Crypto investment platform Abra settled in principle with Texas securities regulators, part of which requires the company to allow its customers to withdraw their assets. Abra was previously accused of deceiving customers and violating securities laws through the offering of its interest-bearing products. Abra to Return Crypto Assets to Investors The Texas State Securities Board...Read More
During the pandemic, a new mandate requiring Canadian truckers that carried out trips across the border into the United States to receive the COVID-19 vaccine was wildly unpopular, resulting in what was known as the “Freedom Convoy” protest. Following a decision to protest the measure, truckers blocked the streets of Ottawa with their trucks and...Read More
The EU Parliament and Council recently reached a provisional agreement on a list of anti-money laundering and anti-terrorist financing laws. Although further deliberation on other proposed measures is yet to be had, the new measures will help streamline the efforts of the national financial agencies of EU countries in this area. Although cryptocurrencies are not...Read More
In its recent report, the Commodity Futures Trading Commission (CFTC) underscored a fundamental issue within DeFi systems, pointing to the absence of clear lines of responsibility and accountability intentionally overlooked by certain industry structures. The report emphasized the substantial risks that DeFi systems pose to consumers, investors, financial stability, market integrity, and the fight against...Read More
Digital Currency Group (DCG) subsidiary – Genesis Global Trading – reached a settlement with the New York Department of Financial Services (NYDFS) on January 12th. Genesis will pay an $8 million penalty after an agency’s investigation found significant failings in anti-money laundering and cybersecurity programs. NYDFS said the compliance failures left the company vulnerable to...Read More
Crypto firms faced substantial regulatory action, collectively paying nearly $6 billion in fines primarily due to Anti-Money Laundering (AML) violations and deficiencies in customer checks last year. This marks a significant development, as crypto and fintech groups experienced higher fines for inadequate controls than the entire traditional financial system for the first time. Crypto-Related Fines...Read More
The Securities and Exchange Commission (SEC) recently approved several Bitcoin Exchange-Traded Funds (ETFs) in a watershed moment for the crypto industry. However, the enthusiasm surrounding this milestone was dampened by the critical stance taken by SEC Chair Gary Gensler towards Bitcoin and cryptocurrencies in general. Cathie Wood Reacts to Gensler’s Comment This drew surprise and...Read More
Several crypto exchanges are taking steps to adhere to recently imposed regulations by the UK government. These regulations require crypto entities to inform users about the risks associated with trading digital assets and to promote their services responsibly. These measures have been implemented as part of the Financial Services and Markets Act in the UK,...Read More
What an eventful year it has been for the crypto industry! With 2023 coming to an end, the cryptocurrency space has had its share of battles and victories, all of which continue to shape an industry that, though still growing, has managed to make a mark in the global financial sector. This year, regulators came...Read More
South Korea has taken a significant step towards increasing transparency and integrity within its public sector. Starting next year, high-ranking public officials will be required to disclose their cryptocurrency holdings under a new legislation announced by the country’s Ministry of Personnel Management. New Bill to Advance Transparency in the Public Sector Under the new legislation,...Read More
The Central Bank of Nigeria (CBN) has lifted a ban preventing banks from operating accounts for cryptocurrency service providers in the country. According to a December 22 circular sent to banks, the affected financial institutions can now open accounts for Virtual Assets Service Providers (VASPs) registered with the Securities and Exchange Commission (SEC) in line with...Read More
Brian Armstrong, the co-founder and CEO of the largest American cryptocurrency exchange, Coinbase, believes being anti-crypto could have ugly political effects in the upcoming United States elections in 2024. In a Tuesday tweet, Armstrong stated that taking a stand against the novel technology would be “a really bad political strategy” for several reasons, blasting well-known...Read More
Financial technology company Revolut is reportedly planning to halt cryptocurrency purchases for its business clients in the United Kingdom. As stated by Revolut, the suspension will enable the company to make necessary adjustments in response to the new rules on crypto promotion by the UK’s Financial Conduct Authority (FCA), which will take effect in January...Read More
With a mere fortnight left in the year, Stuart Alderoty, the Chief Legal Officer of Ripple, has provided perspectives on what lies ahead for the cryptocurrency landscape in 2024. The exec has predicted setbacks for the US SEC and even a possible Supreme Court confrontation. Despite these bullish prognoses, Alderoty anticipates difficulties on the legislative...Read More
With the United States struggling to bring about regulatory clarity for the crypto space, the ongoing discord between two pivotal watchdogs sparks concerns about potential implications. The head of the Commodities Futures Trading Commission (CFTC), Rostin Behnam, has once again indicated that most crypto assets are considered commodities according to existing laws. He also acknowledged...Read More
