cryptoregulation
Binance is set to resume its cryptocurrency operations in India, according to the latest regulatory news around the world’s largest crypto exchange by trade volume. On Friday, an official of the Financial Intelligence Unit (FIU) said that the anti-money laundering watchdog had approved both Binance and KuCoin to offer services in the country. The two exchanges are the first offshore digital assets platforms to receive a regulatory nod from FIU, CoinDesk reported citing the AML agency’s head Vivek Aggarwal. KuCoin pays $41,000 fine, Binance awaits penalty confirmationAccording to the report, Ku...
Invezz
Terraform ecosystem’s sister tokens LUNA and UST collapse was preceded by founder Do Kwon’s tweet stating that he is deploying more capital. The tweet did not age well, two years post the crisis, Terraform Labs and founder Do Kwon are faced with $5.3 billion in penalties. Two year anniversary of Do Kwon’s promise to deploy more capitalOn May 9, Do Kwon assured the Terraform community that he is deploying more capital to tackle the de-peg of algorithmic stablecoin UST. On May 11, Kwon presented a strategy to re-establish UST’s peg. Kwon’s tweet from 2022 has resurfaced on X. In the two years si...
Invezz
Those who watch the Robinhood Markets Inc stock price closely might be forgiven for getting a little dizzy in past twenty-four hours – it’s certainly been a wild ride. Robinhood share prices rose 6.3% to $18.97 yesterday, over 6%, during extended US trading hours, to close at $17.99 on Wednesday. They then dipped all the way down to $17.60, Robinhood’s opening price today, before rallying slightly to $17.85. And this is after Tuesday’s similar stock price gymnastics, when share prices rose from a $17.75 opening all the way up to $18.26, only to close lower again at $17.99. What has caused all ...
Invezz
Nikolay Denisenko – the cofounder and chief technology officer of the Brighty app sees “potential for increased stability in the cryptocurrency market” following Bitcoin halving on April 19. Brighty is committed to mass adoption of cryptoDenisenko expects mainstream adoption on the back of increasing regulatory clarity to help with price appreciation and stabilisation over the long term. He reiterated Brighty’s commitment to making crypto assets more broadly accepted in an interview with Invezz today. Note that the Neobank has recently integrated Toncoin that Denisenko dubbed a “natural fit wi...
Invezz
Indonesia has taken a significant step toward tightening its oversight of the cryptocurrency industry with the establishment of the Crypto Asset Committee. This move by the Commodity Futures Trading Regulatory Agency (Bappebti) aims to enhance the monitoring and regulation of cryptocurrencies, now officially recognized as commodities within the country. Formation of the crypto asset committeeAnnounced during the BLK 2024 opening event in Jakarta on May 2, the formation of the Crypto Asset Committee is part of Indonesia’s efforts to integrate cryptocurrencies into its legal and regulatory frame...
Invezz
Binance CEO Richard Teng claims officials in Nigeria approached the exchange’s team and offered a secret crypto settlement proposal. Teng shared details of this shocking development in a blog post that highlights the ongoing legal troubles around Binance official Tigran Gambaryan. The Binance chief’s comments comes as news from Nigeria say the government is planning to ban naira from all peer-to-peer (P2P) platforms in the country. Binance CEO on Nigeria’s crypto landscapeOn May 7, Richard Teng, who replaced former Binance CEO Changpeng Zhao, wrote about why Tigran Gambaryan is innocent and sh...
Invezz
Joe Lubin, co-founder of Ethereum and founder of Consensys, has initiated a legal battle against the U.S. Securities and Exchange Commission (SEC), contesting the regulator’s authority over Ethereum and its associated products, specifically the MetaMask crypto wallet. SEC targets MetaMask, Consensys pushes backIn April, Consensys received a Wells Notice from the SEC, a precursor to legal action, indicating potential litigation against the company. The SEC’s concern centers on MetaMask, a product developed by Consensys, which the SEC alleges operates as an unregistered securities broker. The re...
Invezz
In a significant regulatory shift, Nigeria has announced plans to prohibit person-to-person (P2P) cryptocurrency trading in the Nigerian naira, aiming to safeguard its local currency from further depreciation and market manipulation. New regulations on the horizon for the crypto sectorEmomotimi Agama, the Director General of Nigeria’s Securities and Exchange Commission (SEC), disclosed during a meeting with fintech professionals that new regulations targeted at crypto exchanges, digital asset custodians, and other sectors of the cryptocurrency industry would be introduced shortly. These measur...
Invezz
The US Securities and Exchange Commission (SEC) has issued a Wells Notice against Robinhood, targeting the publicly-traded company’s crypto business. The regulatory news saw Robinhood’s share price fall by about 2.2% in pre-market trading. The Robinhood stock price was at $17.95 at 9:20 am ET on Monday. SEC’s notice to Robinhood CryptoAccording to the Wells Notice, the SEC alleges violations of Sections 15(a) and 17A of the Securities Exchange Act of 1934 against Robinhood Crypto. Specifically, SEC is indicating its next step of taking an enforcement action against Robinhood Crypto LLC, with i...
Invezz
During the latest G20 summit, India played a major role in pushing for global rules governing organisations over crypto assets. It noted that virtual currencies were transnational and therefore needed international cooperation to be well regulated and their wider macro-financial effects managed. Global efforts in crypto regulationMiCA regulation, set to be enforced in the European Union next year, may transform the crypto-asset landscape entirely. The Dubai International Financial Centre (DIFC), one of the leading financial hubs in the MEASA region, has introduced Digital Assets Law – the worl...
Invezz
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