Two U.S. Senators have introduced a bill designed to enhance the Secret Service’s ability to tackle cryptocurrency-related crimes. The proposed legislation aims to grant the agency more authority and resources to investigate and prosecute offenses involving digital currencies. This move reflects a growing recognition of the need for specialized law enforcement capabilities in the rapidly…
Do Kwon’s extradition from Montenegro is still undecided, but his wife, Ms. Lee, has recently won a big legal victory in South Korea. The court ruled that some real estate and officetel subscription rights seized from Ms. Lee should not have been taken by the state. These assets were considered to be independently acquired and…
In a surprising turn, CFTC Chairman Rostin Behnam has announced that Bitcoin (BTC), Ethereum (ETH), and about 70% to 80% of cryptocurrencies are not classified as securities. This conclusion comes from a recent ruling by the CFTC. In recent months, the cryptocurrency markets have seen numerous legal battles, including the Ripple case, which sparked speculation…
Uniswap Labs is challenging the SEC’s expanded exchange definition following a Supreme Court decision affecting regulatory agency deference. The SEC’s Wells Notice to Uniswap in April signals potential legal action for unregistered securities exchange operations. Uniswap Labs Challenges SEC Over Expanded Exchange Definition Uniswap Labs recently called on the U.S. Securities and Exchange Commission (SEC)…
Lido DAO (LDO) and Rocket Pool (RPL) prices dropped sharply on Friday. Currently, LDO is down 15% and RPL is down 10%, due to recent regulatory news. The price of Ethereum (ETH) also fell, losing nearly 3%. Maker (MKR), Uniswap (UNI), and Arbitrum (ARB) also traded lower. This decline is linked to the US Securities…
Coinbase, a publicly traded crypto exchange, has filed two civil lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) through an intermediary. Coinbase is asking for access to documents that might explain how the regulators decided which crypto tokens to classify as securities. Coinbase Sues SEC and FDIC…
The leading blockchain and cryptocurrency platform Binance will need to pay a fine of Rs 18.82 crore to resume operations in India. The Financial Intelligence Unit (FIU) has imposed this penalty on the company for operating in the country without complying with domestic anti-money laundering regulations. FIU Imposes Penalty on Binance for Violating AML Regulations…
The Nigerian tax agency has dropped tax charges against two Binance executives, Gambaryan and Anjarwalla, following international pressure. However, charges against Binance itself remain. The executives still face money laundering charges, with a hearing scheduled for June 19th. However, the tax charges are now directed only at Binance itself, leaving questions about what the cryptocurrency giant…
Terraform Labs and its co-founder, Do Kwon, will pay $4.47 billion (S$6 billion) to settle a lawsuit from the US Securities and Exchange Commission (SEC). The lawsuit is related to the company’s collapse in 2022, which caused investors to lose $40 billion and had a major impact on the cryptocurrency world. On June 12, the…
In a significant case in China, a college student named Yang Qichao has been sentenced to 4 years and 6 months in prison and fined 30,000 yuan ($41,000) for fraudulently issuing a cryptocurrency called BFF on Binance’s BNB Chain. The trial, held at the People’s Court of Nanyang High-tech Industrial Development Zone in Henan Province,…
Ryan Salame, a top executive at the collapsed cryptocurrency exchange FTX, was sentenced to 7½ years in prison on May 28. This makes him the first of Sam Bankman-Fried’s advisers at FTX to receive prison time. Salame, 30, a trusted aide of Bankman-Fried, the exchange’s founder, pleaded guilty in 2023 to violating campaign finance laws…
The Montenegro Appeals Court has stopped Do Kwon from being sent back to South Korea, ordering a new trial in the lower court. This decision goes against the earlier ruling by the High Court. Interestingly, it comes after Montenegro’s Justice Minister met with the SEC’s Director of Enforcement, leading to concerns about possible influences on…
Hong Kong’s Privacy Commissioner has decided that Worldcoin broke privacy laws by holding onto sensitive biometric data such as face and iris images for up to a decade purely for training AI models. On May 22, Privacy Commissioner Ada Chung Lai-ling instructed Worldcoin to stop all activities in Hong Kong that involve scanning and collecting…
