Crypto Chronicles: BitOK's Weekly Recap of Top Regulatory News

As of August 27, Binance P2P has limited the use of the Russian ruble to citizens residing within Russia. This move also prohibits Russian clients outside the country from utilizing other fiat currencies like EUR, USD, and Ukrainian hryvnia (UAH). To employ the Russian ruble on Binance P2P, users must have both Russian Know Your Customer (KYC) verification and reside in Russia. The new measures have primarily affected Russian individuals living abroad who rely on Binance's P2P service to convert rubles from Russian banks to other currencies.

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They argue that the provided accommodations are insufficient for Sam Bankman-Fried (SBF) to adequately review the massive amount of discovery material before his October trial. SBF's bail was revoked over witness intimidation allegations, confining him to detention since August 11. His legal team seeks more lenient restrictions for him to prepare, asserting that his prior 80-100 hours a week dedication to analyzing materials is hampered by current conditions. SBF is scheduled for two trials, the first starting October 3, facing multiple charges related to alleged fraudulent activities during his tenure at FTX and Alameda Research.

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Brokers would be required to use a new Form 1099-DA to report digital asset sales and exchanges, making it easier for taxpayers to calculate gains and losses. This move aligns digital asset reporting with other asset types. The proposed rules, expected to take effect in 2026 for transactions conducted in 2025, are part of the Biden administration's efforts to implement the Infrastructure Investment and Jobs Act, estimated to generate $28 billion in new tax revenue over a decade.

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The suspension, impacting around 1% of users in these regions, remains unexplained by Binance. The crypto debit cards allowed users to make everyday purchases using cryptocurrency assets, and the termination of these services is scheduled for September 21, with refund and dispute processing until December 20, 2023. Binance introduced these cards in April 2020 to enter the global payment market and partnered with Swipe to expand their availability.

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The national police force has recommended charges including fraud, theft, money laundering, and sex crimes. Hogeg is accused of deceiving investors and raising funds under false pretenses. He was previously detained in 2021 for alleged unlawful activities related to cryptocurrency fraud and spent a month under house arrest. The investigation spanned two years, involving international questioning and asset seizures. Hogeg denies all allegations and attributes media coverage to injustice. Among his purchases with the alleged funds was the ownership of Beitar Jerusalem Football Club, which he later sold.

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