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Binance is seeking to throw out the CFTC case.
The CFTC lawsuit spells serious trouble for the largest crypto exchange in the world.
Despite having no trading experience a Tennessee couple convinced 100 people to hand over their money for a uniquely named crypto investment pool.
Binance, Changpeng Zhao and former compliance chief Samuel Lim intend to file two motions to dismiss a March lawsuit from the CFTC.
Crypto exchange Binance and its CEO Changpeng “CZ” Zhao are planning to file a motion to dismiss a March-filed lawsuit from the United States commodities regulator. In a July 24 filing to an Illinois District Court, multiple Binance entities, Zhao and former chief compliance officer Samuel Lim said they plan to file two separate motions [...]
The post Binance, CEO Changpeng Zhao intends to seek dismissal of CFTC complaint appeared first on Crypto Breaking News.
House Republicans propose stablecoin legislation, addressing reserve requirements, securities classification, and CEO accountability, but face potential bipartisan challenges.
What – The SEC announced it would review cryptocurrency brokers and firms in 2023. Why – To ensure compliance with risk management practices and standards [...]
Berkovitz will depart on January 31 and will be replaced by Megan Barbero, the current SEC Principal Deputy General Counsel.
The Commodity Futures Trading Commission should be responsible for preventing companies like FTX from taking root in the future.
Tether and Bitfinex - the issuers of the highly popular cryptocurrency USDT stablecoin have agreed to pay $42.5M in fines to the Commodity Futures Trading Commission (CFTC) for false claims that the Tether Stablecoin was fully backed by US Dollars and over execution of illegal transactions while operating Bitfinex cryptocurrency trading platform, a CFTC press release on Oct 15 said. The stablecoin Tether - the largest by numbers issued and usage has long been criticized for the claim that it's USDT is backed 1:1 by the United States Dollars (USD).
https://twitter.com/CFTC/status/1449032826020634624The Commodity Futures Trading Commission (CFTC) is an American agency responsible for regulating U.S. derivatives markets including futures, swaps and certain options. This is the first that the CFTC has applied the definition of commodities to include stablecoins. However, the Commissioner reiterated that the agency doesn't regulate stablecoins and public shouldn't have any false sense of comfort that CFTC is overseeing the stablecoin business.
The settlement with the Tether respondents finds that there were misrepresentations regarding the assets backing tether, specifically that the USDt tokens were backed 1-to-1 by US dollars. The evidence establishes that this assurance provided to tether customers was not 100% true, 100% of the time. When reviewing this record, it is clear to me that wrongdoing occurred, and that someone should be held accountable. For all of these reasons, I concur in the Commission’s acceptance of the Tether respondents’ offers of settlement.
Commissioner Dawn D. Stump Over CFTC Decision
CFTC has fined Tether for "for making untrue or misleading statements and omissions of material fact in connection with the U.S. dollar tether token (USDT) stablecoin" and Bitfinex for finding that it "engaged in illegal, off-exchange retail commodity transactions in digital assets with U.S persons on the Bitfinex trading platform and operated as a futures commission merchant (FCM) without registering as required".
Tether, since it's inception in 2014, has claimed that it's USDT tokens are backed 1:1 by the USD and Euros. But, the company misrepresented these claims from Jun 01, 2016 to Feb 25, 2019 by changing the wording to "equivalent amount of corresponding fiat currency” held by Tether and “safely deposited” in Tether’s bank accounts. CFTC found that these claims weren't true and Tether wasn't "fully backed" for most of the time.
https://twitter.com/BennettTomlin/status/1449027303418306564The agency also noted in it's verdict that Tether failed to disclose that its reserves included unsecured receivable and non-fiat assets and that the blockchain company failed to carry out routine professional audits of its reserves backing. CFTC press release mentions that Tether held FIAT reserves for only 27.6% of the days in a 26 month sample time from 2016-2018 and the company relied on unregulated entities and shady third parties to hold funds, instead of holding them itself.
Tether hasn't concluded any proper audit of its reserves until now and the last audit was found to be manipulated by the CFTC as the company selected the date in advance and transferred funds beforehand to paint a false picture of 1:1 backing. While the matter is closed for now with the CFTC, Tether's reputation as a credible and reliable stablecoin issuer has come under fire. The red flags that were previously raised by the critics have basically been confirmed.
tether cftc fines© Cryptoticker
The post Tether To Pay $42.5M Fines Over Claims That USDT Is Backed By A Dollar Each appeared first on CryptoTicker.
CFTC Chairman Rostin Behnam clarifies his stance on DeFi platforms, affirming that they cannot escape regulation.
United in Purpose: Bipartisan Effort Seeks Regulation for Stablecoins and Cryptocurrencies
Democratic Party members of the U.S. House Committee on Financial Services were handed a memo instructing them to back the party’s position on crypto regulation moments before the commencement of the hearings on May 10. According to the party’s leaked memo, Democrats on the committee were expected to point to the Republican Party’s lack of
The post Leaked Memo Suggests Democrats on US House Committee Were Told to Support Party Position on Crypto Regulation appeared first on BTC Ethereum Crypto Currency Blog.
On June 9, 2023, the Commodity Futures Trading Commission (CFTC) declared victory in a lawsuit against Ooki DAO, a decentralized autonomous organization. According to the CFTC, the judge’s ruling that the Ooki DAO is a “person” under the Commodity Exchange Act sets a new legal precedent. This decision could be quite significant as it’s the [...]
The post Notions of DAO Immunity Sink as CFTC Lawsuit Declares Ooki DAO a ‘Person’ Under the Law appeared first on Crypto Breaking News.
Dubai’s Virtual Assets Regulatory Authority (VARA) has reportedly asked Binance to share more information about the crypto exchange’s ownership structure and its auditing procedures. According to reports, Dubai regulators are still keen on fostering innovation but without comprising the security of users’ funds. Binance Asked to Provide More Information The collapse of the crypto exchange [...]
The post Report: Binance Asked to Provide More Information as Dubai Tightens Screws Against Crypto Entities appeared first on Crypto Breaking News.
There is the chance of a federal case against the CEO within in a month.
Between 2019 and 2020, crypto exchange Binance controlled bank accounts belonging to its U.S. affiliate including one holding funds of American clients, a new Reuters report has said. According to the report, employees of the crypto exchange’s U.S. affiliate had to get Binance executive Guangying Chen to sign off on payments including payroll. Binance U.S.
The post Report: Binance Controlled Bank Accounts Belonging to Its US Affiliate Between 2019 and 2020 appeared first on BTC Ethereum Crypto Currency Blog.
The SEC has filed 13 charges against Binance, Binance's U.S. affiliate BAM Trading, and Zhao.
Johann Steynberg, the founder and CEO of Mirror Trading International, has been ordered to pay over $1.73 billion in restitution to victims of his bitcoin ponzi scheme. The court has also ordered Steynberg to pay a civil monetary penalty of a similar amount. The Commodity Futures Trading Commission (CFTC) conceded that orders requiring payment of [...]
The post US Court Orders Operator of South African Bitcoin Ponzi Scheme to Pay Over $3.4 Billion appeared first on Crypto Breaking News.
Solana has been one of the best gainers in the crypto market over the past month. Solana’s gains have propelled its market values to more [...]
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