Tag: Regulation

SEC Halts $62 Million Crypto Mining, Trading Scheme — DOJ Indicts Founder – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has halted a $62 million global cryptocurrency trading and mining scheme and the Department of Justice (DOJ) has indicted its CEO and founder. If convicted of all counts, he faces a maximum total penalty of 45 years in prison, the Justice Department. SEC Halts $62M Global Cryptocurrency Fraud Scheme The US Securities and Exchange Commission (SEC) announced Friday that it has halted a fraudulent crypto mining and trading scheme. The SEC charged MCC International (aka Mining Capital Coin), its founders (Luiz Carlos Capuci…

Apartment Sold for Bitcoin in Portugal After New Regulation Allows Property Deals in Crypto – Bitcoin News

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An apartment in Portugal has changed hands, with the buyer paying directly in cryptocurrency in a reported first for the country. The home was purchased for 3 bitcoins without conversion to euros, under a new regulation permitting real estate deals with digital currencies. Buyer Pays With Bitcoin for Apartment in Braga, Portugal A three-room (two-bedroom) apartment in the Portuguese city of Braga has been bought with cryptocurrency without any conversion to fiat money. Local media reports have described the deal as a first in the history of the country’s real…

SEC Fines Nvidia $5.5 Million for Failing to Disclose Crypto Mining Significantly Boosted Its Revenue – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty. Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth The U.S. Securities and Exchange Commission (SEC) announced settled charges against technology company Nvidia Corporation Friday “for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.” The securities watchdog explained that during consecutive quarters in…

US Treasury Sanctions First Crypto Mixer – Regulation Bitcoin News

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued its first-ever sanctions on a crypto mixer. The mixing service was used by Lazarus Group to process illicit proceeds from the $620 million crypto heist of the online game Axie Infinity, said the Treasury Department. Treasury Department Sanctions Crypto Mixer The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Friday that it has sanctioned crypto mixer Blender.io (Blender). According to the OFAC, this mixing service is used by the Democratic People’s Republic…

Central Bank of Argentina Bans Private Banks From Offering Cryptocurrency Services – Regulation Bitcoin News

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The Central Bank of Argentina has taken steps to ban private banks from offering cryptocurrency services to customers in the country. The action comes after two banks had started offering cryptocurrency purchasing services from their apps. The measure is said to be directed at mitigating risks associated with cryptocurrency assets. Central Bank of Argentina Closes Banking Crypto Offers The Central Bank of Argentina is tightening its permissive attitude when it comes to the links between cryptocurrency assets and private banks. The institution has issued a document that deals…

The United States turns its attention to stablecoin regulation

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The United States continues to be a global leader in embracing the cryptocurrency industry thanks to the work of Sen. Patrick Toomey, with the White House being at the forefront of crypto regulation. Last year, President Joe Biden signed a $1.2 trillion bipartisan infrastructure bill — and it included some new legislation that would impact the crypto sector. And more recently, the U.S. president announced a “whole-of-government” approach to regulating cryptocurrency in an across-the-board executive order directing multiple government agencies to answer specific questions on cryptocurrencies. The U.S. for the…

The Ukraine invasion shows why we need crypto regulation

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Shortly after the Russian invasion of Ukraine began, the Ukrainian government tweeted a request for funds in the form of Bitcoin (BTC), Ether (ETH) and Tether (USDT). The total received now stands at more than $60 million, according to Michael Chobanian, founder of Kyiv-based Kuna Exchange and president of the Blockchain Association of Ukraine, who posts regular updates via his Twitter account. Unlike support being pledged by governments around the world, these funds were available to the Ukrainian military within minutes — not weeks. For individuals, cryptocurrencies can provide a…

US Court Fines Bitmex’s Founders $30 Million for Operating Illegal Crypto Platform – Regulation Bitcoin News

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The founders of Bitmex have been ordered to pay $30 million “for illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations.” Arthur Hayes, Benjamin Delo, and Samuel Reed must pay $10 million each. Bitmex’s Founders Fined $30 Million The Commodity Futures Trading Commission (CFTC) announced Thursday that the U.S. District Court for the Southern District of New York has ordered Bitmex’s founders to pay a total of $30 million dollars “for illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations.” Noting that the three Bitmex co-founders…

US Senator Introduces Bill Prohibiting Labor Department From Interfering With Crypto in Retirement Accounts – Regulation Bitcoin News

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A U.S. senator has introduced a bill to prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments investors can choose in their retirement plans, including cryptocurrency. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” the lawmaker stressed. Financial Freedom Act The issue of what investments Americans can put in their retirement accounts has become a hot topic in Washington. In March, the Department of Labor issued guidance warning employers and investment firms against allowing cryptocurrency investments in retirement plans.…

Spanish Securities Regulator Orders Binance to Stop Offering Cryptocurrency Derivatives – Regulation Bitcoin News

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The Spanish securities regulator, the CNMV, has ordered Binance to stop offering cryptocurrency derivative products to customers in the country. According to local media, the crypto exchange giant has followed the orders of the regulator, withdrawing these products from its customers in Spain. Spanish Securities Regulator Sets Eyes on Binance The CNMV, which is the Spanish securities regulator, is putting more pressure on exchanges offering cryptocurrency-linked derivatives in the country. Binance, one of the biggest exchanges in the world by volume traded, has been required to drop the…