Search results: compliance

The crypto winter may have chilled many in Web3, but metaverses are an increasingly hot prospect in traditional finance, says DBS Bank’s legal chief

Crypto’s volatility may be top of mind right now, but blockchain’s practical uses will be the industry’s future, writes Johannes Schweifer of CoreLedger.

Top blockchain and crypto news: Binance spurns WazirX amid India probe. BlackRock bets on Coinbase. Crypto influencers in China’s crosshairs.

Web3 companies should issue tokens to accelerate growth, not to gather initial funds, said Binance founder and chief executive officer (CEO) Changpeng “CZ” Zhao at a fireside chat at Korea Blockchain Week 2022 on Tuesday.  See related article: Binance spent over US$1B on compliance, founder Changpeng Zhao says Fast facts “When people come into Web3 […]

The crypto world is plagued by products that are hard to use and have little utility, writes Roman Kashcheev of Quantfury. What can turn things around?

Binance has partnered Mastercard to introduce a Binance card in Argentina for making purchases and paying bills with cryptocurrencies.  See related article: Philippines’ SEC warns public not to invest with Binance Fast facts The product is currently in a beta phase and will be widely available in the coming weeks, Binance said. The card is […]

India’s government doesn’t like cryptocurrencies and has made that clear in statements and with heavy taxes on the asset class, but what does that say about blockchain adoption?

The Philippines’ Securities and Exchange Commission (SEC) has cautioned the public not to invest with Binance, the world’s largest cryptocurrency exchange by trading volume, in response to think tank Infrawatch PH’s request to ban Binance in the Philippines. See related article: Philippines think tank calls for ban on Binance Fast facts In a letter responding […]

Binance has named cofounder Yi He as the new head of its incubator and venture capital (VC) arm Binance Labs, as the world’s largest cryptocurrency exchange by trading volume works to invest in “projects with the tenacity to thrive in tough market conditions.” See related article: Calling a spade a spade holds Binance’s lesser known […]

Beijing’s drive to stamp out crypto mining and the slump in crypto prices are headwinds that Canaan says it knows how to deal with, adding that the crypto winter may be shorter than expected.

An Indian firm providing crypto tax calculation services is introducing a software as a service (SAAS)-based solution to tackle India’s myriad crypto taxation regime. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts SAAS-based TaxCryp software aims to simplify tax computation, compliance and reporting requirements, India-based TaxCryp Technologies said on […]

Is the flippening coming soon? And NFT sales drop 25% in July as the crypto winter continues.

Binance and Paxos Trust Company, which issues the dollar-pegged stablecoin BUSD (Binance USD), released the first unaudited breakdown of the reserves backing the token on Aug. 1. See related article: Binance spent over US$1B on compliance, founder Changpeng Zhao says Fast facts According to the reserve report, BUSD was backed by US$738 million in cash, […]

U.S. banking regulators have ordered crypto lender Voyager Digital to stop making “false and misleading” claims that its customer’s funds were insured by the government. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) […]

A new report by Chainalysis shows that sanctioned actors, especially in North Korea and Russia, are sending record sums to crypto mixers.

Despite the bleak macro outlook, more institutions are looking to gain exposure to the DeFi sector, writes Robert Alcorn of Clearpool. Here’s why.

Aiming to uncover the next “BTS in finance,” Chairman Kim Joo-hyun of the Korean Financial Services Commission (FSC) is calling for “bold reforms” in financial regulations, including in crypto assets.

U.S.-based crypto exchange Kraken is reportedly under investigation by the U.S. Treasury Department’s Office of Foreign Control for allegedly violating economic sanctions against Iran, according to the New York Times. See related article: US charges two Europeans with helping N.Korea evade sanctions with crypto Fast facts Kraken allegedly allowed users in Iran and elsewhere to […]

Former Celsius employees allege the firm failed to ensure proper risk management and traded customer funds without proper approvals.

As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.

Fresh claims that emerged over the weekend about the status of Circle’s USDC reserves cast doubts on the ability of the so-called stablecoin to maintain its peg. In a deep dive, Forkast examined the allegations and reached out to the company for its version of events.

The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.

Binance’s third approval in Europe came after the Bank of Spain allowed its Spanish subsidiary to register as a virtual asset services provider (VASP), the world’s largest crypto exchange by volume said Friday.  See related article: SEC said to probe Binance for rule violation in 2017 initial coin offering: report Fast facts The registration will […]

Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.

“There is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny,” a senior executive at the Coinbase Ventures and B Capital backed cryptocurrency exchange said.  See related article: CoinDCX double downs as the going gets tough in India Fast facts “We have restricted crypto withdrawal from our platform,” with users being […]

Prosecutors said they also wish to interview Terraform Labs Chief Executive Officer Kwon Do Hyung as part of an investigation into the multibillion dollar collapse of the company.

A proposed US crypto bill may place crypto under the CFTC’s primary oversight, but that won’t exclude the SEC from the industry, Sidley Austin’s Lilya Tessler says.

