Binance CEO calls for greater regulation as crypto firms face liquidity issues June 28, 2022 The CEO of Binance urged for greater industry regulation as crypto firms face liquidity issues amidst the crypto rout. “There should be clearer regulatory guidelines on reserves for different types of businesses in the crypto space,” Changpeng Zhao said in an interview with Yahoo Finance on Monday. He also called for disclosure and transparency requirements, [...]
‘Worrying rise’ in crypto scams claiming to be celebrity endorsed, Santander says June 28, 2022 Cryptocurrency scams falsely claiming to be endorsed by celebrities are surging, Santander warned. “We’re seeing a worrying rise in ‘celebrity-endorsed’ cryptocurrency scams, where familiar faces are being misused on social media in order to con people out of often life-changing sums of money,” said Chris Ainsley, the bank’s head of fraud risk management in the UK. He warned [...]
SEC Chair calls Bitcoin a commodity and likens other crypto assets to securities June 28, 2022 Securities and Exchange Commission Chair Gary Gensler called Bitcoin a commodity while likening other crypto assets to securities. “Many of these financial assets, crypto financial assets, have the key attributes of a security,” he said to CNBC’s Jim Cramer on Monday. “Some, like Bitcoin… my predecessors and others have said, they’re a commodity.” He said [...]
FCA laments the high number of financial crime ‘red flags’ missed by crypto firms June 27, 2022 The Financial Conduct Authority said many crypto firms that have applied to register under money laundering regulations miss financial crime “red flags” and have inadequate controls. A spokesperson for the FCA said to City A.M.: “We have seen too many financial crime red flags missed by the cryptoasset businesses seeking registration.” Some firms do not [...]
Goldman Sachs cuts Coinbase price target and downgrades it to ‘sell’ June 27, 2022 Goldman Sachs reduced Coinbase’s price target from $75 to $40 and cut its rating to “sell” from “neutral” as the crypto market experiences a severe rout. In a report today, the banking giant cited falling cryptocurrency prices and lower industry activity for the downgrade. “We believe current crypto asset levels and trading volumes imply further [...]
Hedge funds short Tether after Terra crash June 27, 2022 Hedge funds have Tether in their crosshairs as they keep betting against the stablecoin following TerraUSD’s collapse last month. Larger numbers of traditional hedge funds are shorting Tether, the world’s biggest stablecoin, through major crypto brokerage Genesis Global Trading Inc., the Wall Street Journal said. “There has been a real spike in the interest from [...]
Matt Hancock calls for ‘attractive’ tax regime to boost UK crypto sector June 23, 2022 Matt Hancock has called for the introduction of an “attractive” tax system and “liberal” regulatory regime to help the UK become "the jurisdiction of choice for crypto".
Singapore will clamp down on bad behaviour in crypto market June 23, 2022 Singapore’s regulators will crack down on bad behaviour in the crypto industry, the chief fintech officer of the country’s central bank has warned. Sopnendu Mohanty at the Monetary Authority of Singapore (MAS) questioned the need to be friendly to the crypto industry. “We have no tolerance for any market bad behaviour. If somebody has done a bad [...]
KPMG opens virtual office in the metaverse for staff in US and Canada June 23, 2022 KPMG has set up an office in the “metaverse” for staff in the US and Canada to facilitate cross-border collaboration. The Big Four firm yesterday opened its first ever “metaverse collaboration hub,” with a view to letting staff work in an “immersive” virtual world. KPMG said its new virtual office will facilitate collaboration between its [...]
Bank of England official compares crypto crash to dotcom bubble June 22, 2022 The Bank of England’s Deputy Governor has compared the recent crypto crash to the dotcom bubble more than two decades ago. Jon Cunliffe said those that survived the crash could become the technology companies of the future and rival the likes of tech giants Amazon. “The analogy for me is the dotcom boom, when $5 trillion was [...]