Tag Archives: Regulations

Leading crypto exchange Binance has recently increased its customer verification requirements amid mounting pressure from global financial regulators. All Binance Users Must Verify their Accounts In an official announcement on Friday, Binance said that all new users must complete “Intermediate Verification” procedures to gain access to services such as cryptocurrency deposits, trades, and withdrawals, with immediate effect. According to the exchange’s procedures, the...

The world’s leading cryptocurrency exchange has appointed Greg Monahan – a former US Treasury Criminal Investigator. Monahan will serve as Binance’s new Global Money Laundering Reporting Officer. The company announced its latest hiring in its attempts to comply with global watchdogs in a press release shared with CryptoPotato. It explained that Monahan has a 30-year of experience in credit government service, with a large part being as a US Treasury Criminal Investigator. He...

The Indian governing body will reportedly take measures to eliminate the use of cryptocurrencies as part of the country’s financial system. However, the existence of digital assets issued by the State is not threatened. Cryptocurrencies Fund Illegal Activities According to a recent report by The Economic Times, the government of India plans to crack down on the use of digital currencies as many criminals employ them to fund their illegal operations. The authorities believe...

The American television host – Jim Cramer – believes that cryptocurrencies need more regulation or otherwise the market could collapse. Additionally, he praised Ethereum as the best-performing digital asset. Regulation Could Prevent The Market from Falling apart In an interview for TheStreet, Jim Cramer revealed that he is a huge proponent of cryptocurrency regulations. In his opinion, setting the right rules in the industry would be beneficial for the entire market as they...

After a 10-month long regulatory battle with United States financial watchdogs, leading cryptocurrency derivatives exchange BitMEX has agreed to settle and will pay a fine worth millions of dollars. As confirmed by the exchange today, BitMEX has reached a $100 million resolution with the two U.S. regulators – the Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN). Speaking on the settlement, BitMEX CEO Alexander Höptner noted that...

The nervousness caused by the ongoing discussions of the U.S. Infrastructure Bill does not seem to have affected Bitcoin traders at all. Bitcoin remained sturdy above the psychological barrier of $45,000 as the Bitcoin bulls went to battle a few hours ago. The U.S. Senate failed to reach an agreement on a series of amendments that would exclude decentralized cryptocurrency service providers – such as wallets, miners, and DeFi protocols – from being considered as “brokers.”...

Key senators have reached an agreement on IRS reporting rules for cryptocurrencies, U.S. Senator Rob Portman (R-OH) announced in a tweet Monday. The industry and regulators await further details, but it looks like lawmakers have found clarification on who is and isn’t a broker in the blockchain business. UPDATE: The Amendment Has Failed As of August 9, 20:30 UTC, The proposed crypto amendment had failed, as Senator Richard Shelby (R-AL) has objected to the compromise...

In light of recent regulatory scrutiny on the entire industry from global watchdogs, digital asset exchanges have attempted to enhance their efforts in order to comply with emerging legislation. The latest to outline its strategy is FTX, as the company’s CEO explained. FTX’s KYC/AML Endeavors The cryptocurrency space saw massive growth in the past year or so, and somewhat expectedly, its highly unregulated nature caught the attention of global watchdogs. Centralized digital...

The controversy surrounding the cryptocurrency taxation bill that might be passed in the United States has evoked a mixed reaction from crypto proponents. While the debate is still ongoing, Jack Dorsey, a popular Bitcoin advocate and CEO of the popular microblogging platform, Twitter, has recently shared his views on the matter. In a series of tweets today, Dorsey noted that it would be unreasonable to force these reporting rules as some firms may not have the capacity to...

The crypto community continues to rally the troops just hours ahead of the crucial vote on digital asset taxation from US Congress. This time, they have received support from one of the most influential people today – Elon Musk. CryptoPotato reported yesterday the controversy that arose from US authorities in regards to the country’s attempt to regulate and implement taxes on the digital asset industry. In shorts, Senators Mark Warner and Rob Portman proposed an amendment...