The Financial Accounting Services Board (FASB) announced on Wednesday that it has officially adopted fair value accounting for crypto assets starting next year. The change is expected to make Bitcoin and other digital currencies far more welcoming to hold on corporate balance sheets, despite their intermittent price volatility. FASB’s Major Accounting Change Per FASB’s latest...Read More
A recent move was the introduction of the Digital Asset Anti-Money Laundering Act, another bill aiming to curtail the use of cryptocurrencies in America. On Dec. 11. the bill gained five new Senators as cosponsors, including, unsurprisingly, three members of the Banking Committee. Crypto advocate Evan Van Ness posted a list of Senators he claimed...Read More
C1 Fund – established by a team of former Coinbase legal professionals and investors – has engaged in discussions with numerous local venture firms, explicitly proposing the purchase of private holdings from investors at a discounted rate ranging between 50% and 80% of their most recent valuation. The development comes as the crypto sector has...Read More
The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has placed sanctions on cryptocurrency mixing service Sinbad, alleging that the mixer served as a money laundering channel for the notorious North Korean hackers Lazarus Group. According to the enforcement agency, Sinbad has been used to launder millions of dollars...Read More
The largest US-based crypto exchange experienced a threefold increase in law enforcement requests in the current year compared to 2020, as revealed in its latest transparency report. The total number of requests during the reporting period amounted to 13,079, marking approximately a 6% rise from the previous year. Notably, the United States maintained its position...Read More
The Brazil Senate has approved new rules that will mandate locals to pay up to 15% tax on income generated from cryptocurrencies on offshore exchanges. According to a live recording from the Federal Senate, the new rule applies to crypto users with assets worth more than R$6,000 ($1,200) on all offshore exchanges. Brazilian Crypto Users...Read More
BC Technology Group, the parent company of Hong Kong’s publicly listed crypto exchange platform OSL, noted that Hong Kong regulators were swiftly approving cryptocurrency products after the scandal that rocked the digital asset exchange JPEX. Another fintech provider stated that the participation of banks in the virtual assets sector in Hong Kong will facilitate mass...Read More
Following the conclusion of the extensive investigation and pursuit of cryptocurrency exchange giant Binance, reports suggest that the U.S. Commodity Futures Trading Commission (CFTC) now intends to pursue other platforms that violate trading laws. Despite experiencing a significant unforeseen event, the cryptocurrency industry has effectively mitigated the impact and is now observing signs of price...Read More
The U.S. Securities and Exchange Commission (SEC) in its latest report revealed that the number of enforcement actions filed in the fiscal year 2023 (FY2023) increased by three percent from the previous record in the financial year of 2022. Some of the enforcement actions involved heavyweights in the crypto industry, with various accusations against cryptocurrency...Read More
The United States has persistently stumbled in delivering clear regulatory guidance for digital assets. The Securities and Exchange Commission (SEC) presides over instruments and assets deemed as securities, while the Commodity Futures Trading Commission (CFTC) regulates the trading of derivatives on commodities. This landscape leaves a regulatory gap for digital assets that defy the categorization...Read More
The New York State Department of Financial Services (NYDFS) has published a set of new rules guiding the listing and delisting of digital assets to ensure the activities of crypto firms protect investors from financial harm. According to an official post from the department, the new guidance is effective immediately and will replace older standards...Read More
The co-founders of Opyn, a prominent DeFi options protocol, have announced their departure from the company and the crypto industry. This decision comes in the wake of charges filed against Opyn by the Commodity Futures Trading Commission (CFTC) in September. Opyn’s Co-founders Announce Departure from Crypto Opyn co-founders CEO Zubin Koticha and Alexis Gauba recently...Read More
Since FTX’s bankruptcy on November 11, 2022, significant developments have unfolded. FTX founder Sam Bankman-Fried has been swiftly convicted on seven criminal charges, potentially facing a prison sentence of up to 110 years. The federal criminal case, marked by unusual efficiency, resulted in a conviction within a year of FTX’s collapse and the initiation of...Read More
The Indian government has lost $420 million in what could have been a substantial revenue stream as a result of its taxation, forcing traders to move their transactions outside the country. Experts are now suggesting that the Indian government should take a more relaxed approach to its controversial stance on crypto taxation. According to a...Read More
In a move aimed at preserving the autonomy of cryptocurrency users and safeguarding their ability to self-custody digital assets, U.S. Senator Ted Budd (R-NC) has introduced the Keep Your Coins Act. This legislative proposal, which came after last year’s FTX exchange collapse, seeks to protect individuals’ rights to conduct cryptocurrency transactions without relying on third-party...Read More
