U.S. lawmakers are urging the Justice Department to investigate Binance and Tether over allegations of facilitating significant illicit financing to terrorist groups, including Hamas. Senators Cynthia M. Lummis and Representative French Hill have called for decisive action if the firms are found complicit. This article examines the potential consequences of such an investigation and emphasizes
Regulation
The U.K.’s Financial Conduct Authority (FCA) has encountered numerous challenges in ensuring compliance with its newly implemented crypto promotion requirements. These rules, which were put into effect on October 8th, aim to protect consumers by mandating companies to inform users about the risks associated with investing in certain crypto products. In addition, the FCA prohibits
The recent surge in applications for spot Bitcoin exchange-traded funds (ETFs) by major asset managers like BlackRock and Fidelity reflects the increasing interest in these investment vehicles. The U.S. Securities and Exchange Commission (SEC) Commissioner, Hester Peirce, discussed the growing trend in a conversation with CNBC on October 23. In this article, we will delve
Hong Kong’s Customs and Excise Department is taking steps to tighten regulatory measures in response to the money-laundering risks associated with cash-for-crypto shops. The move comes after several store owners were arrested in connection with an alleged $192.7 million fraud involving the JPEX crypto exchange. These over-the-counter (OTC) cryptocurrency exchange shops currently operate without licensing
In a recent development, the Federal Bureau of Investigation (FBI) has taken action against an unlicensed money-transmitting business that utilized cryptocurrencies as a tool for money laundering. According to court filings dated October 18, six individuals were charged with conspiracy and the operation of an unlicensed money-transmitting business. This illicit operation involved converting Bitcoin and
In a recent move, Grayscale Investments has filed an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) to register shares of Grayscale Bitcoin Trust (GBTC). The intention behind this filing is to list the shares on NYSE Arca under the GBTC symbol, reflecting the company’s aspiration to gain regulatory compliance and raise
In a significant move towards regulating crypto-assets, the Council of the European Union (EU) has adopted a directive aimed at enhancing cooperation amongst national taxation authorities. This directive, announced on October 17th, marks a proactive approach to navigate the ever-evolving digital economy. With comprehensive amendments to EU rules on administrative cooperation on taxation, the directive
The European Securities and Markets Authority (ESMA) recently issued a warning that investors in the European Union (EU) will not be adequately protected under the EU’s crypto asset market rules until the end of 2024, at the earliest. This comes despite the EU being the first global jurisdiction to endorse regulatory rules for crypto assets.
Cathie Wood, the CEO and CIO of ARK Invest, recently spoke about the pending spot Bitcoin ETF applications in an interview with CNBC. As ARK Invest is actively pursuing a spot Bitcoin ETF, Wood provided insights into the current state of her company’s application. She mentioned that they had responded to the SEC’s request for
California Governor Gavin Newsom has recently given his approval to a new cryptocurrency regulation bill, signaling a significant shift in his stance on digital assets. The legislation, known as the Digital Financial Assets Law, introduces stricter regulations for crypto businesses operating in California. These regulations are set to take effect in July 2025 and aim
