Binance, accused of selling unregistered crypto derivatives in Canada
The leading global crypto exchange Binance has been named defendants in a class action suit that is currently ongoing in Canada. The regulator sought to show that the company breached securities laws in relaxed jurisdictions by selling crypto derivatives without getting prior approval. The Ontario Superior Court of Justice, admitted the certification motion on the […]
Pro-Ripple attorney: No settlement talks without fair terms
Ripple Labs has filed a resistance brief that is accompanied by supporting declarations and exhibits in compliance with the United States Securities and Exchange Commission’s (SEC) remedies-related brief. The result of this should be crucial as it will definitely create a difference in the situation between Ripple and the SEC, which might affect the price […]
Nigerian tax evasion hearing for Binance pushed to May
The criminal case of cryptocurrency exchange Binance and two of its main employees will be adjourned to May 17. The Nigerian court initiated this postponement because Binance had not been served formal charges. The trial, however, was undertaken in response to the tax evasion accusations leveled against the defendant by the Federal Inland Revenue Service […]
Coin Center to congress: Rethink algorithmic stablecoin ban
Coin Center, a renowned non-profit organization that deals mostly with cryptocurrency issues, has very grave concerns about the Payment Stablecoin Act bill proposed by senators Lummis and Gillibrand. Championed by Senators Cynthia Lummis and Kirsten Gillibrand, the crypto assets would be stable, as per the bill, due to their pricing in U.S. dollars and 100 […]
IRS drafts new form 1099-DA for digital asset reporting
With the US Internal Revenue Service (IRS) issuing a draft of Form 1099-DA as a means to report digital asset transactions, the tax agency is taking steps forward to better manage the tax situation concerning the broader adoption of cryptocurrencies. In addition, self-reporting is planned as a law that should be enforced in 2025. This […]
Gary Gensler teases resignation, crypto community reacts strongly
Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), has been posting spicy stuff on social media lately. He tweeted on X, formerly Twitter, that he was going to resign. This post was, at first, very hard for many people to get. Nevertheless, he denied his retirement, which caused a reaction […]
Lummis and Gillibrand draft new stablecoin regulation bill
Legislators Cynthia Lummis and Kirsten Gillibrand have presented a law on issuing stablecoins. The goal of this draft law is to ensure that clear working conditions exist in the country. This project is focused on paying stablecoins, which are digital assets pegged to the value of the dollar and are in demand mainly for transfers […]
OSL announces potential April debut for Hong Kong Bitcoin ETFs
Hong Kong-based asset managers like China Asset Management (ChinaAMC) may soon be involved in introducing their spot Bitcoin exchange-traded funds (ETFs). According to Patrick Pan, head of OSL, the platform, he said these ETFs could be by late April. During this session, he emphasized that they could not determine the dates, but all were focused […]
DOJ reevaluates Sullivan & Cromwell as Binance monitor amid FTX ties
According to the sources, the Department of Justice (DoJ) in the United States has an intention of selecting Sullivan & Cromwell as an independent monitor for Binance. This change of perception happened as a result of the filing of cooperation with FTX, which is a very acerbating competitor of Binance. This kind of monitoring became […]
Ripple’s strategic XRP release fuels rumors of SEC settlement
Ripple has unlocked 500 million XRP from escrow in two transactions. The first transaction brought 200 million XRP sold for around 123.63 million dollars, and the second one created another 200 million XRP that cost approximately 183.89 million dollars. But this one is odd since Ripple usually arranges them for the first day of any […]
Coinbase challenges SEC on investment contract definition
Coinbase filed a preliminary appeal against the U.S. Securities and Exchange Commission (SEC). The appeal poses the question of how the SEC construes “investment contract” within the digital asset context. The appeal is made in order to obtain an authoritative court decision that would help define the regulatory environment for cryptocurrencies in the US. Bill […]
HashKey finalizes testing phase for upcoming Bitcoin ETFs
HashKey, a Hong Kong-based licensed cryptocurrency exchange, is putting the final touches to spot bitcoin exchange-traded funds (ETFs) infrastructure for launching. As per Livio Weng, the chief executive of HashKey Exchange, they are now in the “integration and functional testing” stage. The company has collaborated with unnamed asset managers to create these ETFs. This is […]
Crypto leaders rally behind Uniswap amid SEC regulatory concerns
In a recent development that has raised concerns for the sector of decentralized finance (DeFi), circulating reports indicate that the SEC has issued a Wells notice to Uniswap, the top exchange for decentralized trading platform. The post, which Uniswap’s founder Hayden Adams published on April 10, 2024, is a reminder that the agency could become […]
Ripple CEO Brad Garlinghouse urges regulatory clarity amid XRP lawsuit
While delivering a speech at the Paris Blockchain Week recently, Ripple CEO Brad Garlinghouse highlighted the fact that before the conclusion of the XRP lawsuit, the blockchain industry truly requires proper regulatory clarity. Brad Garlinghouse’s comments have received a lot of feedback in the cryptocurrency community and thus have shown Ripple’s general position on regulatory […]
