Tyler Winklevoss accused SEC Chair Gary Gensler of intentionally damaging the crypto sector. Winklevoss urged firms to avoid working with Gensler, citing harm to crypto jobs. Gensler defended his SEC tenure, highlighting reforms despite criticism from industry. Gemini co-founder Tyler Winklevoss has issued sharp criticism of SEC Chair Gary Gensler. Notably, he called for Gensler’s…
Upbit has violated KYC regulations by neglecting users’ identification processes. Many users opened accounts by submitting blurred or unrecognizable identification cards. The exchange may face fines of up to $71.7k & complications for its license renewal process. Upbit, South Korea’s largest crypto exchange, has reportedly violated Know Your Customer (KYC) regulations by neglecting to conduct…
The UK plans to regulate stablecoins and staking to strengthen its crypto hub ambitions. The Treasury aims to reclassify staking, avoiding stricter rules under investment schemes. FCA to lead phased crypto regulation, starting with stablecoin rules in early 2025. The UK government is set to roll out a ‘whole of government’ approach to cryptocurrency regulation….
Delhi Police arrested SK Masud Alam for his role in the WazirX cyberattack case. A fraudulent account enabled a major breach on WazirX, targeting its hot wallet. Liminal Custody faced scrutiny for alleged non-cooperation in the WazirX investigation. The Delhi Police recently apprehended SK Masud Alam, a resident of East Midnapore, West Bengal, in connection…
Italy considers reducing a proposed crypto tax hike from 42% to 28% amid criticism. Coalition partners propose amendments to revise Italy’s planned crypto tax increase. Italian officials explore crypto tax reforms as EU’s MiCA regulations near implementation. The Italian government is reviewing potential changes to a proposed tax increase on cryptocurrency trades. This follows criticism…
The a16z crypto stated that tokens would be issued legally under new regulations. Further, it stated that Trump’s victory would foster innovation in the crypto ecosystem. The firm stated that a clear regulatory framework would improve decentralization. The a16z crypto platform, part of the venture capital firm Andreessen Horowitz, expressed their thoughts for a clear…
The Bank reviews MiCA as Norway evaluates the adoption of a central bank digital currency. Norway’s central bank studies CBDC use for cross-border payments and financial stability. Norges Bank explores regulatory gaps in DeFi while considering CBDC issuance. Norges Bank, Norway’s central bank, has endorsed the European Union’s Markets in Crypto-Assets Regulation (MiCA) as it…
The Federal Reserve once again cuts down its key interest rate by a quarter point. Earlier, the interest rates were 5% and have been lowered by 25 basis points to 4.75%. This change will provide relief to members struggling with high borrowing costs. The U.S. Federal Reserve has cut its benchmark interest rate to 4.75%…
Brian Armstrong sees Trump’s victory as a huge win for the crypto industry. Coinbase’s stock soared 31%, boosting Armstrong’s net worth by $2.1 billion post-election. SEC Chair Gary Gensler may be replaced, easing pressure on the crypto industry. The 2024 U.S. presidential election, bringing Donald Trump back to the White House, has stirred new optimism…
France’s ANJ is reviewing Polymarket’s compliance with local gambling regulations. Polymarket drew scrutiny after a French trader won $47M on Trump’s re-election. ANJ may block Polymarket over unlicensed operations and $3.5B in election trades. The ANJ, France’s National Gaming Authority, has reportedly been looking into Polymarket — a blockchain prediction market platform. The platform operates…
Ripple’s Garlinghouse cheers election gains, eyeing regulatory shifts in crypto. Pro-crypto candidates’ success signals a new era for digital assets and regulatory progress. Ripple and Coinbase CEOs view the election as a boost for crypto-friendly policies. The 2024 U.S. election has ignited a fresh wave of optimism across the cryptocurrency landscape. Ripple CEO Brad Garlinghouse…
Pakistan proposes SBP Act changes allowing dual nationals in top central bank roles. Amendments to SBP Act would legalize digital currency as legal tender in Pakistan. SBP set to manage currency in physical and digital forms under new proposed changes. The federal government of Pakistan has proposed major amendments to the State Bank of Pakistan…
Cryptos have become a significant part of the global financial system and Singapore is no exception. As a fintech innovation hub, Singapore has established a clear framework for digital tokens and cryptocurrencies. This framework aims to protect consumers, ensure financial stability, and prevent illegal activities. The regulations cover licensing, AML requirements, and the categorization of…
