Regulation

Hong Kong regulators are looking to tighten the noose around the crypto market after arresting six individuals following allegations of fraud around an unlicensed crypto exchange, JPEX. The government intends to increase its efforts to inform investors and remind them only to utilize platforms granted Securities and Futures Commission licenses.  Meanwhile, Thailand’s Revenue Department plans

The United States Securities and Exchange Commission (SEC) has filed an objection to Celsius Network’s reorganization plan based in part on the regulator’s own ongoing lawsuit with crypto exchange Coinbase. In a Sept. 22 filing in U.S. Bankruptcy Court for the Southern District of New York, the SEC filed a limited objection and reservation of

China is looking to build artificial intelligence (AI) chip factories for creating particle accelerators to help bypass sanctions affecting the local industry, according to a report from the South China Morning Post (SCMP).  Using particle accelerators will help create new ways to produce a novel laser source. The SCMP reported that the electron beam of

Tether, the largest stablecoin issuer behind USDT, has reportedly changed its terms of services (ToS) in Singapore. An email shared by the decentralized finance protocol Cake CEO on Sept. 25 shows the changes to Tether’s ToS prohibiting certain customer base from redeeming USDT. The CEO of Cake Group Dr. Julian Hosp took to social media platform

Hong Kong’s financial regulator, the Securities and Futures Commission (SFC) has vowed to step up its efforts to combat unregulated cryptocurrency trading platforms in its jurisdiction According to a Sept. 25 announcement, the SFC said it will publish a list of all licensed, deemed licensed, closing down and application-pending virtual asset trading platforms (VATPs) to

The masterminds behind Hong Kong’s JPEX alleged crypto exchange scandal — referred to by some as the largest financial fraud to ever hit the city — have eluded authorities despite 11 people already being taken in for questioning in relation to the case. According to a Sept. 23 report from the South China Morning Post,

A law firm that previously provided services to the now-defunct cryptocurrency exchange FTX has refuted a class-action lawsuit brought against them claiming that it assisted in the exchange’s alleged fraudulent activities.  According to a Sept. 21 court filing, Fenwick & West, a United States law firm, denies all accusations of misconduct related to the provision

Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank, as part of its ongoing expansion across Europe. According to a Sept. 22 statement, the registration with the Bank of Spain now means that users in Spain will be able to retain custody of their crypto assets on Coinbase, as

Brian Armstrong, the CEO of crypto exchange Coinbase, expressed his stance on artificial intelligence (AI) regulation in a recent post on the social media platform X (formerly Twitter).  On Sept. 23, Armstrong explained that he believes that AI should not be regulated. According to the Coinbase CEO, the AI space needs to develop as soon

United States regulators including the Securities and Exchange Commission (SEC) have ongoing civil cases against major cryptocurrency firms including Binance, Coinbase, and Ripple, but not every company has been subject to the same treatment. Gary Gensler, serving as SEC chair since 2021, has been widely criticized by many lawmakers and industry leaders for a “regulation

Architect Financial Technologies, the startup founded by former FTX US president Brett Harrison, will provide derivatives brokerage services following its Architect Financial Derivatives subsidiary receiving approval from the National Futures Association (NFA) to operate as an independent introducing broker. The company is eyeing both the cryptocurrency derivatives market and the traditional market, Harrison said. An

Dubai-headquartered cryptocurrency exchange Bybit has announced the suspension of services to the United Kingdom in response to pending rules from the country’s Financial Conduct Authority, or FCA. In a Sept. 22 announcement, Bybit said it will start suspending services to U.K. residents on Oct. 1 by no longer allowing new account applications. This move will

The European Parliamentary Research Service (EPRS) highlighted the need for tighter oversight from non-European Union regulators to ensure greater stability and development in the global cryptocurrency market. MiCA implementation timeline. Source: esma.europa.eu As the Markets in Crypto-Assets Regulation (MiCA) Act continues on the road to implementation by December 2024, an EPRS report cited the need for establishing

The bankruptcy claims market has been growing bullish on the debts of the collapsed cryptocurrency exchange FTX as major credit investors have been rushing to buy FTX debts. Investors like Silver Point Capital, Diameter Capital Partners and Attestor Capital have purchased more than $250 million worth of FTX debts so far in 2023, Bloomberg reported

Binance CEO Changpeng “CZ” Zhao have filed a petition requesting that the lawsuit made against him and his cryptocurrency exchange by the United States Securities and Exchange Commission (SEC) be dismissed.  According to a Sept. 21 filing to the United States District Court, both Binance Holdings and Zhao claimed that the financial regulatory had overstepped its authority in

A three-judge panel from the United States Court of Appeals for the Second Circuit has denied a motion for early release for former FTX CEO Sam Bankman-Fried, or SBF.  In a Sept. 21 order, Circuit Judges John Walker Jr., Denny Chin, and William Nardini denied SBF’s motion for early release, which his team argued largely

A federal judge has sided with the United States Department of Justice in motions aimed at precluding the testimony of 7 witnesses on behalf of former FTX CEO Sam Bankman-Fried, or SBF. In a Sept. 21 filing with U.S. District Court for the Southern District of New York, Judge Lewis Kaplan granted in limine motions

The Financial Conduct Authority (FCA), the United Kingdom’s financial markets regulator, has again expressed its concern over the lack of engagement on the part of crypto firms that will soon be subject to new marketing rules. The consequences of noncompliance could be severe, it warned. In a letter dated Sept. 21, the FCA said it

An executive at the cryptocurrency exchange Binance said in a public hearing with the European Banking Authority (EBA) that it plans to delist stablecoins for the European market by June 2024.  Marina Parthuisot, the head of legal at Binance France, said that since no project has yet to receive approval, “we are heading to a

On Wednesday, Sept. 20, the United States House Financial Services Committee marked up two bills to curb the issuance of a central bank digital currency (CBDC). One of the bills would stop the Federal Reserve from running any test programs on CBDCs without congressional approval, while the other would stop federal banks from using CBDCs