crypto firms
UK FCA Regulator Announces “Temporary Registration Regime” Extending Operating Deadline for Crypto Firms
The UK’s FCA has just announced a “temporary registration regime” which allows crypto firms who have previously applied to continue operating until July 2021.
FDIC Calls Out FTX US, Other Crypto Firms to Stop Misleading Users About Deposit Protection
FDIC sent letters to five crypto firms requesting them to stop making false claims about deposit insurance.
FCA Extends Temporary Registration Deadline for Selected Crypto Firms
Some crypto businesses have been offered additional time in order to make it onto the full register to meet requirements from the UK regulator.
Binance.US Struggles to Find Banking Partner in the U.S.
Binance.US is facing challenges in finding a bank partner to serve as a fiat on-ramp and off-ramp for its clients in the United States, following the recent failures of Silvergate and Signature Bank. The regulatory crackdown on banks with crypto clients is another factor contributing to the exchange's struggles.
NYDFS to Assess Supervisory Costs from Licensed Crypto Firms
The NYDFS will assess supervisory costs from licensed crypto firms in the state of New York to add top talent to its virtual currency team. This new regulation provides the Department with additional tools and resources to regulate the virtual currency industry.
Estonia Shuts Down Crypto Firms
Nearly 400 virtual asset service providers (VASPs) have shut down in Estonia due to enhanced Anti-Money Laundering laws. The Financial Intelligence Unit (FIU) revoked the authorizations of almost 190 firms for non-compliance. The remaining 100 active crypto firms had issues with misleading company information, including falsified professional backgrounds and copied business plans.
Uzbekistan Announces Monthly Fees for Crypto Firms
Crypto companies operating in Uzbekistan are now expected to pay monthly fees to the government. The development is part of efforts by the country to regulate the sector.
Crypto Firms Report Funds Tied Up with Shuttered Signature Bank
Crypto firms including Coinbase, Paxos, and Celsius have reported funds tied up with Signature Bank, which was shut down by New York regulators due to concerns about systemic risk. While some firms expect to recover their funds in full, others have disclosed only that they had exposure to the bank. Other firms in the crypto industry have reassured customers that they had no exposure to Signature Bank.
Crypto Advocacy Group Calls on Regulators to Address De-Banking of Crypto Firms
The Blockchain Association has submitted Freedom of Information Act requests to U.S. financial regulators, seeking documents and communications that could reveal if regulators’ actions have contributed to the recent failures of banks that provide services to crypto firms. The association is investigating allegations of account closures and refusals to open new accounts by banks against crypto firms, which it believes should be treated like any other law-abiding business in the U.S.
Hong Kong’s OSL and US-Based Abra Become the Latest Crypto Firms to Announce Layoffs
OSL and Abra have announced job cuts as they grapple with slowing growth triggered by harsh reality facing the crypto market.
SEC Seeing 'Lots' of Crypto Firms are Non-Compliance: Gensler
Gensler commented on the development of the crypto space, saying that there are a lot of noncompliance firms in the industry that might put investors in endanger.
US SEC Releases List of Suspicious Crypto Firms Targeting International Investors
The US SEC has issued a list of fake crypto firms that majorly target non-US investors. The regulator has warned investors to beware of “red flag” signs of potential crypto fraud.
US Supreme Court Rules Against SEC’s Ability to Fine Crypto and Blockchain Firms
The US Supreme court has limited the amount in punitive fines that the US Securities and Exchange Commission (SEC) can impose on cryptocurrency and blockchain firms, in a historic ruling yesterday.
Several Cryptocurrency Firms Suffer Domain Cyber-Attacks Due to GoDaddy Employee Error
Malicious actors gained control of domains owned by several cryptocurrency firms after tricking GoDaddy employees.
JPMorgan to Launch Investment “Basket” Tied to 11 Crypto-Focused Firms including MicroStrategy, Square, and Nvidia
JPMorgan has filed a request with the Securities and Exchange Commission to approve a debt instrument linked to 11 firms that have all invested in Bitcoin and other cryptocurrencies.
Blockchain Firms To Benefit From SEC's Upward Review of Fundraising Limits For SMEs
The Securities and Exchange Commission has amended its maximum fundraising limit for Small and Medium Enterprises a move that will benefit smaller blockchain firms.
Microsoft President Says Fintech Firms Should Leave the Role of Issuing Digital Currencies to Governments
Microsoft President Brad Smith has criticized financial technology firms attempting to issue currencies, stating that governments are still best suited to play this role.
US Law Firms Had Data Stolen and Encrypted by Hackers Demanding Crypto Ransoms
There has been a recent report of an online breach in five United States law firms as it has been compromised by hackers demanding two 100 Bitcoins (over $933,000 at the time of this report) from each firm. The ransom demanded by the hackers was expected to be paid in parts, one to allow access to the data and another to delete the hackers' copy of the data instead of selling it.
Singapore Payment Services Act Now in Effect For Crypto Firms
The Monetary Authority of Singapore now requires cryptocurrency providers and exchanges to be licensed under some of the same regulatory elements as traditional financial service providers.
FinCEN Director Warns Crypto Firms Are Not Above Anti-Money Laundering Laws
Speaking at the University of Georgetown, Kenneth Blanco, FinCEN (The United States Financial Crimes Enforcement Network) Director, blasted the crypto firm by informing them that they are not exempted from the anti-money laundering laws.
Thailand SEC Revises its Net Capital Rules In Favor of Crypto Backed Firms
Thailand’s Securities and Exchange Commission has made an upward review of its net capital requirement for the securities firm in the country with crypto ties.
Swiss Regulator Issues Banking Licenses to Two Blockchain Firms
The Financial Market Supervisory Authority (FINMA) in Switzerland has issued banking and securities dealers’ licenses to two new blockchain companies.