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Crypto Exchange Regulation Check

VISA Remains Committed to Investing in Crypto Sector Despite Recent Failures

Despite recent industry disasters, Visa, the worlds biggest credit card business, stays dedicated to spending in the bitcoin field and backing its core technology. According to a representative, Visas crypto strategy and emphasis have not altered, and the company intends to continue spending on connecting both networks and technologies developing in the crypto environment. Visas aim is to act as a link between various networks and tools in the bitcoin world. Cuy Sheffield, Visas director of crypto, also verified that the company is still collaborating with crypto firms and that fiat-backed digital currencies operating on public blockchains have the ability to play a major role in the payments environment.Visa denies claims of ending crypto company partnerships, confirms blockchain technology dedication.　　According to Reuters, Visa is “slamming the breaks” on new collaborations with crypto-related companies, as the sector faces increased governmental inspection following the failure of the once-popular crypto market FTX. However, a Visa representative disputes these allegations, stating that the companys crypto strategy and emphasis have not changed as a result of the recent setbacks. Despite the industrys difficulties and ambiguity, Visa stays dedicated to the possible advantages of cryptocurrencies and the underpinning blockchain technology.　　Visas new collaboration with Wirex, a crypto

2023-03-01Deep Dive

Stablecoin Supply Declines Despite BTC And ETH Gains

Bitcoins impressive 43% rise and Ethereums 38% gain in 2023 have not ignited a larger-scale investment in other cryptocurrencies, such as stablecoins. According to major stablecoin indicators, a significant amount of capital remains inactive. The stablecoin supply, which is a crucial mechanism used to purchase many crypto assets, has been declining. When the stablecoin supply increases, it suggests that there is more capital to purchase crypto assets, while a decrease implies the opposite.Aggregate supply net position change of top stablecoins declines　　The aggregate supply net position change of the top four stablecoins (USDT, USDC, BUSD, and DAI) has been negative since Sept. 14 and has been trending lower since Feb 7. For context, the aggregate supply net position change for stablecoins was positive between February and March 2022, indicating strong demand for digital assets during that time period. The decrease in stablecoin supply suggests that investors are cautious, despite the positive performance of BTC and ETH.The stablecoin supply ratio (SSR) increases, and buying power decreases　　The stablecoin supply ratio (SSR), which measures the ratio of bitcoins market cap to the market cap of stablecoins, has been increasing. This indicates that the buying power of stablecoins has decreased relative to BTC. The current

2023-02-28Deep Dive

Ripple Lawyer Suggests US SEC Chair To Recuse Himself Over Bitcoin Claim

US SEC Chair, Gary Gensler, has caused a stir in the crypto market with his recent comments on Bitcoin (BTC). He has been criticized by industry leaders for labeling altcoins as “Security”.　　US SEC Chair Forming Vague Narrative？　　After Gary Gensler made remarks about Bitcoin, Ripples Chief Legal Officer Stuart Alderoty stepped in to correct him. According to Alderoty, Gensler had stated that all digital assets, with the exception of Bitcoin, are unregulated securities. Alderoty suggested that Gensler should abstain from voting on any future enforcement cases that involve this issue. He argued that Genslers comments show that he has prejudged the outcome of the Antoniu v. SEC (8th Cir. 1989) case.　　To clarify, Stuart Alderoty responded to Gary Genslers recent comments on Bitcoin. Alderoty pointed out that Gensler had characterized all digital assets except for Bitcoin as unregulated securities. Alderoty then went on to suggest that Gensler should not vote on future enforcement cases related to this issue due to his prejudgment of the outcome of a specific case.　　The future of XRP, one of the biggest crypto assets, is at stake as Ripple and US SEC continue their ongoing legal battle. The awaited Summary Judgment in the XRP lawsuit is expected to

