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Today’s news that FTX co-founder Gary Wang has been sentenced to time served and supervised release for his role in the multi-billion dollar FTX fraud scheme means that only three of the five executives involved will serve any time in prison for their part in the theft. Wang pleaded guilty to four counts — wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud — and was sentenced on Wednesday to time served and three years of supervised release on each. The longest sentence was reserved for the mastermind of the theft, FTX founder and majority owner of Alameda Research Sam Bankman-Fried. He was sentenced to 25 years in prison. The second-longest sentence was handed to FTX Digital Markets Chief Executive Ryan Salame, who was sentenced to seven and a half years for his role in using customer funds for influence-purchasing political donations.  Read more: FTX sues Binance and CZ ...

South Korea’s Financial Services Commission (FSC) is weighing a new proposal that would require crypto executives to obtain regulatory approval before taking up a role. In a document published on its official website on Feb. 5, the FSC says it is working on a set of new improvements that would require new executives of crypto businesses to obtain regulatory approval s before taking up a position. While specific details of the proposed initiative remain pending revision by the Ministry of Government Legislation, it is understood that the amendments are anticipated to come into effect by the end of Q1, 2024. This regulatory move extends beyond crypto though, reflecting the FSC’s broader aim to assert increased authority over the financial market. FSC Chair Lee Bok-hyun emphasized a commitment to cracking down on lax risk management practices, stating that authorities “will not tolerate practices of passing on risks to consumers and society by privatizing short-term pro...