Day: March 6, 2023

American regulators are pushing hard against crypto: Law Decoded, Feb. 28–March 6

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Crypto mining operators, custodians and Binance personally received a fine doze of the United States officials’ attention last week. American lawmakers and regulators continue to compete in their creative efforts to propose anything but comprehensive game rules for the crypto industry.  Senators Edward Markey and Richard Blumenthal have penned a letter asking Meta CEO Mark Zuckerberg to deny young adults access to the firm’s metaverse platform. According to the two lawmakers, allowing teenagers between 13 and 17 years old entrance to the virtual environment posed “serious risks,” citing privacy concerns,…

SEC Files Emergency Action Against BKCoin for Running $100M ‘Ponzi-Like’ Scheme

The SEC has accused Kang of misappropriating at least $371,000 in customer funds for his personal use, including paying for vacations, tickets to sporting events and rent on his New York apartment. According to the SEC, Kang tried to cover his tracks by giving investors falsified documents with “inflated bank account balances.” He also allegedly told investors that BKCoin had been audited by a “top four auditor,” which the SEC said never happened. Source

Pakistan Banks Develop Blockchain-based KYC Platform

The Pakistan Banks’ Association (PBA), a group of 31 traditional banks operating in Pakistan, has signed off on the development of a blockchain-based Know Your Customer (KYC) platform. The move aims to strengthen the country’s Anti-Money Laundering (AML) capabilities while countering terror financing – an initiative led by the State Bank of Pakistan (SBP). As reported by the Daily Times, the PBA signed a contract on March 2 to develop Pakistan’s first blockchain-based national eKYC banking platform. The Avanza Group has been tasked to develop the blockchain-based eKYC platform named…

While Bitcoin’s Hashrate Remains Sky-High, Merge-Mined Crypto Asset Networks Benefit – Mining Bitcoin News

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In recent times, Bitcoin’s hashrate has been consistently above 300 exahash per second (EH/s) as multiple mining pools dedicate significant hashpower to the Bitcoin blockchain today. Interestingly, some of the world’s top bitcoin mining pools are also using their hashrate to merge-mine other coins, and these networks have benefited from bitcoin’s increased hashrate. How Bitcoin’s Hashrate Benefits Other Crypto Networks Bitcoin’s hashrate secures the network and provides rewards for miners participating in the system, but mining pools also dedicate computational power to networks like Namecoin, Elastos, Emercoin, and Vcash. For…

FTX Bankruptcy Examiner Denial Appealed by U.S. Government

The U.S. Trustee, a branch of the Department of Justice (DOJ), had previously argued that bankruptcy law requires an independent probe for any case of such magnitude, despite warnings that it could cost as much as $100 million. In its arguments, the Trustee said an independent examiner could look into whether those responsible for mismanagement at FTX are still part of the company. Source

The Lockdown Files will help us learn from the experience of Covid

06 March 2023 Following the Daily Telegraph’s reporting of leaked WhatsApp messages sent by Ministers during the COVID-19 pandemic, Information Commissioner John Edwards set out his views on the importance of record keeping. This piece first appeared in print in the Daily Telegraph on Saturday 4 March.   “Those who cannot remember the past are condemned to repeat it.” George Santayana, the philosopher, would have had little comprehension of WhatsApp messages, but his century-old quote feels very prescient this week. Put simply, how are we going to learn from the…

Bybit Partners Mastercard to Provide Crypto Card Payments

Crypto exchange Bybit has partnered with leading payment processor Mastercard to launch a debit card that facilitates crypto payments. According to reports, these cards would enable users to pay for goods and services from their crypto holdings. However, this payment process does not support direct payment in digital currencies. Instead, the payment process sees users converting their crypto into fiat at point of sales (POS) and ATMs. The Bybit crypto card rollout begins with the release of virtual cards for online shopping in eligible European countries. However, the exchange plans to launch…

Lawmakers should check the SEC’s wartime consigliere with legislation

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When Michael Corleone ordered hits on rival bosses in The Godfather, he had Don Cuneo locked inside a revolving door and shot. Getting whacked while trapped behind a barred door appears to be the treatment United States Securities and Exchange Commission Chair Gary Gensler has in mind for U.S. crypto projects based on recent SEC enforcement activity and comments by the chair. The SEC should not be left to wage an unsupervised dirty war on crypto. Congress must both defend its oversight authority and give American crypto developers, entrepreneurs and…

SEC continues streak of enforcement actions, targets BKCoin for alleged $100M fraud

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The United States Securities and Exchange Commission, or SEC, has targeted an investment adviser and individual allegedly connected to a $100-million cryptocurrency fraud in its latest enforcement action. According to a March 6 announcement, the SEC filed an emergency action on Feb. 23 against investment adviser BKCoin and one of the principals Kevin Kang, alleging the two “disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors”. The financial regulator’s complaint alleged that BKCoin raised roughly $100 million…