Regulation

Arrest of Durov highlights global discussions about tech regulation and free expression. Rumble CEO Chris Pavlovski fled Europe amid fears following Telegram CEO Pavel Durov’s jail in France. Rumble CEO Chris Pavlovski tweeted that he has “departed from Europe” following the arrest of Telegram CEO Pavel Durov in France. Pavlovski’s exit comes as tensions between Rumble and France rise after the latter had threatened the video-sharing network. Rumble CEO Criticizes France’s Actions Pavlovski,...

Binance, a leading cryptocurrency exchange, is set to list Eurite (EURI) and open trading for new spot trading pairs on August 28, 2024, at 10:00 (UTC). In celebration of this launch, Binance is introducing a zero-fee promotion for trading EURI pairs. It makes this an attractive opportunity for traders. It is also pivotal for EURI as it is one of the earliest EURO stablecoins under the MiCA regulation in the EU and the EEA. EURI Deposits Open Ahead of August 28 Launch on Binance; Withdrawals...

The Secretary of the Department of Economic Affairs will draft a consultation paper by collaborating with Indian crypto stakeholders. Crypto regulations are much awaited by industry participants in India owing to its high adoption rate. The Indian government is engaging with crypto stakeholders to draft a consultation paper. That will help it develop its long-awaited regulations for the asset class. This approach of consulting stakeholders from the industry will allow the government to...

In Nigeria, there is increasing advocacy for a shift in the regulatory framework governing the cryptocurrency industry, with calls for a focus on compliance rather than criminalization. Obinna Iwuno is the former president of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN). He has emerged as a prominent advocate for a more balanced regulatory approach. Iwuno has also noted that the current legal framework, which has resulted in contract laws and legal battles, and...

On August 23, 2024, U.S. District Judge William H. Orrick denied crypto exchange Kraken’s motion to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC). The SEC alleges that some of Kraken’s cryptocurrency transactions could be classified as investment contracts and thus fall under securities regulations. According to the received evidence, Judge Orrick decided that Kraken generated more than $43,000,000 in revenue for the trading fees and allowed almost any transaction...

Kraken was found guilty of providing its product without conducting a target market determination and operating a credit facility in Australia. The ASIC, the regulator that brought the suit, and Kraken’s local entity, Bit Trade, have seven days to negotiate settlements. Australian federal court ruled against Kraken’s local entity, Bit Trade, in a suit brought against it by the Australian Securities and Investments Commission (ASIC). The regulator claimed that Bit Trade launched its product...

Crypto firms and billionaire founders and executives have contributed massively to corporate contributions during this election cycle. The scale of donations made by the industry is “unprecedented.” A report published by Public Citizen revealed that crypto companies contributed nearly half of political donations during this year’s election cycle. Out of the $248 million contributed, $119 million comes from crypto firms like Coinbase, Ripple, and Circle. That amounts to 48% of the total...

FSRA’s latest proposals seek to regulate Fiat-Referenced Tokens (FRTs) to improve stability. FSRA will assess feedback submitted by the public until October 3 before making a final decision. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has issued Consultation Paper No. 7 of 2024, which outlines ideas to improve its regulatory framework to support the issuance of Fiat-Referenced Tokens  (FRTs). This is an important milestone as the FSRA seeks to enhance...

Binance, the world’s largest cryptocurrency exchange, is set to hire 1,000 new employees this year, with a significant portion of these roles focused on compliance. This move comes at a time when Binance has been escalating efforts to address the increasing regulatory pressures, notably in the US where its compliance outlay is likely to exceed $200 million annually. The information was disclosed by Binance’s Chief Executive Richard Teng to the Bloomberg News in an interview during his trip to...

Turkey’s new crypto legislation has sparked an influx of 47 license applications. 76 crypto exchanges, including Coinbase and KuCoin, have applied for licenses in Turkey. Turkey has witnessed an enormous spike in interest from crypto companies seeking to enter the industry. The Turkish Capital Markets Board (CMB) has revealed that 76 cryptocurrency firms have sought licenses under the newly adopted legislation. Notable candidates include Bitfinex, Binance TR, and OKX TR.  Crypto Exchanges...