Regulation

Debit cards offered through crypto payment service Wirex may stop functioning in the European Economic Area (EEA), according to a June 23 email the company sent to some of its customers. The threat of stoppage was triggered by Lithuania’s central bank revoking the license of UAB PayrNet, Wirex’s card provider. This news comes after Wirex’s

Fabio Panetta, an executive board member of the European Central Bank (ECB), has suggested a dark future for cryptocurrencies, in which the digital assets may be used for little more than gambling among investors. In written remarks for a panel at the Bank for International Settlements Annual Conference on June 23, Panetta said crypto’s perception

The Belgian Financial Services and Markets Authority (FSMA) has ordered major cryptocurrency exchange Binance to stop offering crypto exchange and custody wallet services.  In a June 23 notice, the FSMA said that by Binance offering crypto-related services “from countries that are not members of the European Economic Area,” the exchange was violating Belgian laws on

The United States Supreme Court decided in favor of cryptocurrency exchange Coinbase on June 23 in a partisan opinion that will halt court proceedings against the company in two California cases.  Plaintiffs in the class-action lawsuits alleged Coinbase failed to provide proper relief after users lost money and that Coinbase allegedly engaged in deceptive advertising.

Singapore based cryptocurrency exchange service provider Crypto.com has obtained a virtual asset service provider (VASP) registration from the Bank of Spain. The regulatory approval would allow the exchange to offer a range of crypto-focused services to customers in Spain, a country which has shown a positive crypto stance in recent times. The crypto exchange platfrom

U.S. crypto exchange Binance.US has informed customers it has resolved its U.S. dollar withdrawal issues after working with its banking partners but warns the relief may not last. The reportedly independent subsidiary of crypto exchange Binance told customers in a June 22 update that its system remains fully operational and that USD withdrawal requests are

The animus of the entire crypto world is focused on Securities and Exchange Commission Chair Gary Gensler. Critics argue that he paints cryptocurrencies with too broad a brush. They argue that he gaslights well-meaning entrepreneurs by encouraging them to “come in and register,” knowing his process is set up for them to fail. They argue

The European Union debit card provider for Cryptopay has lost its Electronic Money Institution (EMI) license, according to a June 22 email sent to its customers. The company recommends to EU cardholders that they should immediately spend or transfer funds from their cards. Funds held in the app’s accounts are safe, Cryptopay told Cointelegraph. Cryptopay

CACEIS Bank, the asset servicing arm of Crédit Agricole and Santander, has received a crypto custody license in France, according to the regulator’s website on June 20.  CACEIS claims to be a European leader in asset servicing, offering services from clearing and fund administration to middle office outsourcing for asset managers, insurance companies, brokers, pensions and

The International Monetary Fund (IMF) has reiterated its calls for crypto regulation across certain countries but said an outright ban may not be the best approach. In a June 22 report on Latin America and the Caribbean, the IMF pointed to various approaches taken by local governments in addressing the adoption of cryptocurrencies and central

Michigan Representative Bill Huizenga, who chairs the United States House Oversight and Investigations Subcommittee, has called out the Securities and Exchange Commission (SEC) for its failure to produce appropriate documents related to the timing of the charges and arrest of former FTX CEO Sam Bankman-Fried. In a June 22 hearing on oversight of the SEC,

The Japanese Ministry of Education, Culture, Sports, Science and Technology plans to allow schools from elementary to high school level limited usage of generative artificial intelligence (AI) in classrooms.  According to a local news outlet, a source close to the matter said that generative AI tools, such as the popular chatbot ChatGPT, will be allowed

Deputy Alfredo Gaspar, a member of the Brazilian Chamber of Deputies, has requested the summoning of Guilherme Haddad, the director of Binance Brazil, to appear before the Brazilian parliament as part of an ongoing Parliamentary Commission of Inquiry (CPI) investigation into alleged pyramid schemes in the country. The June 21 request will be voted on by members

Blockchain-based payments firm Ripple has obtained in-principle regulatory approval from Singapore’s financial regulator to offer digital asset payments and token products in the city-state. Ripple confirmed the approval from the Monetary Authority of Singapore (MAS) in a June 22 statement. The approval will allow its subsidiary — Ripple Markets Asia Pacific — to further scale

Cryptocurrency fund manager Valkyrie is applying for a Bitcoin spot exchange-traded fund (ETF), joining several other financial firms that have filed similar applications with the United States Securities and Exchange Commission (SEC) in the last week. Valkyrie filed an S-1 registration form for a Bitcoin spot ETF with the SEC on June 21. In it, the firm

Lawyers representing United States-based crypto exchange Binance.US, global exchange Binance Holdings Limited and Binance CEO Changpeng “CZ” Zhao have filed a motion alleging the U.S. Securities and Exchange Commission (SEC) misled the public in statements issued over an ongoing securities lawsuit. In a June 21 filing in the U.S. District Court for the District of

The United States Securities and Exchange Commission filed a lawsuit against Binance along with its U.S. platform and CEO Changpeng Zhao on June 5 in a Washington, D.C. federal district court for allegedly violating securities laws and offering unregistered securities.  The U.S. regulator has accused the crypto exchange of offering unregistered securities in the form

The United States Federal Reserve Board sees payment stablecoins as a form of money, Chair Jerome Powell said during questioning at the House of Representatives Financial Services Committee’s semi-annual hearing on Fed policy on June 21.  Powell’s comments came in response to committee ranking member Maxine Waters, who asked for his reaction to the proposed

Democrats with the United States House Financial Services Committee have introduced several bills in what they described as the “first wave” of legislation aimed at addressing failures at major banks. In a June 21 announcement, committee ranking member Maxine Waters said House Democrats had backed 11 bills drafted in response to the collapse of Silicon

Global cryptocurrency exchange Binance announced the launch of a regulated digital asset platform in Kazakhstan amid growing regulatory troubles in the West. The launch of the new platform was announced at a press event on June 20, 2023, in the presence of representatives of Kazakhstan’s banking industry, and Binance Kazakhstan’s leadership.  The cryptocurrency exchange obtained