Regulation

It has been a tough week for cryptocurrency exchange Binance. On June 9, Nigeria’s securities authority reportedly deemed the exchange illegal, just days after Binance was sued by the U.S. Securities and Exchange Commission.  “Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” Nigeria’s Securities and Exchange Commission

Christian Anders, the CEO of Btc. x has said that despite the Markets in Crypto Assets (MiCA) being signed into law, the European Union (EU) might need to do a lot of more lobbying of different regulators in Europe and work with the different governments. In an interview with Cointelegraph, Anders noted that for the

On the eve of his departure from office, May 28, former President Muhammadu Buhari signed into law the Finance Act 2023.  The Act introduced a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including

A U.S. District Judge has entered a default judgment order that requires Decentralized Organization Ooki DAO to permanently shut down and pay a civil monetary penalty of $643,542. Today the CFTC’s Division of Enforcement Director Ian McGinley released a statement on the Ooki DAO litigation victory. Learn more: https://t.co/MInNeKLeH5 — CFTC (@CFTC) June 9, 2023

The allegations against Binance and Coinbase by the U.S. Securities and Exchange Commission have substantial ramifications for the decentralized finance (DeFi) ecosystem, and they are far from positive. DeFi has developed as a promising area within the crypto industry, aiming to disrupt established financial systems and deliver financial services in a decentralized manner. However, the

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The United States Securities and Exchange Commission’s (SEC) lawsuits against two leading centralized crypto exchanges — Binance.US and Coinbase — have led to a surge in DeFi

Custodia Bank won a step forward in its legal battle against the Federal Reserve, as a Wyoming federal judge denied dismissal motions from both the Fed and the Federal Reserve Bank of Kansas City. The digital asset bank sued the Federal Reserve in June 2022, claiming an “unlawful delay” in processing an application for its

The crypto industry faced more scrutiny from regulators in the United States this past week, as the U.S. Securities and Exchange Commission (SEC) served both Coinbase and Binance.US with lawsuits regarding their operations.  Amid the accusations from regulatory officials, the members of the crypto community have spoken out against the behavior of the SEC while

The United States House Financial Services Committee has released the third draft of the stablecoin bill presented by the Republican chair Patrick McHenry. The latest draft of the bill is aimed at bipartisan legislation and includes certain proposals from both Republican and Democratic financial services committees.  The draft bill titled “The Future of Digital Assets:

On June 9, the European Union’s Markets in Crypto-Assets (MiCA) legislation was published in the Official Journal of the European Union (OJEU). This triggers the countdown for the law to come into effect from Dec. 30, 2024. The regulations, signed into law on May 31 after first being introduced in 2020, aim to create a consistent regulatory framework for

Lawmakers in the United States have proposed two new bipartisan bills targeting issues of transparency and innovation in artificial intelligence (AI).  On June 8, Democratic Senator Gary Peters, and Republican Senators Mike Braun and James Lankford, introduced the first bill, which would require the government to be transparent with its AI usage. Under such a

Crypto venture capital firm Paradigm has slammed the U.S. Securities and Exchange Commission’s attempt to redefine the term “exchange” — which would if accepted, bring decentralized exchanges under its purview.  On June 8, the firm sent a lengthy 14-page letter to the SEC Secretary, Vanessa Countryman, regarding the regulator’s proposed redefinition of the term “exchange”

The judges presiding over Coinbase and Binance’s lawsuits will likely watch the results of the SEC v Ripple case closely, crypto lawyers told Cointelegraph. Ripple has been in a legal battle with the SEC since December 2020. The regulator alleges it was offering unregistered securities via XRP (XRP) since 2013. On June 6 the SEC

Credit ratings agency Moody’s has downgraded its rating of Coinbase from “stable” to “negative” following the SEC’s legal action against the crypto exchange for allegedly operating as an unregistered securities broker. In a June 8 statement, Moody’s said the downgrade was due to concerns about the impact of the SEC action on Coinbase’s day-to-day operations.

In a June 8 speech at the Piper Sandler Global Exchange & Fintech Conference, United States Securities and Exchange Commission (SEC) Chair Gary Gensler compared the current crypto market to the 1920s U.S. stock market, saying that it is full of “hucksters,” “fraudsters,” and “Ponzi schemes.” Just as Congress cleaned up the stock market by

Stablecoin issuer Circle has loaded its arsenal to fight the ongoing regulatory crackdown on crypto. By July 1, the role of chief legal officer and head of corporate affairs will be filled by Heath Tarbert, a top attorney with a background in all three branches of the United States government. According to a June 8

Binance may have misled lawmakers in the United States about its business dealings and relationship with its local unit in a letter sent in March, Bloomberg reported on June 8.  In a letter sent to United States Attorney General Merrick, senators Elizabeth Warren and Chris Van Hollen asked the Justice Department to investigate whether Binance made

The Financial Conduct Authority (FCA) announced today June 8, that starting from October 8, advertisers of crypto services in the United Kingdom will be subjected to stricter regulations. The U.K. watchdog has mandated that crypto companies in the U.K. implement a “cooling-off period” for first-time investors. Additionally, as part of measures to enhance investor awareness

Cryptocurrency-related enforcement actions undertaken by the United States securities regulator significantly increased in the six months following the bankruptcy of cryptocurrency exchange FTX. An analysis of press releases from the U.S. Securities and Exchange Commission (SEC), and news reports on its actions, found that in the six months preceding FTX’s collapse, the SEC undertook approximately

The United States could run the risk of an exodus of major Web3 and cryptocurrency service providers as the Securities and Exchange Commission (SEC) takes action against Coinbase and Binance. Sergej Kunz, co-founder of decentralized finance (DeFi) protocol 1inch Network, believes the SEC’s enforcement action against the two centralized exchanges could have a negative effect on the growth