The order said Do Kwon and Terraform Labs had sufficient contact with the US for the Securities and Exchange Commission to investigate it for possible violations of federal securities laws.

Alibaba Cloud on Wednesday said its service will help build NFT marketplaces in a fast and reliable way, without addressing compliance issues. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts See related article: Move-to-earn app STEPN to limit service in China

Top blockchain and crypto news: Binance BNB slips amid allegations. STEPN marches through attacks. Is China’s slowdown straining crypto prices?

Fidelity Digital Assets, the crypto-focused subsidiary of Fidelity Investments, has planned a hiring spree to extend services to include Ethereum trading and custody. See related article: Fidelity allows retirement investments in Bitcoin Fast facts Fidelity Digital Assets was founded in 2018 to enable institutional investors to store and trade Bitcoin — its parent company announced […]

The Monetary Authority of Singapore (MAS) has announced Project Guardian, a collaborative initiative with the financial industry to explore the economic potential and value-adding use cases of asset tokenization, according to a statement from Deputy Prime Minister Heng Swee Keat on Tuesday. See related article: Singapore wants to bring some adult supervision to crypto Fast […]

STEPN on Friday said it would stop providing Global Positioning System (GPS) and Internet Protocol (IP) location services to users in mainland China starting mid-July. See related article: Chinese runners offer substitute running to earn STEPN’s GMT for commission Fast facts STEPN said the move was made to abide by Chinese regulations and that it […]

Governments around the world are racing to develop their own digital currencies, but an e-HKD may not make sense for Hong Kong’s people. John Mitchell of Episode Six explains why Hong Kong is unique.

The digital assets tax compliance and portfolio tracking firm’s launch in India comes after the country announced a series of measures to benefit off the gains made in cryptocurrencies.  See related article: India tax breaks crypto’s back Fast facts Crypto users in India can use CoinTracker to aggregate and reconcile cryptocurrency and non-fungible token (NFT) […]

Blockchain was once associated overwhelmingly with cryptocurrencies — and specifically its poster children, Bitcoin and Ethereum. The latter, in particular, has thrust the industry forwards into the realm of smart contracts integration.  Ethereum started to bear fruit arguably most prominently last year amid a boom in non-fungible tokens (NFTs), while decentralized finance (DeFi) offered a […]

Binance is looking to win a cryptocurrency license in Germany after becoming a regulated digital asset service provider in fellow G7 nation France, CEO Changpeng Zhao said.  See related story: Binance wants to play ball with regulators Fast facts Zhao said at an event in Germany on Wednesday that the cryptocurrency exchange is expanding its […]

Forkast sat down with Singapore’s biggest bank for insights into crypto regulations in the city-state. Singapore has a reputation for planning far ahead, so what’s in store for cryptocurrencies?

A developmental shift in the cryptocurrency industry is ushering in geographical shifts among crypto companies, with a number of businesses abandoning locations once hailed as crypto hubs in favor of jurisdictions with regulatory regimes more to their liking.  Forkast sat down with two of the crypto industry’s rainmakers who are among those spearheading this trend […]

The travails of the largest cryptocurrency exchange in the U.S., highlight the perilous path foreign companies have to brave in India’s evolving, but often ambivalent regulatory environment, especially when it comes to new technologies, and industries. 

The series B round, led by Jump Crypto, helped push the cryptocurrency exchange’s valuation to US$10 billion, KuCoin said.

Tokenizing capital markets could offer greater efficiency and liquidity. How would that work in Hong Kong’s regulatory environment?

Despite Beijing’s rhetoric against speculation in non-fungible tokens, some in mainland China are trading on WeChat groups, spawning an industry that caters to the fervor over the asset class.

Binance has received regulatory approval in France, as the world’s largest cryptocurrency exchange continues its global expansion and push for regulatory compliance. See related article: Binance wants to play ball with regulators Fast facts Binance has obtained a digital asset service provider (DASP) registration with France’s Autorité des marchés financiers (AMF), the finance market watchdog […]

The city-state wants to position itself as a hub for cryptocurrency service providers while holding onto its reputation as an important cog in the global AML, ATF compliance machinery.

The world’s largest crypto exchange may soon establish a regulated entity in a G-7 nation in Europe, Binance founder and CEO Changpeng Zhao said Tuesday at the Financial Times Crypto and Digital Assets Summit. See related article: Binance wants to play ball with regulators Fast facts Zhao said Binance already has a standard corporate structure […]

CoinDCX cofounder Sumit Gupta tells Forkast in an exclusive interview the crypto exchange that recently raised US$135 million will look to triple its headcount by the end of the year.

