Category: Regulation

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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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…

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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.…

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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…

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