Uniswap braces for SEC legal battle, UNI token tumbles
Uniswap, a decentralized exchange, is going to be subjected to the U.S. Securities and Exchange Commission (SEC) inquiry, as they have recently received a Wells notice from the SEC. The subject line of this notice informs the company that it has been given a warning that it is about to face enforcement action from the […]
Just In: Hong Kong set to introduce four spot Bitcoin ETFs this April
The Securities Regulatory Commission of Hong Kong (SFC) is reportedly speeding up the approval of the very first batch of spot Bitcoin exchange-traded funds (ETFs). According to local news agency Tencent News, the SFC will approve four such ETFs by April 15. This is a big step in the world’s crypto investing landscape, and today, […]
Crypto.com’s Strategic Expansion into Dubai: A landmark moment has been reached
Crypto.com, the world’s leading crypto exchange has just joined the list of companies that have secured full operational approval from the Dubai Virtual Assets Regulatory Authority (VARA). This grant gives a legal basis to the Crypto.com Dubai office, CRO DAX Middle East FZE, as the first exchange of crypto with fiat currency that is permitted […]
South Korea sets new rules for crypto exchange listings
The new regulation will bring in terms of listing of cryptocurrencies in South Korea. News1 report details coming regulatory guidelines of financial authorities. These are targeted at making the rules more strict but over the tokens that are listed on the centralized exchanges, therefore, the level of security and the transparency of the huge local […]
Terraform Labs faces accusations by ex-communications head
Brian Curran, Terraform Labs‘ former head of communications, provided a compelling testimony in a New York City federal court. He detailed his challenging experiences at the company, which led to significant frustration and anger. Curran’s account sheds light on the deceptive practices he encountered, specifically an incident in May 2021. This event involved issuing a […]
FTX executives face tough calls for legal action by Better Markets CEO
The CEO of Better Markets, Dennis Kelleher, spoke out harshly against the cryptocurrency sector. To Bloomberg, he called it a “lawless industry” with no justified use. At the backdrop of the FTX default, his comments point to the vulnerability of the sector. The words of Kelleher emphasize the necessity of strict regulatory measures. The emergence […]
Ethereum’s Tim Beiko tackles criticisms over developer influence
Tim Beiko, a key developer within the Ethereum Foundation (EF), recently highlighted significant challenges facing the Ethereum ecosystem. His comments came as a response to criticisms aired by community member Polar, also known as Paul Dylan-Ennis. Polar had expressed concerns over the considerable influence exerted by EF developers. This influence, according to Polar, hampers the […]
BC Gov’t escalates legal battle against QuadrigaCX co-founder
The government of British Columbia has launched a fresh legal action against Michael Patryn in a further legal case. He is one of the co-founders of the defunct cryptocurrency exchange QuadrigaCX. The third unexplained wealth order application in the Province was announced by the Minister of Public Safety and Solicitor General, Mike Farnworth. This legal […]
United States Lawmakers seek SEC’s clarity on Prometheum’s ETH plans
Lawmakers from the United States House Financial Services Committee and House Agriculture Committee have raised concerns about the United States Securities and Exchange Commission’s (SEC) approach to Ethereum (ETH) and its potential impact on the digital asset market. In a letter dated March 26 addressed to SEC Chair Gary Gensler, key figures including House Financial […]
Binance submits extensive docs in SEC compliance effort
In the ongoing legal proceedings between the Securities and Exchange Commission (SEC) and cryptocurrency giant Binance, a new development has emerged. On March 25, Judge Zia M. Faruqui mandated both parties to submit a status report by April 5. This report will detail their progress in expedited discovery and suggest future actions. The directive underscores […]
Philippines announce plans to block access to Binance exchange
The financial regulator of the Philippines has announced plans to block local user access to Binance, the world’s largest cryptocurrency exchange. This decision stems from concerns regarding Binance’s unlicensed operations in the country. The Securities and Exchange Commission (SEC) of the Philippines disclosed that it sought assistance from the National Telecommunication Commission (NTC) to implement […]
Binance faces tax evasion lawsuit from Nigerian government
The Federal Government of Nigeria has officially lodged charges against the global cryptocurrency exchange Binance. The accusations, filed at the country’s High Court on Monday, include several counts of tax evasion. The Federal Inland Revenue Service (FIRS), Nigeria’s tax authority, spearheads the case, alleging Binance’s failure in various tax obligations. The charges against Binance encompass […]
Spain temporarily suspends Telegram over copyright issues
Spain’s High Court has mandated a temporary halt to the operations of Telegram, the popular messaging app, starting March 25, 2024. This action comes in response to complaints from several media companies, including Atresmedia, EGEDA, Mediaset, and Telefonica. They allege that Telegram played a role in the unauthorized distribution of their content. Judge Santiago Pedraz […]
