Tag: Regulation

New York Regulator Calls Crypto Theories Associated With Signature Bank Closure ‘Ludicrous’ – Regulation Bitcoin News

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Adrienne A. Harris, the superintendent of New York’s Department of Financial Services, has branded as “ludicrous” the claims that the closure of Signature Bank was related to its crypto business. Harris insisted that the bank’s “high percentage of uninsured deposits” and insufficient liquidity were some of the reasons why it was closed. Signature Bank’s Liquidity Challenges Head of the New York State’s Department of Financial Services (DFS), Adrienne A. Harris, recently reiterated the regulator’s stance that the closure of Signature Bank had nothing to do with its crypto banking business.…

Indian Government Answers Questions About Crypto Legalization, Fraud Prevention – Regulation Bitcoin News

The Indian government has responded to parliamentary questions about the legalization of cryptocurrency and the steps it has taken to prevent crypto-related fraud. “Crypto assets are currently unregulated in India. Frauds relating to crypto are dealt with under extant laws against fraud and cybercrime,” the Minister of State for the Ministry of Finance told parliament. Indian Ministry of Finance on Crypto Legalization The Indian government answered two sets of crypto-related questions in Lok Sabha, the lower house of India’s parliament, on Monday. The first set asks the Minister of Finance…

Central Bank of Sri Lanka Warns of ‘Significant Risks’ in Using and Investing in Crypto – Regulation Bitcoin News

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Sri Lanka’s central bank has issued a warning about “the significant risks associated with using and investing in cryptocurrency.” The central bank reminded the public that “cryptocurrencies are unregulated investment instruments which are not recognized as an asset class in Sri Lanka.” Sri Lanka’s Crypto Warning The Central Bank of Sri Lanka (CBSL) issued a notice last week, warning the public of “the significant risks associated with using and investing in cryptocurrency.” The Sri Lankan monetary authority explained that it recently received complaints showing that “members of the public have…

US Justice Department Seizes Cryptocurrency Worth $112 Million in ‘Pig Butchering’ Crackdown – Regulation Bitcoin News

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The U.S. Department of Justice (DOJ) says it has seized cryptocurrency worth over $112 million linked to fraudulent investment schemes known as “pig butchering.” According to court documents, the seized crypto accounts were allegedly “used to launder proceeds of various cryptocurrency confidence scams,” the Justice Department said. $112 Million in Crypto Seized by DOJ The U.S. Department of Justice (DOJ) announced Monday that it has seized cryptocurrency worth more than $112 million “linked to cryptocurrency investment scams.” Noting that the Federal Bureau of Investigation (FBI) Phoenix Division is investigating this…

Regulators Should Heed Crypto Risks When Innovating Regulation, Says Chinese Central Bank Official – Regulation Bitcoin News

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A senior People’s Bank of China (PBOC) official has urged regulators to consider cryptocurrency risks and fraud that could lead to bank failures when innovating regulation. The Chinese official highlighted the recent collapse of U.S. banks that provided services to crypto customers as an example. “The regulation philosophy, technology, and capability must be upgraded to ensure financial innovation won’t come at the cost of financial stability,” he stressed. Chinese Central Banker on Crypto Risks and Bank Failures Xuan Changneng, a deputy governor at the People’s Bank of China (PBOC), the…

Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty – Regulation Bitcoin News

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Cryptocurrency exchange Bittrex is shutting down its U.S. operations due to “continued regulatory uncertainty” as U.S. regulators increase their enforcement efforts against cryptocurrency trading platforms. Regulatory requirements currently “are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape,” Bittrex described. Bittrex Exiting U.S. Crypto Market Cryptocurrency exchange Bittrex announced the shutdown of its U.S. operations on Friday. The exchange tweeted: Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023. “All funds are…

Jim Cramer Advises Against Using Binance — Says Crypto Exchange Is ‘Way Too Sketchy’ – Regulation Bitcoin News

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The host of Mad Money, Jim Cramer, has warned investors about using cryptocurrency exchange Binance, stating that the crypto trading platform is “way too sketchy.” Cramer cited former regulator Timothy Massad, who previously served as chairman of the U.S. Commodity Futures Trading Commission (CFTC). The regulatory agency recently took action against Binance and its CEO, Changpeng Zhao (CZ). Jim Cramer Warns About Binance The host of CNBC’s Mad Money show, Jim Cramer, cautioned investors about using cryptocurrency exchange Binance on Friday. Cramer is a former hedge fund manager who co-founded…

Ripple CEO Slams SEC Chair Gensler for Dictating Which Crypto Tokens Are Securities – Regulation Bitcoin News

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Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency’s power. “It’s time for elected officials in the U.S. to take notice,” the Ripple executive stressed. Ripple’s CEO Slams SEC Chair Gensler Over What’s a Security The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens…

White House to tighten banking regulation amid crypto resurgence

The US government is tightening its banking and AI regulations as cryptocurrencies profit from the recent US banking crisis. In a March 30 press briefing, White House press secretary Karine Jean-Pierre announced that the president had directed banking agencies to consider a series of reforms to reduce the risk of future banking crises. This announcement comes on the heels of public concern over recent bank failures attributed by experts to the weakening of regulatory measures under the Trump administration. The proposed reforms include stronger liquidity and capital requirements, more rigorous…

South Korean National Assembly to Pass Digital Asset Law in April – Regulation Bitcoin News

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After several failed attempts in the past, the South Korean National Assembly is now expected to pass its digital asset market regulation in April, a report has said. Kim Hee-gon, a member of the Political Affairs Committee’s first subcommittee, said the prospects of this happening were bolstered after members agreed to narrow their differences. Politicians Narrow Their Differences According to a Korean media report, the country’s National Assembly is now expected to pass the digital asset market regulation bill. As stated in the report, the passage of the bill by…