Search results: compliance

Celsius Network may have misled its investors and spent customer funds, an independent examiner said in a Tuesday court filing.

Tighter regulations are necessary but not enough. The industry also needs to address its issues with custody and transparency, writes Chen Zhuling of RockX.

Laws to prevent another FTX blowup, crackdowns on crypto tax cheats, and a ruling on Ripple are likely imminent. A bull’s eye is also on DeFi, writes Gergo Varga of SEON.

Hainan province, a popular tourist destination in South China, published a notice on Sunday vowing to step up oversight on non-fungible tokens, or “digital collectibles,” which authorities said come with risks of fraud, money laundering and illegal fundraising.

The Dutch central bank (DNB) has fined U.S.-based cryptocurrency exchange Coinbase €3.3 million (US$3.6 million) for failing to obtain correct registrations

Japan plans to introduce regulations by June this year that will allow domestic investors to trade certain stablecoins from overseas.

Crypto lender Nexo Capital has agreed to pay US$45 million in a settlement with the SEC and the NASAA, over allegations of failing to register its lending product,

Singapore-based digital asset manager Amber Group has cut its Hong Kong staff by half to 40 to weather a slump in cryptocurrency prices and a cascade of bankruptcies in the industry.

Top blockchain and crypto news: Where is Alameda Research’s money going? US tax loophole may give crypto investors a break. China’s blockchain momentum builds.

FTX liquidators may be behind the latest transactions from Alameda Research wallets, but someone else may have sent the first set of cryptocurrencies to decentralized exchanges.

“China Digital Asset Trading Platform,” a non-fungible token (NFT) marketplace developed by state-owned entities and a private sector firm, has been set for launch on Jan. 1, 2023, state media outlet China Daily reported on Tuesday. See related article: NFTs ruled virtual property in China, its sales protected by law  Fast facts See related article: […]

A group of S.Korean hackers stole 8.5 billion Korean won (US$6.7 million) worth of cryptocurrencies from Kim Jung-ju, the late founder of Nexon.

From Terra and FTX crises to Ethereum’s triumphant Merge and China’s inventive NFT industry, Forkast reviews a rollercoaster year and its consequences.

After a year of new all-time highs for major cryptocurrencies in 2021, 2022 was a challenging year for Web3. Industry experts tell Forkast what crypto has in store for 2023 and beyond.

Top blockchain and crypto news: US senators push for crypto KYC. SBF faces the music in US courts. Alibaba Cloud to launch blockchain node.

As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry.

Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.

FTX’s Sam Bankman-Fried has been charged by the U.S. SEC for orchestrating a years-long fraud on investors, the agency announced on Tuesday.

Prosecutors at the U.S. Department of Justice (DOJ) are reportedly split on filing charges against Binance and its executives on possible money laundering and sanctions violations, as part of a long-running criminal investigation.

Bitcoin fell below US$17,000 in Thursday morning trading in Asia. The other top 10 non-stablecoin cryptocurrencies also retreated.

Top blockchain and crypto news: AAX teeters on the brink. SBF hints at Congressional hearing no-show. Chinese court boosts NFT legitimacy.

The push to regulate DeFi is stronger than ever, and the sector would be wise not to fight but participate in that inevitability, writes Michael Shing of XREX.

Amid the current crypto market carnage, Web3’s appeal for investors remains solid — and perhaps even stronger — says CVP NoLimit Holdings founder Gin Chao.

Despite the myriad benefits of blockchain and cryptocurrency, institutional interest remains mixed in Asia Pacific. What lessons should the industry learn from 2022 to overcome the barriers to adoption?

Binance returned to the Japanese market with the acquisition of regulated crypto exchange Sakura Exchange BitCoin (SEBC), according to a blog post on Wednesday.  See related article: Binance to help S. Korea’s Busan build first city-backed exchange Fast facts See related article: Crypto exchange Binance in regulators’ crosshairs as scrutiny mounts 

U.S.-based cryptocurrency exchange Kraken has agreed to pay over US$362,000 to settle claims that it violated sanctions against Iran, the Treasury said Monday.

Asset tokenization and DeFi hold tremendous potential for the finance sector, writes Han Kwee Juan of DBS Bank. Here’s how the Singaporean government is at the forefront of change.

Calls for tougher rules on cryptocurrency have been echoing ever louder through the offices of global financial regulators since the collapse of the FTX exchange. But the firm did not invent dodgy business practices, so what can regulators and the industry do?

Yes, there is rivalry between the two global finance hubs. But their strengths are also complementary for Asia to become an even bigger crypto powerhouse, writes Lily Z. King.

