“The APPG supports the position of HM Treasury that cryptocurrency and digital assets are best regulated, in so far as is possible and appropriate, within existing and new financial services regulations, which has a track record in mitigating risks to consumers and investors,” the report said. Source
Day: June 8, 2023
Stablecoin Regulation Is a Sticking Point Between the G-7 and G-20
Global leaders appear to have reached a consensus on setting up universal rules and standards for most aspects of the crypto sector save for the treatment of stablecoins. Source
GameStop fires CEO Matt Furlong months after axing crypto push
GameStop has fired its CEO Matt Furlong, the executive responsible for launching the company’s push into nonfungible tokens (NFTs). According to a June 7 statement, Furlong was terminated, while Ryan Cohen — a billionaire investor held in high esteem by memestock traders following the notorious GameStop short squeeze in 2021 — was promoted to the role of executive chairman. Minutes after the company announced Furlong’s termination, Cohen tweeted a cryptic message stating, “Not for long.“ Not for long — Ryan Cohen (@ryancohen) June 7, 2023 The company did not provide a…
New UK regulations mandate crypto ads to carry risk warnings
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The UK’s Financial Conduct Authority (FCA) has introduced new rules requiring crypto firms to include risk warnings in ads and offer a ‘cooling off’ period for novice investors. In a move aimed at strengthening consumer protection in cryptocurrency, the Financial Conduct Authority (FCA), the UK’s financial watchdog, declared that crypto companies must incorporate clear risk warnings in their advertising starting October 8. The new regulations also dictate that these companies offer first-time investors a “cooling off”…
Binance Redirected $12B to Firms Controlled by CEO Changpeng Zhao, SEC Says
SEC says billions in customer funds were directed to Zhao’s firm Merit Peak via a holding company called Key Vision Development Limited. Source
Meet the judges that will preside over Coinbase and Binance’s SEC lawsuits
Court filings have revealed the names of the two United States District Court Judges that will preside over the Coinbase and Binance lawsuits brought against them by the U.S. Securities and Exchange Commission. The case of SEC v Coinbase will be heard by District Court Judge Jennifer H. Rearden in the Southern District of New York, filings show. Meanwhile, District Court Judge Amy Berman Jackson will tackle the case of SEC v Binance in the District of Columbia, according to recent filings. SEC v Coinbase: Judge Jennifer H. Rearden Judge…
Major Australian bank to decline ‘certain’ payments to crypto exchanges
Commonwealth Bank (CBA), the largest bank in Australia, has said it will decline or temporarily hold certain payments to cryptocurrency exchanges, citing the risk of scammers. The move comes amid two major global exchanges facing a lawsuit from the United States securities regulator and is just a few weeks after another major Australian bank, Westpac, banned customers from transacting with crypto exchange Binance. On June 8, CBA said it would decline or put a 24-hour hold on “certain payments to cryptocurrency exchanges.” The bank did not explain which exchanges or…
Do Kwon could serve prison in both US and South Korea, prosecutor says
Terraform Labs co-founder and CEO Do Kwon may be subject to multiple sentences in the United States and South Korea, according to a senior South Korean prosecutor heading the investigation. It is understood that Kwon is currently serving house bail in Montenegro, after having his bail proposal granted by a Montenegro court on June 5. Both Kwon and Terraform Labs’ chief financial officer Han Chang-Joon are legally required to reside at Chang-Joon’s legal residence in Montenegro while a decision about extradition is made. Speaking to Bloomberg, Dan Sunghan revealed that Kwon’s extradition to…
EMAX class action against Kim K and Mayweather is back on, says judge
Celebrity defendants Kim Kardashian and Floyd Mayweather are back on the hook for a class action lawsuit that alleges their improper promotion of the now-defunct crypto token EthereumMax (EMAX). While the class-action suit was brought against the pair in January 2022 for allegedly promoting a “pump and dump” scheme, it was dismissed by a federal judge in California in December 2022. However, in a new ruling on June 6, U.S. District Judge Michael Fitzgerald refused to throw out the plaintiff’s “unfair competition” claims against reality TV star Kardashian and boxing champion…
Solana price prediction, DeFi exchange, Tradecurve, gearing up for a rally
Solana, initially introduced as a potential competitor to Ethereum, garnered significant attention in the cryptocurrency industry as a promising blockchain platform. However, the platform’s association with the now-bankrupt cryptocurrency exchange, FTX, and network shutdowns in 2022 impacted investor confidence, subsequently influencing the price of its native token, SOL. Despite the challenges faced in the past, SOL prices have shown signs of recovery in 2023, leading the Solana community to anticipate further price gains. Concurrently, the token of Tradecurve, a new decentralized finance (DeFi) exchange, could surge in its ongoing presale.…