A South African fugitive who ran an unregistered commodity pool to defraud unsuspecting victims of foreign exchange and bitcoin has been ordered to pay over $3 billion in restitution and civil monetary penalty. The judgment marks the largest monetary penalty ever recorded in a CFTC fraud case involving bitcoin. CFTC’s Biggest Bitcoin Fraudulent Case A...Read More
Despite intensive scrutiny by US regulators, FTX continues to receive offers from companies that could help it bounce back from bankruptcy – or at least pay its creditors. On April 25, the former crypto giant announced the closure of a deal with a subsidiary of Miami International Holdings (MIAX Technologies), a US company operating global...Read More
The United States Department of Treasury sanctioned three individuals who helped the notorious hackers Lazarus Group to process the conversion of stolen cryptocurrency to fiat, allegedly for the funding of the Democratic People’s Republic of Korea’s (DPRK) illicit weapons of mass destruction (WMD) and ballistic missile programs. An earlier report by Chainalysis claimed that Lazarus...Read More
Major crypto exchange Coinbase has filed a lawsuit against the US SEC and Exchange Commission (SEC) that would compel the regulator to provide an answer to a previous petition by the company. The SEC has adopted a more stringent approach towards the crypto industry in recent times, believing most firms are breaking securities laws without...Read More
Last September, the SEC took the Hydrogen Technology Corporation and its CEO, Michael Ross Kane, to court for the alleged price manipulation of the firm’s proprietary token, HYDRO. Proven Manipulation Of Market Value According to the charges, Kane used services offered by Moonwalkers Trading Ltd, a South African company, without a clear legitimate business purpose...Read More
Damian Williams, the US attorney for the Southern District of New York, has requested a seven-year sentence for Reginald Fowler, the alleged executive in a crypto shadow banking business that operated in 2018. According to an April 18 filing, Fowler’s court case has dragged on for five years, and he is scheduled to be sentenced...Read More
The New York State Department of Financial Services (NYDFS) said it will start billing cryptocurrency entities registered in the state in exchange for annual examination and supervision. Superintendent Adrienne Harris explained the fees will be different for each organization, depending on their size and complexity. Bringing Crypto Closer to Banks The NYDFS stated the new rule will...Read More
On April 21, the Texas House of Representatives approved a bill requiring cryptocurrency exchanges to maintain sufficient reserves to fulfill their clients’ payment obligations. According to the announcement by the Texas House of Representatives, the “HB 166” bill filed by State Rep. Giovanni Capriglione was passed by a majority of 150 members, aiming to “rebuild...Read More
The US-based cryptocurrency exchange – Gemini – announced plans to establish a new engineering hub in Gurgaon, India. This will be the company’s second Asian location, as previously it opened an office in Singapore. The expansion outside the US coincides with the regulatory uncertainty in the States. The CEO of Coinbase – Brian Armstrong –...Read More
The Californian Department of Financial Protection And Innovation (DFPI) issued cease and desist orders against five companies profiting from the hype around AI to attempt to dupe gullible investors. All Hype, Little Info According to the regulator, all five companies violate securities law by offering unregistered securities to the public. Scammers like to deceive investors...Read More
The US-based cryptocurrency exchange – Coinbase – received approval from the Bermuda Monetary Authority to operate on the island. It also intends to establish an offshore derivatives marketplace in the region as soon as next week. CEO Brian Armstong recently said his entity could relocate to other countries if the American watchdogs do not impose...Read More
Robert F. Kennedy Jr – the nephew of former President John F. Kennedy – officially announced his candidacy for President of the States. He will run for the Democratic nomination, attempting to prevail over the current leader of the USA – Joe Biden. Kennedy has presented himself as a supporter of Bitcoin, claiming it could...Read More
The infamous co-founder of Terraform Labs has reportedly lost his bid against the US Securities and Exchange Commission (SEC). The latter is now allowed to seek records from the Monetary Authority of Singapore (MAS) that could shed more details on how the 31-year-old developer managed Luna Foundation Guard and whether he had a hand in...Read More
Securities and Exchange Commission (SEC) Chair Gary Gensler’s crusade against the crypto-asset industry has prompted political pushback. United States Representative Warren Davidson is the latest to retaliate. The Ohio Representative said he is introducing legislation to remove Gensler as the SEC boss in a bid to “correct a long series of abuses.” SEC’s ‘Unconstitutional Overreach’...Read More
A Pew Research Center study determined that most US residents (88%) have at least basic knowledge about cryptocurrencies. However, only 24% think investing, trading, or using digital assets is safe and reliable. The percentage varies in the different demographic groups: adults aged 50+ are more likely to be skeptical (85%) than younger individuals (66%). The...Read More
