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Korean cryptocurrency exchange Korbit announced that it will accept a nearly $2 million fine and an official warning from the Financial Intelligence Unit (FIU) without filing an appeal. The FIU conducted anti-money laundering on-site inspections of all fiat exchanges in South Korea in October 2024, discovering approximately 22,000 violations at Korbit, including 12,800 instances of accepting vague or unclear identification documents, as well as allowing users to trade without completing KYC verification.Korbit stated, "We respect and humbly accept the FIU's decision to ensure the transparency and healthy development of the cryptocurrency market, and we have completed all corrective measures." As the first cryptocurrency exchange in South Korea, Korbit's market share has now shrunk to 0.5%, with an average daily trading volume of only about $12 million. Securities giant Mirae Asset is advancing an acquisition deal, with amounts ranging from $68 million to $95 million.

Lighter founder and CEO Vladimir Novakovski responded to the witch hunt screening during a Twitter Space interview, stating: "We have an appeal mechanism for the witch hunt screening, but so far, the number of appeals has been lower than we expected. If users feel that the algorithm is unfair to them, they are welcome to fill out the appeal form in Discord. We will not disclose specific algorithm details because we do not want to be targeted for optimization."

Custodia Bank has submitted a petition for en banc rehearing to the U.S. Court of Appeals for the Tenth Circuit regarding its legal dispute with the Federal Reserve. The bank argues that the Federal Reserve's refusal to establish a master account undermines the authority of state banks and raises constitutional issues. Custodia Bank requests the court to reconsider its October ruling, which supported the Federal Reserve's denial of the bank's access to core central bank payment services, a struggle that has become a precedent for cryptocurrency banks seeking access to the U.S. payment system.

According to market news, last week the UK Supreme Court rejected an appeal filed by BSV investors in a case where the investors attempted to claim over $13 billion from a well-known cryptocurrency exchange.The appeal stemmed from losses incurred after mainstream cryptocurrency exchanges like Binance and Kraken delisted the BSV token in 2019, causing its value to plummet. The latest litigation process and appeal permission were overseen by three court judges, who ultimately rejected the appeal.The appellant—BSV Claims Limited—claimed that the value of the token immediately dropped after it was delisted, and its potential growth was hindered, resulting in "immediate and ongoing impacts" as well as losses from the "missed growth effect" for token holders. In July 2024, the UK Competition Appeal Tribunal dismissed the appellant's claim regarding the "missed growth effect," rejecting the assumption that BSV would eventually grow to a value equivalent to Bitcoin. In May of this year, the appellant attempted to reassert this claim but was rejected again.

The prediction market platform Kalshi lost its preliminary injunction to block enforcement by Nevada regulators on the eve of Thanksgiving and is currently seeking to continue blocking state regulatory actions during the appeal in court. The court's lifting of the injunction means that Kalshi faces potential legal risks if it continues to operate in Nevada. Similar to Polymarket, Kalshi offers prediction contracts covering sports, politics, crypto, and traditional markets, believing that obtaining a CFTC license allows it to operate in all 50 states, but some state regulators—especially in Nevada—disagree.After the lifting of the injunction, Nevada regulators stated that they would not immediately initiate enforcement actions until the court decides whether to approve a stay of enforcement, but this does not equate to an administrative exemption granted by the court. The court has required state regulators to respond to Kalshi's application by December 8, and Kalshi may submit a reply by December 12.Reports indicate that as Kalshi engages in negotiations with regulators in multiple states, the platform's trading volume has rapidly increased, and its valuation has risen to $11 billion in a funding round led by Sequoia. Certuity predicts that the prediction market size could reach $95.5 billion by 2035. Nevada regulators have accused Kalshi of "continuing to engage in illegal activities" without a state gaming license and emphasized that both Crypto.com and Robinhood have agreed to suspend local operations during the appeal. Crypto.com did not receive extended injunction protection, and its prediction market operations in Nevada have been suspended.

The Ontario Court of Appeal ruled in the case of "Binance Holdings Limited v. Ontario Securities Commission (OSC)" to revoke the OSC's previous large-scale document request against Binance, stating that its "scope is shocking" and violates Section 8 of the Canadian Charter of Rights and Freedoms regarding "protection against unreasonable search and seizure."The court noted that although capital market participants have a lower expectation of privacy in regulated activities, they are still protected by the Charter. The OSC had previously requested Binance to submit "all internal and related party communication records involving Canada for a period of two and a half years," which the court found exceeded reasonable regulatory purposes. The ruling emphasized that regulatory investigations may proceed without evidence of wrongdoing, but must still be limited to "categories of documents reasonably related to the investigation's purpose," or they may be dismissed by the court.Additionally, the court commented on Binance's use of encrypted communication tools like Signal that feature "self-destructing messages," stating that the mere use of such technology is insufficient to infer an intent to "evade regulation," providing important clarification for financial institutions using privacy communication software. This ruling is seen as establishing the boundaries of Canadian securities regulatory authority and reminding companies that they can assert the privacy and due process rights granted by the Charter when faced with cross-border or overly broad investigation requests.

