The Qatar Financial Centre (QFC), the country's financial regulator, has banned cryptocurrency trading. Not only that, but the prohibition applies to anything of value that is close to or a substitute for currency, can be digitally transferred or traded and be sued for investment or payment purposes for clients. The news comes from a report…
Read moreBack in December 2017, Leaprate reported that the SEC obtained an emergency asset freeze to stop the ICO fraud of PlexCorps that raised $15 million from multiple investors by misleading them with 13-fold profit figures in less than 1 month. After the regulator settled charges with PlexCorps by penalizing it with $4.56 million plus an…
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Uzbekistan has allegedly banned its citizens from buying cryptocurrencies. According to local news media Novosti Uzbekistana, it was the National Project Management Agency that has barred its citizens from buying digital coins, even ones on established exchanges. The news comes out as a shock to many, especially since Uzbekistan was thought of "crypto friendly" place. For example,…
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The European Central Bank has proposed a new model to deal with cryptocurrencies, especially the AML risks associated with them. The ECB also clarified that it it not looking to creating its own coin. The new proposed payment system is called EUROchain and is a simplified CBDC payment type of service. Under this new model, all…
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The Australian Securities & Investments Commission (ASIC) has announced that the Federal Court in Sydney has issues asset restraint orders against Corporate Authorised Representatives of OTC derivatives provider USGFX, or Union Standard International Group Pty Ltd. ASIC has sought to issue the restraint orders in order to protect customers while an investigation against USGFX is underway. The Federal…
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FINRA has recently fined Robinhood with a $1.25 million for execution lapse processes. The California-based unicorn that offers commission-free trading servings to its clients has reportedly violated certain execution processes. What FINRA found out is that the execution price on the app was not updated in the proper way, an act that caused price disruptions…
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The US lawmakers are getting serious about regulating the cryptocurrency industry in 2020. Thus, the US is bringing a special regulatory framework for digital assets (including digital coins). For the purpose, a new bill called Crypto-Currency Act of 2020 is introduced to find out which federal agencies exactly are to regulate digital assets. The bill…
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The US SEC has approved time and time again that ICOs are no joke and companies wishing to go for such "schemes" must obey by certain rules. The latest example of a company that filed an illegal ICO and got penalized by the SEC with a $250,000 fine is BCOT (Blockchain of Things Inc.) The…
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The Hong Kong protests have pushed investors from around the globe to pull out nearly $5 billion in funds since April 2019, as reported by the Financial Times and the Bank of England. What is staggering is that this amount represents 1.3% of the GDP of Hong Kong. The data comes from Refinitiv, the Bank…
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Fidelity Digital Asset Services (FDAS) has announced that New York officials have given it the green light to offer crypto trading services to its clients in the state. FDAS, a subsidiary of Fidelity Investments, has received a “BitLicense”, a coveted legal requirement to do business in the Empire State, from the New York State Department…
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