Day: March 7, 2023

Coinbase CEO hints its new layer-2 network could include AML measures

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Coinbase chief executive Brian Armstrong has hinted that the firm’s new Layer-2 blockchain network Base may be subjected to transaction monitoring and anti-money laundering measures at launch. In an interview with Joe Weisenthal on Bloomberg Radio on Mar. 6, Armstrong acknowledged that Base has some centralized components today, adding “it will be more and more decentralized over time.” However, he then suggested that there will be transaction monitoring and AML requirements for users of the new layer-2 network. He suggested that Coinbase will have a responsibility in terms of transaction…

Dapper Removes ACH Withdrawal Option, Citing Circle

This comes as Silvergate Bank (SI), once the go-to bank for crypto, faces significant financial headwinds and regulatory scrutiny. Over the past month, the majority of Silvergate’s clients have parted ways with the beleaguered bank and stopped using its ACH services, including Coinbase, Circle, Paxos, and Crypto.com among others. Source

‘Home’ regulator could solve crypto’s ‘fragmented supervision’ issue: Comptroller

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Cryptocurrency firms operating multiple entities in different countries should be overseen by one consolidated “home” regulator to stop them from playing “games” aimed at skirting regulators, the acting head of the United States banking regulator has opined. Michael Hsu, the Acting Head of the Comptroller of the Currency (OCC) made the comments in prepared remarks for the Mar. 6 Institute of International Bankers conference in Washington, D.C. The OCC is a bureau within the Treasury Department that regulates U.S. banks and aims to ensure the safety of the country’s banking…

SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has filed an emergency action against Miami-based investment adviser Bkcoin and one of its principals, Kevin Kang. “The defendants 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 SEC alleged. SEC’s ‘Emergency Action’ Against Bkcoin, Kevin Kang The U.S. Securities and Exchange Commission (SEC) announced Monday that it has filed an “emergency action” against Miami investment adviser Bkcoin and one of its principals, Kevin Kang, “for orchestrating a $100…

8,000 rigs spool up in Nautilus mining facility

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United States-based Bitcoin mining company TeraWulf has fired up a new crypto mining facility in Pennsylvania — solely running on nuclear power generated on-site.  In Mar. 6 statement, TeraWulf said the Nautilus Cryptomine facility is its first “behind the meter” Bitcoin (BTC) mining facility, which refers to using energy directly at the generation site without traveling through the grid. It’s official…The first nuclear-powered mining facility in the U.S. is hashing!!! $WULF https://t.co/tLndh2bKOz@BitcoinMagazine @BTCTN @keremkaradagcom @crypto @decryptmedia @benzingacrypto @BTC_Archive — TeraWulf (@TeraWulfInc) March 6, 2023 The Nautilus Cryptomine directly sources carbon-free…

White House ‘aware of the situation’ at Silvergate, says spokeswoman

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The Biden Administration is “aware of the situation” at Silvergate and will continue to monitor reports on the troubled bank as it unfolds, according to a White House spokesperson. Speaking at a press briefing on March 6, Press Secretary Karine Jean-Pierre said the White House hasnoted that Silvergate marked another major crypto firm to “experience significant issues” in recent months but declined to go into further specifics on the firm. “In recent weeks, banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto,” she…

White House ‘aware of the situation’ at Silvergate, says spokeswoman

The Biden Administration is “aware of the situation” at Silvergate and will continue to monitor reports on the troubled bank as it unfolds, according to a White House spokesperson. Speaking at a press briefing on March 6, Press Secretary Karine Jean-Pierre said the White House has noted that Silvergate marked another major crypto firm to “experience significant issues” in recent months, but declined to go into any further specifics on the firm. “In recent weeks banking regulators have released guidelines on how banks should protect themselves from risks associated with…