The Federal Bureau of Investigation (FBI) announced confiscating approximately $1.7 million worth of crypto assets from March to May in the United States in a bid to combat illicit activities. The seizures were carried out as a result of numerous breaches in federal regulations. The law enforcement agency took control of $147,000 in Bitcoin (BTC),...Read More
Bitcoin’s price has basically been on pause since mid-June, as the asset trades range-bound since then. The exchange rate of BTC to USD remained above $29,000, with resistance at $30,000. It’s as if markets are waiting on the SEC’s spot Bitcoin ETF approvals. In fact, one metric of bitcoin’s price stability touched five-year historic lows...Read More
Tornado Cash, the most well-known crypto mixing service, was sanctioned by the U.S. Office of Foreign Assets Control (OFAC) last August. The decision was the result of a long-lasting spat between the regulator and the crypto mixer dating back to at least 2018 when two persons of special interest to the U.S. government were found...Read More
Dante Disparte, the chief strategy officer and head of global policy of the second-largest stablecoin issuer Circle, has blasted crypto firms that create counterfeits of the U.S. dollar. According to a Bloomberg report, Disparte called for relevant federal legislation around stablecoins to protect consumers and prevent investors from companies with fake USD. Circle CSO Criticizes...Read More
Bittrex reached a $24 million settlement with the US Securities and Exchange Commission (SEC). Under this arrangement, Bittrex and Bittrex Global have settled with the federal regulator, agreeing to make payments totaling $14.4 million for disgorgement (repayment of unjust profits), $4 million for prejudgment interest, and $5.6 million in civil penalties to resolve the legal...Read More
The now-defunct cryptocurrency lending company Celsius Network reportedly received permission from US Judge Martin Glenn to send a restructured bankruptcy plan to creditors, seeking their approval. If accepted, affected customers could retrieve up to 67% of their funds through a return of liquid digital currencies such as bitcoin. Plan Into Motion? According to a recent...Read More
Prime Trust – a once-leading cryptocurrency custodian – filed for Chapter 11 bankruptcy protection in Delaware approximately two months after the Nevada Financial Institutions Division claimed it operates in an “unsafe and unsound manner.” The company was among the leaders in its field a few years ago, holding funds on behalf of other fallen behemoths...Read More
The cryptocurrency exchange Coinbase announced it has officially launched operations in Canada. As part of the initiative, the company introduced Coinbase One to local users – a 30-day trial offering zero trading fees and priority support. The firm has been coping with severe regulatory issues in its homeland, with most problems coming from the US...Read More
Jan Hatzius and David Mericle – economists at the banking giant Goldman Sachs – predicted that the US Federal Reserve will start lowering interest rates from the second quarter of 2024. Many experts have previously suggested that such a pivot could boost investor interest in risk-on assets, including stocks, commodities, and cryptocurrencies. Still Uncertain About...Read More
The once-prominent cryptocurrency exchange Bittrex has reportedly agreed to pay $24 million in penalties to resolve its quarrel with the United States Securities and Exchange Commission (SEC). The agency has previously accused the platform of offering services to American clients without obtaining the necessary registration. The exchange shuttered its US operations and filed for bankruptcy...Read More
A group of customers of the once-prominent cryptocurrency exchange FTX has reportedly filed a lawsuit against the law firm Fenwick & West, insisting that it contributed to the alleged scam orchestrated by Sam Bankman-Fried (SBF) and the subsequent multi-billion losses it brought. The former leader of the exchange has pleaded not guilty to the fraud...Read More
The popular podcaster and commentator – Joe Rogan – and the famous musician – Austin Richard Post (better known by his stage name Post Malone) – appear to be against the probable launch of a digital dollar. The former went even further, suggesting that such a financial product would cause a “game over” scenario. The...Read More
The leading financial technology company – Revolut – reportedly plans to increase its global cryptocurrency team by hiring up to 20% more employees by the end of 2023. The move comes somewhat unexpectedly since the firm recently disclosed that it will suspend digital asset services to US-based customers from September. As revealed by Financial News, Revolut...Read More
Global payments giant PayPal has deepened its footsteps into the crypto industry by launching a dollar-backed stablecoin dubbed PayPal USD (PYUSD). The move makes PayPal one of the first large U.S. financial companies to launch its own stablecoin despite regulatory uncertainty around crypto assets in the country. As a USD-pegged stablecoin, PayPal USD maintains a...Read More
A resident of Eden Prairie, Minnesota, whose name was undisclosed, has reportedly parted with $9.2 million after falling prey in a typical cryptocurrency romance fraud. The local police said it has never investigated a crypto-related scam where individuals have lost such a substantial sum. The Multi-Million Scheme As reported by Star Tribune, the man started chatting with...Read More
