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 [...]
BoE lays down crypto regulation plans following crash July 12, 2022 The Bank of England laid down its plans for crypto regulation in the UK following the drastic instability from the “crypto winter.” Deputy Governor Jon Cunliffe said the Bank would apply identical regulation to different financial services in the UK, regardless of how they are provided, if the risks presented by them are the same. [...]
Terra Luna crash shows need for ‘non-negotiables’ in crypto regulation, says FCA official July 11, 2022 The Terra Luna crash this year caused investors to lose significant amounts of money and shows why “non-negotiables” in crypto regulation are needed, the FCA said. “When we look at the Terra Luna collapse, (the harm caused by it) is some people’s life savings,” said Richard Fox, Director of International at the FCA, at a [...]
Bitcoin more likely to fall to $10,000 than rise to $30,000, survey July 11, 2022 The price of Bitcoin is more likely to drop to $10,000 than jump to $30,000. The biggest cryptocurrency will probably cut its current value of $20,372 by about half rather than surge, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey, Bloomberg reported. The rest saw it climbing back. [...]
Binance served Iranian crypto clients despite US sanctions, company ban July 11, 2022 Binance processed trades by clients in Iran despite sanctions by the US ban and ban by the company on doing business in the county. The US imposed sanctions on Iran in 2018 with Binance banning business in the country the same year, but the world’d biggest crypto exchange ignored this and still served Iranian crypto [...]