Search results: compliance

Binance Singapore today announced the appointment of Richard Teng, former chief regulatory officer of the Singapore Exchange (SGX), as chief executive, bolstering its leadership ranks with former regulators while battling growing regulatory woes around the world. Fast facts Teng was CEO of the Abu Dhabi Global Market for six years before stepping down in March. […]

Beset by legal and regulatory woes around the world, Binance — the world’s largest cryptocurrency exchange by trading volume — today announced that it is implementing mandatory know-your-customer (KYC) with immediate effect as it steps up its anti-money laundering (AML) compliance. Fast facts All new Binance users are now required to complete “intermediate verification” — which […]

Despite a looming compliance deadline, currently there are no crypto exchanges in South Korea that meet the new government reporting requirements to continue operating, according to financial authorities. Fast facts The Financial Services Commission (FSC) revealed through a press release that none of the domestic cryptocurrency trading platforms have successfully complying with the nation’s new […]

Crypto traders who suffered losses on Binance due to tech outages are turning to arbitration and crypto litigation finance.

The central bank of the Netherlands has issued a warning that Binance — the largest cryptocurrency exchange in the world by trading volume — is illegally operating in the country. Fast facts Binance is providing crypto services in the Netherlands without the required legal registration with De Nederlandsche Bank (DNB), according to the regulator. “This […]

Union Bank of the Philippines and Hex Trust, a Hong Kong-based digital asset custodian, today announced that the bank was partnering with Hex Trust to provide digital asset custody services to it as it enters the digital asset sector. Fast facts As part of the collaboration, Hex Trust will provide digital asset custody as an […]

Crypto exchanges, or VASPs, are coming under increasing regulation. Complying with the Financial Action Task Force’s travel rule will be one of them.

Top blockchain and crypto news: NFT wave buoys OpenSea. Are dollars and sense a lifeline for Tether? Tencent gets a target on its back.

The US Securities and Exchange Commission wants to review ‘terabytes’ of Ripple’s Slack chats for evidence of XRP-related wrongdoing. How much is too much?

CoinDCX, an Indian cryptocurrency exchange, has become the country’s first crypto unicorn with a US$90 million Series C fundraise, the company announced today. The funding was led by Facebook co-founder Eduardo Saverin’s B Capital. The fresh funding pegs CoinDCX’s valuation at US$ 1.1 billion. Fast facts Founded in 2018, CoinDCX offers a range of crypto […]

Cryptocurrency platform Poloniex has agreed to pay more than US$10 million to settle charges for operating an unregistered online digital asset exchange, according to an announcement by the U.S. Securities and Exchange Commission (SEC). Fast facts According to the SEC’s order, Poloniex violated securities laws from July 2017 to November 2019 as the company did […]

Singapore and Hong Kong are at the forefront of regulations over crypto exchanges, writes Vince Turcotte of Eventus Systems. Here’s why trade surveillance and risk management will be critical.

Binance bans derivatives in Hong Kong while Ethereum fork boosts trading

Binance — the world’s largest cryptocurrency exchange by trading volume — today announced that it will be restricting the use of its derivatives products for customers from Hong Kong. Fast facts Hong Kong customers will, with immediate effect, not be able to open new Binance deriviative product accounts, according to a Binance announcement posted at […]

Hong Kong-based Aspen Digital, a digital asset management platform for institutional investors, announced on Wednesday that it has secured US$8.8 million in pre-A funding to develop a one-stop shop for asset managers to invest in digital assets and manage their clients’ portfolios. Fast facts The funding round was led by RIT Capital Partners, the London-based […]

Top blockchain and crypto news: Is Ethereum’s price flatlining on eve of revolution? Uncle Sam wants pay to play. China’s Big Tech toes the line with NFTs.

The Ethereum ecosystem is continuing to see strong growth, with institutional capital ‘flooding’ into decentralized finance and decentralized autonomous organizations flourishing.

The next half decade will see mass adoption of decentralized technology, writes Max Kordek of Lisk. Here are the leading uses.

Australian cryptocurrency exchange Independent Reserve said Monday that it had received an “in-principle approval” for a Major Payment Institution License in Singapore to operate as a regulated digital payment token (DPT) service provider, according to a company statement. Fast facts Founded in Australia in 2013, Independent Reserve set up its first overseas operations in Singapore […]

People’s Bank of China vows to keep sector under ‘heavy pressure’ as it pushes digital yuan.

World’s biggest cryptocurrency exchange steps up compliance and cuts product offerings, with a ban in Malaysia and end of lucrative derivatives business in three EU nations.

