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Tag Archives: Regulations

Canadian Court Declares Crypto Protest Freeze Unconstitutional

During the pandemic, a new mandate requiring Canadian truckers that carried out trips across the border into the United States to receive the COVID-19 vaccine was wildly unpopular, resulting in what was known as the “Freedom Convoy” protest. Following a decision to protest the measure, truckers blocked the streets of Ottawa with their trucks and were supported in doing so by a significant amount of people both in Canada and abroad. Turning to Crypto Funding In order to...

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EU Tightens Regulations Regarding Crypto Transactions, Citing AML Concerns

The EU Parliament and Council recently reached a provisional agreement on a list of anti-money laundering and anti-terrorist financing laws. Although further deliberation on other proposed measures is yet to be had, the new measures will help streamline the efforts of the national financial agencies of EU countries in this area. Although cryptocurrencies are not the main focus of the new laws, the industry is nonetheless explicitly targeted by several of the provisions....

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CFTC Report Reveals DeFi’s Achilles’ Heel: Lack of Accountability

In its recent report, the Commodity Futures Trading Commission (CFTC) underscored a fundamental issue within DeFi systems, pointing to the absence of clear lines of responsibility and accountability intentionally overlooked by certain industry structures. The report emphasized the substantial risks that DeFi systems pose to consumers, investors, financial stability, market integrity, and the fight against illicit finance. The central concern is the lack of a well-defined...

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Genesis Global Trading Settles with NYDFS for $8 Million Over Compliance Failings

Digital Currency Group (DCG) subsidiary – Genesis Global Trading – reached a settlement with the New York Department of Financial Services (NYDFS) on January 12th. Genesis will pay an $8 million penalty after an agency’s investigation found significant failings in anti-money laundering and cybersecurity programs. NYDFS said the compliance failures left the company vulnerable to illicit activity and cybersecurity threats. Genesis’ Compliance Lapses According to the official...

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Crypto Firms Faced Nearly $6B in Fines in 2023 for AML Violations

Crypto firms faced substantial regulatory action, collectively paying nearly $6 billion in fines primarily due to Anti-Money Laundering (AML) violations and deficiencies in customer checks last year. This marks a significant development, as crypto and fintech groups experienced higher fines for inadequate controls than the entire traditional financial system for the first time. Crypto-Related Fines Surge The total fines of $5.8 billion in 2023, including a substantial $4.3...

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These Crypto Exchanges Are Navigating New UK Rules as January 8 Deadline Nears

Several crypto exchanges are taking steps to adhere to recently imposed regulations by the UK government. These regulations require crypto entities to inform users about the risks associated with trading digital assets and to promote their services responsibly. These measures have been implemented as part of the Financial Services and Markets Act in the UK, which has expanded its scope to include firms dealing with crypto and stablecoins, subjecting them to the same...

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SBF’s Conviction, SEC’s Legal Defeats Against Ripple, Binance’s New CEO: Major Crypto Events That Dominated 2023

What an eventful year it has been for the crypto industry! With 2023 coming to an end, the cryptocurrency space has had its share of battles and victories, all of which continue to shape an industry that, though still growing, has managed to make a mark in the global financial sector. This year, regulators came down hard on key players in the market, one of the biggest and most influential CEOs pleaded guilty to a criminal charge, and the hype around a spot Bitcoin...

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3 Big Cryptocurrency Things to Watch Out for in 2024

As the crypto industry expands, the community stays on the lookout for significant events that can affect the growth trajectory of the ecosystem. From the look of things, 2024 happens to be full of them. One such event is the creation and implementation of clear crypto regulations in major regions like the European Union. The crypto community is also watching out for the approvals of several Ethereum exchange-traded products and the jail sentencing of the FTX founder and...

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Nigerian Central Bank Lifts Ban Restricting Banks From Servicing Crypto Clients

The Central Bank of Nigeria (CBN) has lifted a ban preventing banks from operating accounts for cryptocurrency service providers in the country. According to a December 22 circular sent to banks, the affected financial institutions can now open accounts for Virtual Assets Service Providers (VASPs) registered with the Securities and Exchange Commission (SEC) in line with stringent know-your-customer (KYC) and anti-money laundering checks. CBN Eases Crypto Ban In February 2021,...

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Coinbase CEO Says Being Anti-Crypto is Bad Political Strategy, Here’s Why

Brian Armstrong, the co-founder and CEO of the largest American cryptocurrency exchange, Coinbase, believes being anti-crypto could have ugly political effects in the upcoming United States elections in 2024. In a Tuesday tweet, Armstrong stated that taking a stand against the novel technology would be “a really bad political strategy” for several reasons, blasting well-known crypto critic Democratic Senator Elizabeth Warren and Republican Senator Roger Marshall for “lobbying...

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