Regulation

Pennsylvania Senator Pat Toomey, ranking member of the United States Senate Banking Committee, has sent a letter to Federal Deposit Insurance Corporation (FDIC) director and acting chairman Martin Gruenberg informing him of allegations made by a whistleblower concerning FDIC activities. The senator suspects the FDIC “may be improperly taking action to deter banks from doing
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There are mounting concerns that recent United States government sanctions against Tornado Cash will become a “slippery slope” for Web3 privacy that could eventually make the entire space “meaningless.” Speaking to Cointelegraph, Shumo Chu, co-founder of privacy protocol Manta Network expressed worry that the strict sanctions against Tornado Cash could have a knock-on effect on
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Crypto exchange Huobi Global announced the suspension of derivatives trading in New Zealand. The statement from Huobi said the new restrictions against derivative offers are in light of compliance with local regulations.  Users in New Zealand will no longer have access to derivative trading services, which include coin-margined futures and swaps, USDT-margined contracts, options and
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South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency.  According to an Aug. 15 report from Asia Times, the Financial Supervisory Service (FSS) ordered an investigation into South Korean banks last month after identifying a significant amount of overseas
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United States-based crypto policy advocacy group Coin Center said it intended to “pursue administrative relief” for individuals affected by Tornado Cash sanctions imposed by the Treasury Department’s Office of Foreign Asset Control, or OFAC. In a Monday blog post, Coin Center executive director Jerry Brito and director of research Peter Van Valkenburgh alleged OFAC “overstepped
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After more than a year of efforts to acquire the digital asset custodian BitGo, Mike Novogratz’s cryptocurrency investment firm Galaxy Digital has decided to drop the acquisition. Galaxy has terminated the BitGo acquisition, citing a breach of contract, the firm officially announced on Monday. According to the statement, Galaxy exercised its right to terminate the
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As the global Web3 ecosystem continued to evolve at a staggering pace, so have the various use cases associated with this niche. In a striking new development, a high-ranking Singaporean government minister recently noted that legal marriage proceedings, court case disputes, and government services could one day be conducted using Metaverse platforms. While delivering a
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The government of Uzbekistan, which has previously made significant steps toward a moderate approach to crypto, announced Wednesday that it has restricted access to a number of large international crypto exchanges due to accusations of unlicensed activity.  In a statement from Aug. 10, the National Agency of Perspective Projects (NAPP) projects informed that “various electronic
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India’s Directorate of Enforcement (ED) announced Friday that it has frozen the financial accounts of Bengaluru-based financial services company Yellow Tune Technologies, some of which were held by Flipvolt crypto exchange, the Indian branch of Singaporean Vauld. The move is linked to an ongoing investigation into money laundering by China-linked instant loan companies. This is
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Major American cryptocurrency exchange Coinbase saw its long-term issuer credit rating downgraded from BB+ to BB status by rating agency S&P Global following its latest earnings report this year. The agency confirmed the downgrade in a note on Aug. 11, pointing toward Coinbase’s weaker performance in the second quarter of 2022 as a driving factor.
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India’s Enforcement Directorate (ED), the agency responsible for financial crimes, is looking at cryptocurrency exchanges suspected of processing transactions that sent more than 10 billion rupees, or about $130 million, from firms under investigation to international wallets. At least ten crypto exchanges are allegedly involved, according to an official who spoke to The Economic Times,
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It’s a story that still haunts the early generation of Canadian crypto users to this day. Four years prior, Gerald Cotten, co-founder of Canada’s then-largest cryptocurrency exchange QuadrigaCX, died under mysterious circumstances in India. But, before his passing, Cotten took virtual keys for digital wallets and moved them into cold storage, leading to the permanent
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