Search Results for: Kraken

“The ASIC alleges that Bit Trade failed to make a target market determination before launching its margin trading product in Australia, leading to customers experiencing combined losses of about $12.95 million. This highlights the ongoing struggle to properly regulate crypto and traditional finance intersection.”

“The New York Department of Financial Services (NYDFS) proposes stricter regulations on digital coin listings, increasing scrutiny for licensees and necessitating more comprehensive risk assessment. The updated list of “greenlisted” coins can be listed by licensees without facing additional regulatory hurdles.”

The Blockchain Association, a leading crypto trade association, continues to face skepticism and regulatory hurdles despite its five-year existence. With progress impeded by the fall of FTX and reduced support from congress members, the association’s efforts to pass comprehensive crypto legislation remain unsuccessful. Notwithstanding these setbacks, it has managed some victories in mitigating impacts of proposed regulations and supporting member companies. However, the future still presents significant obstacles, and crypto lobbyists are urged to remain humble about their “achievements.”

Crypto Facilities, associated with the crypto exchange Kraken, is planning to expand its diversity of client asset custody services but it requires expansion of its multilateral trading license. CEO Mark Jennings projects it may take six to twelve months for such implementation.

U.S. crypto giant, Coinbase, negotiates with top-tier Canadian banks to bring crypto banking mainstream in Canada, amidst regulatory ambiguity back home. The company’s director, Lucas Matheson, praises Canada’s ‘engagement-focused regulation’ allowing companies like Coinbase to explore and grow whilst staying within regulatory norms.

Bitstamp calls an end to staking services in the U.S., driven by the country’s stringent regulatory landscape. Conversely, the ether Liquid Staking Derivatives market shows potential for growth, expecting to grow to $24 billion in two years, highlighting the contrasting effect of regulatory environments on cryptocurrency ventures.

“Bitstamp has ended its Ethereum staking service for US clients due to increasing regulatory ambiguity. As the SEC struggles to clearly define cryptocurrency statuses, are caught in legal battles with Binance and Coinbase. Ethereum’s classification (as a commodity or security) remains a matter of debate revealing need for transparent regulation.”

UK’s High Court puts Bitcoin developers under scrutiny for ignoring Tulip Trading’s request to recover bitcoins lost to a supposed cybercrime. Developers argue the company’s claim of lost 111,000 bitcoins as fiction, alleging that proof documents are counterfeit. Meanwhile, Dr. Wright, associated with Tulip Trading, is accused of habitual dishonesty, forging documents, and fraud.

“Cryptocurrency finds itself adopted by parties on both sides of Washington’s political divide, evolving from being a niche technology to a politically intriguing topic. Coincidentally, support seems almost equal, with 26 Republicans and 22 Democrats in the House, and 24 Republicans and 11 Democrats in the Senate advocating for crypto. Criticism exists too, demanding more transparency and protection of traditional institutions.”

“The realm of cryptocurrencies is in troubled waters with ongoing legal proceedings by the CFTC against four individuals from Fundsz for fraudulent activity. However, while these proceedings could mark a significant stride in cryptocurrency regulation, they may create a hostile environment for legitimate businesses, thus potentially hindering the acceptance and growth of the crypto world.”

“Bittrex agreed to a $24 million settlement following SEC allegations of operating as an unregistered securities exchange, part of an acceleration of SEC’s enforcement on disruptive crypto firms. The aggressive regulation is critiqued for thwarting investment and innovation, pushing the industry to more amiable jurisdictions like UAE or UK.”