The recent actions taken by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) targeting entities and individuals in the financial services and technology sectors of the Russian economy have significant implications for the global financial landscape. The sanctions were imposed on companies involved in the development or provision of services related
Regulation
In a recent statement, crypto exchange Binance revealed its decision to terminate support for Tron network-based USD Coin (USDC) stablecoins by April 5. This move comes in the wake of Circle’s withdrawal from the Tron blockchain, necessitating Binance users to either withdraw their assets or convert them to USDC on alternative networks within a two-week
The recent anti-money laundering regulations (AMLR) in the European Union have sparked a contentious debate regarding the balance between combating financial crime and safeguarding citizens’ rights to privacy and economic freedom. These new laws, which have been approved by most of the EU Parliament’s lead committees, have received criticism and support from various stakeholders. This
WisdomTree, a Bitcoin exchange-traded fund (ETF) issuer, recently received regulatory approval from the New York State Department of Financial Services (DFS) to operate its digital asset business in the state. This marks a significant milestone for the asset management firm, as it now has the green light to launch its WisdomTree Prime platform in New
In a groundbreaking move, the Commodities and Futures Trading Commission (CFTC) has given the green light to Coinbase Derivatives Exchange to list futures contracts tied to Dogecoin (DOGE), Bitcoin Cash (BCH), and Litecoin (LTC). The official filing states that these listings will become available for trading on or after April 1, 2024. This decision marks
The recent regulatory filings show that the US SEC has delayed the approval process for several highly anticipated Ethereum exchange-traded funds (ETFs). This delay impacts proposals from investment firms such as VanEck, Ark Invest, Hashdex, Grayscale, and Fidelity. The addition of a staking component to the ETH ETF application by Grayscale and Fidelity has sparked
The UK Financial Conduct Authority (FCA) has recently announced its intention to recover the equivalent of $8 million in costs related to the supervision of stablecoins and cryptocurrencies. The funds will be collected in the form of fees imposed on stablecoin issuers and digital asset custodians. The FCA specifically aims to recover £6.2 million ($7.9
A recent ruling by a Federal High Court in Nigeria has commanded Binance, a prominent cryptocurrency exchange, to provide detailed information on all its Nigerian users to the Economic and Financial Crimes Commission (EFCC). This order comes in the midst of escalated tensions between Binance and Nigerian authorities, fueled by the country’s economic instability and
AI technology has undoubtedly revolutionized various industries, including the financial sector. However, with great innovation comes the potential for abuse. Recently, US SEC chair Gary Gensler has raised concerns about the practice of “AI washing” and its implications on securities laws. This article delves into the issue of AI washing, the SEC’s response to such
The Asia Pacific region (APAC) has long been known for its progressive regulatory stance in key jurisdictions. Singapore, for example, was one of the first countries to implement stablecoin regulation, showcasing its commitment to fostering a secure crypto ecosystem for investors. This move has set clear standards and provided a blueprint for others to follow,