Temasek says its belief in Sam Bankman-Fried may have been ‘misplaced.’

The tokenization of property in DeFi differs greatly from the securitization that led to the global financial crisis. In this introductory part of a special series of three articles, Forkast looks at the origins of the phenomenon, what’s new about it, and the promise it holds for investors.

FTX.com, FTX US and 130 additional affiliates have filed for bankruptcy, its new CEO John J. Ray III says.

The Securities Commission of the Bahamas has frozen assets of FTX and related parties, and has suspended its registration.

The FTX.com unraveling has prompted crypto industry leaders to demand clearer rules of the road for trading digital assets.

Binance backs out of its initial offer to buy FTX. What could happen to FTX next?

US regulators the Department of Justice, the Securities and Exchange Commission and the Commodity Futures Trading Commission are probing beleaguered crypto exchange FTX.

The following is a running compilation of views and comments on Binance’s takeover of the FTX exchange amid speculation of solvency problems at FTX.

Decentralized finance will stay niche unless the sector overcomes its myriad problems, including a lack of a credit system and regulations that inspire greater trust, writes Brian Pasfield.

By excising cryptocurrencies from the ecosystem, crypto-hostile China could steal a march in enterprise blockchain, says Red Date Technology chief Yifan He.

The MAS launched Project Ubin+ on Thursday, a collaborative initiative with international partners to explore cross-border foreign exchange settlements using wholesale CBDC.

Europe’s new MiCA framework for regulating crypto shows the good that can happen when government works with and not against the industry, writes Nick Saponaro of Divi Labs.

Top blockchain and crypto news: Aptos launch falls short. Why FTX chief is calling for crypto regulations. Is Hong Kong paving way for a retail CBDC?

Institutional adoption of Web3 in finance means getting traditional banks involved, which will in turn reshape the way banks work, says SC Ventures’ Alex Manson.

The market may be in the doldrums, but there’s no better time to clean house and build for the future, writes Clayton Roche of UMA. Here are 5 areas of opportunity.

Crypto.com said on Wednesday that the exchange will invest €150 million (US$145.5 million) in France to set up a European headquarters in Paris and expand operations in the region. See related article: Crypto.com enters South Korea market with two local startup acquisitions Fast facts The Singapore-based exchange said it will focus on compliance, business development […]

One company says it’s bringing solutions for confused investors in digital assets in India who grapple with hours of tax calculations.

Centralized lenders like Celsius and Voyager have proven hugely problematic, but DeFi also has big issues. What if we pursue a hybrid approach?

Tornado Cash, the Ethereum coin mixer slapped with sanctions by the U.S. Treasury back in August, has returned to the software hosting website GitHub amid a flurry of lawsuits against the Treasury for its action.

Binance has obtained a “permanent license” to operate a digital asset platform and provide custody services at Kazakhstan’s Astana International Financial Center, the world’s largest cryptocurrency exchange announced in a blog post on Thursday. See related article: Binance targets expansion in Philippines, Turkey, executive says Fast facts The license gives Binance the status of a […]

The crypto market has been down for months, but the industry’s long-term future is brighter than ever, writes Guilhem Chaumont of Flowdesk. Here’s why.

Binance, the world’s largest cryptocurrency exchange, has launched a local branch in New Zealand after becoming a registered financial service provider, Chief Executive Officer Changpeng Zhao announced on Friday. See related article: Binance taps ex-U.S. senator Max Baucus to chair global advisory board Fast facts “New Zealand is an exciting market with a strong history of […]

Interbank messaging system SWIFT has partnered with crypto data provider Chainlink for an initial proof of concept to use cross-chain interoperability protocol (CCIP) for on-chain token transfers, Sergey Nazarov, Chainlink’s cofounder announced at the SmartCon 2022 conference on Wednesday.  See related article:  Chainlink joins Hedera council in push to link DeFi with traditional finance Fast […]

Binance, the world’s largest cryptocurrency exchange, has launched a dedicated program to “help law enforcement detect financial and cyber crimes,” in a move it claims to be an industry first to combat crypto crimes, the exchange said Tuesday, as it navigates regulatory headwinds and ramps up compliance efforts. See related article: Binance says it complies […]

Christie’s, the 256-year-old fine art auction house, is debuting Christie’s 3.0, an Ethereum-based NFT marketplace with the launch of an exclusive collection from leading Web 3.0 visual artist Diana Sinclair.  See related article: Naver and LINE launch NFT platform for K-pop fans Fast facts The New York-based auction house has made waves in the space, […]

