FameEX Morning Crypto News Recap | March 30, 2023

SEC Files Lawsuit Against Beaxy, a Cryptocurrency Exchange, and Its Founder for Alleged Violations
https://www.fameex.com/en-US/news/crypto-trending-news-2023033001
The US Securities and Exchange Commission (SEC) is suing Beaxy.com for allegedly operating an unregistered exchange, brokerage and clearing business simultaneously, marking the agency's first such action against a cryptocurrency platform. SEC Chair Gary Gensler has urged digital asset firms to separate and register their various operations, warning that combining multiple functions under one roof puts investors at serious risk.

BlackRock, the World's Largest Asset Manager, Anticipates No Federal Reserve Interest Rate Reductions in 2023
https://www.fameex.com/en-US/news/crypto-trending-news-2023033002
Blackrock, the world's largest asset manager, predicts that the Federal Reserve will not cut interest rates this year. They believe that rate cuts are unlikely because central banks are causing the recession to fight inflation, which is a different playbook than in the past when central banks would rush to rescue the economy during a recession.

Launch of Russia's Digital Ruble Delayed
The launch of Russia's digital ruble has been delayed due to the absence of a regulatory framework. The trial period for the CBDC, involving 13 banks, was scheduled to start on April 1 but has been postponed. The Russian State Duma is expected to approve the necessary legislation on CBDC in the coming month, with the law expected to take effect in May.

South Korea and US Pursue Extradition of Do Kwon
Do Kwon, the founder of the now-defunct cryptocurrency company Terraform Labs, has been arrested in Montenegro while trying to flee to Dubai. The US and South Korea are competing to extradite the disgraced South Korean national. Terraform Labs had reportedly raised $44m in 2017 but was hit with several lawsuits alleging fraud and securities violations. The company ceased operations in 2018, with investors allegedly losing millions of dollars. Kwon and another individual, Hon Chang Joon, were arrested in Montenegro and are facing charges of illegal activity and embezzlement.

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