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London Trial Sheds Light on Alleged Bitcoin Laundering in £5 Billion Fraud Case
30.1.2024
In a trial unfolding at London’s Southwark Crown Court, prosecutors have revealed details of an alleged Bitcoin (BTC) laundering scheme connected to a £5 billion ($6.3 billion) fraud case originating from China. The trial centers around Wen Jian, a woman accused of converting Bitcoin into...
Defendant Pleads Guilty to Drug Related Charges, Forfeits $150 Million Worth of Cryptocurrency
30.1.2024
An Indian national has pleaded guilty to conspiracy and narcotics-linked charges issued by a United States District Court. The guilty plea resulted in a forfeiture of $150 million worth of cryptocurrency. In a recent press release, the United States Attorney General’s Office in the Southern...
AI Hype: CFTC Urges Investors to be Wary of AI-Created Crypto-Asset Arbitrage Algorithms
28.1.2024
The Commodities Futures Trading Commission has urged investors to be wary of artificial intelligence-created algorithms which promise dubious returns on crypto asset investments. The commission said investors should conduct background research on the companies or individuals who offer such...
South African Regulator Expects to Determine Fate of 50 Crypto License Applications in ‘Coming Weeks’
26.1.2024
The head of enforcement at South Africa’s financial industry watchdog said on Jan. 24 that he expects the organization to decide the fate of 50 crypto firms’ license applicants in the coming weeks. The watchdog stated that from the more than 100 entities that applied for a license, 20 have since...
Russia Mulls Cryptocurrency Mining Disconnection Proposal
25.1.2024
Cryptocurrency miners might be disconnected for up to 500 hours per year in Russia, according to a proposal supported by the State Duma Energy Committee to tackle the energy deficit in some regions. The initiative would be an alternative to introducing special tariffs directed to miners that would...
Nexo Seeks $3B in Damages from Bulgaria Over Aborted Investigation Affecting US Stock Listing
24.1.2024
Crypto lender Nexo has started a legal battle seeking $3 billion in damages from Bulgaria following an aborted criminal investigation that the company claims derailed its plans for a US stock market listing and a soccer sponsorship deal. Nexo AG, a Swiss subsidiary of Nexo Capital based in...
Taiwan’s ACE Exchange in Hot Water as Prosecutors Expand Fraud Probe
24.1.2024
Taiwanese prosecutors have expanded their investigation into ACE Exchange, requesting the detention of Chenhuan Wang, the president of the platform. The prosecutors have accused Wang of money laundering and fraud in connection with the alleged fraudulent activities orchestrated by David Pan,...
South Korean Authorities Slammed for Taking Crypto Regulation ‘Baby Steps’
24.1.2024
South Korea’s financial regulators are taking “baby steps” while US counterparts forge ahead with rapid crypto regulation progress, a new report has claimed. Per the South Korean media outlet News Tomato, domestic financial authorities are yet to “properly organize” their crypto arms. The outlet...
Coinbase Slams US Treasury’s Proposed Requirement for Crypto Platforms to Report All Mixing Activities
23.1.2024
Coinbase has criticized the US Treasury’s proposed rulemaking on cryptocurrency mixing, stating that it fails to effectively address regulatory gaps while placing unnecessary burdens on crypto platforms. In a comment submitted to the Treasury Department’s Financial Crimes Enforcement...
Coinbase CLO Warns Pokémon Might Be Key in Rejecting SEC’s Expanded Security Definition
22.1.2024
Paul Grewal, CLO of Coinbase, believes collectibles, like Pokémon cards, might be essential in rejecting the expanded definition of what the U.S. Securities and Exchange Commission (SEC) claims to be a security. To Grewal, these cards are also part of an ecosystem fueling their value,...
US Treasury Urges Swift Crypto Regulation to Prevent Future Crises
19.1.2024
A high-ranking official at the US Treasury has called upon lawmakers to take immediate action concerning crypto regulation to avert any potential future financial crises preemptively. Graham Steele, the Treasury Assistant Secretary for Financial Institutions, argued that the world of crypto offers...
EU Provisional Agreement: Crypto Asset Service Providers Added to Obliged Entities List
19.1.2024
As per the provisional agreement struck between the European Union Council and Parliament, crypto asset service providers will be obliged to verify facts and information on users whose transactions exceed $1,090. According to the Belgian Finance Minister, the new requirements will “ensure...
Thailand’s SEC Eases Investment Restrictions in Select Digital Assets
18.1.2024
The Securities and Exchange Commission (SEC) of Thailand has updated the criteria for investing in digital tokens, easing some restrictions. In a meeting held on March 2, 2023, the SEC Committee approved the principles for improving investment criteria and related criteria for digital asset...
South Korean Bankruptcy Court Judge Calls for More Crypto Regulation
17.1.2024
Source: Valerii Evlakhov/Adobe A South Korean bankruptcy court judge has called on the government to bolster regulation in the crypto industry, claiming investors need more protection. Per Newsis, the claims were made by Judge Lee Seok-jun, of the Seoul Bankruptcy Court. Lee wrote a paper...
‘No South Korea Bitcoin ETF Approval Before Elections,’ Say Experts
15.1.2024
Source: Wit/Adobe South Korean regulators will not give the green light to a domestic Bitcoin spot ETF before the nation’s next general elections, insiders claim. Per Sobija Mandueneun Shinmun, anonymous financial investment industry officials believe that any new crypto regulation will...
Turkey Nears Completion of Crypto Framework; Minister Confirms FATF Compliance
10.1.2024
Turkey Crypto Regulation Source: Adobe / Husamex Turkey’s Minister of Treasury and Finance, Mehmet Simsek, announced that Turkey is reportedly in the final stages of preparing a legal regulation for crypto assets. He also shared insights into the imminent cryptocurrency law and compliance...
290,000 S Korean Public Sector Employees Forced to Declare Crypto Holdings
3.1.2024
Source: promesaartstudio/Adobe Around 290,000 South Korean public sector workers will be forced to declare their crypto holdings starting from February. Per Maeil Kyungjae, the Ministry of Personnel Management has declared that the rule will also apply to employees’ spouses and next of kin....
The DOJ “Led the Way” in Defining Boundaries for the Crypto Industry in 2023: Former US Prosecutor
1.1.2024
Image source: Reuters In 2023, the Department of Justice (DOJ) emerged as a leading force in defining the boundaries of the cryptocurrency industry through high-profile criminal prosecutions. While the Securities and Exchange Commission (SEC) filed civil lawsuits against major players in...
Billionaire Mark Cuban: SEC Doesn’t Protect Anyone, Current Crypto Regulation Inadequate
31.12.2023
Mark Cuban, a Shark Tank star and the billionaire owner of the NBA team Dallas Mavericks, says the U.S. Securities and Exchange Commission (SEC) doesn’t protect anyone, calling the regulator “the Quickbooks of financial regulation.” He stressed that the Howey Test isn’t...
Bitcoin ETF Mania and Nigeria’s New Stance on Crypto to Drive the Industry’s Revival in Africa — Experts
30.12.2023
The U.S. Securities and Exchange Commission’s expected approval of bitcoin exchange-traded funds and Nigeria’s lifting of a directive which excluded the crypto industry from the banking ecosystem are expected to help revive African users’ interest in crypto. The Bitcoin halving...