Do Kwon to Remain in Extradition Custody for 6 Months

Do Kwon to remain in extradition custody for 6 months

Montenegro's Supreme Court has decreed that Do Kwon and his partner, Han Chang-Joon, be detained for half a year. During this period, the court will contemplate on whether to extradite them to South Korea or the United States, according to a report by local news agency, RFE News, on Thursday.

This judicial resolution came in the wake of the court's approval of Do Kwon and Han's bail, each valued at €400,000. This bail approval led to their detention for potential extradition and is entangled in a broader scandal involving prominent political figures in Montenegro.

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USDT Stablecoin briefly dips below $1

The biggest stablecoin in the cryptocurrency market, USDT, experienced a dip below its $1 anchor on Tuesday. This was prior to Tether, the company that issues it, attempting to preempt a potentially damaging news article. On June 14, USDT's value fell to a low of $0.994, marking its lowest since April 26, before recovering slightly to $0.999, as per data from CoinGecko. This minor fluctuation caused a stir in the already tense cryptocurrency market.

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Binance to leave Netherlands

Binance is poised to depart from the Netherlands following unsuccessful efforts to obtain a license as a virtual asset service provider (VASP). Effective immediately, the cryptocurrency exchange has ceased the registration of new users who live in the country. Furthermore, Binance is reaching out to current users via email to provide details about their accounts and any existing assets on the platform, as per Binance's statement on Friday.

For Dutch investors seeking alternative platforms, we recommend checking out our extended guide on the best crypto exchange in the Netherlands.

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Hong Kong-based CoinEx to exit New York

CoinEx, a cryptocurrency exchange company based in Hong Kong, has consented to pay $1.7 million to the Attorney General of New York and terminate its business activities in the state. 

Out of the total sum, $1.1 million is allocated for reimbursements to approximately 4,700 New York residents. The remaining $600,000 will be used to settle state-imposed fines.

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Regulators say crypto lender Abra is insolvent

The Texas State Securities Board has claimed that Abra, a digital currency lender, has been facing financial issues since at least March 31, 2023, as per the allegations they made on Thursday. The regulators issued an urgent stop order, accusing Abra (also known as Plutus Financial), Abra Boost, Plutus Lending, and Abra's founder, William Barhydt, of deceiving the public, engaging in securities fraud, and being financially unstable for several months.

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Other breaking news

• DLN exchange live
• Celsius to sell altcoins
• Coinbase offers 4% on USDC
• Polkadot launches OpenGov
• Band integrates with Axelar

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Wrapping up

That’s it folks! The word of the day seems to be “Leave” as Binance is leaving the Netherlands, and CoinEx is leaving New York. Meanwhile, Abra seems to be insolvent, USDT dipped below its peg, and Do-Kwon is to remain in custody for the next 6 months. Stay informed and ahead of the game with our daily crypto scoop. See you next week!