Regulation

According to a Bloomberg report published on Dec. 27, the U.S. Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from now-defunct cryptocurrency exchange FTX and FTX US. On Nov. 12, amidst bankruptcy and internal collapse, FTX warned customers of abnormal wallet activity regarding at least

After the height of the FTX collapse, the Philippine government warned investors within the country about using unlicensed crypto exchanges.  The Securities and Exchanges Commission (SEC) in the Philippines issued an advisory to the public against using unregistered cryptocurrency exchanges that are operating within the country. Within the warning, the SEC did not directly mention

Former FTX CEO Sam Bankman-Fried landed in the United States on Dec. 21. And, at least till the end of his court cases, he will live with his parents in Palo Alto, California. A bail was granted to SBF on the conditions of a $250 million bond, home detention, location monitoring and the surrender of

The collapse of FTX is being viewed as a cautionary tale and a precursor for more prudent regulation by public and private sector players in the United Kingdom. Bank of England deputy governor Sir Jon Cunliffe made headlines ahead of the Christmas weekend in an interview with Sky News, outlining his belief that greater protection

Japanese regulators are reconsidering some major cryptocurrency restrictions related to the use of stablecoins like Tether (USDT) or USD Coin (USDC). The Financial Services Agency (FSA) of Japan will lift the ban on the domestic distribution of foreign-issued stablecoins in 2023, local news agency Nikkei reported on Dec. 26. The new stablecoin regulations in Japan

Binance France and its parent company Binance Holdings Limited are being sued by 15 investors in France over alleged misleading commercial practices and fraudulent concealment, according to local media reports.  In a complaint filed on Dec. 14, the plaintiffs claimed that Binance violated French laws by advertising and distributing crypto services before receiving registration from

2022 will surely be remembered as a year of crypto discontent — one when the price of Bitcoin crashed three times, many large companies went bankrupt and the industry experienced a series of significant lay-offs. However, it was a crucial year for crypto regulation worldwide. Although some regulatory developments are worrisome in terms of their

The momentary arrest of former FTX CEO Sam Bankman-Fried (SBF) can be attributed to the efforts taken by the crypto community to aid investigations and track down the whereabouts of the infamous entrepreneur. While SBF eventually escaped prison time via a $250 million bail bond, the community continues to monitor his every move publicly. Just

The ongoing legal proceedings around former FTX CEO Sam Bankman-Fried (SBF) took a new turn as District Judge Ronnie Abrams withdrew her participation from the case. The United States District Court for the Southern District of New York recused itself from the FTX case after revealing that a law firm — which employs Abrams’ husband

From Terra to FTX, 2022 has given us many weird crypto stories. While investors have been enduring a bear market that saw the crypto industry sink below the $1 trillion market capitalization mark, adoption in the space has been growing, and old mysteries were finally solved. From the incredible short squeeze of a bankrupt company’s

Defunct crypto exchange FTX paid a retainer of $12 million to bankruptcy lawyers as security for payment of its fees and expenses amid Chapter 11 bankruptcy proceedings, shows a court filing dated Dec. 21. Sullivan & Cromwell LLP (S&C), a law firm headquartered in New York City, received $12 million from West Realm Shires Services

A key set of crypto tax reporting rules is being delayed until further notice under a decision made by the United States Treasury Department. The rules were supposed to be effective in the 2023 tax filing year, in accordance with the Infrastructure Investment and Jobs Act passed in November, 2021. The new law requires that

The United States Federal Election Commission (FEC) has issued an advisory opinion stating DataVault Holdings may use nonfungible tokens for fundraising efforts. In a Dec. 15 notice, the FEC said it was “permissible” for DataVault holdings to send nonfungible tokens, or NFTs, to political campaign contributors without violating rules on corporate contributions. According to the

Cryptocurrencies like Bitcoin (BTC) could potentially find some mutually beneficial interactions with central bank digital currencies (CBDCs), according to one industry executive. While crypto is often associated with financial freedom, the concept of CBDC is frequently seen as the exact opposite. But this doesn’t mean that there cannot be a balance between the two, according

The last year has been an eventful one for the crypto space. The collapse of the Terra ecosystem and its TerraUSD (UST) algorithmic stablecoin saw $50 billion wiped off the market in a flash. And more recently, FTX, an exchange many thought was “too big to fail,” came crashing down. There’s been no shortage of

Inflation, cross-border payments, assets tokenization and nonfungible tokens (NFTs) were among the major drivers for crypto adoption across Latin America in 2022, sources in the region told Cointelegraph, with exciting examples of progress across many countries.  Latin America made up 9.1% of the global crypto value received in 2022, reaching $562 billion between July 2021

One of the key witnesses on the ongoing FTX investigation could evade all the seven counts of allegations against her with a plea deal. Former Alameda Research CEO Caroline Ellison would be prosecuted only for criminal tax violations and can be released immediately by paying the $250,000 bail.  A plea deal between Ellison and the

The United States Securities and Exchange Commission (SEC) has filed a complaint against Thor Technologies along with its co-founder and CEO David Chin, claiming that Thor’s 2018 initial coin offering (ICO) constituted an unregistered securities sale under the Securities Act of 1933. Thor Technologies raised $2.6 million from 1,600 investors between March and May 2018

Former FTX CEO Sam Bankman-Fried, who has been in the custody of Bahamian authorities, faces extradition to the United States following a hearing. According to reports, Bankman-Fried appeared in a hearing of The Bahamas Magistrate Court on Dec. 21 — the third since his arrest — where he waived his right to a formal extradition

From Jan. 1, 2023, the term “virtual currency” will take its place in the money transmission regulations of Alaska. It will oblige the companies dealing with digital currencies to obtain a money transmission license in the state.  As reported by the law firm Cooley on Dec. 19, the state of Alaska amended its money transmission