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“# SEC sees $5M victory in case against Kik ” On Wednesday, the U.S. Securities and Exchange Commission announced the end of its lawsuit against Kik Interactive. The Canadian messenger app fell afoul of the U.S. regulator for failing to treat its sale of KIN tokens as a securities offering. A district judge confirmed the SEC’s…
“# Abramoff-linked crypto firm says SEC has no case against it ” The NAC Foundation has accused the United States Securities and Exchange Commission of misconduct in an ongoing case. According to court documents Oct. 20, Rowland Marcus Andrade and his company NAC Foundation asked a San Francisco federal judge to dismiss the SEC’s June lawsuit alleging…
“# US financial watchdog fines early Bitcoin mixer $60M for money laundering ” The founder and operator of some of the first “mixing” services in crypto will have to cough up $60 million to U.S. regulators, even as he faces continued criminal charges. The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on Monday a $60-million…
“# Swiss gov’t starts consultation process for blockchain laws ” Switzerland’s Federal Department of Finance has initiated a consultation process for a blanket ordinance in the blockchain and distributed ledger technology space. The consultation will happen among cantons, parties and other interested groups in this space. It is scheduled to continue for more than three…
“# Understanding the EU’s 6AMLD and the risk to your business ” In January 2020, the European Union released its Fifth Anti-Money Laundering Directive to increase transparency while tackling fraud, money laundering and cybercrimes. The 5AMLD extended the scope of customer due diligence checks, introduced domestic and politically exposed persons, extended the creation of central…
“# Five Russian banks express interest in piloting digital ruble ” A number of financial institutions in Russia have expressed interest in testing the country’s central bank digital currency, or CBDC. According to an Oct. 16 report by local news agency Izvestia, at least five Russian banks are interested in taking part in Russia’s non-public…
“# Crypto Capital’s NFL defendant open to guilty plea, but not for $371M ” The legal team for Reginald Fowler said the former minority owner of the Minnesota Vikings is open to a guilty plea regarding his involvement in Crypto Capital’s alleged shadow banking practices, provided forfeiture is not part of the deal. The company…
“# NYC court has no right to hear ‘international’ case argues Bancor firm ” The legal team for a crypto firm facing possible securities law violations is asking for the case to be dismissed on geographical grounds. According to court records filed Oct. 13 in the U.S. Southern District of New York, lawyers for blockchain…
“# New WEF study reveals issues facing blockchain and crypto standards ” A study conducted by the World Economic Forum and Global Blockchain Business Council reveals the reasons why the blockchain industry still lacks well-defined standards on the global level. Dubbed the Global Standards Mapping Initiative, the study notes that the gaps, divergence and overlap…
“# Unqualified investors can buy up to $8K of crypto, says Bank of Russia ” The central bank of Russia proposed to set limits on annual cryptocurrency investments by non-professional investors. The Bank of Russia suggested that unqualified investors in Russia should not be allowed to invest more than 600,000 Russian rubles ($7,800) in digital…