Category: Regulation

November 24, 2023 BY Elizabeth Anderson

Binance CEO pleads guilty to money laundering in $4.3bn settlement

Charged with breaking US anti-money-laundering laws, fraudulent customer funds management and conspiracy to commit fraud, Zhao now faces a $4.3bn settlement that must be paid to cover a federal investigation into Binance’s illegal activities by US Securities and Commission Exchange (SEC). _____________________________________________________________________________________________________________________________________ Don’t miss out the latest news, subscribe to LeapRate’s newsletter _____________________________________________________________________________________________________________________________________ To counter…

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October 31, 2023 BY Elizabeth Anderson

UK Government looking to tighten control over cryptocurrency

In the follow-up to this initial paper, the Government indicated it plans to regulate several cryptocurrency dealings according to the same rules used for banks and financial services companies. UK Financial Services Minister, Andrew Griffith, said: I am very pleased to present these final proposals for cryptoasset regulation in the UK on behalf of the…

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September 19, 2023 BY Elizabeth Anderson

South Korea to tighten OTC crypto controls

A local report detailed how prominent executives attended a forum on the legal issues and potential criminal dealings associated with digital assets. Among these were Ki No-Seong, the deputy chief prosecutor, and Park Min-woo of the Financial Services Commission (FSC).  This session highlighted money-laundering possibilities and concerns. According to a Google-translated statement, Seong commented:  Illegal…

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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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