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On June 25, 2018, the Second Circuit Court of Appeals issued a revised opinion in United States v. Martoma, No. 14-3599, Dkt No. 226. (2d Cir. Jun. 25, 2018) (“Martoma”). While the outcome for Matthew Martoma does not change—his conviction for insider trading still stands—other defendants facing insider trading charges may once again, at least for the present, avail themselves of the Second Circuit’s more stringent personal benefit test under United States v. Newman, 773 F.3d 438 (2d Cir. 2014) (“Newman”).
Continue Reading Hello, Newman. A Second Circuit Panel Revives U.S. v. Newman’s Personal Benefit Test, Maybe.

In January 2018, the Korea Financial Intelligence Unit (“KoFIU”)[1] and the Financial Supervisory Service (“FSS”)[2] conducted a joint inspection of six Korean banks that provide trading accounts for cryptocurrency exchanges. The joint inspection was conducted to collect information and to provide guidance regarding servicing these types of exchanges. The inspection represents a significant step by the Korean authorities to regulate virtual-currency exchanges in one of the most active cryptocurrency markets. According to a report by the BBC, South Korea is the world’s third-largest market for bitcoin trades, behind Japan and the United States. In January 2018, CNBC reported that major cryptocurrencies like bitcoin and ethereum are priced higher in Korea’s exchanges. As an example, the report cited a bitcoin sale on a Korean local exchange, Bithumb, priced at $17,169.65 per token, a 31% premium to the CoinDesk average price.
Continue Reading South Korea Steps Up Oversight of Cryptocurrency Exchanges