Tag: NonCompliance

Gensler testimony — Crypto enforcement actions driven by “wide-ranging noncompliance”

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The United States House Financial Services Committee will hear how the Securities and Exchange Commission is changing its oversight and rules to keep pace with technological advancements, including cryptocurrencies and artificial intelligence. SEC Chair Gary Gensler is set to outline how the U.S. securities regulator is updating its rules to align with “technology and business models of the 2020s.” As is customary, Gensler’s opening remarks have been published ahead of the Sept. 27 hearing, outlining the SEC’s wider oversight of securities and exchanges in the United States. There is particular interest…

SEC’s Gensler accuses crypto industry of ‘wide-ranging non-compliance’

In written remarks submitted ahead of a hearing before the US Senate Banking Committee, SEC Chair Gary Gensler has once again reiterated his stance on crypto. The US Securities and Exchange Commission (SEC) Chairman, Gary Gensler, doesn’t seem to change his mind on crypto despite the recent challenges the regulator faced in court. In a written testimony submitted ahead of a hearing before the US Senate Banking Committee, the SEC boss has once again doubled down on his position against the industry. He said that “most crypto tokens are subject…

Binance To Delist These Three Tokens In August Due to Non-Compliance

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The world’s largest exchange Binance announced on Tuesday, August 15, intentions to delist three tokens from its trading platform. According to the exchange’s official statement, it regularly conducts a periodic review of all cryptocurrencies and trading products on its platform, ensuring they are of the highest standards in order to protect its customers’ interests. This review is based on certain factors, including trading volume and liquidity, network stability, network security against attacks, and the project’s team commitment, among others.  Based on the results of their latest reviews, Binance states the following…

US SEC chair says crypto riddled with fraud and non-compliance

US Securities and Exchange Commission (SEC) chair, Gary Gensler, is concerned about the pervasive fraud and regulatory non-compliance in crypto. In a recent Bloomberg interview, Gary Gensler aired his concerns about the risks associated with crypto investments. His comments come on the back of an impactful court decision related to XRP’s status as a security, which ran contrary to the commission’s viewpoint. During the interview, the SEC chair expressed concerns about the crypto market, highlighting the prevalence of fraud and individuals trying to deceive others. He also emphasized that the…

Dubai withdraws crypto exchange’s license for non-compliance

Dubai’s digital asset regulator, the Virtual Asset Regulatory Authority (VARA), has suspended crypto exchange BitOasis from operating in the region. The regulatory body accused BitOasis of failing to meet the necessary regulatory requirements, prompting the suspension that took effect on July 10. You can continue using BitOasis, knowing your assets are safe and secure, held 1-to-1, and our team will continue working closely with VARA and remediate all outstanding post-licensing conditions of our operational MVP license, and work towards a full market product (FMP) license — BitOasis (@bitoasis) July 11,…

Three Aussie crypto funds halted as regulator cites non-compliance

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Australia’s chief financial market regulator has placed interim stop orders on three cryptocurrency-related funds set to be offered to retail investors, due to non-compliant target market determinations (TMDs). In a media release dated Oct. 17 local time, the Australian Securities and Investments Commission (ASIC) said it has placed interim stop orders on three of Australian asset manager Holon’s crypto funds — which separately aim to invest in Bitcoin (BTC), Ethereum (ETH), and FileCoin (FIL). A target market determination is a document that describes who a product is appropriate for, based…

Japan Lays Outs Penalties on Crypto Exchanges for Non-Compliance With Russia Sanctions: Report

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Binance Turkey fined 8M lira for non-compliance against money laundering

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The Financial Crimes Investigation Board (MASAK), which serves as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, found crypto exchange Binance’s Turkey operations guilty of violating laws that intend to prevent the laundering of money acquired through criminal means. According to local news media Anadolu Agency, MASAK carried out an audit of Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law. The AML Law in Turkey requires companies to identify and verify the personal identification information of the customers on…