U.S. lawmakers are ramping up pressure on the Justice Department to investigate cryptocurrency exchange Binance and stablecoin issuer Tether over allegations of facilitating substantial illicit financing, including funneling funds to terrorist groups such as Hamas. Senator Cynthia M. Lummis and Representative French Hill have written a letter to Attorney General Merrick Garland, urging him to
Regulation
The U.K.’s Financial Conduct Authority (FCA) implemented new promotion requirements on October 8, aiming to protect consumers by ensuring transparency in the crypto industry. However, a recent announcement by the FCA highlights that many crypto firms are failing to meet these requirements, potentially putting investors at risk. This article delves into the identified shortcomings and
The discussion surrounding spot Bitcoin exchange-traded funds (ETFs) has been gaining momentum, with major asset managers like BlackRock and Fidelity applying for these investment vehicles. In a recent conversation with CNBC, SEC Commissioner Hester Peirce highlighted the increasing interest from both firms and investors in Bitcoin ETFs. She acknowledged that these applications are a reflection
Hong Kong’s Customs and Excise Department is taking decisive action to address the growing money-laundering risks associated with cash-for-crypto shops. Recent arrests of store owners in connection with a $192.7 million fraud case involving JPEX crypto exchange have highlighted the need for tighter regulatory measures. With traditional money changers overseen by the Customs and Excise
The Federal Bureau of Investigation (FBI) has taken legal action against six individuals for their involvement in an unlicensed money-transmitting business that utilized cryptocurrencies for money laundering purposes. The accused individuals are charged with conspiracy to operate an unlicensed money-transmitting business and operating an unlicensed money-transmitting business. This article examines the details of the case
Grayscale Investments, a prominent cryptocurrency asset management firm, has taken a significant step towards listing its Grayscale Bitcoin Trust (GBTC) shares on NYSE Arca. This move comes as a result of the company’s filing of an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC). By filing the S-3 form, Grayscale aims to
In a significant development, the Council of the European Union (EU) has adopted a directive aimed at enhancing cooperation among national taxation authorities, with a specific focus on crypto-asset transactions. This move showcases the EU’s proactive approach towards the digitalization of the economy while addressing the challenges presented by decentralized assets. The directive, as outlined
The European Securities and Markets Authority (ESMA), the securities watchdog of the European Union (EU), recently issued a statement cautioning investors about the lack of protection in the EU’s crypto asset market rules. According to ESMA, investors may not be safeguarded until the end of 2024 at the earliest. This warning comes as the EU
The Australian federal government is taking steps to regulate the cryptocurrency industry by introducing new regulations that will require crypto exchanges to obtain a financial services license. This move comes as a response to the growing concerns regarding consumer protection and the need to establish minimum standards for the sector. Instead of regulating individual tokens
California Governor Gavin Newsom has approved a groundbreaking cryptocurrency regulation bill that signals a shift in his perspective on the matter. The legislation, known as the Digital Financial Assets Law, aims to establish a stricter regulatory framework for crypto businesses operating in California. This new regulation will require individuals and businesses engaged in digital asset