Bitcoin outflows from centralized exchanges have surged to their highest level year-to-date, with roughly 40,000 BTC being withdrawn over the past seven days.
According to the Glassnode’s August 2 The Week On-Chain report, Bitcoin outflows have accelerated to a rate exceeding 100,000 BTC per month for just the third time since September 2019. The on-chain analytics provider estimates that just 13.2% of circulating BTC are currently held on exchanges — a new low for 2021.
“This represents a near full retracement of the significant inflow volume observed during the May sell-off,” the report noted.
Riccardo Spagni, the former maintainer of the Monero (XMR) cryptocurrency, was arrested last month in Nashville, Tennessee on fraud charges tied to alleged offenses in South Africa between 2009 and 2011.
Spagni was on board a private jet scheduled to fly to Los Cabos, Mexico when he was apprehended in Nashville during a scheduled refueling stop, according to court documents. His journey originally began just outside of New York City. He is currently in the custody of the U.S. Attorney General, according to court documents.
The arrest was made at the request of the South African government, which is seeking Spagni’s extradition on fraud charges. The charges, which are unrelated to Spagni’s role at Monero, are tied to his previous employment as an information technology manager at a company called Cape Cookies. Regarding Spagni’s alleged misdeeds, the court documents read:
“As an employee of Cape Cookies, SPAGNI intercepted invoices from another company, Ensync, relating to information technology goods and services it had supplied Cape Cookies. SPAGNI knowingly used false information to fabricate similar invoices purporting to be from Ensync, relying on details including this company's Value Added Tax (VAT) number and bank account information. SPAGNI then inflated the prices for the goods and/or services.”
Running a successful crypto business requires close attention to the cloud of regulatory changes put forth by governments. Sam Bankman-Fried, the CEO of a prominent crypto exchange FTX featured in a CNBC interview to discuss his efforts on this front.
During the conversation, Bankman-Fried highlighted FTX’s efforts to stay on top of the changing regulatory landscape. As a part of this move, the entrepreneur shared his company’s drive toward applying for licenses across numerous jurisdictions. Pointing out the need to be responsive to changing regulatory landscapes, he added:
“I’m spending five hours a day on everything from regulation to licensing and everything in between.”
As the CNBC spokesperson discussed the ongoing regulator’s concerns over the Know Your Customer (KYC) and Anti Money Laundering (AML) front, FTX CEO clarified that the KYC and AML requirement changes for each jurisdiction.
Foreseeing the need for more clarity in the regulatory space, Bankman-Fried expects the governments to take a clearer stance in the next 3 to 5 years. He further stated his wish to become a part of the discussions with the regulators “to build out this regime.”
This Daily Dose was brought to you by Cointelegraph.