EU watchdog urges banks to prioritize clients in AI usage

The EU's top financial regulator, ESMA, mandates that banks and investment firms ensure AI tools prioritize client interests, reinforcing accountability under MiFID.

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Australia Warns Crypto ATM Providers About Money Laundering Rules

The Australian financial watchdog has warned crypto ATM operators to follow the anti-money laundering rules in the state or face legal action. This warning came due to the fact that many of these machines may be used by criminals for illegal activities like fraud or money laundering.  AUSTRAC, the Australian Transaction Reports and Analysis Centre, […]

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Brazilian Data Watchdog Affirms Decision to Prohibit Global Cryptocurrency Transactions

Brazil’s Data Protection Authority, known as ANPD, is closely monitoring developments in the world of cryptocurrency payments. With the increasing popularity of digital currencies, the ANPD is taking proactive steps to ensure that data protection standards are maintained in this rapidly evolving landscape. Cryptocurrency payments present unique challenges when it comes to data privacy and [...]

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Nevada’s Financial Watchdog Seeks Receivership of Crypto Custodian Prime Trust Amidst Insolvency Concerns

In a recent submission to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division has expressed its intention to take decisive action against the crypto custodian Prime Trust. The regulatory body seeks to not only shut down Prime Trust but also swiftly seize its property, assets, books, papers, documents, and records.

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EU Securities Watchdog ESMA Warns of Unregulated Crypto, Gold Investment Offerings

The European Securities and Markets Authority (ESMA) has issued a warning regarding investments in assets like cryptocurrencies. They will remain unregulated in most countries until the EU’s Markets in Crypto Assets (MiCA) law is enforced across the Union, the regulator pointed out. ESMA Highlights Risks Related to Unregulated Products and Services for Crypto and Other

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BlockFi to provide over $100K in refunds to California clients

Bankrupt crypto lender BlockFi has agreed to refund more than $100,000 to California customers that had continued to repay loans even after a trading halt on Nov. 10 last year.  According to a March 27 statement from California’s financial watchdog, the Department of Financial Protection and Innovation (DFPI), its investigation discovered at least 111 borrowers [...]

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Banking Giants Crédit Agricole, Santander Seek to Provide Crypto Custody Under French Registration

A subsidiary co-owned by Crédit Agricole and Santander has registered as a digital asset service provider in France. The registration of Caceis, a company that specializes in offering financial services to institutional investors, allows the two major European banks to tap into the crypto market. Crédit Agricole Asset Management Unit Obtains AMF Registration in France [...]

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Kazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance

Authorities in Kazakhstan have busted an illegal crypto trading platform, seizing over $350,000. The exchange allegedly processed almost $34 million in transactions through wallets on Binance, two of which have been blocked during the ongoing investigation. Digital Asset Exchange Making Millions in Turnover Closed Down in Kazakhstan A platform illegally trading cryptocurrencies in Kazakhstan, ABS [...]

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Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies

Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations. FSMA: Securities Laws Do Not Apply to Bitcoin and Other Decentralized Cryptocurrencies

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US financial watchdogs ask Congress to okay further oversight on Bitcoin

The Financial Stability Oversight Council (FSOC) in its latest report on cryptocurrencies suggests the digital assets market needs a lot more policing to help curb potential risks likely to crop up given the rapid adoption across the financial system.

The committee’s report has 10 recommendations, among which one seeks to see Congress grant more power to market regulators, particularly in over regulation of spot Bitcoin (BTC) trading.

While the experts, including the Chairs of the US Federal Reserve, the Treasury as well as US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), agree that regulation is already underway under existing laws.

However, while the SEC and CFTC continue to work as currently allowed, further enforcement will be helped if Congress approves more resources to help police the market – with bitcoin highlighted as one that might need these additional powers.

As per the FSOC report on Monday, the ability to properly regulate bitcoin or other cryptocurrencies that do not fall under the securities laws, is greatly hampered. BTC, the council noted, isn’t directly under the purview of the top federal agencies.

“US law provides for limited direct federal oversight of spot markets for crypto-assets that are not securities i.e the market in which trades occur for Bitcoin and possibly other crypto-assets that are not securities. As a result, those markets may not feature robust rules and regulations designed to ensure orderly and transparent trading, to prevent conflicts of interest and market manipulation, and to protect investors and the economy more broadly.”

