Tag: Regulation

US State Regulator Warns About Crypto Interest-Bearing Accounts Amid Market Downturn – Regulation Bitcoin News

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The financial regulator of the U.S. state of Arizona has warned investors about crypto interest-bearing accounts. “Some companies may materially overstate the degree to which their collateral practices protect their ability to pay investors the stated return,” the regulator said. State Regulator Warns About Crypto Interest-Bearing Accounts The Arizona Corporation Commission issued an investor alert this week, warning about “digital asset financial services companies that offer interest-bearing crypto-asset accounts.” The regulator explained: “With crypto-interest accounts, customers lend crypto assets to the company and, in exchange, receive interest paid in crypto…

South Korean Prosecutors Raid Home of Terraform Labs Co-Founder – Regulation Bitcoin News

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A team of South Korean prosecutors recently raided the home of Terraform Labs co-founder Shin Hyun-seong. During an earlier raid that targeted 15 places, including seven cryptocurrency exchanges, the prosecutors reportedly secured terra transaction data. Seven Cryptocurrency Exchanges Targeted South Korean prosecutors investigating the spectacular collapse of Terra’s LUNA cryptocurrency reportedly raided the home of Terraform Labs co-founder Shin Hyun-seong on July 22. According to a report, the raid on Do Kwon’s fellow co-founder’s home came a day after 15 other places, including seven cryptocurrency exchanges, were similarly targeted by…

SEC Criticized for How It Regulates Crypto — Chair Gensler Says Most Crypto Tokens ‘Have Attributes of Securities’ – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has been heavily criticized for its approach to regulating the crypto sector. The criticism followed the securities regulator’s action against a former Coinbase employee in an insider trading case, in which the SEC named nine crypto tokens listed on Coinbase as securities. SEC Slammed for Regulation by Enforcement The U.S. Securities and Exchange Commission (SEC) has been heavily criticized for taking an enforcement approach to regulating the crypto sector after the regulator charged a former Coinbase employee in an insider trading case. In…

Credit Cards Should Not Be Used for Crypto Transactions, Taiwan’s Financial Watchdog Says – Regulation Bitcoin News

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The financial regulator of Taiwan has asked local banks not to allow the use of cards for payments in transactions involving cryptocurrencies, local media revealed. The authority says these assets are risky while associated cash flows are hard to monitor. Taiwanese Regulator Urges Banks Not to Allow Crypto-Related Payments With Bank Cards Taiwan’s Financial Supervisory Commission (FSC) has told credit card issuers and banks to effectively prevent their customers from using credit cards as a payment instrument in transactions linked to cryptocurrencies, according to a report published by the business…

Argentinian Government Excludes Crypto Investors From Buying Dollars – Regulation Bitcoin News

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The Argentinian Central Bank has issued a new set of restrictions that are affecting citizens and companies that have purchased cryptocurrency to use it as a hedge against currency devaluation. The bank will only sell dollars at an official rate to individuals and companies that have not purchased crypto for at least 90 days prior to the operation, with the objective of curbing the rise in the exchange rate. Argentinian Crypto Users Excluded From Buying Dollars in Official Markets The Argentinian government is trying to stop the escalade…

Ukraine’s New Fiat Restrictions to Boost Popularity of Crypto, Industry Says – Regulation Bitcoin News

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The central bank of Ukraine has adjusted the fixed exchange rate of the national currency in U.S. dollars and introduced stricter limits on hryvnia transactions for citizens. The measures are likely to turn more Ukrainians to cryptocurrencies, according to a representative of the local crypto sector. War-Time Hryvnia Limits Expected to Increase Interest in Cryptocurrency The National Bank of Ukraine (NBU) has introduced new rules in response to the changing fundamentals of the country’s economy during an ongoing military conflict with Russia. The monetary authority devalued the Ukrainian hryvnia against…

Finland Sells 1,889 Seized Bitcoins for $47 Million — Proceeds Going to Ukraine – Regulation Bitcoin News

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Finland has sold 1,889 bitcoins seized in narcotic cases for 46.5 million euros ($47.4 million). The country’s finance minister previously said that the bitcoin sale proceeds will go to Ukraine for humanitarian aid and reconstruction as its war with Russia continues. Finland Sells Bitcoin Seized From Narcotic Offenses Finnish Customs (aka Tulli), the customs service of the government of Finland, announced Thursday that it has sold “legally forfeited” bitcoins. “During the summer, Finnish Customs has realized its cryptocurrencies that had been legally forfeited to the state,” the announcement details, elaborating:…

Coinbase Disputes SEC’s Allegation That the Exchange Lists 9 Crypto Securities – Regulation Bitcoin News

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Nasdaq-listed crypto exchange Coinbase has disputed the allegation by the U.S. Securities and Exchange Commission (SEC) that nine of the crypto assets traded on its platform are securities. The company’s chief legal officer stressed: “Coinbase does not list securities. End of story.” Coinbase Insists It Does Not List Crypto Asset Securities The U.S. Securities and Exchange Commission (SEC) alleged that cryptocurrency exchange Coinbase listed nine crypto asset securities in a complaint filed Thursday. The securities regulator charged a former Coinbase employee with “violating the antifraud provisions of the securities laws”…

US Court Convicts ‘My Big Coin’ Founder in $6 Million Fraudulent Cryptocurrency Scheme – Regulation Bitcoin News

A federal jury has convicted the founder of “My Big Coin” in a fraudulent scheme that swindled $6 million from cryptocurrency investors. The defendant made several false claims, including that the coins were backed by gold and that the company had a partnership with Mastercard. My Big Coin’s Founder Convicted The U.S. Department of Justice (DOJ) announced Thursday that the founder of My Big Coin Pay Inc. (aka My Big Coin), Randall Crater, has been convicted in a cryptocurrency fraud scheme. The 51-year-old from East Hampton, New York, defrauded investors…

US Lawmaker Urges SEC to Go After Major Crypto Exchanges That Traded XRP – Regulation Bitcoin News

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U.S. Congressman Brad Sherman has urged the U.S. Securities and Exchange Commission (SEC) to go after major cryptocurrency exchanges that traded xrp, which the regulator deems a security. “It’s easier to go after the small fish than the big fish, but the big fish operating major exchanges did many, many tens of thousands of transactions with xrp,” said the lawmaker. US Lawmaker Urges SEC to Focus on Major Crypto Exchanges Congressman Brad Sherman (D-CA), chairman of the House Financial Services Subcommittee on Investor Protection, held a hearing Wednesday to examine…