In a latest development, according to CNN, starting in 2025, crypto transactions will be subject to third-party reporting requirements, meaning information about these transactions will be sent to the IRS. This applies to transactions conducted on centralized platforms like Coinbase or Gemini that hold custody of the assets. Notably, the responsibility to report falls on …
The cryptocurrency community is eagerly anticipating Donald Trump’s inauguration on January 20, seeing it as a chance to move past the tough regulations they faced during the Biden administration. According to a recent report from New York Post, President-elect Donald Trump plans to create an ‘America-first’ crypto reserve that will focus on U.S.-based crypto currencies …
The cryptocurrency exchange run by HDR Global Trading Limited, was fined $100 million by the US authorities due to violation of anti-money laundering regulations. It is one of the serious enforcement actions reported against the crypto sector. Indications are quite severe about compliance. Background of BitMEX Violations From 2015 to 2020, BitMEX did not practice …
In a latest development, the financial authorities have notified Upbit, the leading virtual asset exchange in South Korea, of a suspension of its business operations. This action follows allegations of the platform’s failure to comply with anti-money laundering (AML) obligations, including violations of the customer identification system (KYC). According to the financial sector on the …
Bill Morgan, a pro-crypto attorney, has strongly criticised the new opening brief submitted in the XRP lawsuit by the United States Securities and Exchange Commission. He has even questioned the regulator’s understanding of how the crypto market works. However, in the last 24 hours, XRP has outperformed almost all the top cryptos, marking an impressive …
The SEC has filed an opening brief in its appeal to the US Court of Appeals for the 2nd Circuit, seeking to overturn a previous court decision that ruled XRP was not a security when sold to retail investors. The SEC aims to classify all XRP sales as unregistered securities offerings. Reacting to the news, …
In a recent update, Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim recently met with Binance founder Changpeng Zhao and UAE officials to discuss potential crypto regulatory frameworks. He held discussions focused on establishing policies to recognize the crypto industry and modernize Malaysia’s financial system. He noted that he has urged the central bank and Treasury …
Last year, the crypto market saw a significant rebound following Donald Trump’s presidential election win. This boost was driven by Trump’s crypto-friendly behavior and his commitments to position the U.S. as a leader in the crypto industry. Now, as expected, Trump’s newly appointed SEC is gearing up to update cryptocurrency policies, potentially as early as …
In a latest development, Chairman Tim Scott has announced the legislative and oversight priorities for the U.S. Senate Committee on Banking, Housing, and Urban Affairs for the 119th Congress. Scott aims to focus on increasing financial inclusion and advancing opportunities for Americans nationwide. “My goal for this Congress is simple: make America work for Americans. …
In a recent development, South Korea’s Largest Exchange is currently facing an FIU disciplinary hearing over alleged KYC violations. KYC Violations According to the industry on the 16th, the Financial Intelligence Unit (FIU) of the Financial Services Commission will hold a sanctions review committee for Upbit on the 21st. It is expected that the level …
In the ongoing legal battle between the SEC and Ripple, the parties have recently filed a stipulation indicating they will submit a deferred appendix for the cross-appeals 21 days after the appellee’s brief is served. The SEC is still required to file its opening brief by tomorrow (January 16). Despite this, the XRP community is …
The U.S. Securities and Exchange Commission (SEC) sued Elon Musk on Tuesday (January 14), accusing him of waiting too long to disclose his 2022 purchase of a large stake in Twitter. Musk is accused of violating federal securities laws by waiting 11 days to reveal that he had acquired 5% of the company’s shares. The …
Intesa Sanpaolo, Italy’s largest banking group, has made headlines by purchasing 11 bitcoins for approximately $1 million, becoming the first Italian bank to invest directly in the cryptocurrency. The acquisition, confirmed by the bank’s press office, was revealed after a leaked internal email surfaced online. While the bank acknowledged the purchase, it declined to comment …
One crypto executive speculates Warren’s letter is a veiled attempt to justify an expansion of regulation against “neutral crypto technology providers.”
