Politics, Legal & Regulation

September 2, 2021 @ 7:57 pm By Omar Faridi  |  

Digital securities exchange ADDX – previously doing business as iSTOX – expects to “enlarge its business in China significantly, after concluding a $200-million agreement tied to a government-granted quota for Chinese offshore investments,” according to an update shared with Crowdfund Insider. The Qualified Domestic Limited… Read More

September 2, 2021 @ 9:39 am By Omar Faridi  |  

The Chancellor Rishi Sunak has decided to put John Flint, ex- Chief Executive at HSBC, at the helm of UKIB. Flint will be responsible for leading the UKIB to promote investments into various infrastructure initiatives that aim to lower emissions and assist with leveling up… Read More

September 1, 2021 @ 3:26 pm By JD Alois  |  

Remember Bitconnect? If you do, well, it was fun while it lasted. If you need a reminder,  just watch this video below. https://www.youtube.com/watch?v=lCcwn6bGUtU BitConnect is emblematic of the pomposity and absolutely ridiculous heyday of the initial coin offering boom and ensuing bust. The whole thing… Read More

September 1, 2021 @ 12:21 pm By JD Alois  |  

Two weeks ago, the UK Financial Conduct Authority posted a “Dear CEO” letter directed at investment crowdfunding platforms. The letter, signed by Debbie Gupta, Director of Consumer Investments Supervision, cautioned platforms on both the risk of investments being offered to investors as well as the… Read More

September 1, 2021 @ 7:48 am By Omar Faridi  |  

The team at coinpass is pleased to confirm that they’ve been granted approval to serve as a registered crypto-assets company. The approval has been given by the UK’s Financial Conduct Authority (FCA). As mentioned in the announcement, the coinpass management team have always “believed in… Read More

August 31, 2021 @ 3:28 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) today sanctioned eight firms in three actions for failures in their cybersecurity policies. The companies were also penalized for faulty procedures that resulted in email account takeovers exposing the personal information of thousands of customers and clients at each… Read More

August 31, 2021 @ 11:58 am By JD Alois  |  

The ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple and its founders continues to work its way through the halls of justice.  While the SEC continues to pursue its belief that XRP (the digital currency created by Ripple) has always been… Read More

August 30, 2021 @ 9:43 pm By Omar Faridi  |  

MX Exchange has reportedly received full approval from the Securities Commission Malaysia (SC) to serve as a Recognized Market Operator-Digital Asset Exchange (RMO-DAX) for the trading of virtual currencies in the Southeast Asian country. This makes MX Exchange only the fourth DAX to offer compliant… Read More

August 30, 2021 @ 4:56 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained a judgment against a California man who allegedly posted false tweets to boost the price of a security that traded on OTC Markets. According to the SEC, Andrew L. Fassari used the Twitter name @OCMillionaire to promote shares… Read More

August 28, 2021 @ 11:51 am By Omar Faridi  |  

On Friday (August 27, 2021), the team at Sygnum banking platform celebrated their anniversary as a “regulated Swiss bank.” As mentioned in an update from Sygnum Bank: “Two years since we received our banking and securities dealer license, we now have significantly more than CHF… Read More

August 27, 2021 @ 4:20 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) is requesting information and public comment on the use of digital engagement practices by broker-dealers and investment advisers. These tools include behavioral prompts, differential marketing, gamification, and other design elements or features designed to engage with retail investors on… Read More

August 26, 2021 @ 11:09 am By JD Alois  |  

Senator Patrick Toomey, a member of the Senate Banking Committee, has issued a call for feedback regarding legislation that impacts cryptocurrency and blockchain technology. Toomey has been supportive of financial innovation and more recently had attempted to mitigate the impact of the Infrastructure legislation that… Read More

August 26, 2021 @ 10:00 am By JD Alois  |  

Earlier today, the UK Financial Conduct Authority posted the “First Supervisory Notice” related to a statement by the FCA in June that Binance Markets Limited is not permitted to undertake any regulated activity in the UK. Binance Markets is part of the Binance Group. Binance… Read More

August 25, 2021 @ 9:51 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) today charged Manish Lachwani, the former CEO of HeadSpin, an app testing company, with defrauding investors out of $80 million by falsely claiming the company had achieved strong and consistent growth in acquiring customers and generating revenue. The SEC’s… Read More

August 25, 2021 @ 3:58 pm By JD Alois  |  

Barbara Roper, currently the Director of Investor Protection for the Consumer Federation of America (CFA), has joined the Securities and Exchange Commission as Senior Advisor to the Chair. In a public statement, the SEC said that Roper’s focus will be on issues relating to retail investor… Read More

August 24, 2021 @ 11:17 pm By Omar Faridi  |  

On Monday (August 23, 2021), the US Treasury Department and the Monetary Authority of Singapore (MAS) confirmed the finalization of a bilateral Memorandum of Understanding (MoU) on Cybersecurity Cooperation. This announcement has been made during Vice President Kamala Harris’ recent trip to Singapore, where the… Read More

August 24, 2021 @ 9:15 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has created an infographic outlining how the agency regulates digital assets. The CFTC seeks to clarify “the fallacy of the question ‘Is it a commodity or a security’.” Posted by CFTC Commissioner Dawn D. Stump, the Commissioner says the… Read More

August 24, 2021 @ 8:38 am By Omar Faridi  |  

Newly-introduced SME bank, Recognise Bank, reveals that it has acquired £14 million in funding, which includes a recent investment from one of its existing shareholders. The capital injection means that Recognise Bank has now satisfied the financial requirements established by the PRA (Prudential Regulation Authority),… Read More

August 23, 2021 @ 11:27 pm By Omar Faridi  |  

Virtual banks in Indonesia must have minimum paid-up capital of IDR 10 trillion (appr. $694 million). But the capital deposit needed when submitting an application is only IDR 3 trillion. Indonesia’s OJK (Financial Services Authority), the nation’s financial regulator, has shared an update to its… Read More

August 23, 2021 @ 2:27 pm By JD Alois  |  

The Small Business and Entrepreneurship Council (SBE Council) is warning that the Biden Administrations’ tax plan would raise taxes on 2.1 million small businesses – in contrast to the Administrations’ claims. Last week, the White House issued a Fact Sheet on the plan claiming the… Read More