Politics, Legal & Regulation

April 26, 2024 @ 5:13 pm By Michael Wong  |  

The UK government has granted new powers to the National Crime Agency (NCA) and police forces, effective today, to seize, freeze, and destroy cryptoassets involved in criminal activities, Irish Legal News has reported. This regulatory update addresses the increasing exploitation of cryptocurrencies by criminals, including… Read More

April 26, 2024 @ 5:09 pm By Omar Faridi  |  

Consensys is reportedly suing the US Securities and Exchange Commission (SEC) in an attempt to defend the Ethereum ecosystem. Joe Lubin, Co-founder of Ethereum and Founder/CEO of Consensys, notes in a blog post that ConsenSys “took an important step towards preserving access to the Ethereum… Read More

April 26, 2024 @ 5:03 pm By Tony Zerucha  |  

This week doxo, a Fintech providing bill-paying services, railed against a lawsuit filed by the U.S Federal Trade Commission,  saying the complaint “indicates a fundamental misunderstanding of the existing bill-pay market and the structural inefficiencies that work against consumers.” In a release, doxo said the… Read More

April 26, 2024 @ 9:01 am By Omar Faridi  |  

Ahead of the anti-greenwashing rule coming into force on 31 May, the UK’s Financial Conduct Authority (FCA) is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers “by ensuring sustainable products and services they are sold… Read More

April 26, 2024 @ 8:43 am By Omar Faridi  |  

The Federal Trade Commission is taking action against bill payment company Doxo and two of its co-founders, charging that the company allegedly “uses misleading search ads to impersonate consumers’ billers and deceptive design practices to mislead consumers about millions of dollars in junk fees they… Read More

April 26, 2024 @ 7:50 am By Michael Wong  |  

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee (SBCFAC) is set to convene on Monday, May 6, 2024, to discuss key topics in small business financing, including the state of Regulation Crowdfunding (Reg CF) and trends in angel investing. The meeting, accessible… Read More

April 25, 2024 @ 4:13 pm By Omar Faridi  |  

Commenting on the UK Financial Conduct Authority (FCA)’s strategic approach to the use of Artificial Intelligence in the UK financial services sector, Karim Haji, global and UK head of financial services at KPMG, said: “It’s hard to overstate the potential capabilities of AI for a… Read More

April 25, 2024 @ 7:21 am By Omar Faridi  |  

Keonne Rodriguez and William Lonergan Hill are charged with operating Samourai Wallet, an unlicensed money transmitting business that reportedly executed over $2 billion in unlawful transactions and allegedly “laundered over $100 million in criminal proceeds.” Damian Williams, the United States Attorney for the Southern District… Read More

April 24, 2024 @ 4:38 pm By Omar Faridi  |  

US regulatory authorities are requesting that Terraform Labs and its co-founder Do Kwon be fined $5.3 billion for allegedly defrauding investors. This update has been announced after the two parties had been found liable for a massive fraudulent scheme. As stated in court papers dated… Read More

April 24, 2024 @ 8:19 am By Omar Faridi  |  

The United States Department of Justice is reportedly seeking a 36-month prison sentence for Binance founder and former CEO Changpeng Zhao, or “CZ.” US prosecutors are said to be seeking a potential 3-year prison sentence for Changpeng Zhao, who is the founder Binance, the world’s… Read More

April 23, 2024 @ 9:18 pm By Omar Faridi  |  

The Securities and Exchange Commission (SEC) in the Philippines has announced that it wants Google and Apple app stores to remove the Binance app. The Securities and Exchange Commission (SEC) in the Southeast Asian country is reportedly working with tech giants Google and Apple for… Read More

April 23, 2024 @ 8:21 am By Omar Faridi  |  

Ripple Labs has reportedly issued its latest response to the US Securities and Exchange Commission’s (SEC) efforts to have the company pay around $2 billion in penalties. This, according to court papers submitted on Monday (April 22, 2024). This latest update comes after the SEC… Read More

April 21, 2024 @ 3:33 pm By Omar Faridi  |  

Failed crypto exchange FTX‘s investors have reportedly settled with former FTX CEO Sam Bankman-Fried in order to pursue key promoters. As first reported by Bloomberg, the agreement could release the crypto exchange co-founder from claims. In return, SBF may provide assistance so the concerned parties… Read More

April 21, 2024 @ 10:17 am By Omar Faridi  |  

A sense of optimism has pervaded financial markets in recent months, amid investor confidence that the fight against inflation is entering its “last mile” and that central banks will ease monetary policy in the coming months, according to a comprehensive update shared by the International… Read More

April 21, 2024 @ 8:26 am By Omar Faridi  |  

The United States Justice Department is reporting its first cryptocurrency open-market manipulation case. A federal jury in New York has now “convicted a man residing in Puerto Rico of commodities fraud, commodities market manipulation, and wire fraud in connection with the manipulation on the Mango… Read More

April 20, 2024 @ 8:21 pm By Michael Wong  |  

The Internal Revenue Service (IRS) is currently seeking public feedback on a proposed new form, 1099-DA, which is designed to report proceeds from digital asset transactions conducted by brokers, set for introduction in 2025. This initiative marks a significant step towards the formalization of tax… Read More

April 20, 2024 @ 5:24 pm By Omar Faridi  |  

Austrian, French, Italian and Spanish financial market authorities have given their key priorities for a macro-prudential approach to asset management, the AMF noted in a recent update. As the European Commission prepares to launch its consultation on the macro-prudential treatment of risk in asset management,… Read More

April 19, 2024 @ 7:17 pm By Omar Faridi  |  

Binance is pleased to announce that Binance FZE, their Dubai subsidiary, has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Following the initial issuance of the Minimum Viable Product (MVP) license in July 2023, this marks “a significant… Read More

April 18, 2024 @ 11:21 pm By JD Alois  |  

All of the Republicans on the Senate Banking Committee, as well as Democrat Senator Joe Manchin, have signed onto a Congressional Review Act (CRA) resolution to overturn the SEC’s recent decision to introduce Climate Disclosure rules. These new rules are part of the ESG initiative at… Read More

April 18, 2024 @ 12:52 pm By Omar Faridi  |  

Failed cryptocurrency lending firm Genesis will reportedly be returning 97% of crypto-assets from a customer program with digital asset platform Gemini by May of this year. This update has been shared after a New York based bankruptcy Judge stated on Tuesday that they have approved… Read More