Venezuela’s National Power Ministry has taken action against Bitcoin mining operations by disconnecting them from the country’s electricity grid and seizing more than 11,000 Bitcoin miners. This move aims to curb the high energy consumption associated with these mining farms, which has been straining Venezuela’s power resources. Venezuela’s Crackdown on Bitcoin Mining Farms Venezuela’s National…
Alexey Pertsev, the developer of Tornado Cash, has been sentenced to 64 months in prison by a Dutch court. The sentence comes as a result of his role in crypto money laundering, which amounted to $1.2 billion. The ruling was made by the court in s-Hertogenbosch on Tuesday, May 14. Tornado Cash Developer Faces Legal…
Ripple Labs Inc. has asked to pause the part of its ongoing court case with the U.S. Securities and Exchange Commission (SEC) that focuses on finding solutions. They made this request on May 13, 2024, to prevent Ripple’s private information from becoming public. Ripple worries this could harm its business and competitive advantage. Additionally, Ripple…
Lawmakers have expressed their support for the U.S. SEC’s issuance of a Wells Notice to Robinhood, stating that it aligns with the SEC’s responsibility to protect investors and ensure fair markets. The move comes after Robinhood’s crypto business division received a Wells notice from the SEC. However, lawmakers have criticized SEC Chair Gary Gensler for…
According to a filing made on Tuesday, U.S. prosecutors are asking for Changpeng Zhao, the founder and former CEO of Binance, to be sentenced to 36 months in prison. U.S. prosecutors are pushing for a 36-month prison term for Changpeng Zhao, the founder and former CEO of Binance. Zhao previously pleaded guilty in the U.S….
Following a ruling against Terraform Labs and its co-founder Do Kwon in a fraud lawsuit, the company is considering the option of appealing the decision amid ongoing legal hurdles. On April 5, Terraform Labs and co-founder Do Kwon were found guilty by a Manhattan jury for defrauding investors, following SEC accusations. Terraform Labs plans to…
Terraform and its co-founder, Do Kwon, were found responsible for civil fraud charges on Friday. The case was brought against them by the Securities and Exchange Commission (SEC) last year. In February 2023, the SEC charged Terraform Labs and Kwon over the algorithmic stablecoin Terra USD, which collapsed dramatically a year earlier. Civil Fraud Verdict…
Legal proceedings in the cryptocurrency market persist as Nigerian authorities have postponed the trial of a Binance executive to April 19. The executive, along with others, was detained by Nigerian authorities following allegations. Governments worldwide are taking significant legal actions in the cryptocurrency markets, shaping the future of digital currencies. In Nigeria, the trial of…
The CFTC and SEC are at it again, this time focusing on KuCoin. Caroline Pham from the CFTC hinted that their actions might upset the SEC. Despite expectations of regulatory harmony, tensions are evident. The CFTC, overseeing commodity derivatives, hit KuCoin with numerous charges under the Commodity Exchange Act (CEA) and CFTC regulations, alongside criminal charges…
The Securities and Exchange Commission (SEC) wants a federal judge in New York to penalize Ripple Labs with a fine of nearly $2 billion. This request was revealed in court documents made available on Tuesday. The SEC accuses Ripple Labs of persisting in selling its XRP token to institutional investors despite a previous ruling by…
The highly anticipated ruling in the closely watched case has come to fruition. With the judge’s decision, Coinbase is now set to challenge the SEC’s classification of digital assets as securities. Notably, the judge has dismissed one count against Coinbase, marking a significant development in the legal proceedings. Coinbase Lawsuit Denied by Federal Judge A…
A court in Montenegro has stopped the process of sending Do Kwon, the co-founder of Terraform Labs, back to the U.S. This decision marks the third successful appeal made by Kwon to block his extradition. The Court of Appeals in Montenegro has canceled the extradition of Do Kwon to the U.S. This decision came after…
The Chinese government, through its state-sponsored media agency, Economic Daily, has once again cautioned against investing in cryptocurrencies despite the current bullish market conditions. This warning comes despite China’s purported ban on crypto trading and mining implemented in 2021. Despite the ban, China continues to be one of the largest digital asset markets globally. This…
The Financial Supervisory Commission (FSC) plans to introduce new regulations for digital assets in Taiwan by September 2024. The proposed draft bill aims to improve regulations in digital asset markets and ensure the safety of investors. Huang Tien-mu, the chairman of the FSC, provided this information in a news report by UDN on March 4….
