The collapse of FTX, Terra, and Three Arrows have led authorities to frame regulations or guidance to protect customers from inadequacies in the digital asset industry. The HKMA document says firms should hold clients’ digital assets in separate accounts segregated from the firm’s own assets in the event of insolvency. Companies should prevent the use of client assets for the firm’s accounts. Source
The platform Bakkt said that if it fails to raise money through debt financing or equity dilution, it will not have enough funds to continue operations. In disclosing risks to the U.S. Securities and Exchange Commission (SEC), platform Bakkt questioned whether it could ensure its financial stability next year. Current reserves, including restricted cash, may need to be increased to support operations through 2025. Founded in 2018, the company provides custodial services for institutional and retail investors interested in exposure the crypto, operating under the Bakkt Trust Company LLC, functioning…
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TUSD went as low as 96 cents as Binance data shows traders apparently sold over $300 million worth in the past 24 hours. Source
SEC Chairman Gary Gensler’s recent crypto warnings coincide with major asset managers filing for Bitcoin ETF approval, signaling regulatory scrutiny. SEC Chairman Gary Gensler recently delivered a series of warnings through a Twitter thread, urging potential investors in crypto assets to be mindful of the risks and regulatory landscape. In his thread, Gensler stated, “Those offering crypto asset investments/services may not be complying w/ applicable law, including federal securities laws.” He emphasized that investors in crypto asset securities might be deprived of key information and essential protections. A thread 🧵…
Singapore’s prime minister Lee Hsien Loong warned the public about a deepfake video, depicting him promoting a crypto scam ‘envisioned by Elon Musk.’ In an X post on Dec. 29, Singapore‘s prime minister Lee Hsien Loong has issued a public warning that addressed the emergence of deepfake videos depicting him promoting crypto scams with the help of artificial intelligence (AI) to mimic his voice and image. Recently, there have been a number of audio deepfake videos that use AI technology to mimic my voice to promote crypto scams. If you…
Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex are the nine exchanges. The government has also taken the first steps to block the URLs of “said entities that are operating illegally without complying with the provisions of the PMLA in India.” Source
Responsible persons include anyone “exercising control or sufficient influence over a financial product offered, financial service provided, or financial activity engaged in (or over products, services, and activities that behave like, or have been substituted by investors for, financial products, services, and activities) by the DeFi arrangement.” Source
Enforcement notice issued to Greater Manchester Police over failure to clear Freedom of Information backlog Force could be found in contempt of court if it fails to comply The ICO has today issued an enforcement notice to Greater Manchester Police (GMP) for repeated failures to respond to Freedom of Information Act requests. GMP currently has a backlog of 850 overdue requests. Of these, more than 800 are over six months old and 580 are over a year old. The oldest open request was submitted almost two and a half years…
Adobe’s $20 billion bid to buy its competitor Figma has been officially terminated. Last year, Adobe Inc (NASDAQ: ADBE) revealed its plans to pay $20 billion in cash and stock to acquire Figma, a popular cloud-based design platform. This would have not only increased Adobe’s market share but also its market power, which causes concerns among regulators. Now, Adobe and Figma have announced that they will be scrapping the deal due to the regulators’ concerns and demands. Adobe Exiting the Deal with Figma Adobe is already a global leader in…