Last week, the criminal trial of FTX founder and CEO Sam “SBF” Bankman-Fried continued in New York. Bankman-Fried testified in his defense, claiming that he had no knowledge of the creation of North Dimension, an alleged entity used to launder customer funds. He stated that former chief regulatory officer Dan Friedberg provided him with the necessary paperwork, which he signed without questioning. Bankman-Fried denied knowing why FTX started moving user funds to North Dimension, suggesting that banks may have preferred dealing with North Dimension to avoid hedge funds connected to crypto. He also implicated FTX’s former chief technology officer, Gary Wang, in the creation of a feature that allowed Alameda Research to trade more funds than it had available. Bankman-Fried’s claims contradicted the testimonies of Wang and former Alameda CEO Carline Ellison. Wang testified that Bankman-Fried had ordered him to implement the feature, while Ellison stated that Bankman-Fried had asked her to stay on as CEO of Alameda due to concerns about the firm’s financial health. In other news, California lawmakers have proposed a bill to cap crypto ATM withdrawals at $1,000 per day and limit operators’ fees. The bill aims to address growing scams and excessive markups on crypto assets. United States Senator Cynthia Lummis has called on the U.S. Department of Justice to consider charges against Binance and Tether following the terrorist group Hamas’ attack on Israel. Lummis and Arkansas Representative French Hill urged the DOJ to evaluate the extent to which Binance and Tether are providing material support to terrorism. Additionally, the United Kingdom Financial Conduct Authority (FCA) has claimed that crypto firms have breached new promotion rules 221 times since they came into effect. The FCA alleges that firms are failing to provide sufficient risk warnings and information about the risks involved in using crypto. The FCA has taken action against both illegitimate schemes and seemingly legitimate businesses.

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Information	Details
Geography	Middle East
Countries	🇺🇸 🇬🇧
Sentiment	neutral
Relevance Score	1
People	Nishad Singh, Dan Friedberg, Carline Ellison, Gary Wang, Sam Bankman-Fried
Companies	California legislators, crypto ATM, Sacramento, United Kingdom Financial Conduct Authority (FCA), Tether, Digital financial asset transaction kiosks bill, United States Department of Justice, Alameda, Hamas, Alameda Research, Binance, FTX, U.S. Attorney General, North Dimension
Currencies	None
Securities	None