The Commodity Futures Trading Commission (CFTC) has taken action against crypto brokerage firm Falcon Labs, a company based in the Seychelles, for failing to register as a futures commission merchant (FCM) in the US. Interestingly, this marks the CFTC’s first enforcement action against an unregistered futures commission merchant involved in providing “unauthorized access” to crypto […]
Chinese law enforcement has disrupted a covert banking network that leveraged cryptocurrencies to execute unauthorized foreign exchange transactions totaling around 2.14 billion yuan ($295.8 million). This illicit operation mainly converted the Chinese yuan into the South Korean won, evading the established legal frameworks for currency exchange. Uncovering The Shadow Crypto Banking Network In Jilin province, […]
Binance’s regulatory woes continue to mount as the world’s largest cryptocurrency exchange by trading volume has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC. The penalty was imposed due to Binance’s alleged failure to comply with money-laundering protections, specifically related to registering as a foreign money services business and reporting virtual currency […]
One of the issuers of spot Bitcoin exchange-traded funds (ETFs) in the US, WisdomTree, has announced the expansion of its WisdomTree Prime app to users in New York. Expanded Custody And Stablecoin Services This development closely follows WisdomTree’s recent achievement of a New York State Department of Financial Services (DFS) charter, granting the company the […]
Nigeria has rejected bribery allegations made by Binance, the world’s largest cryptocurrency exchange, labeling them as a “tactic to divert” attention from the exchange’s activities. The statement comes in response to a blog post by Binance’s newly appointed CEO, Richard Teng, who claimed that the Nigerian government demanded a $150 million cryptocurrency payment to settle […]
In a significant move into the digital asset space, British banking app Revolut has unveiled Revolut X, a dedicated crypto trading platform for UK retail customers. According to a Fortune Magazine report, the launch of the new platform signifies Revolut’s commitment to the crypto industry and positions the company to compete with major players like […]
In a recent interview with CNBC, Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated his concerns regarding the crypto industry, emphasizing its alleged association with scams, fraud, and compliance issues within the broader market. Compliance With Securities Laws In Crypto Gensler began by acknowledging that while cryptocurrencies constitute a relatively small segment of the […]
A recent report by OpenSecrets.org revealed that cryptocurrency industry Super Political Action Committees (PACs) have accumulated a staggering $102 million war chest to exert their influence on the upcoming 2024 US congressional elections. The data, compiled by Public Citizen, highlights the sector’s concerted efforts to sway elections in favor of pro-crypto candidates and impede regulatory […]
As the US Securities and Exchange Commission (SEC) continues to scrutinize crypto industry players, including Robinhood, Binance, Coinbase, and Ripple, the Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, warns of an impending surge in enforcement actions. Crypto Faces Inevitable Wave Of Enforcement Actions At the Milken Institute’s 27th annual Global Conference, Behnam […]
German state-owned development bank Kreditanstalt für Wiederaufbau (KfW) is gearing up to issue its first blockchain-based digital bond, marking a significant milestone in adopting crypto technology within the financial sector. According to a recent report by Bloomberg, KfW has already successfully issued a digital bond as a central register security in compliance with the German […]
Recent reports revealed that the Australian Securities and Investment Commission (ASIC) was granted its first victory on a non-cash payment case involving cryptocurrencies. Per the documents, an Australian court ruled partially in favor of the watchdog’s lawsuit against BPS Financial Pty Ltd (BPS). “Qoin Scheme” Earns $26 Million In Sales In 2022, ASIC initiated civil […]
United States Attorney Damian Williams and FBI Assistant Director James Smith announced the unsealing of an indictment charging Idin Dalpour with wire fraud concerning a multi-year crypto Ponzi scheme that defrauded investors of at least $43 million. Wire Fraud Indictment Unveils $43M Ponzi Scheme The indictment alleges that from approximately 2020 to April 2024, Dalpour […]