The Securities and Exchange Commission (SEC) of Nigeria has recently introduced stringent guidelines for Virtual Asset Service Providers (VASPs) as part of its new regulatory incubation framework. The guidelines mandate that all fintech entrepreneurs involved in virtual assets must establish a local office in Nigeria, including leadership roles such as CEOs. These requirements are aimed
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The recent update by the Monetary Authority of Singapore (MAS) has brought about an increase in the risk level of Digital Payment Token (DPT) service providers. This regulatory change, announced on July 1, resulted in the elevation of DPTs to a medium-high risk level from their previous medium-low rating. The MAS made this decision as
Silvergate Capital found itself in hot water as it settled with the SEC for a hefty $50 million. This settlement was accompanied by demands from Federal Reserve governors and California financial regulators for an additional $63 million in fines, totaling a significant sum. The SEC accused Silvergate Capital, along with its subsidiary Silvergate Bank and
Sony Group, a prominent conglomerate based in Japan, has made a significant move by announcing the acquisition of Amber Japan and its WhaleFin exchange. This acquisition marks Sony’s entry into the world of cryptocurrency exchanges, with plans to rebrand WhaleFin as S.BLOX Co. As part of this partnership, Sony aims to revamp the exchange’s user
ESMA’s proposed regulations under the Markets in Crypto Assets Regulation (MiCA) have stirred up controversy within the crypto community. Paradigm, a prominent firm in the industry, has raised concerns over ESMA’s misinterpretation of Maximum Extractable Value (MEV) and the potential overreach of regulatory measures. The Role of MEV in DeFi Ecosystems MEV refers to the
Abra, a cryptocurrency firm, and its CEO Bill Barhydt have reached a settlement with 25 US state regulators for operating crypto trading services without the necessary licenses. The settlement involves the regulators agreeing to forgo monetary penalties of $250,000 per jurisdiction in exchange for $82 million in customer repayments. As part of the agreement, Abra
A US bankruptcy court has given FTX the green light to seek votes on a liquidation plan that would pay customer claims in cash. This plan, approved despite objections from customers seeking higher payments due to the rise in crypto prices, would base payouts on prices at the time of FTX’s collapse in November 2022.
The US Securities and Exchange Commission (SEC) has expressed concerns regarding Circle’s stablecoin, USDC, as the company moves towards a multi-billion dollar initial public offering (IPO). According to Barron’s, regulatory documents indicate that the SEC’s primary worries revolve around the possibility of USDC and other stablecoins being classified as securities under US law. This is
The aftermath of the FTX collapse has led to a new legal battle over millions of dollars in assets seized from Sam Bankman-Fried (SBF) and former FTX executives. Various parties are now vying for control of these assets, which include airplanes, funds in different banks, shares of Robinhood stock, and political contributions connected to FTX
Recently, the New York Attorney General’s office finalized its settlement with Gemini, a cryptocurrency exchange platform, resulting in the recovery of $50 million for users affected by the defunct Gemini Earn program. This settlement was reached on June 14, and it signifies an important step in addressing the legal charges brought against Gemini by the