Recently, a US court granted Binance US permission to invest a portion of its customer fiat funds, currently held at BitGo, in US Treasury Bills. The exchange requested court approval to invest around $40 million in $10 million increments over four weeks. This move will allow Binance US to utilize a trading account on TreasuryDirect
Strategy
In recent years, there has been a significant surge in lobbying expenditures within the crypto industry. A new study by Social Capital Markets has revealed a staggering 1,386% increase in lobbying spend by crypto companies, rising from $2.72 million in 2017 to $40.42 million in 2023. This increase highlights a significant acceleration in lobbying efforts,
Taiwan Mobile, the second-largest telecom operator in Taiwan, has recently made a significant move by applying for a license to operate as a Virtual Asset Service Provider (VASP). This decision has placed them as the 26th VASP in Taiwan, highlighting their compliance with Money Laundering Prevention Laws. With Lin Zhichen, the company’s General Manager, named
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
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
Binance.US, the American arm of the world’s largest crypto exchange, Binance, is gearing up for the next chapter in its legal fight with the Securities and Exchange Commission (SEC). After an unsuccessful attempt to dismiss the SEC’s allegations of securities law violations, the court ruled in favor of the SEC on June 28, upholding 10
The Bahamas is taking steps to boost the adoption of its central bank digital currency (CBDC) known as the “Sand Dollar” by working with commercial banks. This move aims to increase the utilization of CBDC and mobile payments within the country. Governor of the Central Bank of The Bahamas, John Rolle, mentioned that the country
VanEck’s Head of Digital Assets Research, Matthew Sigel, recently confirmed that the company’s Solana spot ETF proposal is betting on Donald Trump winning the US presidency. The proposal’s deadline is set for March 2025, well after the November US Presidential elections. Sigel’s confirmation of this speculation raises interesting questions about the company’s strategy and the
Coinbase, a popular cryptocurrency exchange platform, is potentially facing regulatory challenges due to its compliance with new Financial Accounting Standards Board (FASB) accounting rules. These new rules shift the accounting and disclosure for cryptocurrencies to a fair-value model from a cost-less-impairment model, according to a report by MarketWatch. The FASB agreed upon these rules in
The European Banking Authority (EBA) has recently introduced a set of comprehensive guidelines aimed at addressing recovery plans for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) within the context of the broader Markets in Crypto-Assets (MiCA) regulation. These recovery plans are crucial for maintaining compliance with regulatory standards in the event that issuers