Regulation

Cryptocurrency exchange Binance has been operating in the Philippines without the necessary approval or license, according to the local securities regulator. The Philippines Securities and Exchange Commission (SEC) issued a warning against Binance on Nov. 28, informing the public that the exchange is not authorized to sell or offer securities in the country. The announcement

A federal judge has accepted materials from Jump Crypto Holdings in discovery for the United States Securities and Exchange Commission (SEC) case against Terraform Labs. In a Nov. 28 filing in U.S. District Court for the Southern District of New York, Judge Jed Rakoff approved the confidential treatment of certain materials produced by Jump Crypto

Coinbase is warning that it has received a subpoena from the United States Commodity Futures Trading Commission (CFTC), according to X (formerly Twitter) users who have posted copies of the message. The CFTC is seeking information about the Bybit cryptocurrency exchange. Recipients have speculated that any Coinbase customer who also used Bybit received the message.

Multi-party computation (MPC) wallet provider Fireblocks has released a new trading system for institutions that use centralized exchanges, according to a Nov. 28 announcement. Called “Off Exchange,” the new system allows institutional traders to swap tokens without first depositing them on the exchange. Fireblocks claimed this system would help to eliminate counterparty risk on centralized

A federal judge has approved an order requiring crypto lending firm Voyager Digital and its affiliates to pay $1.65 billion in monetary relief to the United States Federal Trade Commission (FTC). In a Nov. 28 filing in U.S. District Court for the Southern District of New York, Judge Gregory Woods ordered Voyager to pay $1.65

Many predicted that Binance would never embrace regulation — it would only pretend to comply in jurisdictions like the United States.  No more. Binance pleading guilty to money laundering and other federal charges on Nov. 21 means it’s giving up its free-booting ways. It will also pay a $4.3 billion fine, the largest in the

The Financial Stability Board (FSB) — the global body that monitors the financial services industry — released a report on Nov. 28 claiming the crypto industry might need additional regulations to prevent another catastrophe on the scale of the FTX scandal. According to the report, the FSB said the market turmoil that ensued from the

Spanish residents holding any crypto assets on non-Spanish platforms will have to declare them by March 31, 2024, under new laws governing the taxation of virtual assets.  The Spanish Tax Administration Agency, commonly known as Agencia Tributaria, has published form 721, a tax declaration form for virtual assets abroad, which was first announced in the Boletín

The explosive growth and success of Binance outside of the control of traditional financial and political establishments led to heavy-handed enforcement actions against the exchange, according to former BitMEX CEO Arthur Hayes.  Hayes delved into the recent $4.3 billion settlement paid out by Binance in a lengthy Substack blog. This comes after the exchange and

The secretary-general of Amnesty International, Anges Callamard, released a statement on Nov. 27 in response to three European Union member states pushing back on regulating artificial intelligence (AI) models.  France, Germany and Italy reached an agreement that included not adopting such stringent regulations for foundation models of AI, which is a core component of the

Crypto investment platforms eToro and M2 received various degrees of approval to offer their services in the United Arab Emirates from the ADGM Financial Services Regulatory Authority, which oversees the UAE’s international financial center, the Abu Dhabi Global Market (ADGM). EToro received approval for a Financial Services Permission (FSP) that allows a provider to operate as

The United States Securities and Exchange Commission is still looking for evidence that Binance.US had a backdoor to potentially control customer assets in a similar style to FTX, according to a Nov. 27 report by the Wall Street Journal. In June, the SEC filed a lawsuit against Binance and Binance.US, alleging that the exchange was

The governance token for crypto mixer Tornado Cash (TORN) has fallen by over 50% on Nov. 26-27, according to data from Coingecko. The crash came on the same day that crypto exchange Binance announced it was delisting the token. Tornado Cash 24-hour chart. Source: Coingecko. Tornado Cash is a cryptocurrency mixing protocol. Its token, TORN,

Last week, the legal drama featuring the world’s largest crypto exchange and United States law enforcement ended with a plea deal. Binance and Changpeng “CZ” Zhao have admitted violating U.S. Anti-Money Laundering laws, agreeing to pay $4.3 billion in fines. CZ resigned as CEO of Binance as part of the deal. Binance’s former head of

Changpeng “CZ” Zhao, who pleaded guilty to one felony charge as part of a settlement with the United States Department of Justice involving crypto exchange Binance, may not be permitted to leave the country as he awaits sentencing. According to a Nov. 27 filing in U.S. District Court for the Western District of Washington at

According to Japan’s tax authorities, the average value of undeclared income in crypto fell by 19% in 2022. On Nov. 24, the Japanese National Tax Agency (NTA) released its yearly summary of tax investigations. The 13-page document also contains data on the probe into crypto tax evasion. Related: Circle and SBI Holdings partner to boost

A recent court filing suggests that Changpeng “CZ” Zhao’s legal challenges are just beginning, despite pleading guilty to violating the United States Anti-Money Laundering requirements in a settlement with the Department of Justice.  Zhao is expected to be sentenced in February 2024. He is currently challenging the government’s efforts to prevent his return to the

Cryptocurrency exchange Zipmex has announced it is taking immediate action by suspending all digital asset trading in Thailand as part of its efforts to comply with regulations. According to a statement issued on November 25, Zipmex has opted to temporarily halt its operations to align with regulatory requirements with the Securities and Exchange Commission (SEC)

Recent events surrounding the crypto exchange Binance sparked significant debate about the United States’ crackdown on crypto firms. According to Omid Malekan, adjunct professor at Columbia Business School and author, the Department of Justice’s approach in the case is very different from what is seen in traditional finance. “People who sincerely believe that crypto is

Former Binance CEO Changpeng “CZ” Zhao has opposed the United States government’s efforts to block his return to the United Arab Emirates (UAE) to be with his family while awaiting sentencing following his guilty plea. In a court filing on November 23, Zhao’s lawyers urged a US District judge to reject the proposed alteration of