Tag Archives: Regulations

In 2024, the United States Securities and Exchange Commission (SEC) dramatically increased its enforcement actions against cryptocurrency firms and executives, totaling nearly $4.7 billion. This amount is 3,000% more than the fines of $150.3 million set in 2023. The SEC’s penalties more than doubled as the result of its record $4.47 billion settlement with Terraform Labs and its ex-chief, Do Kwon, in June. This settlement is the most significant enforcement action ever by the SEC. Terraform...

South Korean Financial Supervisory Service (FSS) announced on Tuesday that it will start inspecting cryptocurrency exchanges to uncover illegal or unfair practices. This is the first inspection since the new Virtual Asset Users Protection Act came into effect in July. It looks for signs of money laundering and checks if new rules designed to safeguard virtual assets and record transactions are being complied with by the exchanges. According to the FSS, they plan to: “Maintain market order by...

Binance Kazakhstan has received formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license. This is a significant step towards achieving a fully regulated Digital Asset Trading Facility (DATF) status, the first of its kind in Kazakhstan. This was after a rigorous and step-by-step assessment that involved financial audits, ISO certifications, and internal and external assessments. It should be noted that the AFSA, the regulator of financial and...

Nexo’s new onboarding process follows FCA requirements, improving user risk awareness. The platform’s 10-month halt allowed for a full modify to meet UK regulatory standards. Nexo, a centralized cryptocurrency lender, has restarted client registrations in the United Kingdom after a 10-month halt. The delay was first triggered in December 2023 owing to changes in regulatory requirements. Nexo has now improved its operations to satisfy Financial Conduct Authority (FCA) compliance standards,...

In a post on X on Sept. 4, the American billionaire businessman said that Bitcoin has been an outsider to the TradFi community over the past five years, and it’s only now “dipping its toe into global finance.” He added that his firm, Cantor Fitzgerald, will help the traditional finance sector onboard Bitcoin as it wants new asset classes. “Cantor will help tradfi bring Bitcoin all the way in. Tradfi wants new asset classes, and BTC is here to stay.” TradFi Companies Want...

Global cryptocurrency exchange OKX has officially received its full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for its Singapore branch, OKX SG. This license permits OKX SG to engage in digital payment services, transfers of money internationally, and spot cryptocurrency trading for any investor in Singapore. Apart from obtaining the license, OKX has also hired Gracie Lin as the CEO of its Singapore offices. Lin brings extensive experience to her...

The Chief Legal Officer at Ripple Stuart Alderoty has publicly criticized the U.S. Securities and Exchange Commission (SEC) over its use of the phrase “crypto asset security.” In a post published on his official X account, the lawyer argued that the term is a made-up concept that has no legitimate grounding. Lawyer, Court, Call Out Commission for Use of Phrase In addition, Alderoty accused the financial watchdog of using the words to mislead judges and the public in its legal...

The Middle East is making strides in crypto adoption and regulatory development. Qatar now adds to that by introducing a comprehensive digital assets framework. More specifically, the regulations were introduced in the Qatar Financial Centre (QFC) by the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA). Like the UAE’s multiple free zones, the QFC is an independent economic zone aimed at fostering businesses and innovation in various fields. It...

Nasdaq is seeking regulatory approval to introduce and trade options on a new Bitcoin index, the exchange operator announced on Tuesday. The US Securities and Exchange Commission (SEC) has not yet approved options for any of the spot Bitcoin exchange-traded funds (ETFs) that have started this year, including Nasdaq’s request for options on BlackRock’s iShares Bitcoin Trust ETF which is worth $21.3 billion. Matt Hougan Advocates for Bitcoin Options to Boost Market Efficiency The Bitcoin index...

Bitget’s partnership with KoinX offers automated syncing and detailed tax reports for users. The collaboration improves security and compliance also making it easier to manage crypto investments. As tax season approaches, crypto investors often encounter the tricky task of minimizing their tax liabilities. To solve this, Bitget has formed a strategic unity with KoinX, a market leader in cryptocurrency tax reporting solutions. This collaboration intends to improve the user experience by...