The recent settlement between Binance and the U.S. Department of the Treasury has sent shockwaves throughout the virtual currency industry. In a scathing statement, Secretary of the Treasury Janet Yellen accused Binance of willfully disregarding its legal obligations in favor of maximizing profits. The repercussions of Binance’s neglect are far-reaching and have facilitated the flow
Regulation
Binance, one of the leading cryptocurrency exchanges globally, recently released a statement regarding its resolution of investigations conducted by the U.S. Department of Justice (DOJ) and other regulatory agencies. In this statement, the company acknowledges its past shortcomings and admits to certain compliance violations. The resolution reached by Binance has allowed the company to move
The U.S. Securities and Exchange Commission (SEC) has recently taken legal action against cryptocurrency exchange Kraken. In a 90-page complaint, the SEC accused Kraken of operating as an unregistered securities exchange, broker, dealer, and clearing agency. The allegations state that Kraken has generated substantial revenue since 2018 by facilitating the trading of securities without proper
The year 2023 has witnessed a significant increase in the focus on digital asset regulation. Governments and regulatory bodies across the globe have proposed various legal frameworks to enhance the safety and integrity of the crypto industry. One notable example is the EU’s adoption of MiCA. However, despite the recognition of the importance of regulations
In a recent filing with the Securities and Exchange Commission (SEC), Fidelity Investments has thrown its hat into the ring by submitting a proposal for an Ethereum exchange-traded fund (ETF). This move follows their earlier proposal for a Bitcoin ETF, which showcases Fidelity’s interest and confidence in the cryptocurrency market. While Fidelity’s Ethereum ETF proposal
A recent report by Bloomberg analyst Eric Balchunas suggests that securities regulators are advising spot Bitcoin ETF applicants to handle funds in a specific manner. The report reveals that the Securities and Exchange Commission’s (SEC) Trading & Markets division has engaged with exchanges, urging ETFs to opt for cash creates instead of in-kind creations. This
Several American lawmakers have expressed their concerns to the U.S. Treasury regarding a proposed taxation scheme for digital assets. In a letter dated November 15th, these lawmakers highlighted the potential negative impact of the proposed scheme on innovation and the digital asset ecosystem. The concerns specifically relate to the taxation rules that were put forward
Commerzbank, a leading German bank, has achieved a significant milestone by obtaining a cryptocurrency custody license from national regulators. Not only does this mark the first instance of a full-service bank in Germany obtaining such approval, but it also highlights the bank’s commitment to adopting cutting-edge technologies and innovations in the digital asset sector. This
Crypto.com recently announced that it has secured a Virtual Assets Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This significant milestone allows the exchange to offer regulated digital asset services, reinforcing Dubai’s reputation as a leading crypto-friendly hub. Advantages of the VASP License By obtaining the VASP license, Crypto.com gains permission
Ripple CEO Brad Garlinghouse recently criticized the U.S. Securities and Exchange Commission (SEC), stating that its actions towards the crypto industry have failed in protecting investors. Speaking at the Ripple Swell conference in Dubai, Garlinghouse raised concerns about the SEC’s focus and questioned who exactly the watchdog was protecting during its regulatory journey. The CEO