The approaching presidential vote in the United States in 2024 promises to be intriguing and contested as more and more well-known candidates announce their participation in the election. Both the Democratic and the Republican parties have amassed serious figures who put the economic welfare of Americans, the improvement of the domestic health sector, the US...Read More
Revolut – a leading financial technology company that enables customers to buy and sell a variety of cryptocurrencies – will cease such options for its US users from September this year. It said the main reason behind the terminated service is the regulatory uncertainty in the world’s largest economy. As reported by Reuters, Revolut will stop...Read More
Bankrupt cryptocurrency exchange FTX has filed a motion to remove its Dubai unit from the ongoing bankruptcy proceedings in the United States. According to a document submitted to the U.S. Bankruptcy Court for the District of Delaware, FTX Dubai did not conduct any business activities in the United Arab Emirates (UAE) before the global entity...Read More
Records show one of United States President Joe Biden’s Senate closest allies placed a substantial financial wager against the country’s economy last month. The latest development comes amidst mounting regulatory pressures on the cryptocurrency industry by the US regulatory watchdogs that have argued that the asset class poses a serious threat to the economy. Shorting...Read More
BTC is up 80%+ from recent lows. ETH is up 60%. Meanwhile, some crypto stocks are up by quite a bit more. A U.S. court ruling this week siding with the SEC is an understandable time for markets to chill. Way back in July, US News suggested seven crypto stocks to buy. The paper touted...Read More
Fitch Ratings – one of the world’s “Big Three” credit rating agencies – has removed the United States from its position among the very highest tier of long-term lending counterparties. The nation’s Long-Term Foreign-Currency Issuer Default Rating (IDR) slid from AAA to AA+ on Tuesday, prompting criticisms against Fitch from both the U.S. Treasury Department...Read More
The Internal Revenue Service (IRS) has ruled that U.S. cryptocurrency investors must include staking rewards in their gross income since crypto assets are treated as property for federal income tax purposes. According to an official document, taxpayers must include the fair market value of their staking rewards in their gross income as soon as they...Read More
Ron DeSantis – Governor of Florida and one of the Republicans’ presidential nominees – stated that the “war on Bitcoin and cryptocurrency” that Biden’s administration has supposedly waged will cease should he become the next political leader of the United States. He also reiterated his hostile stance toward central bank digital currencies, saying such a...Read More
The United States Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler, have received a significant wave of criticism from numerous organizations and individuals (including some American politicians) for the way they have treated the cryptocurrency industry over the years. Ripple’s recent court victory against the Commission prompted even more lawmakers to castigate the...Read More
The rapidly changing digital asset landscape has resulted in a flexing of regulatory muscles between different watchdogs in defining terms and drawing lines of authority. This is especially true in the case of the United States where the SEC and CFTC are engaged in a turf war over regulatory oversight of the space. But this...Read More
The United States Securities and Exchange Commission (SEC) has reportedly put six spot Bitcoin exchange-traded fund (ETF) applications under review, marking the first step before officially approving or rejecting them. Finance giants, including BlackRock and Fidelity Digital Assets, have recently displayed ambitions to launch such ETFs, infusing enthusiasm in the crypto space and positively affecting...Read More
The Valley Stream, New York resident – Eddy Alexandre – received a nine-year prison sentence for engaging in commodities fraud. He was found guilty of swindling $248 million from over 25,000 investors through his cryptocurrency trading platform called EminiFX. The investigation determined that Alexandre used some of the funds to purchase luxurious items for himself,...Read More
The Department of Justice (DOJ) of the United States plans to reinforce its team responsible for investigating cryptocurrency-related crimes with more prosecutors. The unit will also have a new leader, with Claudia Quiroz replacing Eun Young Choi at the helm. The team has played a major role in many of the DOJ’s crypto cases, such...Read More
Brian Armstrong, the chief executive officer of America’s largest cryptocurrency exchange Coinbase, will privately meet with Democrats from the House of Representatives on Wednesday morning. According to a Bloomberg report, Democratic aides disclosed that the meeting would focus on crypto legislation and related issues like taxes, privacy, and national security. Coinbase CEO to Meet With...Read More
The American authorities have reportedly arrested Brandon Austin and his father, Eugene “Hugh” Austin, over accusations that they run a massive crypto fraud, embezzling over $10 million from investors. Brandon, who has already pleaded guilty, will hear his sentence on September 6. Conning Investors to Fund a Lavish Lifestyle According to recent coverage, federal agents...Read More
