Author: News Desk
A recent ruling by an Australian federal court has found Web3 Ventures Pty Ltd, trading as Block Earner, guilty of providing crypto products without the necessary financial services license, marking a significant legal development in the country’s crypto landscape. Block Earner introduced the ‘Earner’ product, enabling users to accrue fixed yield returns from various crypto-assets, operating from March 2022 to November 2022. The Australian Securities and Investments Commission (ASIC) initiated action against the company in November 2022, alleging the provision of unlicensed financial services through cryptocurrency offerings and running an unregistered managed investment scheme. ASIC is now contemplating pursuing monetary…
Bankrupt crypto lender Genesis Global Holdco LLC has resolved the fraud charges levelled against it by the New York Attorney General, Letitia James, in connection with its now-defunct Gemini Earn programme. A settlement has been reached, ensuring that assets earmarked for the state regulator will be redirected to former Earn customers and other creditors of Genesis. The original lawsuit filed by James last October implicated Genesis, its parent company Digital Currency Group, and Gemini, alleging that they fraudulently handled $1.1 billion of customer funds. Genesis and Gemini jointly operated the Earn programme, but their collaboration soured, resulting in ongoing legal…
London-based companies CCData and BMLL Technologies have joined forces in a strategic partnership aimed at simplifying data access across conventional and digital asset markets. CCData, recognized by the Financial Conduct Authority (FCA) as a benchmark administrator, specializes in digital asset data solutions and settlement indices. On the other hand, BMLL Technologies offers financial institutions detailed historical data and analytics on various markets. This collaboration is a response to the increasing demand for tailored data solutions, particularly after the approval of the first spot Bitcoin ETFs in the United States. By leveraging their expertise, the two firms aim to equip clients…
South Korea has taken a firm stance in safeguarding cryptocurrency investors’ interests with the introduction of the Virtual Asset Users Protection Act, announced by the Financial Services Commission (FSC) on Wednesday. Set to come into effect on July 19, 2024, this legislation signifies a pivotal move towards regulating the country’s cryptocurrency market. Its primary objectives include combating market crimes and enhancing transparency by prohibiting the utilization of undisclosed significant information in cryptocurrency transactions, as well as activities associated with market manipulation and illegal trading. Violators of the Virtual Asset Users Protection Act will face severe penalties, including fixed-term imprisonment exceeding…
B2C2, a cryptocurrency market-maker owned by Japan’s SBI Holdings, has solidified its presence in continental Europe by securing registration as a virtual asset service provider (VASP) in Luxembourg. This move marks the company as the 12th to receive such recognition in the country. Endorsed by Luxembourg’s Commission de Surveillance du Secteur Financier, this authorization empowers the London-based entity to extend over-the-counter (OTC) spot crypto services to institutional clients. Moreover, it facilitates collaboration with local VASPs, conventional financial institutions, and other market participants. Thomas Restout, recently promoted to Group CEO, commented, “As B2C2 prepares for MiCA regulation to take effect, obtaining…
After extensive investigations, the Australian Securities and Investments Commission (ASIC) has taken legal action in two separate cases of financial misconduct. The first case involves Joseph Cullia and Zoran Markovic, who have been charged in connection with an alleged self-managed super fund (SMSF) investment scam. In the second case, Aryn Hala faces charges for providing unlicensed financial services through his cryptocurrency assets company. In the first case, ASIC has charged two individuals, Joseph Cullia from Southbank and Zoran Markovic from Coburg, both residing in Melbourne. The charges stem from their involvement in an SMSF scam that operated from November 2020…
Bitcoin is set to remain a legal tender in El Salvador for the duration of President Nayib Bukele’s second term, according to his vice president, Felix Ulloa. This affirmation comes amidst expectations of President Bukele’s victory in the upcoming election, largely attributed to his stringent crackdown on criminal gangs. Ulloa, temporarily on leave to join Bukele’s re-election campaign, reiterated the nation’s commitment to adopting Bitcoin as legal tender despite pressure from the International Monetary Fund (IMF) to reconsider this decision during loan negotiations. Ulloa firmly stated that the government has no intention of reversing its stance on Bitcoin, highlighting the…
A consortium, led by Dazheng Group Acquisition Limited, has reiterated its commitment to acquire Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) at a premium price of $29.50 per share, which represents an 11.3% premium over the competing bid from Ascendent Capital. The consortium, comprising Dazheng Group and TFI Asset Management Limited, aims to provide Hollysys shareholders with a more secure and lucrative deal. To back their offer, the consortium has secured substantial financial commitments that exceed industry standards. They have obtained a $1.05 billion debt commitment from a prominent PRC-based bank and $800 million in equity commitments. These commitments are backed…
Meta’s stock saw a remarkable surge of over 20% on Friday following the release of its fourth-quarter earnings report, where it revealed a substantial increase in profits and declared its inaugural dividend. The company’s revenue for the fourth quarter soared by 25%, reaching $40.1 billion, compared to $32.2 billion in the previous year, marking the highest growth rate since mid-2021. Meta’s net income also exhibited a remarkable threefold rise, surging to $14 billion from $4.65 billion in the prior year. In a further show of confidence in its financial stability, Meta announced its intention to distribute a quarterly dividend of…
Iraq has taken significant measures to combat financial fraud, money laundering, and the illicit use of U.S. currency by banning eight local commercial banks from engaging in U.S. dollar transactions. This decision follows a recent visit by a senior U.S. Treasury official and is part of Iraq’s commitment to strengthening its financial system. The banned banks are now restricted from participating in the Iraqi central bank’s daily dollar auction, a critical source of hard currency in the import-dependent nation. Iraq, holding over $100 billion in reserves in the U.S., relies on maintaining a favorable relationship with the United States to…