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“# Binance tackles travel rule compliance after multiple bans ” Binance, the world’s top crypto exchange by daily traded volume, has faced a quick succession of bans on its operations in three different jurisdictions: Ontario in Canada, Japan and the United Kingdom. While affected users adjust to these quickfire developments, the platform appears to be…
“# Crypto exchanges could sue Korean gov’t for ‘passing the buck‘ to banks ” With the implementation of new rules from South Korea’s Financial Services Commission (FSC), many smaller cryptocurrency exchanges in the country fear they will be forced to shut down. These rules require that each exchange must prove it has a real-name account…
“# Echoing Cuban, Novogratz says DeFi should ‘play by the rules’, or ‘pay the piper’ later ” Decentralized finance (DeFi) has emerged in 2021 as one of the fastest-growing trends in the crypto sector and as the unique features of DeFi begin to work their way into traditional finance, executives from crypto and conventional business…
“# London Stock Exchange-listed firm inks FCA’s approval for crypto services ” Mode Global Holdings, a London Stock Exchange-listed fintech group, has secured major regulatory approvals for cryptocurrency and fintech operations in the United Kingdom. The company announced Thursday that Mode has secured its Electronic Money Institution license and AMLD5 registration from the U.K. Financial…
“# Smart contracts and the law: Tech developments challenge legal community ” Smart contracts are an important element of the blockchain revolution, although they predate blockchain. According to most sources, it was Nick Szabo who coined the term “smart contract” in the 1990s. The mechanism of a vending machine has since been frequently given as…
“# Lack of crypto regulations alarming, says Italy’s stock market regulator ” Paolo Savona, the chairman of the Commissione Nazionale per le Società e la Borsa (Consob) — Italy’s securities regulator — has raised alarms over crypto’s growing popularity in the absence of firm regulatory standards. According to Reuters, Savona made this position known while…
“# Is there a right way to regulate crypto? Yes, and this is how ” Cryptocurrency is becoming increasingly mainstream. Between the entrance en masse of traditional financial institutions — from investment funds, to banks, to insurance companies — to the multitrillion-dollar market capitalization, crypto is truly unignorable. As such, it is also increasingly on…
https://s3.cointelegraph.com/audio/67489.d8818b50-0746-4ab7-9c2b-47f39e8a44d3.mp3 The well-known Indian crypto exchange WazirX, which Binance acquired in 2019, is under investigation for alleged violations of India’s Foreign Exchange Act (FEMA). The probe was publicly announced in an official tweet today from India’s Enforcement Directorate (ED): https://twitter.com/dir_ed/status/1403256929435017217 In the Indian numbering system, one crore denotes 10 million. The 2,790 crore rupees in cryptocurrency…
“# 51 crypto firms withdraw licensing applications in the UK ” Strict Anti-Money Laundering laws in the United Kingdom appear to be constituting a major operational hurdle for crypto firms in the country. According to the U.K. Financial Conduct Authority (FCA), several crypto businesses in the country might be preparing for an exit. In a…
“# Crypto firms not meeting AML standards, says UK minister ” Cryptocurrency businesses in the United Kingdom have been struggling to meet Anti-Money Laundering standards set by the Financial Conduct Authority, according to a senior official. John Glen, a member of U.K. parliament and the Economic Secretary to the Treasury, pointed out major difficulties in…