Day: June 16, 2023

CoinEx faces New York ban, ordered to pay $1.7m in penalties

Following a lawsuit, CoinEx, a cryptocurrency platform, has been prohibited from conducting operations in both New York and the US. The firm was then ordered to pay $1.7 million in penalties and refunds to affected individuals in New York. An agreement reached CoinEx, the cryptocurrency platform, has reached an agreement to settle a lawsuit that was filed against it in February by the state of New York.  🚨There are serious consequences for ignoring New York laws. As a result of our lawsuit, cryptocurrency platform @coinexcom is banned from operating in…

FTX founder Sam Bankman-Fried faces two criminal trials

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Criminal charges against FTX co-founder Sam Bankman-Fried have been split, with the former CEO now facing two separate trials for his alleged mismanagement of the crypto exchange. Bankman-Fried is facing a total of 13 charges relating to fraud, fraud conspiracy and bribery. A trial for all the charges was scheduled to begin on Oct. 2. Five of those charges will now be split off into a second trial on March 11, 2024, according to a June 15 ruling from United States District Court Judge Lewis Kaplan. The full text of Judge Kaplan’s…

Investors want crypto, but not without TradFi backing: Nomura survey

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Professional investors are still keen on crypto but want to see backing from large traditional financial institutions before taking the plunge themselves, a survey from Nomura’s digital asset arm has revealed. Institutional investor interest in crypto has stalled in recent weeks due to increasing regulatory uncertainty in the United States and its regulatory crackdown on the wider industry. In the Laser Digital Investor Survey conducted in April, 90% of professional investors polled said that it was important to have the backing of a “large traditional financial institution” for any crypto…

OKX-Affiliated OKCoin Accused by FDIC of Making False Claims About Customer Protections

The agency cited three examples of “false and misleading representations,” including a mention on its website that the Provenance Blockchain’s HASH token on OKCoin had “received broad regulatory acceptance from the SEC, OCC, FED, and the FDIC” and a  2020 posting to the company’s website, where it advertised itself as “Licensed across the US with FDIC insurance on OKCoin accounts.” It also cited a company official’s Twitter post that “if you are in the US we offer FDIC insurance on USD deposits.” Source

Crypto lender Abra has been insolvent since March, says Texas regulator

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Crypto lending firm Abra, which once handled more than $116 million in assets, had allegedly committed securities fraud and has been insolvent since March 31, according to Texas regulators. In a June 15 enforcement action — including an emergency cease and desist order — the Texas State Securities Board accused Abra and its founder William Barhydt of committing securities fraud as well as engaging in deception regarding the sale of investment products through its affiliates Abra Earn and Abra Boost. “The alleged misconduct includes the intentional concealment of financial information reflecting the…

U.S. Court Will Rule on Terraform Labs’ Push to Dismiss SEC Lawsuit Within a Month

CryptoX – Cryptocurrency Analysis and News Portal Senior Judge Jed Rakoff, of the U.S. District Court for the Southern District of New York, questioned whether there was a major questions issue, saying Congress intended to give the SEC broad regulatory authority when drafting the laws overseeing the agency. Original Source The post U.S. Court Will Rule on Terraform Labs’ Push to Dismiss SEC Lawsuit Within a Month appeared first on CryptoX. CryptoX Portal

Hong Kong as Crypto BTC Hub? The City’s Strict Banking Requirements May Be an Obstacle

“The city’s digital assets regulation is overall friendly and encourages banks to work with crypto companies, however, banks still currently have stringent requirements in place, which makes it difficult for crypto businesses to expand and grow,” Adrian Wang, founder, and CEO of Metalpha, a Hong Kong-based digital assets wealth management company, said to CoinDesk at the time. “We have yet to see major progress in the banking sector to embrace crypto. Hopefully, that will change soon.” Source

BlackRock applies for spot Bitcoin ETF — a US first, if approved

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BlackRock has filed an application for a Bitcoin spot exchange traded fund (ETF). The investment company is the world’s largest and it would be the first crypto spot ETF in the United States, if it receives approval. According to a filling by the Nasdaq stock exchange with the U.S. Securities and Exchange Commission (SEC), Coinbase Custody Trust Company would be the custodian of the fund’s Bitcoin holdings and Bank of New York Mellon would custody its fiat. BlackRock’s iShares Bitcoin Trust would be traded as Commodity-Based Trust Shares. According to the application filed on…