The U.S. Securities and Exchange Commission (SEC) has requested a restraining order against Binance.US, asking the court to freeze the assets of Binance.US’s parent companies, which are operating under the name BAM. The SEC is also seeking to have Binance.US funds returned to customers. The regulator has asked Binance, Binance.US-related companies, and Binance CEO Changpeng
Regulation
On the same day that the Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, the New Jersey Office of the Attorney General and the Alabama Securities Commission took action against the cryptocurrency exchange. New Jersey Issues Summary Cease and Desist Order The New Jersey Bureau of Securities issued a Summary Cease and Desist
On June 5, the U.S. Securities and Exchange Commission (SEC) filed charges against Binance CEO Changpeng Zhao and various associated companies for alleged securities violations. Following this news, other members of the cryptocurrency industry expressed their support for Zhao and Binance. Huobi advisor and former TRON CEO Justin Sun took to Twitter to express his
On June 2, Republican House members released a draft bill that aims to establish clear roles for regulators in the cryptocurrency industry. The proposed rules would separate the regulation of cryptocurrencies as securities from the regulation of cryptocurrencies as commodities. The bill is a joint effort between the House Financial Services Committee, chaired by Rep.
Rosbank, one of the leading financial institutions in Russia, is set to become the first major bank in the country to offer cross-border transactions in cryptocurrency. The bank’s collaboration with Russian fintech service B-Crypto will provide customers with a technical solution to participate in these transactions. Rosbank emphasizes that these transactions will comply with the
The Federal Reserve Board has issued a consent order to Silvergate, a crypto-friendly bank, instructing it to wind down its operations. The company was supervised by the Federal Reserve Bank of San Francisco and California’s Department of Financial Protection and Innovation (DFPI). The order states that Silvergate must submit a shutdown plan to supervising agencies
A federal court has ruled that the Internal Revenue Service (IRS) has the legal authority to access Coinbase users’ trading data via a “John Doe” summons, and doing so is not a violation of constitutional rights. The court made the ruling in a case filed by James Harper against the IRS in 2020. Harper had
The US Commodities and Futures Trading Commission (CFTC) has issued a warning about the risks associated with the clearing of digital assets. The CFTC’s Division of Clearing and Risk (DCR) has noticed derivatives clearing organizations (DCOs) and applicants expanding their offerings related to digital assets. The DCR has instructed DCOs to identify and manage the
During an interview with Bankless on May 29, Binance CEO Changpeng Zhao spoke about recent controversies surrounding the company. Binance has been trying to counter reports from various mainstream news outlets, including Forbes, the Financial Times, and Reuters, regarding allegations of fund misuse and supposed ties to China. Zhao suggested that the negative coverage of
The highly controversial Digital Asset Mining Energy (DAME) excise tax was not included in the latest Fiscal Responsibility bill to tackle the Debt Ceiling crisis. The proposed 30% tax on energy costs for cryptocurrency miners drew widespread criticism from stakeholders within the crypto-mining sector and US lawmakers. The omission of the tax has been widely
Beijing has released a white paper on “Internet 3.0 Innovation and Development,” which highlights advancements and support for web3 and the metaverse. The release of this white paper coincides with Hong Kong’s regulatory push for cryptocurrency exchanges. The simultaneous release of these two events could signal a more open approach to digital assets in the
Gemini and Genesis have asked a judge to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) over the Earn product. The lawsuit was filed in January 2023 and alleged that the two firms offered unregistered securities and bypassed disclosure requirements. Gemini offered Earn in partnership with Genesis Global Capital, allowing users to
Fabio Panetta, a board member of the European Central Bank (ECB), has emphasized the importance of a digital euro to ensure that central bank money continues to be used as people increasingly turn to digital currencies. In an interview with Les Echos, Panetta, who is leading the ECB’s central bank digital currency (CBDC) project, said
Hong Kong is preparing to introduce new regulations for virtual asset regulation. The Securities and Futures Commission (SFC) has released its conclusions from weeks of consultation on regulatory guidelines for cryptocurrency platforms. The new guidelines will come into force on June 1, and Hong Kong crypto exchanges will have to seek licenses under the Securities
