Analysis

Binance's $6.3B Crypto Hack Puts Customer Trust To The Test

By Allison Grande

The record $6.3 billion hack of Binance is likely to test customers' faith in the cryptocurrency giant, with its ability to repay losses and willingness to take steps to strengthen its cyber defenses poised to shape whether investors stick with the platform.

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Analysis

Binance and HTX Signal Regulatory Enforcement Priorities

By Alex Davidson

The $6.4 billion Binance hack and HTX's U.K. exit following Financial Conduct Authority legal pressure show why regulators want greater oversight of overseas crypto exchanges while exposing the limitations in cross border enforcement, lawyers warn.

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Binance Suspends Withdrawals After $6.3B Crypto Heist

By Tom Fish

Cryptocurrency giant Binance said Friday that $6.3 billion in digital assets had been stolen in a suspected hack that could be the largest on record.

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VTB Bank Fails To Undo UK Sanctions Limits On £205M Claim

By Eddie Beaver

Russia's VTB Bank on Friday lost its challenge against changes to a U.K. sanctions license affecting its claim for more than £205 million ($275 million) in the administration of its British subsidiary, although an appeals court left open how much the lender may ultimately recover.

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Roundup

UK Litigation Roundup: Here's What You Missed In London

By Poppy Grainger

The past week in London has seen British-Georgian business executive George Howard Richmond file a claim against high-profile individuals including former Georgian President Mikheil Saakashvili and the Mittal family, a DP World subsidiary file the latest claim in ongoing litigation with the Republic of Djibouti, and the U.S. government bring a claim against the owners of cargo ship M.S. Solong.

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Russian Exec's Bankruptcy Set Aside In $25M Fight

By Ronan Barnard

A London appeals court has set aside a bankruptcy order against a former Russian company executive, ruling that a lower judge wrongly rejected his challenge to the judgments underpinning the petition amid allegations of judicial bias.

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Irwin Mitchell Beats £1.4M Negligence Claim Over Advice

By Sophia Dourou

Irwin Mitchell LLP defeated a negligence claim worth over £1.4 million ($1.9 million) by a finance broker, with a court holding Friday that the law firm was right to advise its former client to settle two meritless claims.

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Spanish Airline's Insolvency Protections Extended To UK

By Isabel Jackson

Spanish airline Volotea has been granted protection from creditors' actions within England and Wales while it negotiates a restructuring plan to avoid insolvency.

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HMRC Sets Out Penalties For Promoting Tax Schemes

By Josh White

HM Revenue & Customs set out new penalties for promoters of certain tax avoidance schemes in guidance published Friday.

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EBA Urges Bloc To Cut EU Green-Reporting Red Tape

By Tom Fish

​The European Banking Authority has recommended that the bloc's policymakers scrap two sustainability reporting indicators for lenders, arguing that they offer limited useful information while creating significant "operational challenges."

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