As well as more clarity on bitcoin trading, other aspects that see regulators target more help from Congress include on recordkeeping requirements, cybersecurity and the need for market players to segregate customer assets – the latter also one of the issues highlighted in a bipartisan bill looking to effectively demarcate SEC and CFTC regulatory scopes in light of crypto.

The Financial Stability Oversight Council was created in the aftermath of the 2008 financial crisis, and one of its main roles is to identify and mitigate potential threats to the US financial system.

Its report thus also wants to see Congress come up with a regulatory framework for stablecoins, which is one of the areas that’s seen heightened regulatory action since the collapse of TerraUSD in May.

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India’s AML watchdog unfreezes accounts of crypto exchange WazirX

India-based cryptocurrency exchange WazirX has announced that the country’s anti-money laundering (AML) watchdog has “unfrozen” the crypto platform’s accounts.

An update the crypto exchange published on Monday, undoubtedly the latest positive crypto news from India, noted that the Enforcement Directorate (ED) had taken the step following active cooperation from the WazirX team.

Invezz reported in August how Indian authorities moved to freeze the exchange’s accounts and assets as part of investigations into a money laundering scheme involving 16 fintech startups and loan apps.

ED had faulted WazirX for non-compliance with investigation requests for transaction details and documents of the alleged launderers and their entities. 

But as the crypto platform notes in its blog update, it has cooperated with the authorities and provided the required information relating to the companies – some of which are shown to have used WazirX as ED claimed.

Part of today’s announcement read:

“Due to the active cooperation extended by WazirX and active Anti-money laundering (AML) checks that led to the blocking of suspicious accounts, ED has unfrozen the bank accounts of WazirX. WazirX is now in a position to continue its banking operations as usual.”

When ED froze WazirX accounts, the crypto exchange lost access to assets worth over 646 million rupees (about $8.16 million, £6.75 million at the time). According to the watchdog, suspected money laundering platforms had used the crypto platform to launder over 570 million rupees (about $7.16 million, £6.14 million.)

While the investigation into the activities of the entities highlighted by the ED continues, WazirX has restated it has no connection with the platforms. Indeed, the Indian crypto exchange says it’s like any other platform whose services might be misused.

Nonetheless, the exchange retains a “no-tolerance policy towards illegal activities” and is implementing “KYC/AML checks despite having no legal obligation to do so.”

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Justin Bieber, Paris Hilton among 19 celebs called out for shilling NFTs

Consumer watchdog group Truth in Advertising says celebrities promoting non-fungible tokens (NFTs) on their social media channels is an area "rife with deception."

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UK Watchdog Asks Crypto ATM Providers to Stop Operating or ‘Face Enforcement Action’ – Regulation Bitcoin News

U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the country that they are operating illegally and must therefore shut down their machines. Operators that fail to heed the warning will face enforcement action, the FCA said. Crypto ATM Providers Operating Illegally The U.K. financial sector watchdog, the Financial Conduct […]

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EU Wants Anti-Money Laundering Regulator to Monitor Crypto

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Tax Authority Slated to Become Main Crypto Regulator in Russia

Russia’s tax administration is going to be tasked with overseeing the crypto industry in the country, a high-ranking government official has indicated. According to the regulatory concept that’s currently under consideration, the revenue service will also serve as an entry point for market participants. Russians to Report Crypto Holdings and Transactions to Their Tax Service [...]

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Crypto.com acquires SEC-registered broker to expand equities offerings

The acquisition will allow Crypto.coms family of companies to offer stocks and equity options to eligible traders in the United States.

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UK Bans ‘Refer a Friend’ Bonuses With Tougher Crypto Marketing Rules

Businesses marketing crypto assets to U.K. consumers will have to abide by stricter advertising rules presented by the country’s financial watchdog. These include prohibiting ‘refer a friend’ bonuses for the industry as well as introducing a cooling-off period for first time investors. Regulator Clamps Down on Crypto Ads, Wants to Make Risks Clearer to British [...]

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SEC Seeks Court Approval to Freeze Binance US Crypto Assets, Citing Customer Safety Concerns

Seeking court approval, the U.S. Securities and Exchange Commission (SEC) is actively pursuing a measure to freeze cryptocurrency assets linked to Binance US. In order to to “ensure the safety of customer assets,” the securities regulator deems this action as an urgent necessity. SEC Files Emergency Motion to Freeze Assets Held by BAM Management US [...]

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