A new NFT platform built on Hedera Hashgraph aims to give patients greater control over their health information. How does it work?

Flush with capital, blockchain and crypto firms are on a hiring spree. Here’s how the battle for crypto talent is playing out.

Binance CEO CZ confirms that a new executive may lead the organization. Meanwhile, Bitmain spins off one of the world’s largest mining pool Antpool.

Binance also tightens withdrawal limits and unveils new tax reporting tool, to counter recent flurry of government investigations and bad publicity.

Capital increase takes company’s valuation to US$2 billion as it looks to grow customer base, partnerships.

FTX CEO Sam Bankman-Fried says it’s time to move on from high leverage in crypto trading. Binance also seeks new CEO with a stronger regulatory background.

Valkyrie is among a growing number of asset managers at the SEC’s door, seeking approval to offer a Bitcoin ETF. Will a Bitcoin ETF ever get the green light in the United States?

Speaking at an SCB 10X DeFi virtual summit, Binance CEO Changpeng Zhao says an IPO is not out of the question, but that the exchange first needs to set up corporate structures as it navigates increased regulatory scrutiny.

Indonesia has seen red-hot growth in the crypto asset market, but the country’s regulators are just beginning to get to grips with burgeoning industry and formulate policy responses.

Central bank in apparent push for adoption ahead of Olympics as it doubles up on warning over non-state cryptocurrencies.

Changpeng “CZ” Zhao, the CEO of Binance — the world’s largest cryptocurrency exchange by trading volume — today said it was “never easy” running a crypto exchange in a series of tweets about key products Binance has launched over the past four years. Fast facts “Never easy,” Zhao tweeted, referring to an extract from the […]

While the West has first mover advantage in traditional banking, Asia — not wedded to ol infrastructure — now has an edge in the crypto era, says Michael Shaulov of Fireblocks.

Hong Kong’s Securities and Futures Commission today issued a warning that Binance — the world’s largest cryptocurrency exchange by trading volume — was not allowed to conduct “regulated activity” in the city, specifically trading in stock tokens. Fast facts In its statement, the SFC said it was aware that Binance was offering stock tokens in […]

The European Central Bank has launched a two-year project to prepare for the potential issuance of a digital euro. The central bank digital currency would be supported by an underlying architecture with a negligible environmental impact compared to Bitcoin’s hugely energy-intensive blockchain. Fast facts The ECB has begun the investigation phase of a digital euro […]

South Korean lenders Kbank, Nonghyup Bank and Shinhan Bank have decided to extend their affiliations with cryptocurrency exchanges until a crypto exchange law compliance deadline of Sept. 24. Fast facts Kbank’s contract ended in June, and Nonghyup and Shinhan’s end in late July. Instead of renewing their contracts with the exchanges, the three banks have […]

Ban on branded content covers range of financial services and ‘get-rich-quick’ schemes boosted by influencers with young followings.

The Financial Action Task Force — the global anti-money laundering and counter-terrorist financing standards-setter — this week released its second 12-month review on virtual assets and virtual asset service providers, and called on countries to implement the revised FATF standards, including travel rule requirements “as soon as possible.” “The global nature of the underpinning technology […]

The Monetary Authority of Singapore and the Banque de France today announced the successful completion of a wholesale cross-border payment and settlement experiment using multiple central bank digital currencies (m-CBDCs). Fast facts The experiment between the two central banks, supported by J.P. Morgan’s Onyx, simulated cross-border transactions and cross-currency transactions involving a Singapore dollar CBDC […]

Trading app Robinhood has seen a 369% increase in the number of women using its services in the past year, according to COO Gretchen Howard. According to a report by Business Insider, women now make up 30% of its customer base. Fast facts The result comes following Howard’s setting up of a task force to […]

Top blockchain and crypto news: Ethereum upgrade, torque of the town. SEC in snafu over Bitcoin ETFs. Crypto miners flourish amid China fallout.

Higher value of Ether investments softens blow to value of Bitcoin holdings.

Three of the biggest cryptocurrency exchanges in South Korea have tightened restrictions on virtual currency trading by their employees in a move designed to comply with the nation’s crypto regulations. Fast facts Bithumb announced that starting this month, it had banned its employees from trading cryptocurrencies using Bithumb accounts. The exchange has made employees sign […]

As countries step up their implementation of the Financial Action Task Force’s standards, the list of regulators that have Binance in their crosshairs just keeps growing longer. Fast facts Thailand’s Securities and Exchange Commission today filed a criminal complaint against Binance — the world’s largest cryptocurrency exchange by trading volume — for operating a digital asset […]

Top blockchain and cryptocurrency news: Binance bounced out of Britain. Musk moves Shiba Inu prices again. China’s digital currency gets ready to roll.