FTX founder SBF retweeted a post "satirizing the FTX bankruptcy management process" and stated that FTX has always been solvent and never insolvent, whether before the bankruptcy filing, on the filing date, or after. FTX debtors are still withholding funds, which deserves more attention.SBF stated he will appeal to overturn the 25-year sentence, arguing that the FTX case was "predetermined guilty," and he had no intent to defraud customers, always believing that user funds would be fully repaid. SBF's lawyer in the New York appellate court argued that his fraud trial was fundamentally unfair and sought to overturn his fraud conviction on that basis.

According to Reuters, on Tuesday, the U.S. Court of Appeals for the Second Circuit expressed skepticism about SBF's appeal. His lawyers claimed that the previous trial regarding the FTX fraud case was unfair, and the 25-year sentence imposed on SBF should be overturned.During the appeal hearing, a panel of three judges raised questions about key issues: Would the exclusion of evidence in the previous trial affect the jury's guilty verdict? Circuit Judge Maria Araujo Kahn questioned SBF's lawyer, asking whether not challenging the sufficiency of the evidence equated to admitting that the evidence was sufficient for conviction. The lawyer responded that even if the evidence was sufficient, the procedural errors made by the trial judge still affected fairness. Prosecutor Nathan Rehn pointed out that the existing evidence has sufficiently proven that SBF misappropriated customer funds. SBF's side argued that the previous trial did not allow the submission of evidence proving that FTX was solvent at the time, leading to a biased verdict. The prosecution emphasized that the evidence chain, including testimonies from three witnesses and a large number of internal documents, was complete and sufficient for conviction. SBF is currently serving his sentence in a low-security prison in Los Angeles and is expected to be released in October 2044.

The defense attorney for FTX founder SBF (Sam Bankman-Fried) plans to file a motion for reconsideration with the appellate court, claiming that media opinion, the prosecution, and U.S. District Judge Lewis Kaplan's hasty ruling led to his wrongful conviction. The defense is requesting a change of judge and a restart of the trial.The legal team stated that SBF had no subjective intent to defraud customers, as he always believed that user funds could be fully repaid, and accused Judge Kaplan of preventing him from presenting the key argument to the jury that "FTX had sufficient assets to repay users" during the trial. It is reported that, in addition to the appeal, SBF's parents have also sought a pardon from President Trump.

According to Coindesk, the U.S. Tenth Circuit Court of Appeals ruled that the Wyoming-based crypto bank Custodia does not have the right to compel the Federal Reserve to grant it access to a master account, upholding last year's unfavorable ruling against Custodia by a lower court.Custodia filed a lawsuit against the Federal Reserve in 2022, initially claiming that the Fed took too long to evaluate its master account application, and later amended the lawsuit after the Fed denied its application. Custodia argued that the Federal Reserve has no authority to deny master account applications. Last year, a federal judge dismissed Custodia's lawsuit, ruling that the Federal Reserve is not obligated to grant a master account to every eligible depository institution. The company subsequently appealed, and a panel of three judges heard arguments from both sides in January of this year.

ChainCatcher news, KuCoin announced today that it has filed an appeal against the recent decision by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to maintain a violation notice and impose a hefty fine. KuCoin stated that the company should not be classified as a "foreign currency service business," the fine is excessively high and punitive, and it has submitted an appeal to the Federal Court of Canada in accordance with its legal rights.KuCoin CEO BC Wong emphasized that this move aims to protect the rights of the company and its users, and to promote a clearer and fairer regulatory environment. During the appeal process, KuCoin will continue to operate transparently, protect user assets, and keep the community informed of any progress.

