The US Consumer Financial Protection Bureau (CFPB) is taking steps to evaluate the application of the Electronic Fund Transfer Act (EFTA) to cryptocurrency platforms. The aim of this move is to enhance consumer protections in a market that has been plagued by significant hacks on platforms such as Axie Infinity, Crypto.com, and FTX. The increasing
Exchanges
The crypto intelligence firm Arkham Intelligence is currently in the hot seat due to the release of a report by whistleblower platform Crypto Leaks. The report, published on October 5th, contains explosive allegations against Arkham, accusing the company of leveraging vulnerabilities at major exchanges to obtain users’ personal information. In this article, we will critically
Binance, one of the largest cryptocurrency exchanges in the world, has been under scrutiny recently due to allegations of overstating the success of its initial coin offering (ICO) for Binance Coin (BNB) in 2017. An investigative report published in Forbes shed light on the discrepancies surrounding Binance’s ICO and revealed potential deceptive practices by the
In a recent turn of events, JPEx, a cryptocurrency exchange, has allegedly begun restricting withdrawals by converting user balances into a non-withdrawable cryptocurrency. The news, which surfaced on October 4th, has caused uproar among users who are now unable to access their Tether (USDT) holdings. Instead, their balances have been converted into JPC, JPEx’s proprietary
India is making significant efforts to establish itself as a dominant player in global cryptocurrency regulation. To strengthen the detection of cryptocurrency-related crimes, the country is reportedly developing a comprehensive global database that includes all crypto exchanges, including those on the dark web. This initiative is set to launch by March 2024, aligning with the
Coinbase, the popular cryptocurrency exchange, has recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Coinbase to extend its payment services in Singapore, enabling the exchange to provide digital token services to individuals and institutions in the country. The MPI license granted by MAS permits Coinbase
South Korea’s financial authorities are set to implement more stringent eligibility reviews for major shareholders in cryptocurrency exchanges. This move is reminiscent of the standards upheld within the banking sector and comes in response to recent legal issues involving shareholders of prominent domestic exchanges like Bithumb and Upbit. To address these concerns, the Financial Intelligence
A recent class action suit has targeted Fenwick & West, a law firm that previously provided services to FTX. However, in response, Fenwick has filed a legal defense seeking to dismiss the lawsuit. Let us delve into Fenwick’s arguments and analyze the grounds on which they defend themselves. First and foremost, Fenwick contends that the
Crypto exchange Bybit recently announced its decision to leave the U.K. market in response to the upcoming implementation of new crypto marketing rules by the Financial Conduct Authority (FCA). This article examines the implications of these regulations on Bybit’s operations and the challenges faced by crypto companies in the U.K. Bybit’s announcement on September 22
In a recent development, the Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Bit Trade Pty Ltd, the provider for Kraken Crypto Exchange. ASIC alleges that Bit Trade’s margin trading product has caused losses of approximately $12.95 million to Australian customers due to non-compliance with local laws. ASIC’s case revolves around Bit