Pascal Gauthier, the CEO of Ledger, recently addressed concerns over the new Recover program, which allows user wallet seeds to be shared and stored by three different parties. The crypto community raised concerns that shard holders could reveal user seeds or gain direct control of user wallets through this feature. Gauthier Addresses Concerns on What
ConsenSys, the owner of Ethereum wallet MetaMask, has clarified that it does not collect taxes from cryptocurrency users. The company made this statement in response to rumors circulating in the crypto community that MetaMask and ConsenSys’s terms of service indicated that certain parties were required to pay taxes, and that MetaMask could freeze user funds
A Nevada man has been charged by the U.S. Department of Justice (DOJ) for his role in a cryptocurrency scheme called CoinDeal. Bryan Lee, the Nevada resident, was charged for his involvement in defrauding investors through CoinDeal leader Neil Chandran’s companies. The Scheme The DOJ alleges that Lee conspired with Chandran to defraud investors. Lee
On May 19, the US Treasury and the Office of Foreign Assets Control (OFAC) imposed sanctions on several entities that have ties to Russia. One of the firms that have been sanctioned is Huriya Private FZ LLE, a UAE-based company that has been accused of money laundering and procuring passports for Russian actors since Russia’s
Paradigm, a crypto venture capital firm, has filed an amicus brief in the ongoing case between the New York Attorney General (NYAG) and KuCoin. The NYAG sued KuCoin in March for operating in the state without registering and facilitating the trading of tokens like Ethereum (ETH), which the regulator classified as securities. However, Paradigm disagrees
The Filecoin Foundation has rejected the Securities and Exchange Commission’s (SEC) assertion that its FIL token is a security. The SEC had previously asked Grayscale to withdraw its registration statement for Filecoin Trust because the token met the definition of a security. The Filecoin Foundation’s Response In a statement shared with CryptoSlate, the Filecoin Foundation
Pakistan’s Minister of State for Finance, Aisha Ghaus, stated that the country could not legalize cryptocurrency trading due to its recent removal from the Financial Action Task Force’s (FATF) “Grey List” and concerns about terror financing. During a Senate Standing Committee on Finance meeting, the minister explained that FATF had imposed strict conditions for using
The US House Committee on Financial Services has given an ultimatum to Gary Gensler, the chair of the Securities and Exchange Commission (SEC), to respond to its inquiries. The Committee had previously requested the SEC to provide internal non-public documents regarding its activities. These include charges against Sam Bankman-Fried, the bankrupt FTX founder, crypto regulations,
Estonia has seen a significant drop of 80% in the number of registered crypto firms after it implemented a new law to prevent money laundering. The Financial Intelligence Unit, the money laundering regulator in the country, has revealed that the number of valid authorizations has decreased to just 100 from the previous 389 due to
The UK Financial Conduct Authority (FCA) has taken action against unregistered crypto ATMs in the country, citing their potential for money laundering. The regulator conducted inspections in Exeter, Sheffield, and Nottingham in collaboration with local police. While crypto ATMs are legal in the UK, they must be registered with the FCA before operating. However, none
Several New York lawmakers have thrown their support behind a new Crypto Regulation, Protection, Transparency and Oversight (CRPTO) Act. On May 5, New York Attorney General Letitia James introduced the legislation, which would widen the scope of regulatory authority over crypto firms. According to James, the proposed bill will “tighten regulations on the crypto industry
During her testimony before the Senate Armed Services Committee on May 4, Senator Elizabeth Warren emphasized how cryptocurrency has become the preferred method for countries to evade sanctions, fund weapons programs, support spying, and promote cyber attacks. Warren noted that although much cryptocurrency-related crime is hidden, more than $20 billion in illicit transactions took place
Texas regulators have set their sights on an individual who is allegedly promoting two cryptocurrencies that aim to capitalize on Elon Musk’s artificial intelligence (AI) pursuits. The cryptocurrencies are named Elon Musk AI Token and TruthGPT Coin, which is named after Musk’s proposed ChatGPT competitor. The Texas State Securities Board (TSSB) has filed a cease-and-desist