In the ongoing Ripple vs SEC lawsuit, Senior District Judge Phyllis J. Hamilton has granted Ripple CEO s request to seal specific court documents. The decision also applies to the plaintiff’s motion to seal certain exhibits, marking a critical moment as the case progresses to the appeals stage. Following the new XRP price jumped by …
The proposed launch of PHPX, a peso-backed stablecoin supported by prominent Philippine banks, has created excitement among the Filipino expatriate community. Remittance is the backbone of the Philippine economy. The stablecoin launch, scheduled to take place between May and July, is expected to simplify the cross-border payment framework. How will this influence the lives of …
Bitcoin is going through a rough patch and keeping a low profile at $92K today. The recent event of the DOJ’s court approval to sell Bitcoin is creating a panic in the market raising liquidity problems in the coming weeks. Many see this as a politically driven move by Biden to suppress Bitcoin and create …
The Bitcoin world is buzzing with potential changes, especially with former President Trump’s plan for Bitcoin reserves. Crypto experts like Anthony Scaramucci are keeping a close eye on this, as Trump could introduce his first executive order soon, possibly including Bitcoin reserves alongside pro-crypto policies. However, Bitcoin is currently facing a rough patch, trading around …
Standard Chartered has secured a license in Luxembourg to provide digital asset custody services, marking its entry into the European Union (EU) under the Markets in Crypto Assets (MiCA) Regulation. This move aligns with the bank’s global digital asset strategy and follows its recent launch of similar services in the UAE. Led by CEO Laurent …
In a recent statement, Gary Gensler, the outgoing Chairman of the U.S. Securities and Exchange Commission (SEC), spoke about the nature of his role overseeing the $120 trillion U.S. capital market, opening up about its integral role in the economy. The SEC Chairman addressed the criticism he’s received during his tenure, notably from high-profile figures …
Hong Kong, considered as one of the thriving financial hubs of Asia, is know for its welcoming attitude towards innovative technologies, especially those capable of strengthening its dominance in the financial sector. The Hong Kong Monetary Authority, which is responsible for the upgrading of the nation-state’s financial framework, has launched a new initiative to help …
Portugal’s largest bank Banco de Investimentos Globais (BiG) has recently taken the step of blocking fiat transfers to cryptocurrency platforms, citing compliance with new European Union regulations. This marks a significant shift for Portugal, once regarded as a haven for crypto enthusiasts. The decision aligns with growing regulatory pressure from European authorities like the European …
Defying an IMF agreement, which stipulates El Salvador to reduce its economy’s exposure to the Bitcoin market, the Central American country has recently purchased at least eleven BTC for nearly $1 million. What’s the message that this BTC-friendly is trying to give to the crypto community? El Salvador’s Latest Bitcoin Purchase Reports indicate that at …
As President-elect Donald Trump prepares for his inauguration, the U.S. cryptocurrency industry is urging him to follow through on his campaign promises to push cryptocurrencies into the mainstream. The industry is hoping for a series of executive orders on his first day in office, January 20, to lay the foundation for a crypto-friendly future. Bitcoin …
In a landmark ruling, a Texas federal court has ordered Bitcoin investor Richard Ahlgren III to surrender encryption keys unlocking $124 million in crypto. Ahlgren, convicted of tax evasion for failing to report $3.7 million in Bitcoin sales, must also disclose devices used to store crypto and is barred from transferring assets without court approval. …
El Salvador is one of the prominent crypto-friendly countries. It is the first in the world to make Bitcoin a legal tender. In 2023, it introduced a revolutionary law, called the Digital Assets Securities Law, boosting its efforts to become the global crypto hub. Recent developments indicate that many crypto companies are keen to benefit …
Ripple CEO Brad Garlinghouse has confirmed a significant meeting with former U.S. President Donald Trump, held at Trump’s Mar-a-Lago resort. Accompanied by Ripple’s Chief Legal Officer Stuart Alderoty, the dinner highlights Ripple’s expanding influence amidst the changing regulatory environment in the US, sparking optimism for the crypto market in 2025. With plans to slay 2025 …
In a latest development, Coinbase Global Inc has once again achieved a big win in its ongoing legal battle against the US SEC. Coinbase CLO Paul Grewal, in a latest X post shared that the court, led by Judge Catherine Polk Failla, has approved Coinbase’s request for an interlocutory appeal. This case involves charges from …
FTX EU, once a part of the now-defunct FTX empire, has found a new home with Backpack Exchange. This $32.7 million deal isn’t just about ownership—it’s about shaking up the European crypto market. This is also perfect timing as European markets are getting softer on their crypto regulations, and there is a possible increase in …
In a latest development, the Federal Reserve Board announced on Monday that Michael S. Barr will step down as Vice Chair for Supervision of the Federal Reserve Board. However, he will remain a member of the Board of Governors. The Fox Business Journalist, Eleanor Terett took to X and shared that Michael S. Barr was …