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Genesis Sues Gemini
Ben Ornstein
November 24, 2023
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Daily News:
Genesis Sues Gemini
KPMG Canada Teams Up With Chainalysis
Alchemy Pay Announces U.S. Expansion
Source: Milk Road
Genesis Sues Gemini:
Genesis Global Capital sues Gemini crypto exchange for over $689 million in "preferential transfers" amid market turmoil, as part of a legal battle following the collapse of FTX.
Genesis accuses Gemini of making "unprecedented withdrawals" totaling $689 million before other creditors, aiming to recover these funds for fair repayment to all creditors.
The dispute between Genesis and Gemini, initially over loan repayments in the Gemini Earn program, has escalated with bankruptcy filings and regulatory attention, including charges from the SEC and a lawsuit by the New York AG.
KPMG Canada Teams Up With Chainalysis:
KPMG Canada partners with Chainalysis to bolster fraud prevention in digital assets, aiming to enhance blockchain monitoring, risk management, and compliance with crypto regulations.
The collaboration responds to rising sophisticated digital asset frauds, with illicit cryptocurrency transactions reaching $20.6 billion in 2022, including major incidents like Poloniex's $114 million loss.
This partnership leverages KPMG's expertise in cryptoasset financial crimes and Chainalysis's risk capabilities to offer comprehensive fraud mitigation in crypto transactions. KPMG Canada has previously engaged with the cryptocurrency sector, including investments in BTC, ETH, and NFTs.
Alchemy Pay Announces U.S. Expansion:
Alchemy Pay, a Singapore-based crypto-fiat payment solution, expands into the U.S. market by acquiring a Money Services License in Iowa, marking its second compliant license in the U.S.
The company, operating in over 173 countries, strengthens its U.S. and international market presence through these licenses, placing it alongside major players like Coinbase and MoonPay.
Alchemy Pay supports various payment methods (Visa, Mastercard, Google Pay, Apple Pay) and has secured licenses in multiple regions, with ongoing efforts to expand further in the UK, Hong Kong, and additional U.S. states.
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