The Lazarus Group, the North Korean hacking group linked to the US$600 million Axie Infinity hack in March, is still laundering funds stolen from the hack despite sanctions imposed by the U.S.  See related article: Axie Infinity blockchain Ronin hacked for over $600M Fast facts Despite U.S. sanctions, North Korean hackers have been freely laundering […]

A month after South Korea adopted the Financial Action Task Force’s (FATF) travel rule, two solution providers VerifyVASP and CODE have linked their services on Monday to allow seamless access to exchanges for investors. See related article: DeFi, NFT access at stake as FATF travel rule takes effect in South Korea Fast facts The FATF […]

Binance.US has obtained a money transmitter license in Puerto Rico, as the world’s largest cryptocurrency exchange continues to expand globally while seeking to become more mindful of compliance. See related article: Binance.US valued at $4.5B following first seed round Fast facts Binance.US CEO Brian Shroder on Tuesday said that Puerto Rico is an important market […]

Indian cryptocurrency exchange CoinDCX’s latest funding comes as investors double down on the country’s potential to emerge as the world’s top market despite government apathy.  See related story: CoinDCX’s Sumit Gupta on CBDCs, regulation and India’s potential for crypto in 2021 Fast facts Series D funding was led by Pantera and Steadview Capital, the company […]

Xinhua News Agency’s affiliate newspaper, Economic Information Daily, Thursday published an op ed suggesting measures for the further adoption of the digital yuan. See related article: The digital yuan’s de-dollarization Fast facts See related article:Hong Kong makes apt testbed for e-CNY cross-border use

Coinbase’s showcasing of support by government-backed National Payments Corporation of India (NPCI) set the ball rolling on the cryptocurrency exchange being yanked from the ubiquitous Unified Payments Interface (UPI).

The world’s largest crypto exchange received an in-principle approval from the Abu Dhabi Global Market (ADGM) to operate as a virtual assets broker-dealer, bolstering Binance’s presence in the Middle East. See related article: Binance wins crypto license in Dubai days after FTX Fast facts Binance will offer virtual asset investment and trading services across the […]

Oversight by the American commodities regulator of the Bitcoin futures ETF by Teucrium helped with the SEC approval.

Our virtual and in-person events bring people together to join conversations that matter. Previous Events Crypto Rising CBDCS & Stablecoins: The Asia Perspective We are in a history defining moment where money is evolving. It’s not easy to replicate cash, and central bankers around the world face unique challenges. The U.S. is softening up to […]

India needs to discourage people from investing in cryptocurrencies and digital assets, a senior MP from the ruling party told Forkast in an exclusive interview.

Top blockchain and cryptocurrency news: Dubai’s crypto caravan. Mt. Gox unlocked. Digital yuan in play again.

Binance is racing to anchor its sprawling global operations as regulators in China, where it was founded in 2017, go after firms for lax know-your-customer practices.

Russia considers a bitcoin for oil proposal. Meanwhile, crypto markets make gains after weeks of volatility.

Financial Action Task Force (FATF) travel rule compliance service providers VerifyVASP and CODE have signed a memorandum of understanding to link their services before the rule goes into full effect in South Korea this Friday. See related article: South Korean crypto businesses scramble to meet FATF travel rule Fast facts The two entities are backed […]

Cryptocurrencies have won credit for their role in Ukraine’s war, showing utility that will drive them beyond the battlefield, says Amber Group’s Michael Wu.

Crypto’s growing popularity is also leading to more fraud and abuses, writes Ronald Molenaar of ADVANCE.AI. What can be done to better protect users?

Top blockchain and crypto news: PoW spared as Europe revamps MiCA rules. Yuga Labs acquires CryptoPunks rights. China’s Mango TV makes NFT debut.

War-mongering Russia is finding itself increasingly isolated. Can cryptocurrency help the rogue state soften the blow of sanctions?

Top blockchain and crypto news: Moscow faces crypto winter. DeFi doyen quits Fantom. China mulls metaverse moves.

Nasdaq-listed Coinbase has blocked over 25,000 crypto wallet addresses believed to be associated with Russian individuals and entities engaging in illicit activities.  See related article: US asks crypto exchanges to comply with Russian sanctions: report Fast facts Coinbase, the largest U.S. crypto exchange, said it will not impose a blanket ban on all Russian wallet […]

Stranded away from home, Web 3.0 company Everstake founder Sergey Vasylchuck realized he could still help his war-torn homeland Ukraine by raising funds through a DAO.

Bitcoin and other cryptos are being used on both sides of the fight, raising ethical issues that cut to the core of decentralization, says AAX’s Ben Caselin

OpenSea users based in Iran claim their accounts have been suspended from the U.S.-based non-fungible token (NFT) marketplace, in a growing list of users experiencing restrictions from cryptocurrency-related service providers due to sanctions against the Iranian government, CoinDesk reported.  Fast facts See related article: Binance may join sanctions imposed on Russian targets Many OpenSea users […]

War-mongering Russia is finding itself increasingly isolated. What if the rogue state tries to regain its financial footing via cryptocurrency?

Binance is working to comply with sanctions on Russia imposed by Western governments following the invasion of Ukraine. See related article: Bitcoin donations for Ukraine military surpass $1M Fast facts “We have assembled a dedicated global compliance task force, including world-renowned sanctions experts, and are taking the steps necessary to ensure we take action against […]