The recent statement by former Binance CEO Changpeng Zhao emphasizes the importance of compliance in the cryptocurrency industry. Following his sentencing to four months in prison for violating US compliance rules, Zhao acknowledged the significance of adhering to regulatory standards. He admitted to transitioning into a passive investor role in the crypto space, underscoring the
Regulation
House Financial Services Committee Chairman Patrick McHenry has recently made accusations against SEC Chair Gary Gensler, claiming that Gensler misled Congress during his testimony in April 2023. The accusations stem from Gensler’s alleged evasion of direct inquiries about whether the SEC considers Ethereum (ETH) to be a security. McHenry highlighted that recent court documents suggest
The recent SEC action against Uniswap has placed significant scrutiny on the decentralized finance (DeFi) sector. The Wells notice received by Uniswap, alleging violations of federal securities laws, raises concerns about the regulatory future of DeFi. The SEC’s claim that certain tokens traded on Uniswap constitute investment contracts and securities has sparked a debate about
US Senators Elizabeth Warren (D-Mass.) and Bill Cassidy (R-La.) have come together to urge US authorities to take action against the use of cryptocurrencies in the illegal trade of child sexual abuse material (CSAM). In a bipartisan letter to Attorney General Merrick Garland and Secretary of Homeland Security Alejandro Mayorkas, the senators emphasized the role
The recent approval of new Anti-Money Laundering Regulations (AMLR) by the European Parliament is set to have a significant impact on Crypto Asset Service Providers (CASP) in Europe. The regulations will require CASPs to implement stringent Know Your Customer (KYC) procedures in order to combat money laundering effectively. This move aims to enhance due diligence
The Nigerian authorities are ramping up efforts in their crackdown on crypto trading, specifically targeting peer-to-peer (P2P) platforms such as OKX, Binance, KuCoin, and Bybit. A circulating directive on social media platform X has outlined the government’s plans to take action against these exchanges. The Central Bank of Nigeria (CBN) has denied originating the content
In a bold move, the Blockchain Association and the Crypto Freedom Alliance of Texas have decided to take legal action against the US Securities and Exchange Commission (SEC). The crux of their argument lies in the belief that the SEC has exceeded its jurisdiction by sanctioning a rule that redefines the definition of a “dealer”
The Philippines Securities and Exchange Commission (SEC) has taken a significant step by collaborating with tech giants Google and Apple to remove the Binance app from their app marketplaces for Filipino users. The regulator issued letters to both Google and Apple on April 19, requesting the removal of applications controlled by Binance.com from the Google
The Hong Kong Securities and Futures Professionals Association (HKSFPA) has recognized the need for independent self-regulatory organizations (SRO) dedicated to overseeing the digital assets sector due to its rapid growth and increasing complexity. This initiative aims to enhance the regulatory landscape in Hong Kong to support innovation and security within the burgeoning field of digital
The MiCA regulation, set to reshape the crypto industry, is a hot topic in 2024. It represents a significant step by the European Union in regulating the crypto-asset market. As companies operating in the crypto space gear up for this regulatory evolution, it is crucial for them to ensure compliance for a smooth transition. MiCA