2023-02-28Deep Dive

Coinbase Delist Binance BUSD Amid Regulatory Scrutiny Beginning On March 13

Coinbase, the famous cryptocurrency exchange, stated on February 27, 2023, that dealing of the Binance USD (BUSD) stablecoin will be suspended starting March 13, 2023. The move follows the New York State Department of Financial Services (NYDFS) recent governmental assault on the stablecoin on February 13, 2023. Paxos, the business in charge of the BUSD stablecoin, verified in a news statement that the NYDFS had ordered it to cease releasing the stablecoin. The bitcoin community has had varied responses to Coinbases statement.　　Coinbase Suspends BUSD Transactions Coinbase stated on Twitter that dealing in the BUSD stablecoin will be suspended on March 13, 2023, at or around 12 p.m. ET. Transactions on Coinbase.com (Basic and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime will be halted. As of press time, there were 177,125 distinct accounts containing BUSD, according to the stablecoins token contract.　　Coinbases BUSD Dealing Ban Raises Bitcoin Community Worries　　　　The Bitcoin Community Has Different Responses The bitcoin community has had varied responses to Coinbases statement. Some have questioned the timeliness of the ban, wondering when the BUSD stablecoin abruptly failed to reach Coinbases ranking standards and which particular standard it failed to meet. Others have expressed worry about Coinbases suspension of

2023-02-28Deep Dive

Robinhood's Cryptocurrency Division Served SEC Subpoena

Robinhood Markets Inc, a popular brokerage firm known for its commission-free trading, has received an investigative subpoena from the US Securities and Exchange Commission (SEC) related to listings of cryptocurrencies. The subpoena was received in December 2022, according to a filing by Robinhood on Monday.　　The SEC has been actively monitoring the cryptocurrency industry, and it has maintained that pre-existing securities laws apply to digital assets, including cryptocurrencies. The regulatory agency has also stated that many crypto tokens meet the definition of security, which has previously been criticized by the industry.　　The subpoena received by Robinhood is related to its subsidiary, Robinhood Crypto LLC, which offers support for cryptocurrencies and custody of cryptocurrencies, among other platform operations. The company has not disclosed any further details about the investigation.　　This news comes in the wake of a string of major crypto-related failures in 2022, including the collapse of Sam Bankman-Frieds FTX. FTX filed for bankruptcy in November, which led to an intervention from regulators worldwide and left creditors facing losses of billions of dollars. The collapse dealt a significant blow to investor sentiment in the crypto industry.　　Robinhood has also recently announced plans to repurchase its shares from Emergent Fidelity Technologies, a company founded by

2023-02-28Deep Dive

Registration Required For Cryptocurrency Platforms In Canada Within 30 Days

The Canadian Securities Administrators (CSA) stated last Wednesday that cryptocurrency platforms must register in order to safeguard cryptocurrency buyers. The Canadian Securities Administrators (CSA) is the parent body for Canadas province and local securities authorities.　　Stan Magidson, Chairman of the CSA and CEO of the Alberta Securities Commission, stated that unregistered crypto asset trading platforms (CTPs) that continue to operate in Canada while pursuing registration are expected to provide their principal regulator with an enhanced pre-registration undertaking within 30 days of the publication of this notice.　　The CSA requires increased security and isolation of cryptocurrency assets owned by Canadian customers, as well as a ban on giving collateral, credit, or other forms of leverage to any Canadian customer. Consumers may not be permitted to buy or transfer stablecoins or private currencies unless the CSA has given previous written permission.　　If a CTP is unable or unwilling to provide an improved pre-registration commitment, the CSA anticipates that it will take suitable action to off-board current Canadian users and implement limitations to prohibit Canadian users from getting its goods or services.　　This new metric follows the recent decline in the cryptocurrency market and an increase in scam cases. Many nations are putting harsher restrictions on the

2023-02-28Deep Dive

New Charges Filed Against Sam Bankman-Fried, Former FTX CEO, in Multi-Billion Dollar Fraud Case

Sam Bankman-Fried, the co-founder of FTX, was charged with four new counts in a fresh indictment released on February 22, 2023. Operating an illegal money transfer company and plotting to conduct bank theft are among the accusations. A federal grand jury in Manhattan accused Bankman-Fried 72 days ago on eight separate counts, including the plot to conduct wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit stocks fraud, and conspiracy to commit money laundering.　　New Charges Of FTX Founder Involved Of Plundering Customer Accounts　　According to the new charge, Bankman-Fried took advantage of FTX customers confidence and plundered customer accounts, using billions of dollars in misappropriated funds for different purposes. Bankman-Fried is also accused of influencing the operations of bitcoin businesses he established and managed, including FTX.com and Alameda Research. According to the charge, Bankman-Fried committed a multibillion-dollar scam using a number of systems and methods that enabled him to access and take FTX client assets without being detected.　　Bankman-Fried is also accused of cheating clients through the acquisition and selling of swaps, making illegal political donations, and scamming the Federal Election Commission.　　FTX Founders Deception Charges Raise Ethics Concerns in Bitcoin Industry　　Bankman-claimed Frieds actions raise significant worries about the bitcoin

