Here’s what happened in crypto today

Do Kwon, the disgraced co-founder of Terraform Labs, will reportedly be extradited to the United States. Meanwhile, Robinhood has launched crypto trading services in Europe, with over 25 cryptocurrencies available for trade, and presidential hopeful Vivek Ramaswamy has slammed SEC chair Gary Gensler and other “three-letter agencies” in the 4th Republican presidential debate.

Do Kwon to be extradited: Report

According to The Wall Street Journal, Terraform Labs co-founder Do Kwon will be extradited to the United States, where he faces criminal charges. 

According to the Dec. 7 report citing unnamed sources, Montenegrin Justice Minister Andrej Milović plans to grant the U.S.’s extradition request. Kwon also faces charges in his native South Korea. He was arrested in Montenegro in March for using falsified travel documents. 

If extradited to the U.S., the former blockchain executive would face eight charges, including securities fraud, commodities fraud, wire fraud, and conspiracy to defraud investors. The U.S. Securities and Exchange Commission has also charged Kwon with defrauding investors. 

Before his arrest in Montenegro, Kwon’s whereabouts were largely unknown, with some speculating that he was based in Singapore. 

Robinhood launches crypto trading services in Europe

Trading and brokerage firm Robinhood announced the launch of its crypto services for all eligible European Union customers on Dec. 7. The platform will allow traders to buy and sell over 25 cryptocurrencies.

Robinhood’s entry into the European crypto market comes just a week after the firm launched its stock trading application in the United Kingdom.

Cointelegraph contacted Oliver McIntosh, senior product communications manager at Robinhood, to understand the firm’s crypto focus and expansion plans in Europe. Mcintosh said that the EU is the right market to anchor the company’s international expansion plans, and Robinhood “welcomes the approach that the EU has taken in creating the world’s first comprehensive regime for crypto assets via the Market in Crypto-Assets Regulation (MiCA).”

Mcintosh added:

“Robinhood’s mission is to democratize finance for all, and launching a custodial crypto product for customers in the EU is a significant step forward in that journey. We’re currently focused on launching Robinhood Crypto for customers in the European Union. We don’t have anything more to share at this time.”

The new crypto app charges zero trading fees, and customers will also receive a percentage of their trading volume back every month in Bitcoin. The new platform also prioritizes transparency, allowing customers to view the spread, including the rebate received by the company from sell and trade orders in the app.

Vivek slams Gary Gensler and ‘three-letter agencies’ during pres debate

Presidential hopeful Vivek Ramaswamy came down hard on SEC chair Gary Gensler and other “three letter agencies” during the recent Republican presidential debate, claiming regulators had failed to keep up with crypto.

During the 4th Republican presidential debate of the 2024 cycle on Dec. 7, Ramaswamy said it was “nothing short of embarrassing” that Gensler couldn’t admit before Congress that Ethereum’s native currency Ether (ETH), should be viewed as a commodity.

The question directed at Ramaswamy mentioned the recent guilty plea of Binance CEO Changpeng “CZ” Zhao and asked how his crypto-friendly policies would prevent fraudsters from getting off the hook.

“Fraudsters, criminals, and terrorists have been defrauding people for a long time,” Ramaswamy said in response. “Our regulations need to catch up with the current moment.”

“The fact that SBF was able to do what he did FTX shows that whatever they have is the current framework isn’t working.”

Ramaswamy is one of a few presidential candidates who have made crypto a central theme of their campaign. Notably, he is the only Republican presidential candidate to unveil a crypto policy framework.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.