Rostin Behnam, the US Commodity Futures Trading Commission (CFTC) chair, will step down on Jan. 20 after a four-year tenure marked by calls for stronger regulation in the crypto sector.
Behnam oversaw high-profile cases, including a $4.3 billion settlement with Binance, and expressed concerns about the lack of regulatory oversight of digital assets, according to a Jan. 7 report in the Financial Times.
As Behnam prepares to leave office, he stressed the need for greater oversight, saying he believes digital asset regulation in the US is inadequate due to the largely unregulated nature of the industry.
Behnam oversaw the CFTC’s finalization of federal guidelines for carbon offset trading and its legal action against Binance for allegedly operating illegally in the US as an unlicensed crypto derivatives trading platform that failed to meet regulatory requirements.
Russia seizes $10 million in Bitcoin from ex-official in bribery case
On Jan. 8, news agency TASS reported that Russian court enforcement officers had begun proceedings to seize 1 billion Russian rubles ($10 million) — about 103 BTC — from a former employee of the Investigative Committee of the Russian Federation.
According to the TASS report, the employee, Marat Tambiev, was convicted of crypto bribery in 2023.
In October 2024, a Russian court sentenced Tambiev to 16 years in prison for accepting a bribe of 2,718 BTC, worth about $255 million and described as the biggest bribery case in the history of Russia.
The confiscated Bitcoin will be added to Russia’s state revenue as part of the legal proceedings.
IMF urges Kenya to align crypto laws with global standards
On Jan. 8, the International Monetary Fund (IMF) advised Kenya to create suitable regulations for the crypto market to protect consumers while also addressing Anti-Money Laundering and Combating the Financing of Terrorism risks.
The IMF released a technical assistance report on the country’s crypto regulations after receiving a request from Kenya’s Capital Markets Authority.
The report noted that the country relies on regulations for traditional markets that are outdated and have “limited and no legally binding” leverage over crypto markets.
IMF staff observed a “significant degree of uncertainty and a lack of consensus” during consultation in Nairobi with Kenyan lawmakers on crypto asset regulation.
NY attorney general files lawsuit to recoup $2.2 million in crypto lost to job scam
On Jan. 9, Letitia James, the New York attorney general, initiated legal action to recover over $2 million in cryptocurrencies stolen from victims duped into buying crypto under false promises of remote work opportunities.
James said in a statement that deceiving victims looking to take on remote work was “cruel and unacceptable,” adding that the cryptocurrency had been frozen thanks to her office’s efforts.
The scammers tricked their victims by promising payments, convincing them to create crypto accounts, deposit funds, and review products on fake websites that looked similar to legitimate brands.
Victims were convinced to keep a crypto balance that matched or exceeded the cost of the products reviewed and promised that they “were not purchasing the products,” just helping “legitimize” the data.