A Colombian court recently hosted its first legal trial in the metaverse

An article that was published not too long ago states that a judge working in a court in Colombia recently presided over the first legal hearing that was conducted in the metaverse. According to the court, the proceedings seemed “more authentic than a video conversation.”

According to a report that was made public by Reuters on the 24th of February, on the 15th of February, the Magdalena Administrative Court of Colombia held a court case in the metaverse, which comprised participants involved in a traffic dispute.

The complaint that was launched against the police lasted for two hours, was brought forward by a regional transport union, and will “partially” continue in the metaverse. It is not out of the question that the verdict will also be arrived at in the metaverse.

A virtual courtroom was occupied by the avatars of the participants, and the magistrate, Maria Quinones Triana, wore black robes that were suitable for the proceedings.

It has been said that Columbia is one of the first countries in the world to experiment with having judicial proceedings take place in the metaverse. According to a remark that Reuters obtained from Quinones, he described the encounter as feeling “more authentic than a video conversation.”

This comes as a result of a recent study that was carried out and published by CoinWire on January 16th, which indicated that 69% of respondents think that the metaverse will ultimately affect social behaviors as a result of new ways used for leisure and activities. This comes as a result of the fact that 69% of respondents think that the metaverse will ultimately affect social behaviors as a result of new ways used for leisure and activities.

If this is taken into account, then, in Hackl’s opinion, “how we socialize will be deeply impacted by the metaverse.”

Experiences in the metaverse were available for guests to partake in at the World Economic Forum that took place in January of this year. Participants at the conference were offered the chance to take part in the “Global Collaboration Village,” which was the name given to the forum’s very own 3D immersive digital sessions. These sessions were available to them throughout the conference.


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Iranians Permitted to Trade on Binance, Despite US Imposes Sanctions: Reuters

A recent report from Reuters is yet again indicting Binance, the world’s largest cryptocurrency trading platform.


The report said the exchange permitted Iranian users to trade on its platform after the United States reimposed sanctions on the country back in 2018. 

According to the authors of the report, as many as 7 Iranians have confirmed that they maintained the use of the Binance platform from the time of the sanction back in August-November 2018 until September last year. Many of those who spoke to Reuters acknowledge the ease of use of the Binance platform which further offers very robust liquidity for a wide range of crypto assets.

Back in 2015, Iran inked a nuclear pact with world dealers making the US and other Western allies taper down some of their sanctions on the country at the time. The US reimposed the sanctions when the withdrawal of the US by former President Donald Trump from the Iranian peace deal. The setback of these sanctions fueled a massive decline in the Iranian economy, and an attractive basis for traders to rely on cryptocurrencies, through the Binance exchange.

Access to the Binance platform by the Iranian traders was cut off around last year September. However, the trading platform according to lawyers who spoke to Reuters stands a risk of being investigated by the US government. Although there is a point of whether the usage of the exchange was primarily focused on users using the trading platform to circumvent the sanctions, a trend that can tell if Binance will go scot-free.

Binance is always in the cross-hairs with the media when it comes to its operational ethics. Reuters has been particularly interested in Binance, as the renowned media outfit said back in June, this year that Binance was used as a conduit for money laundering and has facilitated as much as $2.4 billion in transactions.

Binance has denied these claims as well as other claims flying around with a confirmation that the exchange is renewing its approaches to maintain a healthy relationship with regulators. This is seen in the series of approvals to operate in key economies the firm has received, the latest of which is Spain.

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Binance Debunks Claims Exchange Aided Money Laundering

Binance trading platform denied all allegations of facilitating around $2.4 billion in illicit funds from world-acclaimed criminal organizations like Lazarus Group and Hydra.

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Previously, Reuters reported indicating the crypto exchange that involves illicit activities. However, the exchange has denied any wrongdoing from the report, criticizing the coverage was based on cherry-picked facts and that the journalists from Reuters failed to conduct comprehensive interviews with the relevant personnel to come to their conclusions.

Binance has often been ranked as the biggest trading platform in terms of trading volume, generally known as a hub for retail and corporate investors. The exchange has also claimed it has a very proactive Anti-Money Laundering policy many times. This provision detects illicit transactions it is being accused of facilitating by Reuters.

