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Crypto Assets Under Management Surge 36.7% in January as Markets Recover, But Grayscale Situation Remains “Delicate”
1.2.2023
Read More: Crypto Assets Under Management Surge 36.7% in January as Markets Recover, But Grayscale Situation Remains “Delicate”
India Highlights Need for ‘Common Approach to Regulating Crypto Ecosystem’
1.2.2023
India’s Finance Ministry has highlighted the necessity for “a common approach to regulating the crypto ecosystem” in its flagship Economic Survey this year. “Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because...
Metaverse Tokens Outperform Top Crypto Assets in 2023 With Decentraland’s MANA Leading the Pack
1.2.2023
During the first month of 2023, the top two leading cryptocurrencies, bitcoin and ethereum, experienced double-digit gains against the U.S. dollar. Meanwhile, several alternative cryptocurrencies saw even greater increases in value, with metaverse tokens like Decentraland’s MANA and...
Social Token Project Rally Shuts Ethereum Sidechain, Stranding Users’ Crypto Assets
31.1.2023
Rally blamed its sidechain’s demise on macro forces
Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs
31.1.2023
The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan...
Alameda Research Seeks $446 Million Over Alleged ‘Preferential Transfers’ to Voyager Digital
31.1.2023
On Monday, Alameda Research Ltd. filed a legal complaint against Voyager Digital LLC and HTC Trading Inc. in the U.S. bankruptcy court. The complaint alleges the defendants received preferential transfers of property from Alameda Research and the plaintiffs are seeking to recover approximately...
Crypto Bank Custodia Denied Membership in US Federal Reserve System
29.1.2023
The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model...
US Federal Reserve Board Issues Policy Statement That Limits Banks’ Crypto Related Activities
28.1.2023
The United States Federal Reserve Board said on Jan. 27 that both insured and uninsured banks will be subjected to limits on certain activities including those that are associated with crypto assets. The board’s latest action does not preclude a state member bank or prospective applicant from...
FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers
28.1.2023
Sam Bankman-Fried, the disgraced co-founder of FTX, is seeking access to crypto assets associated with FTX and Alameda Research, according to a letter written by his attorney, Mark Cohen. Cohen insists that the existing bail conditions “related to crypto asset transfers should...
SEC Commissioner Calls for ‘Consistent Legal Framework’ for All Asset Classes, Including Crypto
28.1.2023
A commissioner with the U.S. Securities and Exchange Commission (SEC) has called for “a coherent and consistent legal framework that works across all asset classes,” including crypto assets. She warned that the SEC’s current enforcement-centric approach would take 400 years to...
Chalk and Cheese: When Crypto Assets Meet the Securities Laws
26.1.2023
It's difficult to pinpoint how a majority of crypto assets can practically function without radically reimaging the current set of securities laws, Lewis Cohen, co-founder of DLx Law, writes
‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU Parliament
26.1.2023
Lawmakers in the European Union have backed legislation imposing new capital requirements for financial institutions, including strict rules meant to cover crypto-related risks. The latter concern banks keeping digital assets and are expected to enter into force in January, 2025. EU Legislators...
Celsius Floats Possibility of Debt Token to Repay Creditors; Secures Court Approval to Process Customer Withdrawals
25.1.2023
The defunct crypto lender Celsius is exploring the possibility of creating a debt token to repay creditors. The plan would need to be approved by regulators, but if approved by the trustee and financial authorities, the debt token would be called an “asset share token (AST).” Celsius...
Crypto, Equity, Metal Markets Plunge as Tech Earnings Disappoint and US Economic Weakness Deepens
25.1.2023
Equity markets began the day in the red following the latest corporate earnings reports from some of the world’s largest firms, including Microsoft. The tech giant’s recent conference call was considered disappointing, and earnings from firms such as Boeing, Texas Instruments, and...
New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning
25.1.2023
Crypto asset service providers in South Africa seeking to attract investors via advertisements must “expressly and clearly state that investing in crypto assets may result in the loss of capital.” Influencers working on behalf of crypto asset service providers must “not offer...
Bitzlato Executives Arrested in Europe, Exchange Laundered €1 Billion, Europol Says
24.1.2023
European law enforcement authorities have detained four more members of the executive team of crypto exchange Bitzlato, Europol announced. According to the police agency, nearly half of the funds processed through the platform were associated with various criminal activities. Bitzlato Senior...
South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints
24.1.2023
According to South Africa’s Office of the FAIS Ombud, an independent dispute resolution office, individuals with crypto-related grievances that occurred after Oct. 19, 2022, can now formally submit such complaints on the agency’s website. However, the Office of the FAIS Ombud insisted...
New York’s Chief Financial Regulator Mandates Firms to Separate Customers' Crypto Assets from Their Own
23.1.2023
New York’s chief financial regulator plans to release new guidance that will mandate companies to separate their own crypto assets from that of customers'.
The New York State Department of Financial Services (NYDFS) will also require state-regulated firms to disclose how they account for clients'...
Binance Banking Partner to Ban Crypto Trading Transfers Under $100K
22.1.2023
Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February. Bank Working With...
Examining the Holdings of 5 Centralized Crypto Exchanges: A Look at Binance, Okx, Crypto.com, Bitfinex, and Huobi
22.1.2023
After FTX collapsed, the incident prompted many major crypto exchanges to publish proof-of-reserves and lists of known addresses so users can verify the solvency of the trading platforms. While the veracity of these proof-of-reserve lists and asset dashboards is debatable, they do provide some...