No Ban on anonymous crypto wallets in EU, expert confirms
Recent discussions surrounding the European Union‘s (EU) approach to cryptocurrency anonymity have sparked widespread speculation. Industry expert Patrick Hansen has addressed these claims, providing clarity on the matter. The EU’s Anti Money Laundering Regulation (AMLR) does not specifically target cryptocurrencies but offers a broader framework. It focuses on anti-money laundering and counter-terrorism financing. This encompasses […]
Ripple vs. SEC: Sealed documents set for public viewing
In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, significant developments have occurred. The SEC has filed its opening remedies brief along with supporting documents, albeit under seal. These developments come as the latest in a series of legal moves that have captivated the attention of the cryptocurrency […]
SEC Chairman emphasizes the need for crypto regulation
The U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler recently delivered a speech emphasizing the importance of securities disclosures for the public good, particularly highlighting concerns within the crypto industry regarding noncompliance with registration requirements. The SEC Chairman’s remarks, made during an event at Columbia Law School, underscored the regulatory challenges posed by digital […]
Montenegro prosecutor objects to Do Kwon extradition
Montenegro’s Supreme State Prosecutor has challenged the High Court’s decision to deport Do Kwon, the co-founder of Terraform Labs, to South Korea. The objection stems from a jurisdictional dispute, suggesting the court may have exceeded its powers. The Supreme State Prosecutor’s stance underscores a critical review of the extradition process, pointing towards a potential overreach […]
Silvergate to face lawsuit over alleged FTX exchange fraud
In a significant development within the cryptocurrency banking sector, Silvergate Bank is set to face a class-action lawsuit. This follows allegations from FTX users that the bank played a role in facilitating fraud at the exchange and its affiliate, Alameda Research. The lawsuit received a boost when, on March 20, a federal court in San […]
Former CFTC official challenges SEC on Ethereum regulation
Brian Quintenz, a former Commissioner of the Commodity Futures Trading Commission (CFTC), has openly criticized the Securities and Exchange Commission’s (SEC) approach to Ethereum (ETH). He labeled the SEC’s treatment of ETH as “illegal” and expressed concerns over regulatory confusion. This criticism comes in light of the SEC’s approval of Ethereum futures ETFs on regulated […]
India’s crypto regulations push OKX to cease local services
The cryptocurrency exchange OKX has announced it will halt its operations in India. This decision follows closely on the heels of increased regulatory scrutiny from India’s Financial Intelligence Unit (FIU). In a notice dated March 21, OKX communicated to its Indian users the need to close their accounts and withdraw funds by April 30. The […]
Uzbekistan’s Bold Move: Hiking Fees for Crypto Operations
In a significant development that’s set to reshape the cryptocurrency landscape in Uzbekistan, the National Agency for Prospective Projects (NAPP) has unveiled a new directive aimed at increasing the monthly operational fees for participants in the crypto market. The move, announced on Tuesday, March 19, 2024, marks a pivotal moment for the sector, promising to […]
Sam Bankman-Fried lawyers decry ‘medieval’ sentence proposal
United States prosecutors have recommended a maximum sentence of 50 years in prison for former FTX CEO Sam Bankman-Fried, who was convicted on fraud and money laundering charges in November 2023. This sentencing proposal has sparked controversy, with Bankman-Fried’s lawyers condemning it as reminiscent of a “medieval view of punishment.” In a response to the […]
Attestor and Lemma face off in court over $58M FTX agreement
Attestor Capital, a prominent London-based hedge fund, has initiated legal action against Lemma Technologies. This lawsuit stems from a dispute over the sale of claims related to the bankrupt cryptocurrency exchange FTX. Attestor Capital, known for its investments in distressed assets and private equity, has become a key player in acquiring FTX’s bankruptcy claims. The […]
Ripple CLO criticizes SEC’s recent legal challenges
In a recent development, the Fifth Circuit Court of Appeals has temporarily halted the Securities and Exchange Commission’s (SEC) climate reporting regulations. This decision interrupts the SEC’s initiative to mandate companies to disclose greenhouse gas emissions and other climate-related data. The court’s action responds to Liberty Energy’s argument that the new rules would inflict irreparable […]
Grayscale updates SEC application for Ethereum ETF
Grayscale Investments has updated its application with the United States Securities and Exchange Commission (SEC) for a spot Ethereum ETF. The firm’s chief legal officer, Craig Salm, shared the news on X, emphasizing the amendment to Form 19b-4 for the Grayscale Ethereum ETF. This development marks another significant effort by Grayscale to transition its Grayscale […]
Nigerian SEC proposes hefty fee increase for crypto exchange registration
In a significant development for the crypto industry in Nigeria, the Securities and Exchange Commission (SEC) has announced a proposal to amend the regulations that govern platforms offering crypto services. The proposed changes include a substantial increase in the registration fees for crypto exchanges. Under the new guidelines, the fee for registering a crypto exchange […]