Nasdaq-listed Coinbase, the largest cryptocurrency exchange in the United States, announced today its plans to expand its business internationally as it seeks to improve its asset-listing process and build a crypto app store. Fast facts: “We’re seeing crypto quickly mature from its initial use case of trading bitcoin to the trading of thousands of new […]

Through tomorrow, a Senate committee is taking public comments on how best to make Australia into a global crypto leader and fintech hub.

Top three digital asset market trends shaping the future Three key trends in the digital asset market are: Tokenization of widely traded traditional assets, such as stocks and bonds; Tokenization of previously untraded or under-traded assets, such as real estate and fine art; Institutional adoption and trading of digital tokens. During the past year the […]

Interview with Thor Chan, CEO of AAX Forkast.News: The value of digital assets has exploded during the last year, and we are now at levels well above previous forecasts. What are you seeing in the market right now? Thor Chan: We think that the global crypto market is growing. More money is flowing in, and […]

Interview with Lorne Chambers, Global Head of Sales and Marketing, LSE Forkast.News: How does LSEG Technology’s matching engine ensure orders are closed with as little latency as possible? How does this prevent the phenomenon of negative convexity, where the market moves away from the position staked out by the trader? Lorne Chambers: The architecture of LSEG Technology’s […]

Executive Summary The crypto market of 2020 is not the crypto market of 2013. What was once a cryptocurrency market is now a digital asset market. Blockchain’s strengths in efficiently and transparently tracking assets have given birth to an industry of assets represented by tokens, allowing both a new class of investors to have exposure […]

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FCA says Binance is not permitted to offer regulated activities in the UK, but users of the world’s largest crypto exchange remain unaffected — for now.

Why are so few adopting FATF guidance for VASPs? Money laundering watchdog decries ‘continued misuse of virtual assets through jurisdictional arbitrage.’

Payment for listings raises questions over integrity of cryptocurrencies’ credit scores as compliance deadline nears.

SEC does not want its former head of Corporation Finance to testify or answer question about XRP. Who is William Hinman — and what might he tell Ripple?

Law enforcement agencies in several countries have arrested suspected members of a crypto-linked cybercrime group believed to be responsible for laundering more than US$500 million from ransomware attacks.

South Korea’s Blue House responds to a national petition calling for the financial watchdog head’s resignation.

South Korea’s presidential office has reacted defensively to a petition calling for the chief of the country’s main finance sector regulator to step down over comments he made about cryptocurrencies.

Chinese mining rig maker Bitmain is offering assistance to clients that want to relocate their cryptocurrency mining operations from China to other countries.

A judge has granted Ripple’s request to force the U.S. Securities and Exchange Commission to reveal its non-public policies regarding whether agency employees may buy and sell XRP and other cryptocurrencies, according to a screenshot of a new legal filing shared by the lawyer representing XRP holders. Fast facts: Earlier this month, Ripple sought the […]

The Ontario Securities Commission (OSC) is seeking to bring enforcement action against Singapore-based crypto derivatives exchange Bybit for allegedly violating the Canadian province’s securities laws, according to a statement. Fast facts: “Bybit, incorporated in the British Virgin Islands, is operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario […]

South Korean lenders have started money laundering risk assessments of the country’s “big four” cryptocurrency exchanges, with which they have contracts to provide real-name accounts.

Crypto literacy of Indian regulators is evolving and crypto players are trying to keep industry clean via self-regulations, says Nischal Shetty of WazirX.

In a recent conference, central bankers from Cambodia and Singapore discuss how digital currencies are transforming existing payment systems for the better.

India’s central bank has clarified that cryptocurrencies are not illegal, but that does little to prevent lenders from refusing to provide crypto-related services.

India’s Enforcement Directorate has issued a show cause notice to cryptocurrency exchange WazirX for alleged foreign exchange violations involving 27.9 billion rupees (US$382 million).

Beijing-based Red Date Technology — the face of China’s ambitious nationwide blockchain service network — receives a big investment boost.

Kikitrade today announced a US$12 million fund raise with investment from British hedge fund billionaire Alan Howard to accelerate its growth.

The Ontario Securities Commission is set to take enforcement action against two companies behind the cryptocurrency exchange KuCoin for violating the province’s securities laws.

Did Ripple have ‘fair notice’ that SEC might deem the XRP a security? Ripple calls report on SEC’s prior anti-crypto enforcement actions ‘misleading.’

Crypto exchanges in India have partnered with the Internet and Mobile Association of India to form a self-regulatory body.