Author: News Desk
A US court took decisive action on Monday by issuing an order against Binance and its former CEO, Changpeng Zhao, in response to charges filed by the Commodity Futures Trading Commission (CFTC). The court approved the substantial settlement, formalizing an agreement initially announced on November 21. The CFTC stated, “In formalizing the settlement initially announced on November 21, the court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations.” Under the terms of the settlement, Zhao is now obligated to pay a civil monetary penalty of $150 million. Additionally, three entities connected to him, namely Binance…
Revolut, the popular fintech firm, has announced a temporary suspension of certain cryptocurrency services for its business customers in the UK. This decision is in response to upcoming regulatory changes set forth by the Financial Conduct Authority (FCA), as reported by City A.M. Starting on January 3, 2024, Revolut Business users will no longer have the ability to purchase cryptocurrencies through their accounts, aligning with the FCA’s new guidelines on crypto assets. The impending regulations by the FCA are primarily designed to safeguard investors in the volatile digital asset space. A key provision within these rules is the implementation of…
NAGA Group AG, a prominent player in the financial technology sector, has revealed an exciting merger arrangement with Capex.com, a versatile online trading platform handling various asset classes. Under this agreement, Octavian Patrascu, Capex.com’s Founder and CEO, will ascend to the position of CEO within the publicly-listed NAGA. This strategic merger will involve Capex.com reverse merging into NAGA Group AG through a non-cash capital infusion, while Patrascu is set to inject $9 million personally into NAGA through a convertible bond. The primary goal of this move is to forge a thriving fintech entity by amalgamating the user bases and core…
eToro, the renowned global social investing network, has unveiled an expansive addition to its United States offering, introducing nearly 700 new US stocks to its platform this week. This move significantly bolsters the eToro platform, now boasting a vast array of 4,790 assets. This development marks a significant step forward for eToro, as it expands its stock offerings, presenting users with a broader spectrum of investment choices to diversify their portfolios. Expressing their enthusiasm, eToro stated, “We are thrilled to introduce this substantial expansion to all our users.” Among these new additions, eToro has introduced a diverse range of stocks,…
Fraudulent activities within the cryptocurrency space have witnessed a notable decline, plummeting by 51%, primarily attributed to the implementation of the Market in Crypto Asset (MiCA) regulation. This regulatory framework has made it increasingly challenging for fraudsters to operate within the crypto market, prompting a shift in their focus towards exploiting vulnerabilities in the payments sector. The global identity intelligence firm, AU10TIX, headquartered in Israel, recently published a report examining the state of global identity fraud in the third quarter of 2023. This report highlighted the substantial impact of MiCA, with a strong emphasis on the improved protection it offers…
Amidst the rapidly changing financial landscape, the UK’s Payment Systems Regulator (PSR) has unveiled an innovative proposal aimed at capping interchange fees imposed by payment giants Visa and Mastercard on transactions between the UK and the European single market. This development takes on added significance in light of the growing influence of cryptocurrencies in the global payments arena, ushering in a new era of competition and disruption. The PSR’s initiative to curb potential overpricing and establish fair practices in cross-border transactions aligns with the industry’s quest for transparency and fairness. Focusing on Mastercard and Visa, who jointly manage a staggering…
DTCC has released a statement addressing the recent amendments brought forth by the Securities and Exchange Commission (SEC), which are poised to have a significant impact on the US Treasury market. In response to these regulatory changes, DTCC is taking proactive steps to align with the new rules and support market participants in navigating this evolving landscape. DTCC’s statement, available on its website, outlines its commitment to facilitating discussions, providing guidance, and disseminating crucial information to market participants as they adapt to these amendments. The primary goal is to ensure a smooth transition and compliance with the new regulations. The…
The US Securities and Exchange Commission (SEC) has rejected Coinbase Global’s request for new regulatory frameworks aimed at overseeing the digital asset industry. Coinbase, a prominent cryptocurrency exchange, had advocated for customized regulations within the crypto sector, arguing that the existing US securities laws were ill-suited to this burgeoning field. In a letter addressed to Coinbase’s Chief Legal Officer, SEC Chair Gary Gensler expressed his disagreement with the assertion that the current securities regulations were impractical for the cryptocurrency sector. Gensler’s statement, available on the SEC’s official website, underscored that the existing legal framework already applies to crypto securities markets.…