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Surprise twist as BlockFi receives Money Services License in Iowa
29.6.2022
Despite a significant fine from Iowa’s regulator just two weeks earlier, BlockFi has scored itself a license in the state
Bill Imposing Fines for Illegal Issuance and Exchange of Digital Assets Proposed in Russia
24.6.2022
A bill introducing financial penalties for those who illegally issue or exchange digital financial assets has been filed in the Russian parliament. The legislation has been submitted by the sponsor of another draft law banning their use as a means of payment. New Bill Targets Russian Platforms...
Number of Busted Illegal Crypto Mining Farms in Iran Nears 7,000
14.5.2022
Authorities in Iran have shut down close to 7,000 unauthorized facilities for cryptocurrency mining in the past two years, local media revealed. According to a report, most of the illegal bitcoin farms were concentrated in five provinces of the Islamic Republic, including Tehran. Iran Continues...
Crypto Lender Nexo Terminates Interest Payments on New Deposits From US Clients
21.2.2022
Following the U.S. Securities and Exchange Commission (SEC) charging the crypto lending platform Blockfi with failing to register its retail crypto lending product and fining the firm $100 million, the crypto lender Nexo has announced it will no longer allow U.S. citizens to earn interest on...
SEC hits BlockFi with a $100 million penalty, gives 60 days to comply with a 1940 law
14.2.2022
The penalty comes after months of heightened regulatory attention to crypto lending platforms
Binance Turkey fined 8M lira for non-compliance against money laundering
26.12.2021
MASAK found Binance Turkey guilty of violating the Law on Prevention of Laundering Proceeds of Crime, also known as the AML Law
India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail
7.12.2021
The country wishes to see all crypto activities take place on platforms regulated by SEBI
Kraken Charged by CFTC Over Margined Crypto Transactions, $1.25 Million Penalty Imposed
29.9.2021
The Commodity Futures Trading Commission (CFTC) has charged Payward Ventures, the operator of cryptocurrency exchange Kraken, “for illegally offering margined retail commodity transactions in digital assets, including bitcoin, and failing to register.” CFTC Charges Kraken, Imposes...
Korean Province Seizes Cryptocurrencies From 1,661 Investors for Unpaid Fines
21.9.2021
A South Korean province has seized cryptocurrencies worth over $5 million from 1,661 investors who were more than $12 million in arrears on their fines in total. The seizure followed an investigation of nearly 30,000 companies and individuals as well as their cryptocurrency holdings at four...
Banks vs. exchanges — regulators overwhelmingly penalize fiat, not crypto
3.9.2021
Data from a recent report suggest that enforcement actions from U.S. regulators against those in the crypto space cost those firms less than 1% of that in traditional finance for the last 20 years
South Korea to take action against unregistered crypto exchanges
22.7.2021
Crypto exchanges operating in the country that do not register by September 24 face potential fines or even jail time
Korean investigation finds $1.48B in illegal overseas crypto transactions
8.7.2021
More than 30 people are facing fines and prosecution in South Korea for allegedly contravening the country’s ban on overseas crypto transactions
Spanish Congress Passes Antifraud Law: Users Will Have to Disclose Crypto Holdings Inside and Outside Spain
7.7.2021
The Spanish Congress has approved the antifraud law that was amended last month by the senate. Spanish citizens must now inform about their crypto holdings even outside the country. The new law further establishes severe fines for citizens who fail to share this information with authorities....
US Regulators Have Imposed $2.5 Billion Penalties on Crypto Firms and Individuals
25.6.2021
A new report shows that U.S. regulators have imposed fines and penalties totaling $2.5 billion on crypto firms and individuals so far. The U.S. Securities and Exchange Commission (SEC) has imposed the most fines, followed by the Commodity Futures Trading Commission (CFTC). Meanwhile, the U.S....
BNY Mellon Sets Up Crypto Unit in Ireland as Central Bank Says Bitcoin Is ‘of Great Concern’
1.6.2021
U.S. banking corporation BNY Mellon is gearing up to offer crypto custody services out of Dublin where it has just established a digital hub. The news coincided with a stark warning issued by a top central bank official in Ireland who said people should only buy bitcoin if they’re prepared...
Iran to Shut Down Licensed Crypto Miners in Peak Hours of Power Consumption
23.5.2021
Citing a need to maintain a stable electricity supply for other users, Iran will be pulling the plug on cryptocurrency mining farms whenever power consumption peaks. The measure intended to deal with shortages will target licensed facilities despite the government admitting that illegal crypto...
Crypto Miners Using Household Electricity Face Fines as Consumption Spikes in Iran
17.5.2021
Those who mine cryptocurrencies with power intended for domestic use will pay hefty fines, the Iranian government warned. The country is experiencing shortages due to reduced hydropower generation as authorities register a surge in electricity consumption for cryptocurrency mining. Crypto Miners...
US Regulator Accuses Lbry Project of Selling Unregistered Securities, CEO Denies Charges
8.4.2021
The Securities and Exchange Commission (SEC) has filed a complaint against the blockchain-based file-sharing and payment network called Lbry last week, as the U.S. regulator has accused the company Lbry Inc. of selling unregistered securities. However, the CEO of Lbry denies the project’s...
Japanese Court Convicts Bitcoin Tax Evader- Trader Gets a Year in Prison Plus Fine for $200K
13.3.2021
Japanese authorities aren’t hesitating in hunting down anyone considered a crypto tax evader. A court in Ishikawa has sentenced one of them, a 56-year-old man that will spend one year in prison, plus pay a $200,000 fine. Sentenced Man Didn’t Disclose His BTC Trading Activity of...
Korean crypto exchanges could soon face fines for gaps in due diligence measures
10.3.2021
South Korean financial regulators are developing a penalty regime for Anti-Money Laundering and Know Your Customer violations by cryptocurrency exchanges