Tag: Report

Thai SEC files police report on Zipmex, alleging ‘incomplete’ info for compliance procedures

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Thailand’s Securities and Exchange Commission, or SEC, has accused crypto exchange Zipmex and its co-founder Akalarp Yimwilai of non-compliance with local laws and referred the matter to the police. In a Wednesday announcement, the Thai SEC alleged Zipmex had not provided information on digital wallets and crypto transactions in compliance with the country’s Digital Assets Act. The regulator claimed that both Akalarp and the exchange forwarded incomplete information outside of an approved timeframe without providing a “reasonable cause” or excuse. “Such actions by Zipmex and Mr. Akalarp are considered to…

Trademark applications for crypto, NFTs, and metaverse surge in 2022: Report

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The number of U.S. trademarks filed related to cryptocurrencies, nonfungible tokens, Web3, and the metaverse since January have reportedly passed those in 2021. According to data compiled by intellectual property lawyer Mike Kondoudis on Tuesday, individuals and businesses filed more than 3,600 trademark applications with the United States Patent and Trademark Office for cryptocurrencies and crypto-related services as of Aug. 31, compared to 3,516 in 2021. In addition, Kondoudis reported that the number of nonfungible token, or NFT, applications had surged even higher — more than 5,800 in 2022 compared…

Basketball star for a crypto launderer? Alexander Vinnik’s lawyers considers prisoner swap: Report

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The legal team for Alexander Vinnik, a Russian national recently extradited to the United States for his alleged role at defunct crypto exchange BTC-e, has reportedly been urging officials to consider a prisoner swap.  According to a Monday report from Reuters, a lawyer representing Vinnik called on Russian foreign minister Sergey Lavrov to conduct negotiations with U.S. officials to bring the accused Bitcoin (BTC) launderer back to his home country. Russian authorities currently have several U.S. citizens in custody under questionable charges, including basketball star Brittney Griner, educator Marc Hilliard Fogel…

Russia Exploring Stablecoin Settlements With Friendly Nations: Report

Tass quoted Russia’s Deputy Finance Minister Alexey Moiseyev as saying “We are currently working with a number of countries to create bilateral platforms in order not to use dollars and euros. We offer mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries.” Source

UK regulators target Revolut for ‘material misstatement’ in audit: Report

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The United Kingdom’s Financial Reporting Council has reportedly found flaws in the audit of cryptocurrency-friendly payments app Revolut that included an “unacceptably high” risk of “material misstatement.” According to a Monday report from the Financial Times, the U.K. Financial Reporting Council criticized the results of a Revolut audit released in July by accountancy and business advisory firm BDO, claiming the company had an “inadequate” approach to revenue recognition and “the risk of an undetected material misstatement was unacceptably high.” The financial regulator reportedly said BDO had inadequately tested Revolut’s payment…

Netflix bans crypto commercials on ad-based streaming service: Report

Streaming giant Netflix has reportedly banned cryptocurrency-related commercials on its ad-supported subscription tier, which is scheduled to launch in November months ahead of schedule.  Citing local sources, The Sydney Morning Herald reported Monday that Netflix has decided to reject all advertising campaigns related to politics, gambling and cryptocurrency on its new subscription tier. The new tier will also not run ads selling products to children. The same sources indicated that restrictions on pharmaceutical ads were also being considered. According to Variety, Netflix has moved up the timeline for launching its…

Australian Federal Police Forms Cryptocurrency Unit to Tackle Money Laundering, Offshoring: Report

“It’s targeting assets, but it’s also providing that valuable, investigative tracing capability and lens for all of our commands across all of our businesses, whether they’re national security-related, child protection, cyber – or the ability to trace cryptocurrency transactions across the relevant blockchains is really, really important,” Jerga said, according to the report. Source

Revolut Said to Be Under Pressure From Regulator Over Risk of ‘Material Misstatement’ in Auditing: Report

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Bank of Russia agrees to legalize crypto for cross-border payments: Report

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The Bank of Russia, the country’s central bank, has reportedly admitted that cross-border payments in crypto are inevitable in the current geopolitical conditions. The Russian central bank has been rethinking the approach to regulating crypto and agreed with the finance ministry to legalize crypto for cross-border payments, the local news agency TASS reported on Sept. 5. Deputy finance minister Alexei Moiseev reportedly said that the Bank of Russia and the finance ministry expect to legitimize cross-border payments in crypto soon. Moiseev outlined the importance of enabling local crypto services in…