TIME NFTs, QuadrigaCX on Netflix, Suex Fights Back + More News

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Online streaming platform Netflix has announced a documentary about Gerald Cotten, who is said to have passed away, and who was the CEO of the now-defunct Canadian cryptocurrency exchange, QuadrigaCX, which cost the exchange their private keys to more than USD 250m worth of crypto. The documentary is titled “Trust No One: The Hunt For The Crypto King” and will premiere in 2022.

Egor Petukhovsky, the founder of the over-the-counter (OTC) crypto desk Suex, said he is willing to go to court to protect his name after the US Treasury’s Office of Assets Control (OFAC) designated Suex as a money-laundering vehicle. He wrote that neither he nor any business affiliated with him have ever been involved with any illegal activities, and that he intends to “firmly defend [his] name in litigation.”

The Kentucky Division of Securities has entered an emergency order to cease and desist against the Celsius Network (CEL) over its “Earn Interest Accounts,” according to a filing. The regulator is alleging Celsius’ interest-bearing accounts violate state securities law, and they fail to disclose to customers what occurs with their deposits, while the customers are not protected under state securities protections.

The Canadian Securities Administrators have released a new guidance for crypto exchanges on the use of social media as well as advertising and marketing. The guidance covers the types of language used by exchanges, cautions against certain formats, and takes particular aim at so-called “gambling style promotions.”

Bank of England Deputy Governor Sam Woods said he would front-run global rules if necessary to avoid Britain's banks building up big exposures to cryptoassets that were not backed by sufficient capital, according to Reuters. He has added that there is “an investor appetite” in institutional as well as retail investors, but that they “are going to need to make sure the capital treatment is pretty robust.”

Financial platform Gluwa and consumer credit app Aella have announced that they have seen over a million transactions brought onto the blockchain since their integration in June. They have added that these figures also show a growing prevalence of stablecoin usage in Africa.

Crypto mining firm HIVE Blockchain Technologies has revealed that their income from digital currency mining was USD 66.7m in the fiscal year 2020, an increase of 174% from the prior year. They said they achieved record results and continued to increase their mining capacities during the year.