In recent years, the digital assets market has seen exponential growth, attracting a vast array of investors and players. Despite its rapid expansion, the regulatory framework surrounding these assets remains muddled, leading to significant uncertainty. Congressman John Rose’s introduction of the BRIDGE Digital Assets Act represents a potential turning point. The bill aims to streamline
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The Commodity Futures Trading Commission (CFTC) has recently formed partnerships with federal and private organizations to address the growing issue of crypto scams, particularly the rise of “pig butchering” schemes. These scams have resulted in significant financial losses due to a lack of awareness and understanding among consumers. The CFTC, through its Office of Customer
Recently, the Federal Reserve issued a cease and desist order to United Texas Bank (UTB) on Aug. 29, directing it to stop offering crypto services. This action came after an examination conducted by the Federal Reserve Bank of Dallas and the Texas Department of Banking in May 2023. The examination identified alleged deficiencies in UTB’s
A recent decision by a federal judge has dealt a significant blow to Coinbase, the leading US cryptocurrency exchange. The judge rejected Coinbase’s motion to dismiss a class action lawsuit filed by shareholders, accusing the company of downplaying the risk of being sued by the US Securities and Exchange Commission (SEC). The lawsuit, filed by
Robinhood’s crypto division recently agreed to pay a $3.9 million fine as part of a settlement with the California Attorney General’s office. This comes after an investigation found that Robinhood Crypto prevented users from withdrawing their digital assets between 2018 and 2022. Additionally, the company failed to fully disclose details about its trading and order-handling
WazirX has initiated the second phase of its fiat currency withdrawal process ahead of schedule on Sept. 3. Initially planned to start on Sept. 9, the process has been expedited due to the urgent need to address the aftermath of a substantial security breach that resulted in the loss of over $230 million in user
OKX SG, a crypto exchange platform, has recently achieved a significant milestone by securing a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement highlights the growing importance of Singapore as a global digital asset hub and showcases OKX SG’s commitment to the local community and ecosystem. Obtaining an MPI
Telegram CEO Pavel Durov has recently been released from prison but placed under judicial supervision with strict conditions. These conditions include a hefty bond of €5 million and a ban on leaving the French territory. Additionally, Durov is required to report to the police station twice a week as part of his bond obligations. Criminal
The US Securities and Exchange Commission (SEC) recently filed charges against Abra for its failure to register its crypto asset lending product, Abra Earn. The regulator also brought charges against Plutus Lending LLC, the owner of Abra, for operating as an unregistered investment company. Stacy Bogert, Associate Director of the SEC’s Division of Enforcement, pointed
Indian cryptocurrency exchange WazirX recently made a startling revelation about the presence of external parties with vested interests trying to manipulate the ongoing restructuring process for their own gains. This revelation has shed light on the murky waters surrounding the cryptocurrency industry and the vulnerabilities faced by users of such platforms. The exchange pointed out