Across the globe, cryptocurrency exchanges are encountering fresh regulatory challenges. In the United States, the Department of Justice (DOJ) indicted KuCoin and its founders for allegedly running an unlicensed money-transmitting business and violating the Bank Secrecy Act (BSA) on March 26.

Additionally, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement case against KuCoin, alleging multiple violations. Meanwhile, Coinbase faced a setback on March 27 when District Judge Katherine Failla denied its motion to dismiss a lawsuit from the U.S. Securities and Exchange Commission (SEC), challenging the SEC's authority over crypto exchanges.

In the Philippines, the financial regulator blocked local access to Binance on March 25 due to concerns about its unlicensed operations. Similarly, in Russia, Binance's successor, CommEx, announced the cessation of operations and halted deposits. CommEx had acquired Binance's Russian business in September 2023.

Despite these challenges, this week's Crypto Biz explores various developments, including BlackRock's Bitcoin exchange-traded fund (ETF) inflows potentially surpassing Grayscale Bitcoin Trust (GBTC) holdings within three weeks, Goldman Sachs' clients returning to crypto, SWIFT's successful central bank digital currency (CBDC) trials, and Galaxy Digital's financial performance turnaround, reporting a net income of $296 million in 2023 after a $1 billion loss in 2022.