Binance reiterated it has continued to work with regulators to fish out illicit activities. The exchange said illicit transactions in the crypto ecosystem pale when compared to the broader financial ecosystem, but journalists hardly pick up these salient facts.

“Of all transactions made with cryptocurrencies in 2021, 0.15% were associated with some type of illicit activity,” the exchange wrote, “The UN estimates that between 2% to 5% of traditional fiat (cash), about $800 billion to $2 trillion in current US dollars, was associated with some illicit activity. Crypto is incredibly transparent, infinitely more so than the traditional cash economy, and this is well-documented.”

In bolstering the claims of Binance, CEO, Changpeng Zhao announced earlier in April that it was able to recoup as much as $5.8 million in funds linked to Lazarus Group and the Axie Infinity’s Ronin Bridge attack that saw about $620 million pulled from the protocol. Binance is often a subject of controversial media reports, making this Reuter’s buzz not surprising.

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Binance Denies Sharing Users Data with Russian Intelligence Agencies

Binance exchange has responded to allegations by Reuters that its Russian subsidiary has close ties to the country’s financial regulator called Rosfinmonitoring.


In the Reuters report, it was alleged that Binance shared its user data with Rosfinmonitoring in a bid to track down donations made to the opposition leader, Alexei Navalny.

Binance categorically called the Reuters report a “false narrative” and provided a context in which its relationship with Rosfin was no different from those it had with other regulators in other countries. 

Binance said the allegations that it shares user’s data with the law enforcement agencies are misconstrued and that as a business operating in Russia, it is obligated to respond to any request from a regulator requiring it to provide any information regarding its operations, provided it is within the confines of the law.

With Binance disagreeing with the Reuters publication, the exchange said it would be filing an official complaint based on the media platform’s own editorial code.

“Reuters, one of the most esteemed and trusted news agencies, published this article that completely contradicts the reputation this outlet has built over the years and is not representative of our experience working with countless other journalists in their organisation, ” the exchange wrote. To this end, we will be writing a formal complaint to Reuters under their own editorial code..”

Binance unequivocally stated that it is not assisting the Russian government in its effort to crack down on Alexei Navalny and that it is the only exchange to have implemented the latest sanctions levied on Russia by the European Union Council with the newly introduced restrictions as reported by Blockchain.News.

In its bid to foster transparency, Binance published the email trail of conversations between its head of Eastern Europe and Russia, Gleb Kostarev, and the Reuters journalists detailing the exchange of information that led to the allegation publication. 

Binance is always in the cross-hairs with media firms. Back in October 2020, Forbes published an allegation that Binance.US was established in order to distract regulators in a bid to evade its tax obligations. The exchange came out to deny the report as well.

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Reuters: Binance was withholding information from regulators, repeatedly shunned own compliance department

In a report published on Friday, Reuters laid out the findings of its investigation into the regulatory compliance practices of Binance, the world’s largest cryptocurrency exchange by trading volume.

The authors suggest the existence of a recurring pattern whereby the company’s CEO Changpeng Zhao, while proclaiming its openness to government oversight, ran an organization that systematically denied regulators’ requests for financial and corporate structure information and shirked proper client background checks.

The reported findings are based on the accounts of Binance’s former senior employees and advisers, as well as the review of documents such as internal correspondence and confidential messages between several national regulators and the company. According to the document, several high-ranking employees have repeatedly raised concerns of weak Know Your Customer/Anti-Money Laundering (KYC/AML) standards at the company but were ignored by the CEO.

Additionally, the company reportedly acted against the recommendations of its own compliance department when it continued onboarding new customers from seven countries designated to be of extreme money-laundering risk.

The big-picture takeaway that the authors of the report offered is that the described pattern of behavior allowed Binance to maintain ambiguous jurisdictional affiliation and opaque corporate structure while offering financial products that would normally require regulatory approval or licensing in many of its countries of operation.

In response to Reuters’ inquiry, the company spokesperson said that the report’s findings were based on outdated or outright incorrect information. Binance CEO Changpeng Zhao later commented via Twitter saying:

As Cointelegraph reported, despite ongoing investigations into suspicious activity on its platform in several jurisdictions, Binance continues expanding into new markets, with the most recent move tied to a possible deployment in Thailand.