Authorities in Dalian, a city in China’s Liaoning province, issued a warning to investors about fraudulent schemes posing as crypto or metaverse investment opportunities. The notice, released by Chinese financial regulators and local police, cautions investors to be cautious of “illegal fundraising activities” that promise high returns through cryptocurrency and metaverse investments. This alert comes…
February 20th is looming large in the Ripple vs. SEC lawsuit, as the discovery deadline approaches. This critical juncture could unlock pivotal evidence that shapes the court’s decision on remedies for Ripple, potentially setting a precedent for digital asset regulation. Ripple and the SEC are in a race against time to gather evidence to bolster…
Excitement buzzes in the world of cryptocurrencies as the Securities and Exchange Commission (SEC) deals with a flood of Bitcoin ETF applications. SEC Chair Gary Gensler shakes things up by sharing a bunch of careful messages on Twitter, creating a stir in the crypto community. Gensler’s Cautions on Crypto Investments Gary Gensler’s recent Twitter thread…
In the United States, a court has officially approved an agreement between Binance, a digital asset exchange, and the Commodity Futures Trading Commission (CFTC). This comes almost a month after the former CEO, Changpeng ‘CZ’ Zhao, admitted guilt to charges linked to anti-money laundering violations. The resolution of this case holds significance as it has…
In an unexpected twist, the Appeals Court in Montenegro has said no to an earlier decision by a top court in the country that gave the green light for Terraform Labs founder Do Kwon to be sent to either South Korea or the United States. The Appeals Court in Montenegro has canceled the High Court…
The U.S. Securities and Exchange Commission (SEC) is in hot water over claims of tricky dealings, and they might face repercussions in the Terraform Labs lawsuit. The U.S. Securities and Exchange Commission (SEC) is facing challenges in the Terraform Labs case, currently in legal proceedings in the Southern District of New York. The trial, set…
A judge said the SEC’s lawyers could face penalties for making untrue arguments that led to a court order freezing a crypto company’s assets. The judge expressed concern that the SEC attorneys had presented false and misleading information, according to a court document filed on Thursday. The court had imposed a temporary restraining order on…
Elon Musk has announced that his social media platform, X, is gearing up to take legal action against Media Matters, according to a recent statement. Elon Musk, the owner of X (formerly known as Twitter), has announced plans to file a ‘thermonuclear lawsuit’ against media groups involved in a fraudulent attack on the social media…
IOSCO, the global securities regulator, releases key crypto rules, emphasizing investor protection and striving for a unified global regulatory framework. The International Organization of Securities Commission (IOSCO) has issued important recommendations for regulating crypto and digital asset markets. This move is a significant step towards a global framework, focusing on protecting investors and ensuring market…
In the legal battle between Ripple Labs Inc. and the SEC, talks about settling the case are changing. Judge Analisa Torres has set new dates for both parties to finish gathering information for their case. Judge Torres, following the parties’ schedules, set February 12, 2024, as the deadline for both Ripple Labs Inc. and the…
Between November 9 and November 17, there’s an eight-day period during which the SEC could potentially approve all 12 spot Bitcoin ETF applications, as suggested by Bloomberg ETF analysts James Seyffart and Eric Balchunas. The U.S. Securities and Exchange Commission has the potential to greenlight all 12 pending spot Bitcoin ETF applications over the next…
The U.S. Securities and Exchange Commission (SEC) has formally asked the Court to deny the defendants’ motion to dismiss the lawsuit, alleging fraud and securities law violations by Terra and Do Kwon. Back in February, the SEC initiated legal action, accusing TerraLabs and Do Kwon of both fraud and criminal wire charges. Terraform Labs quickly…
