Category: Regulation

Celsius
July 14, 2023 BY Steffy Bogdanova

Celsius founder Alex Mashinsky arrested for crypto fraud

Likewise, the Commodities Futures Trading Commission (CFTC) brought similar charges against the crypto lender and its founder. The CFTC asserted that Celsius and Mashinsky operated an extensive commodity pool scheme involving digital asset commodities. The derivatives regulator announced a settlement agreement with Celsius, which includes a court order permanently prohibiting the company from engaging in…

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June 30, 2023 BY Steffy Bogdanova

UK passes regulation on crypto and stablecoin adoption  

Introduced in July 2022, the legislation expands the authority of regulators over the financial system, encompassing cryptocurrencies. The bill underwent parliamentary discussions, amendments were incorporated to classify all crypto-related activities as regulated and to oversee crypto promotions, as well. Furthermore, the bill brings stablecoins to the existing framework of payment regulations. HM Treasury added in…

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Crypto firms in the UK are abandoning their FCA registration
June 08, 2023 BY Alan Sayer

FCA to Launch New Crypto Rules, Bans Incentives

The FCA said in its policy statement: Even when the financial promotions regime comes into force, cryptoassets will remain high risk and largely unregulated. Consumers should only invest in cryptoassets if they understand the risks involved and are prepared to lose all their money. Consumers should not expect protection from the Financial Service Compensation Scheme…

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Daily Market Commentary
April 21, 2023 BY Steffy Bogdanova

EU parliament votes to pass MiCA legislation

In a tweet, European Financial Services Commissioner Mairead McGuinness said the vote was “a world first” and that the new regulation can come into effect in July after approval from all member states. Some of the rules will take effect in time with some set for 2024. She stated: I welcome the European Parliament’s vote…

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March 28, 2023 BY Steffy Bogdanova

CFTC charges Binance and its founder for operating an illegal digital asset derivatives exchange

The complaint alleges that Binance has offered and executed commodity derivatives transactions for US clients since July 2019. Moreover, the CFTC said that Binance directed its employees and customers to get around compliance controls detailing that they were encouraged to use messaging applications set to automatically delete written communication to avoid leaving evidence. The complaint…

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March 08, 2023 BY Steffy Bogdanova

FCA goes after unregulated crypto ATM providers in London

Mark Steward, the Executive Director of Enforcement and Market Oversight at the FCA, commented: Crypto ATMs operating without FCA registration are illegal, and we will take action to stop this. This operation sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the UK. The FCA has taken steps…

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FTX
March 01, 2023 BY Steffy Bogdanova

CFTC and SEC file fraud charges against FTX co-owner Nishad Singh

According to the court filings, between May 2019 and November 2022, FTX’s customer assets were not separated from the company’s as represented to the customers. Furthermore, they were “routinely held by FTX’s sister digital asset trading company, Alameda” and misappropriated for “luxury real estate purchases, political contributions, and high-risk, liquid digital asset industry investments.” The…

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