Category: Regulation

February 01, 2023 BY Steffy Bogdanova

UK plans to regulate crypto and protect consumers

The official announcement further pointed out that crypto assets are relatively new and constantly evolving and as a new sector it continues to experience high volatility levels. Furthermore, the recent failures of high-profile companies following the collapse of FTX have “exposed the structural vulnerability of some business models in the sector.” The announcement stated: Our…

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Nexo
January 12, 2023 BY Steffy Bogdanova

Bulgaria takes action against Nexo cryptobank for financial violations

Furthermore, the prosecutor’s office stated that more than 3.6 million transactions have gone through Nexo, some of which involving “risky players”. Nexo has not responded to local media for comment but has posted on Twitter, speaking against the investigation. The company also said that they have taken preventive measures against money laundering. The company tweeted:…

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ASIC ban
November 23, 2022 BY Steffy Bogdanova

ASIC sues Block Earner for unlicensed crypto offerings

ASIC is now seeking declarations, injunctions, and pecuniary penalties. ASIC Deputy Chair Sarah Court said: We are concerned that Block Earner offered financial products without appropriate registration or an Australian Financial Services licence, leaving consumers without important protections. Simply because a product hinges on a crypto-asset, does not mean it falls outside financial services law.…

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CFTC
September 23, 2022 BY Steffy Bogdanova

CFTC slaps a $250K fine on bZeroX and its founders and charges successor Ooki DAO for offering off-exchange digital-asset trading

According to the CFTc, this protocol purported to offer users the ability to engage in these transactions in a decentralized environment. The regulator determined these transactions unlawful as they were required to take place on a designated contract market, but they did not. Additionally, the complaint stated that bZeroX illegally operated as an unregistered FCM.…

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June 16, 2022 BY Steffy Bogdanova

BitMEX co-founder Benjamin Delo gets probation

The saga began in October 2020, when the CFTC filed a complaint against BitMEX trading platform and its co-founders for operating the business from the US without any license. Two other co-founders of BitMEX, Arthur Hayes and Samuel Reed, have also pleaded guilty to defying AML rules. Hays was already sentenced in May to serve…

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Winklevoss-twins
June 03, 2022 BY Steffy Bogdanova

CFTC brings charges against crypto exchange Gemini for making false statements

Acting Director of Enforcement Gretchen Lowe Making false or misleading statements to the CFTC in connection with a futures product certification undermines the CFTC’s work to ensure the financial integrity of all transactions subject to the CEA, protect market participants, deter and prevent price manipulation, and promote responsible innovation and fair competition. This enforcement action…

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CFTC
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…

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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…

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