G7 finance ministers are supporting measures to counter growing threats in the crypto space

 
Hacker groups associated with North Korea have stolen over $700 million worth of crypto assets since 2017 from Japanese firms and businesses.

The amount equates to 30 per cent of the total of such losses globally.

This comes on the back of G7 finance ministers supporting measures to counter growing threats.

In total, hackers has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.

The crypto exchange is being scrutinised over whether is has allowed Russian customers to use the platform, as it violates U.S. sanctions

The U.S. Department of Justice is conducting an inquiry into whether Binance allowed Russian customers to access the exchange.

This is in violation of U.S. sanctions related to Russia’s invasion of Ukraine.

The exchange has repeatedly pushed back against allegations by saying it has built the world’s largest compliance team in the space.

The Securities and Exchange Commission has also been investigating Binance for its relationship with two firms owned by its founder Changpeng Zhao since at least early 2022.

This all comes on the back of the crypto exchange having to pause Bitcoin withdrawals for over an hour, due to a congestion issue.

It’s the second time this event has occurred since March, where deposits and withdrawals were stopped for technical issues.

McHenry is even hopeful of getting President Joe Biden to sign off on the bill over the next 12 months

The U.S. House Financial Services Committee will put together legislation to oversee the crypto sector in the “next two months”.

Congress has so far been unable to get comprehensive legislation on crypto passed, despite a number of bills making progress on Capitol Hill last year.

The Committee Chair, Patrick McHenry, is even hopeful of getting President Joe Biden to sign off on the bill over the next 12 months.

“What we plan to do over the next two months is report a deal out,” McHenry said at Coindesk Consensus 2023.

“We’re going to have public hearings for the next couple of months and build out a bill that does what’s necessary to bring clarity to digital assets.”