30s Summary

The Nigerian government dropped all charges against Binance executive Tigran Gambaryan, releasing him from a seven-month jail term. Ripple Labs is challenging a verdict by the US Securities and Exchange Commission regarding the application of the Howey test on an undisclosed case. Cryptocurrency exchange FTX managed to recover $228 million from a settled lawsuit against Bybit exchange to repay its ex-customers and creditors. Lastly, Denmark’s Tax Law Council recommended a bill for annual taxation on unrealized crypto gains which could be enforced as soon as 2026.

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Hey! So, it turns out that on October 23 the Nigerian government decided to let go of all the charges they had against Tigran Gambaryan, who’s actually an executive at Binance. He had been cooped up in a Nigerian jail for over seven months. The guy who announced the drop in charges is a lawyer who works for the Nigerian government’s Economic and Financial Crimes Commission.

The interesting thing is that they were after Binance’s activities rather than Tigran himself. While it seems that Tigran wasn’t exactly leading the show over there, there’s also talk that his health had taken a hit. So, they thought it best to drop the charges so that he can go get some medical care.

Remember Ripple Labs? Well, they have recently decided to challenge a verdict given by the US Securities and Exchange Commission, which has to do with the way something known as the Howey test was applied. Stuart Alderoty, their chief legal officer, confirmed the filing on October 25. Apparently, Ripple is calling for a completely fresh review of the whole case.

This legal tussle started way back in August, when a court fined Ripple $125 million for selling XRP to institutions. Ripple hasn’t been sitting quiet after that, hence this latest move.

Shifting gears to FTX, they’ve suddenly found themselves with $228 million after settling a lawsuit against the Bybit exchange. It all started with the FTX bankruptcy estate filing a lawsuit in 2023 to get the funds to pay back its ex-customers and creditors. This agreement means they can also withdraw $175 million in digital assets that were stuck with Bybit. Some more paperwork is due for clearance on November 20 before it is all properly official.

Lastly, heads up to the Denmark crypto investors out there! Your Tax Law Council just recommended a new bill that will tax crypto gains you haven’t even realized yet. This could come into effect as soon as 2026. Rasmus Stoklund, your Tax Minister, thinks that the existing “capital gains tax” is unfair and has proposed a simpler way of taxing crypto assets. The new system would consider all of your assets as one “inventory” and get taxed every year, whether you sold it or not.

Source: Cointelegraph