Binance hit with £2.8m fine by Dutch bank for not following registration requirements July 18, 2022 Binance was fined €3.3m (£2.8m) by the Dutch Central Bank for offering crypto services in the Netherlands without following registration requirements, according to an official release today. De Nederlandsche Bank (DNB) requires virtual asset service providers like Binance to register with it under the Money Laundering and Terrorist Financing (Prevention) Act. DNB had earlier issued [...]
Treasury still keen on state-backed NFT despite crypto crash and government upheaval July 18, 2022 The UK Treasury is still devoted to creating a state-backed NFT with the Royal Mint despite the recent crypto crash and resignations of key ministers supporting this project. HM Treasury reiterated its dedication to the state-backed NFT. “We are still committed to introduce an NFT, working with the Royal Mint. This work is ongoing, and [...]
US and UK to strengthen collaboration on crypto regulation, FCA says July 18, 2022 UK and US regulators will work together and deepen ties as they focus on crypto regulation, the Financial Conduct Authority’s CEO said. “One area of global focus is crypto, both opportunities and risks,” chief Nikhil Rathi said at the Peterson Institute for International Economics recently. “The U.S. and U.K. will deepen ties on crypto-asset regulation [...]
Insurers could speed up rewriting policies to reduce exposure to claims following crypto crash July 15, 2022 The drastic crash in the crypto market could lead to insurers speed up rewriting policies to reduce exposure to claims. Following the crypto rout, which has seen prices of major cryptocurrencies plummeting and wiped out billions of dollars from the market, insurers will likely review or amend policy wordings to avoid indirectly insuring losses from [...]
UK in good stead to regulate crypto as specific laws needed, S&P Global says July 15, 2022 The UK is in strong position to regulate crypto and remain a financial hub as tailored laws are needed to prevent investors from facing “substantial risk”, S&P Global said. “Crypto asset investors face substantial risk without built-for- purpose laws and regulation,” the financial information giant said in a report yesterday. “Policymakers will have to move [...]
NFT marketplace OpenSea lays off 20 per cent of staff as crypto crash persists July 15, 2022 OpenSea, the world’s biggest NFT marketplace, has cut 20 per cent of its staff as the severe crypto rout hits firms across the industry. CEO Devin FInzer announced the cuts yesterday, saying, “We have entered an unprecedented combination of crypto winter and broad economic instability, and we need to prepare the company for the possibility [...]
Exchanges responsible for stolen crypto and legal documents can be served via NFTs, High Court rules July 13, 2022 Crypto exchanges will be responsible for stolen crypto on their platforms and legal documents can be served through NFTs, the High Court of England and Wales decided yesterday. Exchanges like Binance hold cryptocurrency as trustees and are responsible for stolen crypto on their exchanges, the court held. The court’s decision also means that victims of crypto [...]
Court freezes bankrupt hedge fund Three Arrows Capital’s assets as founders still missing July 13, 2022 A bankruptcy court in New York has frozen the remaining assets of failed crypto hedge fund Three Arrows Capital as its founders still seem to be missing. Federal judge Martin Glenn granted the emergency motion on Tuesday, which comes as the founders of the fund, Zhu Su and Kyle Davies, appear to be evading creditors, CNBC [...]
Three Arrows Capital founders seem to be missing after crypto hedge fund’s bankruptcy July 12, 2022 The founders of crypto hedge fund Three Arrows Capital (3AC) appear to have gone missing following the company’s bankruptcy. Lawyers representing the collapsed company’s creditors claimed that founders Zhu Su’s and Kyle Davies’ physical whereabouts were unknown ahead of a court hearing scheduled for today, according to court documents filed on Friday, CNBC reported. The [...]
FSB to put forward a global regulatory framework for crypto in October July 12, 2022 The Financial Stability Board will propose global crypto regulations in October following the recent crypto crash. The global watchdog said it is working towards ensuring that crypto is subject to tight oversight and will “submit a public consultation report that proposes recommendations for promoting international consistency of regulatory and supervisory approaches to crypto-assets and crypto-asset [...]