The US-based cryptocurrency miner – CleanSpark – purchased 45,000 units of the Antminer S19 XP BTC mining machines for $144.9 million. The current computing power of CleanSpark is 6.7 EH/s, while the installation of the new equipment is expected to push it to 13 EH/s. Preparing for the Halving According to the deal, the manufacturer...Read More
San Francisco’s law enforcement agents have reportedly detained the 38-year-old tech-consultant and entrepreneur – Nima Momeni – for the alleged murder of Bob Lee (founder of the mobile payment service that allows users to buy and sell bitcoin – CashApp). The incident happened last week when Lee was stabbed to death in the Rincon Hill...Read More
The ongoing legal dispute between the United States Securities and Exchange Commission (SEC) and Ripple has taken another turn as the San Francisco-based blockchain company has countered the SEC’s argument regarding its fair notice defense strategy. According to a document filed on April 13, Ripple insisted that the case cited by the SEC did not...Read More
Draft legislation that designates digital assets as “personal property” passed the third reading in Montana’s House of Representatives. The bill, which also aims to foster the operations of local cryptocurrency miners, needs to receive a green light from the state’s Governor – Greg Gianforte – to become official. One Step Closer After receiving Senate’s approval...Read More
Fed watchers expect the American central bank to raise the federal funds rate by 0.25 or 0.50 percent. The CME Fed Watch tool has notched up to anticipating a 0.50 interest rate hike in the Fed Funds rate, with a 72% probability of at least a 0.25 hike at the next meeting. The Yahoo Finance...Read More
Robert F. Kennedy Jr – the nephew of former President John F Kennedy, who challenged Joe Biden for the Democratic nomination in the 2024 elections – blamed the Federal Reserve for the current disturbing condition of the financial sector. He believes cryptocurrencies like bitcoin could serve as lifeboats to individuals “when this bubble invariably bursts.”...Read More
While some US regulators propose launching a Central Bank Digital Currency (CBDC) controlled by the Federal Reserve that could be as manipulated as the dollar, Texas wants a digital currency exchangeable for physical gold and cash. Senate Bill 2334, introduced by Senator Bryan Hughes, and House Bill 4903, introduced by Representative Mark Dorazio, together represent...Read More
By the end of World War II, the United States found itself in a position of preeminence in the global economy. For decades and generations after that time, its national security has depended on petrodollar hegemony. The standardized use of the dollar for international trade in petroleum and other commodities ensured a constant demand for...Read More
The United States Department of Justice (DOJ) seized $112 million in cryptocurrencies previously drained through the so-called “pig butchering” scams. One particular account based in Los Angeles contained more than $66 million worth of digital assets. That type of fraud has become increasingly popular recently. An investigation assumed that many shell companies in the United...Read More
The California Department of Financial Protection and Innovation (DFPI) joined a multi-state settlement with Robinhood, which will pay approximately $10.2 million in fines for registering operational deficiency that negatively affected investors during the COVID-19 crisis. The crypto-related company was slapped with another $30 million penalty last summer by the New York State Department of Financial...Read More
Adrienne A. Harris – Superintendent of the New York State Department of Financial Services (NYDFS) – said the premise that the bank’s ties to crypto-related businesses were behind its closure is “ludicrous.” The financial institution revealed severe operational difficulties last month and was shut down by American regulators to prevent further issues. Crypto Was not...Read More
While crypto companies in the United States are fleeing to more favorable jurisdictions, traditional financial institutions elsewhere are increasingly tapping the digital asset space. In the latest development, Swiss government-owned retail bank PostFinance partnered with Sygnum to offer its customers a range of regulated digital asset banking services. Sygnum is a Zurich-based regulated digital asset...Read More
On March 31, Bittrex, one of the largest and oldest US exchanges, announced the closure of its operations due to the country’s current “regulatory and economic environment.” According to the official statement, users’ funds will remain secure and available for withdrawal at any time during the wind-down of US operations. This announcement will not affect...Read More
The US Securities and Exchange Commission (SEC) alleged that crypto trading platform Beaxy and its executives ran an unregistered securities exchange, broker, and clearing agency. The platform ceased operations a day before the SEC lawsuit. Beaxy Fouder Misappropriated Nearly $1M in Investor Funds In a press release on Wednesday (March 29, 2023), the SEC stated...Read More
The President of the United States – Joe Biden – thinks the turbulence that recently shook the banking sector is not entirely gone. As such, his cabinet is ready to impose further legislative changes to cope with any potential issues in the future. Two of America’s leading banks – Silicon Valley Bank (SVB) and Signature...Read More