ChainCatcher news, according to reports from the Justice Network, from May to August 2023, Li and others, under the guise of issuing a certain virtual currency, established a hierarchical reward mechanism based on invitation relationships. They formed groups on social platforms to promote both online and offline, publicizing to the general public and enticing participants to gain entry qualifications by purchasing virtual currency, staking assets, and bidding on virtual cards, while obtaining rebates based on the number of downline members developed. By October 2023, when the case was uncovered, the organization had developed multiple levels and absorbed funds equivalent to over 20 million yuan.The Shishi City People's Procuratorate in Fujian Province reviewed and determined that although the organization packaged itself with emerging concepts such as virtual currency and NFTs, its operational model still conformed to the crime of organizing and leading pyramid selling activities as stipulated in the Criminal Law of the People's Republic of China: First, the project established a "threshold fee" in disguise through the purchase of virtual currency and participation in private placements of virtual assets as a prerequisite for joining and developing others; second, it established clear superior-subordinate relationships and hierarchical structures, using the number of personnel developed and the performance of subordinates as the basis for compensation and rebates; third, there were no real business activities or sustainable sources of income, and the operation of funds relied on the payments from new members to provide returns to earlier members, exhibiting obvious characteristics of fraud.Li and others created an illusion of profit by manipulating backend parameters and artificially intervening in the so-called "synthesis probability" and "release mechanism," enticing participants to continuously invest and develop downlines, which constitutes the use of new technological concepts to cover up traditional pyramid scheme crimes, severely infringing on the property rights of the public and disrupting the economic and social order.In June 2024, the Shishi City People's Procuratorate legally prosecuted the members of the gang. In December 2024, the court sentenced four defendants to prison terms ranging from six years and six months to three years for organizing and leading pyramid selling activities, imposed fines, and confiscated illegal gains. After the defendants filed an appeal, in July 2025, the appellate court ruled to dismiss the appeal and upheld the original judgment.

ChainCatcher news, according to Decrypt, U.S. federal prosecutors have submitted a request to the Ninth Circuit Court of Appeals seeking to overturn the lenient sentence of the main perpetrators in the HashFlare cryptocurrency fraud case. Estonian citizens Sergei Potapenko and Ivan Turõgin are accused of defrauding 440,000 investors worldwide through a $577 million Ponzi scheme, with prosecutors arguing that the original sentence was "exceptionally lenient."The two defendants have pleaded guilty, admitting to committing fraud through false mining contracts from 2015 to 2019, misleading investors with fake profit dashboards, and using the proceeds of the fraud to purchase luxury goods and pay returns to early investors. The original judge sentenced them to only three years of supervised release and a $25,000 fine each, while prosecutors had requested a 10-year prison sentence.The judge considered factors such as the risk of "indefinite detention" that foreign defendants might face in the U.S. Legal experts analyze that the reasoning for the sentence, based on "time served, immigration risks, and compensation considerations," is reasonable, and the Ninth Circuit usually respects the discretion of district judges, making it likely that the original sentence will be upheld.Currently, $400 million has been seized for victim compensation, and this case is referred to as the "largest fraud case" in the history of the Western District of Washington.

ChainCatcher news, according to Cointelegraph, U.S. prosecutors have appealed the sentencing of HashFlare co-founders regarding their prison terms.Prosecutors believe that HashFlare founders Sergei Potapenko and Ivan Turõgin should be sentenced to 10 years in prison and have filed an appeal on this matter. HashFlare is a $577 million Ponzi scheme company. On August 12, U.S. District Judge Robert Lasnik sentenced the two to time served, a fine of $25,000, and required them to complete 360 hours of community service during supervised release, with their prison terms expected to be served in Estonia.The two were arrested in October 2022 and were detained in their home country of Estonia for 16 months before being extradited to the U.S. in May 2024, where they pleaded guilty to conspiracy to commit telecommunications fraud.

ChainCatcher news, according to Protos, Bitcoin Satoshi Vision (BSV) holders have appealed their $12 billion claim against several major cryptocurrency exchanges, including Binance and Kraken, to the UK Supreme Court.BSV holders claim that these exchanges conspired to delist BSV in 2019, leading to a price drop and missing out on price appreciation opportunities similar to Bitcoin (BTC).Previously, the case was submitted to the Competition Appeal Tribunal in 2024 but was dismissed. Subsequently, BSV holders appealed to the UK Court of Appeal, which also failed. This time, BSV Claims Limited is applying for permission to appeal to the Supreme Court on behalf of BSV holders.

ChainCatcher news, FTX creditor representative Sunil stated on social media that the appeal case of FTX founder SBF will be heard in the U.S. Court of Appeals for the Second Circuit during the week of November 3, 2025. SBF was previously convicted on 7 counts in November 2023 and was sentenced to 25 years in March 2024.SBF officially filed an appeal in September 2024, and all relevant legal documents were submitted by January 2025. The outcome of this hearing will be a key point for his appeal and potential changes to his sentence.

ChainCatcher news, according to unfolded. Reuters reported that the U.S. Court of Appeals overturned the fraud conviction of former OpenSea product manager Nathaniel Chastain, a case that prosecutors called the first insider trading case involving digital assets.