Yahoo Finance published this video item, entitled “Sam Bankman-Fried awaits Bahamas prosecution amid potential extradition” – below is their description.
#SBF #FTX #yahoofinance
Yahoo Finance crypto reporter David Hollerith joins the Live show to discuss Sam Bankman-Fried’s arrest in the Bahamas and how Binance has agreed to acquire Voyager Digital’s assets.
Yahoo Finance YouTube Channel
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The Bahamas, known officially as the Commonwealth of The Bahamas, is a country within the Lucayan Archipelago of the West Indies in the Atlantic. It takes up 97% of the Lucayan Archipelago’s land area and is home to 88% of the archipelago’s population.
The archipelagic state consists of more than 700 islands, cays, and islets in the Atlantic Ocean, and is located north of Cuba and Hispaniola Island (Haiti and the Dominican Republic), northwest of the Turks and Caicos Islands, southeast of the US state of Florida, and east of the Florida Keys.
The capital is Nassau on the island of New Providence. The Royal Bahamas Defence Force describes The Bahamas’ territory as encompassing 470,000 km2 (180,000 sq mi) of ocean space. The country gained governmental independence in 1973 led by Sir Lynden O. Pindling, with Elizabeth II as its queen.
Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.
Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.