Search Results for: Bloomberg News

The Danish Financial Supervisory Authority (FSA) has instructed Saxo Bank to eliminate its cryptocurrency holdings, declaring that the bank’s cryptocurrency trade was situated “beyond the lawful commerce sphere of financial providers”. The FSA fears unregulated trading in digital assets could incite mistrust in the finance realm.

The appointment of well-known crypto-sceptic, Pan Gongsheng, within the People’s Bank of China, is triggering fresh concern for cryptocurrency prospects in the nation. His possible promotion hinders hopes of China softening towards digital currencies and may pose a significant barrier in global crypto integration.

“Coinbase’s chief legal officer, Paul Grewal, asserts that cryptocurrencies are an integral part of America’s financial future, providing new opportunities. Yet, concerns over regulatory standards protecting against potential crypto pitfalls underline that responsible investment and stringent regulation are needed in tandem.”

Binance, the world’s largest cryptocurrency exchange, is striving to break the perception of the crypto industry’s non-compliance. With a comprehensive compliance team including former law enforcement officers, regulators and crypto and banking experts, they actively combat potential financial crimes, monitor international regulatory developments and maintain customer due diligence. Despite facing legal challenges, Binance continues its rigorous compliance efforts.

ARK Invest and 21Shares recently revised their Bitcoin ETF proposal, adding a surveillance-sharing agreement with CBOE BZX Exchange to prevent market manipulation – a move designed to help secure SEC approval. Including such agreements could enhance crypto market transparency and align it with traditional US markets.

Yi He, co-founder of Binance, defends the crypto trading platform’s commitment to regulatory compliance amidst lawsuits from the CFTC and SEC. Despite accusations of market manipulation, He upholds Binance’s transparency and cooperation with U.S. regulators. Her statement surfaces important debates about the relationship between crypto exchanges and regulatory compliance.

Media organizations including The New York Times and Bloomberg appeal to overturn a bankruptcy court’s decision to permanently redact FTX users’ names. The media argue that the public has a “presumptive right” to inspect bankruptcy filings and that customer safety concerns should be balanced with transparency in the cryptocurrency space.

Four prominent media outlets appeal against a bankruptcy judge’s decision to permanently redact FTX crypto exchange customers’ names, citing the need for transparency. FTX argues that revealing names could expose clients to identity theft and scams, affecting the success of bankruptcy reorganization.

This article discusses the debate surrounding FTX’s decision to protect customer names from bankruptcy disclosure requirements due to their use of cryptocurrency. The outcome may set significant precedents for future bankruptcy cases involving cryptocurrencies, focusing on balancing customer privacy and legal obligations.

The recent Supreme Court ruling in favor of Coinbase, directing customer disputes into arbitration, highlights the evolving regulatory landscape for the crypto industry. It raises questions about consumer protection and the role of organizations like the International Monetary Fund in regulating the crypto space.

Surveillance-sharing agreements are crucial in evaluating proposed bitcoin ETFs to prevent fraud and manipulation. Exchanges must demonstrate such agreements with regulated markets related to the underlying bitcoin assets. However, adequate surveillance systems remain unestablished, and regulatory bodies remain cautious in approving ETF proposals.

The SEC is potentially targeting decentralized finance (DeFi) and stablecoins, including Tether (USDT) and USD Coin (USDC), in its enforcement crackdown, according to a Berenberg report. Stablecoins, essential to the DeFi ecosystem, have raised national security concerns due to weak sanctions and money laundering controls. The SEC aims to weaken DeFi’s capacity to rival regulated exchanges and lenders.

Japan’s crypto exchanges seek to increase the permitted leverage for retail investors due to a significant drop in annual margin trading volume. They aim to propose leverages ranging from four to ten times. Updated leverage rules could promote industry growth and maintain investor protection, but exchanges must justify the increase while aligning with government objectives.

The U.S. SEC’s intention to freeze Binance.US’s assets faced a setback as Judge Amy Berman Jackson advised bilateral negotiations. Meanwhile, HKMA urges banks to accept crypto exchanges as clients, and the European Parliament passes the EU Artificial Intelligence Act, impacting governance of AI technologies.

The Paris public prosecutor’s office is investigating Binance for “acts of aggravated money laundering” and “alleged illegal provision of digital asset services.” Binance faces regulatory pressure in Europe and the US, highlighting the need for stricter regulations and challenges in ensuring transparency and compliance.

Tether addresses reports of backing USDT with Chinese securities, stating the cited materials are outdated and their exposure to Chinese commercial papers was liquidated last year. The company emphasizes the importance of accurate and balanced information for the healthy development of the crypto industry.

Binance.US has hired experienced lawyers, including former co-director of SEC’s enforcement division George Canellos, to fight SEC charges. The SEC accused Binance of “blatant disregard of federal securities laws” and operating an unregistered exchange. Binance.US suspended USD deposits following the lawsuit. The case’s outcome may impact cryptocurrency regulation in the US.

Nigeria’s SEC deems Binance illegal, following a lawsuit by the U.S. SEC. This impacts one of Africa’s most prominent crypto hubs, as the Middle East and North Africa region leads in crypto adoption. New regulations aim to ensure a secure environment for digital asset use amid rapid growth.