CFTC Commissioner Pham wants crypto regulation and customer protection LeapRate

June 01, 2022 BY Steffy Bogdanova

CFTC Commissioner Pham wants crypto regulation and customer protection

One pressing issue is shadow banking which is a type of banking system where financial activities are facilitated by unregulated intermediaries. Shadow banking using cryptocurrencies became a significant issue following the collapse of the stablecoin project Terra. It promised a return of up to 20% for USD-pegged stablecoin deposits. She added: I think what I’m…

May 20, 2022 BY Steffy Bogdanova

Binance seeks to secure German crypto license

The news follows the crypto exchange’s authorization to operate its digital asset trading platform in France, revealed in the beginning of May. The new Digital Asset Service Provider (DASP) registration allows Binance to facilitate digital asset custody, let users buy and sell crypto and help to exchange digital assets for each other. The approval was…

May 06, 2022 BY Steffy Bogdanova

BitMEX co-founders to pay $30 million fine

The crypto exchange offered services to US residents without approval from CFTC to operate as a Designated Contract Market (DCM) or a Swap Execution Facility (SEF). The company also operated as a Futures Commission Merchant (FCM) without registration. Moreover, it failed to implement customer information program (CIP) and know-your-customer (KYC ) procedures, as well as…

May 05, 2022 BY Steffy Bogdanova

Binance gains Digital Asset Service Provider registration from French regulators

Changpeng Zhao founder and CEO of Binance, commented: Effective regulation is essential for the mainstream adoption of cryptocurrency. The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France. Zhao added: We are grateful to the AMF and…

SEC Chairman states plans to tackle ‘gamification’

May 03, 2022 BY Steffy Bogdanova

SEC doubles the size of its crypto enforcement unit

The unit was created in 2017 and since then it has brought over 80 enforcement actions in cases related to fraudulent and unregistered crypto asset offerings and platforms, and has brought monetary relief of over $2 billion. The expanded Crypto Assets and Cyber Unit will use SEC’s expertise to protect investors in the crypto market.…

March 17, 2022 BY Steffy Bogdanova

EU financial regulators warn consumers on the risk of trading crypto assets

ESMA further explained the risks behind trading crypto-assets. Many of them are are subject to sudden and extreme price movements and are speculative as their price relies solely on consumer demand. These products are often aggressively advertised to the public with market information that often can be unclear, incomplete, inaccurate or even purposefully misleading. The…

March 15, 2022 BY Steffy Bogdanova

EU parliament committee rejects crypto proof-of-work ban

Bitcoin, however, is unlikely to follow suit as it has no other reason to switch to PoS. The committee voted to add cryptocurrencies that use PoW to the EU sustainable finance taxonomy which decides whether something can be labelled environmentally friendly by the end of 2024. Last year, the Swedish FI called for ban of…

March 10, 2022 BY Steffy Bogdanova

Third co-founder of crypto exchange BitMEX pleads guilty to US bank security act violations

Reed entered his guilty plea yesterday and will be sentenced by the US District Court. The other two co-founders of BitMEX, Arthur Hayes and Benjamin Delo, plead guilty for the same offense in February 2022. As part of their plea agreements, both Hayes and Delo each agreed to pay $10 million criminal fine. Background Established…

March 03, 2022 BY Steffy Bogdanova

EU calls for crypto regulation to prevent Russia from dodging sanctions

The discussions in EU come as officials in US and UK also raise concerns hat crypto transactions could become a way to bypass the recently imposed sanctions on Russia and undermine the efforts to isolate the county’s economy. North Korea regularly uses cyberattacks on cryptocurrency exchanges as a revenue source to fund its nuclear missile…

February 25, 2022 BY Steffy Bogdanova

BitMEX founders Arthur Hayes, Ben Delo plead guilty to defying AML rules

US Attorney Damian Williams said: As cryptocurrencies and technologies designed to facilitate their trade proliferate, companies engaged in the virtual currency economy have become critical gatekeepers in efforts to ensure that U.S. markets are fair, efficient, and secure. The opportunities and advantages of operating in the United States are legion, but they carry with them…

Category: Regulation