Italy has raised its Bitcoin tax rate from 26% to 42% to help finance election promises. Italy’s tax increase comes as the EU prepares to introduce new MiCA crypto regulations. ESMA warns of risks with crypto firms seeking EU approval while operating outside the EU. Italy plans to raise the capital gains tax on Bitcoin…
Tokenization converts real-world assets into digital tokens, making trading faster. Firms like BlackRock & JPMorgan are testing tokenization to cut costs and speed up trades. Tokenized assets could reach $2 trillion by 2030, reshaping how Bonds are traded. A Bloomberg report released today analyzes Wall Street’s increasing adoption of blockchain technology. Wall Street, previously doubtful…
The UK raises concerns over TikTok’s virtual currency system and unlicensed exchange claims. Accusations highlight TikTok Coins’ potential money transmission without regulation. FCA may impose stricter oversight on TikTok’s financial activities if investigated. The UK legal authorities have recently turned their sights on TikTok as it is being accused of running an unlicensed crypto exchange…
Bitcoin surged 14% in October, fueled by Trump’s increasing election odds. MicroStrategy, holding 252K BTC, aims to transform into a leading “Bitcoin bank.” Rising Bitcoin prices trigger increased scams and fraud in the crypto market. Bitcoin’s 14% surge in October is grabbing widespread attention. The cryptocurrency reached over $65,000 on Monday. According to a Bernstein…
Philippine authorities crack down on Chinese-linked crypto fraud syndicates. Ex-mayor Alice Guo is tied to crypto scams, human trafficking, & money laundering. Southeast Asia sees $37 billion rise in crypto fraud, UNODC reports growing concerns. Philippine authorities are cracking down on an expansive network of cryptocurrency fraud linked to Chinese crime syndicates. The scam network…
October 7, 2024 at 08:20 AM GST updated: October 6, 2024 at 06:45 PM 2 mins read News The UAE eliminates VAT on cryptocurrency transfers, enhancing digital asset appeal and investment. New regulations apply retroactively from January 1, 2018, benefiting businesses and optimizing tax positions. Strengthened regulations support consumer protection and promote responsible marketing for…
September 28, 2024 at 03:45 AM GST updated: September 28, 2024 at 05:21 AM 2 mins read News US and international forces seize over $1 billion in crypto from Russian money laundering networks. Rewards up to $20 million offered for capture of Russian cybercriminals Sergey Ivanov and Timur Shakhmametov. U.S. indicts Russians for laundering billions…
September 26, 2024 at 01:15 AM GST updated: September 26, 2024 at 01:10 AM 2 mins read News South Korea’s FSC greenlights new foundation to secure and refund assets from defunct crypto exchanges starting October. 10 out of 22 crypto exchanges in South Korea have shut, prompting the launch of a protective foundation for users’…
September 22, 2024 at 06:28 PM GST updated: September 22, 2024 at 03:38 PM 2 mins read News SEC seeks sanctions against Elon Musk for skipping depositions in the Twitter acquisition probe, emphasizing accountability. Musk’s attorney argues his missed testimonies were due to emergencies, claiming the SEC’s sanctions request is excessive. A separate lawsuit alleges…
September 7, 2024 at 04:55 AM GST updated: September 7, 2024 at 12:50 AM 2 mins read News EU settles with X: Halts AI data use, ensures EEA privacy compliance. X agrees to delete EU user data from May 7 to Aug 1 after DPC legal action. DPC to consult EDPB on AI data use,…
September 6, 2024 at 04:13 AM GST updated: September 6, 2024 at 02:18 AM 2 mins read News Robinhood was fined $3.9 million for blocking crypto withdrawals and misrepresenting trade practices from 2018-2022. Robinhood misled customers about trade routing and failed to disclose third-party custody of crypto assets, violating California Commodities Law. The settlement requires…
September 6, 2024 at 04:55 AM GST updated: September 6, 2024 at 02:30 AM 2 mins read News Robinhood Crypto settles for $3.9M over failed crypto withdrawals and lack of transparency from 2018-2022. Settlement forces Robinhood Crypto to permit transfers to personal wallets and realign its customer communication. California applies consumer protection laws to crypto,…
September 5, 2024 at 03:45 AM GST updated: September 5, 2024 at 01:37 AM 2 mins read News Uniswap Labs settles with CFTC for $175,000 over unregistered leveraged trades. CFTC charges Uniswap for illegal transactions in BTC and ETH. Uniswap’s global operations breach Commodity Exchange Act, prompting CFTC action. Uniswap Labs, formerly Universal Navigation Inc.,…
September 4, 2024 at 02:30 AM GST updated: September 4, 2024 at 02:16 AM 2 mins read News Galois Capital settles with SEC, pays $225K for Custody Rule violations. SEC enforcement follows Galois Capital’s 50% asset loss post-FTX collapse. Galois misled investors on redemption terms, impacting asset withdrawals. Galois Capital Management, an investment advising firm…