Binance has tapped Max Baucus, a former U.S. senator and ambassador to China, to chair its new global advisory board, to advise the world’s largest cryptocurrency exchange on regulatory, political and social issues. See related article: Binance stablecoin conversion controversial, but what does it mean for users? Fast facts Binance said on Thursday in a […]

Hong Kong has invited firms interested in security token offerings (STO) to share their proposals with the Securities and Futures Commission (SFC), the regulator’s Fintech department head Elizabeth Wong told digital assets industry representatives last week, according to a press release published on Monday.  See related article: Hong Kong regulator: ramp up oversight of virtual […]

EDX Markets Crypto Exchange, backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, seeks to settle trades on the blockchain for greater speed and efficiency at lower cost, eliminating the need for bilateral settlements, according to a press release on Tuesday. See related article: FTX agrees to help South […]

Crypto exchange Huobi has ceased topping-up service for seven kinds of privacy-focused tokens on its exchange as it prepares to delist the tokens on Sept. 19, citing regulatory concerns. See related article: Privacy protocol Monero completes upgrade to make transactions more private Fast facts See related article: Huobi-incubated Chinese NFT platform iBox ends international operations

Mu Changchun, head of the central bank’s digital currency institute, says the agency is developing a platform to review and register smart contracts for e-CNY, the country’s new digital currency in trial.

Binance, the world’s largest cryptocurrency exchange by trading volume, said it has worked with regulatory agencies from around the world to address outstanding compliance questions, following a Reuters report that U.S. federal prosecutors asked the exchange to offer internal records involving founder and CEO Changpeng Zhao for anti-money laundering checks in late 2020. See related […]

Binance Australia is tightening its sign-up process for new users, as part of renewed efforts to protect users considered most vulnerable to scams and cyber attacks, according to a report by Binance Australia. See related article: Binance to suspend ETH deposits, withdrawals during “The Merge” Fast facts According to the report, the company’s research and […]

Despite the Indian government’s hostility towards cryptocurrencies, the CoinDCX exchange says more traditional financial products will shift to DeFi platforms.

The ongoing battle between the U.S. Securities and Exchange Commission and Ripple Labs over the latter’s token XRP is playing out not just in a courtroom but in media channels as well. See related article: SEC files no objection to Ripple request to seal non-party identities in XRP lawsuit Fast facts Stu Alderoty, general counsel […]

Thailand’s oldest lender SCBX Pcl has announced it is withdrawing from an earlier decision to purchase a 51% stake in the crypto exchange Bitkub for US$500 million, citing regulatory issues. See related article: Thailand’s central bank to get more power in crypto regulation overhaul: report Fast facts In a statement addressed to the Stock Exchange […]

Financial instruments sold and traded on a public blockchain could be the next big thing, so Forkast caught up with OSL to hear about what’s planned.

Huobi Global told Forkast it is working towards being in compliance with Malaysia after its securities regulator put the Seychelles-based cryptocurrency exchange on its investor alert list for operating the digital asset business without proper registration. See related article: Huobi to end crypto derivatives trading in New Zealand Fast facts “We are currently in discussions […]

The Tornado Cash bans have stirred the pot in the crypto markets. Meanwhile, Australia looks for new ways to regulate crypto.

Cryptocurrency brokerage Genesis announced its CEO Michael Moro will step down as it reshuffles its executive team, while a 20% layoff of its 260-person workforce is being widely reported. See related article: BIS, HKMA partner on Project Genesis to tokenize green bonds Fast facts Chief operating officer Derar Islim will take over as CEO on […]

The decentralized finance sector is now a fraction of its former self. What will help companies survive this bear market and emerge stronger?

Cross currents: BlackRock Inc, the world’s biggest money manager, is talking about Bitcoin opportunities amid a market slump. Singapore’s Coinhako looks to have similar ideas.

Seychelles-based cryptocurrency exchange Huobi Global will cease crypto derivatives trading services in New Zealand from Tuesday next week — only months after launching in the country – according to a company blog post. See related article: Huobi closes Thai crypto unit, regulator revokes license Fast facts From Aug. 23, Huobi will classify New Zealand as […]

The world’s largest cryptocurrency exchange, Binance, has received in-principal approval to operate a digital asset trading facility and provide custody services in Kazakhstan from the Astana Financial Services Authority (AFSA), the company announced on Monday. See related article: Crypto mining’s Great Migration continues — out of Kazakhstan Fast facts Binance is still required to complete […]