The Bank for International Settlements (BIS) has long taken a cautious approach to Bitcoin (BTC) and cryptocurrencies. No need for caution anymore, however, as the “battle has been won” between fiat and crypto, according to BIS. BIS general manager Agustín Carstens, who made the claim, highlighted that “technology doesn’t make for trusted money,” among further
Regulation
Attorneys working on behalf of former FTX CEO Sam Bankman-Fried have agreed to pay for a security expert to assist the federal judge overseeing his fraud case in navigating modern encryption technology to aid in possibly modifying Bankman-Fried’s bail terms. Bankman-Fried lawyers Christian Everdell and Mark Cohen sent a letter to Judge Lewis Kaplan on
This week on The Market Report, the resident experts at Cointelegraph discuss dozens of pump-and-dump tokens purporting to be related to ChatGPT and Bing AI chat. We will be doing things a little differently this week since our handsome and charming host, Joe Hall, will be somewhere over the Atlantic during the livestream and will not
The Central Bank of Nigeria (CBN) continues with its attempts to create its central bank digital currency (CBDC), the eNaira, but this time it’s calling in for backup. In a Bloomberg report on Feb. 21, the CBN is in talks with new “technology partners” for the development of a new and improved system to manage
Institutional investors may have gotten the jitters on crypto in the wake of the regulatory crackdown in the United States, with digital asset investment products seeing the largest weekly outflow of 2023. On Feb. 20, institutional crypto fund manager CoinShares reported that digital asset investment products saw outflows totaling $32 million last week, the largest
New week, a new element of the crypto ecosystem is under attack. This time, the United States Securities and Exchange Commission (SEC) ordered Paxos Trust to stop issuing Binance USD (BUSD) — a dollar-pegged stablecoin. Paxos received a cease order from the New York Department of Financial Services (NYDFS). With no other choice, Paxos announced
Hong Kong’s Securities and Futures Commission (SFC) calls for public feedback on its newly proposed licensing regime for cryptocurrency exchanges set to take effect from June 2023. A key consideration of the public consultation window is whether to allow licensed exchanges to serve retail investors in the country and what measures should be implemented to
Binance CEO Changpeng “CZ” Zhao has denied a report that the company is considering cutting ties with United States business partners. Binance has been the object of increasing scrutiny from U.S. regulators in recent weeks. Bloomberg reported on Feb. 17 that Binance Holdings “is looking at whether to sever ties with intermediary firms such as banks
Bank of Zambia and the country’s securities regulator are “testing technology” to enable the regulation of cryptocurrencies, said Technology and Science minister Felix Mutati on the ministry’s website. The country’s move aims to “achieve an inclusive digital economy.” Speaking in the city of Lusaka, Zambia’s capital, the minister claimed that “cryptocurrency is the future that
Representatives for Voyager Digital’s unsecured creditors have requested that former FTX CEO Sam Bankman-Fried (SBF) and several top-level executives from FTX and Alameda Research provide documents and appear in court remotely next week for a deposition. A court filing on Feb. 18 in the United States Bankruptcy Court for the Southern District of New York
Non-custodial crypto platform ShapeShift refuted United States Senator Elizabeth Warren’s claims of “illicit financing,” suggesting that she used the platform as a scapegoat to “push” her latest crypto bill, according to a recent statement. ShapeShift stated in a tweet on Feb. 19 that Warren made “mistakes” in her “analysis” of the platform, at a recent
A complaint filed by the United States Securities and Exchange Commission said Terra co-founder Do Kwon and Terraform Labs laundered more than $100 million worth of Bitcoin from the platform following its collapse in May 2022. According to the SEC complaint filed in the U.S. District Court for the Southern District of New York on
The CEO of Custodia Bank, Caitlin Long, has slammed regulators and lawmakers in Washington D.C. for their “misguided crackdown” on the crypto sector and ignoring her warnings of major “fraud” allegedly conducted by now-bankrupted entities. In a Feb. 17 blog post titled, Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle,
Nishad Singh, the co-founder and former chief engineer of bankrupt crypto exchange FTX, is working on a plea deal with prosecutors, Bloomberg reported on Feb. 17. The deal, which would see the 27-year-old Singh plead guilty to charges related to FTX’s collapse, has yet to be finalized, the report said. Singh would be following in the
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem. Cybercriminals used various methods to siphon funds through
Terraform Labs and its founder, Do Kwon, are in the sights of the United States Securities and Exchange Commission (SEC), which has sparked various reactions from lawyers within the crypto community. On Feb. 16, the SEC accused and charged Kwon and Terraform Labs for allegedly selling a “suite of crypto asset securities.” While community members
Former FTX CEO Sam Bankman-Fried could “conceivably” have his bail revoked after a federal judge said there was “probable cause” to believe he may have engaged in attempted witness tampering. In the Feb. 16 hearing on Bankman-Fried’s bail conditions, Judge Lewis Kaplan said there was “probable cause to believe that he [Bankman-Fried] has committed or
Debtors for crypto lender Celsius Network have the authority to sell coupons for mining firm Bitmain coupons worth roughly $7.4 million following a ruling from a bankruptcy judge. In a Feb. 16 court filing, United States Bankruptcy Judge Martin Glenn said it was in the “best interests of the Debtors’ estates, their creditors, and other
The Financial Stability Board (FSB), the financial regulator funded by the Bank for International Settlements (BIS), is pushing international regulations for decentralized finance (DeFi). The FSB on Feb. 16 issued a report on the financial stability risks of DeFi, highlighting major vulnerabilities, transmission channels and the evolution of DeFi. Despite providing many “novel” services, DeFi
A five-member panel of the United States Securities Exchange Commission (SEC) has voted 4-1 in favor of a proposal that may make it more difficult for cryptocurrency firms to serve as digital asset custodians in the future. The proposal, which is yet to be officially approved by the SEC, recommends amendments to the “2009 Custody Rule”
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