The US SEC has faced difficulties since the XRP lawsuit verdict in July 2023, which was not entirely in its favor. This has led to concerns about where the agency’s legal priorities lie. Ripple’s Chief Legal Officer, Stuart Alderoty, has expressed worry about the U.S. Securities and Exchange Commission’s (SEC) recent string of legal losses…
US House Committee Chair Patrick McHenry issued a statement criticizing the SEC’s excessive involvement in regulating cryptocurrency assets. In addition to their strong criticism of the U.S. Securities and Exchange Commission (SEC) for being too involved in regulating cryptocurrencies, leading Republican lawmakers are calling for the April 2022 rules related to cryptocurrency accounting issued by…
In 2022, Turkey was the second-highest globally in online searches related to crypto, as 5.5% of its population actively looked for crypto information. Turkey’s 2024 Presidential Program has revealed plans to introduce cryptocurrency regulations in the coming year. The focus is on defining crypto assets for tax purposes and legalizing crypto exchanges, although specific regulations…
Judge Failla has granted Coinbase’s motion for oral arguments in their legal dispute against the U.S. SEC concerning the judgment on the pleadings. A federal judge has granted Coinbase’s request for oral arguments in their legal battle against the U.S. SEC concerning the judgment on the pleadings. Coinbase is seeking a court ruling that transactions…
The US House Committee on Oversight and Accountability has issued a warning to Gary Gensler, who chairs the SEC (Securities and Exchange Commission). They have conveyed the possibility of taking disciplinary measures against him. The Committee has accused Gensler of hindering congressional oversight by not sharing specific documents. Chairman James Comer expressed his frustration with…
Finance ministers and central bank governors are gearing up for the final meeting during India’s G20 presidency, happening on October 12 and 13 in Marrakesh, Morocco. One of the major topics on the agenda is creating a roadmap for regulating cryptocurrencies. India wants to make sure that the issues outlined in the New Delhi Declaration,…
Today, Taiwan’s Financial Supervisory Commission has released important guidelines for crypto platforms. This move signals a stronger push for regulatory oversight in the cryptocurrency industry. Taiwan’s financial watchdog has unveiled guidelines aimed at safeguarding customers in the virtual asset services provider (VASP) industry. These guidelines require local crypto platforms to keep company and customer assets…
The cryptocurrency group in Taiwan has asked El Salvador for help in making better rules for cryptocurrencies. The Taiwan Crypto Association talked to officials in El Salvador, like the Virtual Assets Bureau, Presidential Office, and central bank. They asked for help in making better rules for cryptocurrencies. Right now, Taiwan’s rules don’t allow trading cryptocurrency…
Malta’s Financial Services Authority (MFSA) wants to update its rules for cryptocurrencies to match the European Union’s Markets in Crypto Assets (MiCA) regulation. The MFSA will ask the public for their opinions on the proposed changes to the rules that govern cryptocurrency companies. Right now, the MFSA is rewriting the rules for cryptocurrency exchanges, custodians…
NYDFS plans to introduce a framework to enhance transparency in cryptocurrency-related actions, such as adding or removing cryptocurrencies from exchanges. The New York State Department of Financial Services (NYDFS) has strict rules for crypto companies in the state. They are now planning to introduce a framework to make cryptocurrency activities, like adding or removing cryptocurrencies…
A commissioner from the Commodity Futures Trading Commission (CFTC) wants to create the “first-ever” pilot program in the United States. This program is meant to help make digital asset markets and tokenization follow the rules. The CFTC says their framework is designed to encourage new technology, new products, and how markets work. CFTC’s Time-Limited Pilot…