigating Kraken since 2019 and will likely penalize the company, according to the report.
An official from the Treasury has refused to comment, and Kraken said it doesn’t comment on specific discussions with regulators.
Kraken is the latest cryptocurrency company to be targeted by regulators, as the rapidly growing industry is scrutinized by authorities.
NFT-related money laundering threatens Latvian artist
Ilya Borisov, a Latvian artist, and developer, faces charges of laundering 32 million dirhams ($8.8 million) through digital collectibles, investigators claim, according to a Bitcoin.com article. The artist said he is determined to seek justice in court and denies any wrongdoing.
Borisov launched a website under the ‘Art — Crime’ title, revealing how his Latvian accounts were frozen without his knowledge. He was notified of the criminal case only in May after it was initiated in February.
According to the website, the Latvian sold 3,557 non-fungible tokens to earn the money.
Borisov claimed he was not trying to avoid taxation and even sought clarification from the revenue service. His income tax payment in 2021 alone was around 8 million dirhams, Bitcoin.com added.
While Borisov faces charges of money laundering, he may face 12 years in prison if convicted.
According to the article, he said that the allegations had profoundly affected him morally.
Furthermore, the Russian-born artist fears that the judge’s decision in his case might be influenced by Moscow’s military invasion of Ukraine.
(With inputs from Reuters)