2023-02-24Deep Dive

eToro Updates Its eToro Money Crypto Wallet Services

The services provided by the eToro Money digital wallet will alter on March 26, 2023. These adjustments will have an effect on the crypto token exchange service as well as the support for specific eToro cryptocurrencies.eToro Money Discontinues Cryptocurrency Exchange Service for Wallet Users　　The cryptocurrency exchange service will be discontinued for eToro Money crypto wallet users. This implies that users of crypto assets in the Wallet will no longer be able to exchange them for other crypto assets. As a consequence, any digital asset transfer should be handled previous to the adjustments taking effect.　　Furthermore, the eToro Money Crypto Wallet will no longer accept the following eToro cryptocurrencies as of March 26, 2023: AUDX, CADX, CHFX, CNYX, EURX, GBPX, GLDX, HKDX, JPYX, NZDX, PLNX, RUBX, SGDX, SLVX, TRYX, USDEX, and ZARX.　　If a person has any of the above coins in their eToro Money Crypto Wallet, they can change them to one of the Wallets approved crypto assets.　　If a user does not change the tokens by March 25, 2023, at 23:59 GMT, they will be immediately refunded the USD worth of their eToro crypto tokens at the rate accessible to eToro at the time of closing. Within seven working days, the refund

2023-02-24Deep Dive

The Forsage Founders Are Facing Charges In A $340 Million DeFi Cryptocurrency Fraud

A federal grand jury in the District of Oregon charged four creators of Forsage, a cryptocurrency investment platform, for their alleged involvement in a worldwide Ponzi and pyramid scam that collected roughly $340 million from victim investors. The creators are Russian citizens Vladimir Okhotnikov, alias Lado, Olena Oblamska, aka Lola Ferrari, Mikhail Sergeev, aka Mike Mooney, aka Gleb, aka Gleb Million, and Sergey Maslakov. The accused reportedly used social media to push Forsage as a valid and profitable business chance, promoting it as a decentralized matrix project built on network marketing and “smart contracts” on the blockchain.Accused use smart contracts for Ponzi pyramid scam　　According to court papers, the accused programmed and implemented smart contracts on the Ethereum, Binance Smart Chain, and Tron blockchains to organize their joint Ponzi pyramid scam. According to an analysis of the computer code underlying Forsages smart contracts, when an investor invested in Forsage by purchasing a “slot” in a Forsage smart contract, the smart contract automatically diverted the investors funds to other Forsage investors, such that earlier investors were paid with funds from later investors.　　Through Forsages website and various social media platforms, the defendants fraudulently advertised Forsage to the public as a valid, low-risk, and

2023-02-23Deep Dive

CoinEx Faces A Lawsuit From NY For Not Registering As A Crypto Exchange

NEW YORK, Feb 22 (Reuters) - The U.S. New York Attorney General Letitia James accused CoinEx, a Hong Kong-based bitcoin exchange, of operating unlawfully in New York without appropriate licensing. James submitted documents in a Manhattan court charging CoinEx of participating in repetitive and relentless deceptive practices, in violation of the Martin Act, a strong state statute designed to fight financial fraud.　　Before purchasing and selling coins, CoinEx was charged with neglecting to register as a commodity broker-dealer, securities broker, or securities dealer. James also claimed that the business misrepresented itself as a worldwide cryptocurrency exchange without state authorization and refused to cooperate with a demand for evidence about its digital asset trading activities.　　In reaction to the case, James stated that the days of cryptocurrency businesses behaving as if the regulations did not pertain to them are over. Her legal action wants compensation as well as a prohibition on New York residents using CoinExs mobile app, website, and services.　　CoinEx, also known as Vino Global Ltd, was established in 2017 and has yet to reply to queries for remarks on the issue. However, the business will have to defend itself in court against the allegations.　　This action comes on the heels of a

2023-02-23Deep Dive
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