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Bitstamp, the world’s oldest crypto exchange, is negotiating with three major European banks to enable their entry into cryptocurrency services. This represents the different regulatory approaches between the EU, with its recent progressive MiCA regulations, and the more challenging US environment. Recent restrictions by Bitstamp on specific services for US users highlight this regulatory divergence.

“Coinbase, the crypto exchange, obtained a Major Payment Institution (MPI) license from Singapore’s Monetary Authority. This approval extends its digital token services in Singapore, augmenting its responsibility towards the expanding crypto and Web3 community. However, potential risks such as hacks, scams, and breaches loom large in the emerging cryptocurrency landscape.”

The article discusses legal disputes in the crypto world, highlighting a lawsuit involving legal team Fenwick & West and cryptocurrency exchange FTX, caught up in allegations of fraudulent activities. On a positive note, it mentions Coinbase’s recent AML compliance registration from the Bank of Spain, indicating global advancements in cryptocurrency regulation.

The UK’s Financial Conduct Authority (FCA) has demanded crypto firms to adhere to upcoming marketing regulations. Very few firms responded to their attempts at communication. The FCA warns non-compliance could be considered a criminal offense and lead to serious consequences including removal from digital platforms in violation of Anti-Money Laundering and Counter-Terrorist Financing regulations.

The New York Times has uncovered private writings from Sam Bankman-Fried, the controversial ex-CEO of crypto exchange FTX, who failed to account for an $8 billion loss of investor funds. Following the company’s collapse, Bankman-Fried faced severe backlash for his lifestyle and seemingly self-focused attitude, despite causing significant financial distress for many.

“Cryptocurrency mining firms Celsius and CORE Scientific have arrived at a preliminary $45 million settlement, ending a longstanding legal dispute. This event highlights the struggle for compliance within changing crypto regulations, as well as the potential financial and operational challenges facing established crypto mining entities.”

The Directive on Administrative Cooperation (DAC8) rule, aimed at monitoring and evaluating all cryptocurrency transactions within the European Union, was recently approved at the EU parliament. The goal is to assist tax authorities in tracking crypto-assets trade and profits, reducing tax fraud and evasion. However, it raises questions about potential over-regulation and its impact on member countries’ autonomy.

Former FTX boss, Sam Bankman-Fried, faced legal complications over his request for temporary release, highlighting challenges in the technological logistics of preparing for trial with limited internet access in prison. Conversely, SEC Chair, Gary Gensler, revealed the agency’s use of AI for financial scrutiny, stirring both excitement and skepticism around potential benefits and concerns such as data privacy and transparency.

The United States Securities and Exchange Commission (SEC) is employing artificial intelligence for financial surveillance, confirmed SEC Chair, Gary Gensler. This technology aids in identifying patterns of market manipulation or fraudulent activities. However, questions about privacy, potential bias, and the need for transparency in the use of such technologies by regulatory agencies persist.