The relationship between cryptocurrency exchanges and regulators have historically represented a precarious one. As the space continues to grow and mature, regulators are taking an increasingly active and firm approach to the compliance and cooperation of exchanges. Binance is the most recent player affected by this dynamic.
Early this morning, Binance announced that it would cease service to US users in 90 days.
The popular peer-to-peer bitcoin trading network LocalBitcoins has shut down all trading operations for Iranian users.
LocalBitcoins’ website offers a variety of pages for users of different nations and, as of May 24, 2019, the Iranian page displays a message that “LocalBitcoins is currently not available in your selected region,” in English only. In an official correspondence regarding the update, a representative of LocalBitcoins confirmed that Iranians can no longer access the service.
This article was originally published by 8btc and written by Lylian Teng.
Bitcoin ATM services in China have once again proved to be hopeless, after the first Bitcoin OTM (OTC Teller Machine) in Beijing was removed shortly after its installation.
Sensing a rise in crypto-related scams and fraudulent investment schemes, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a joint warning to investors, encouraging them to take a more thorough approach to verifying potential investments in the space.
The warning was published on April 24, 2019, by the SEC’s Office of Investor Education and Advocacy and the Office of Customer Education and Outreach at the CFTC.
Andrew Yang, one of a number of candidates looking to take on U.S. president Donald Trump in the 2020 presidential election, has released a new policy statement for crypto-assets.
In the statement, Yang — who is currently vying for the Democratic Party nomination among a crowded field of candidates — indicated his goal to “create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.
India’s central bank is setting up a fintech sandbox that may include blockchain startups and tools – but notably, explicitly excludes any cryptocurrency-related projects.
The Reserve Bank of India (RBI) published its draft framework for a regulatory sandbox on Thursday, a move that comes nearly three years after it first formed a working group to look into fintech solutions.
Bitcoin trader Jacob Burrell Campos was sentenced on April 8, 2019, to serve a two-year prison sentence and to forfeit more than $800,000 “for operating an unlicensed money transmitting business.”
The U.S. Department of Justice (DOJ) announced the conclusion of this case on its official website, claiming that Campos had already been in custody without bail for eight months prior to this verdict.
Another digital asset platform has received approval to do business in New York.
Bitstamp, one of the largest crypto exchange platforms in Europe, has been granted a virtual currency license from the New York State Department of Financial Services (NYSDFS). The exchange became the 19th firm approved to offer crypto-based services in the world's financial center.
Marlene Ronstedt is a writer and journalist whose work has appeared in German and English publications including WIRED Germany. Currently, she is working for Neufund as a blockchain reporter.
André Eggert is a partner at the law firm of LACORE LLP and the legal architect of Neufund.org, a platform for primary offerings of tokenized equity.
An increasing number of countries are looking at the cryptocurrency space, with three national governments launching efforts to regulate and examine projects in the last two weeks. – with a particular focus on tax policy.
As might be expected, some jurisdictions – especially in the Asian market – have moved to clarify the rules that crypto-traders must follow when reporting their gains or losses. And while some of those are in the earliest stages, the developments suggest that government officials want to clear the air of any doubt that may be felt by those working in the space – and who might bring their business to those areas.
Today, February 16, 2018, the Securities and Exchange Commission (SEC) issued a press release announcing trading suspension of three companies that acquired AAA-rated assets from “a subsidiary of a private equity investor in cryptocurrency and blockchain technology, among other things.”
The three companies in question, PDX Partners, Inc.
In a story that is getting all too familiar recently, the Securities Exchange Commission (SEC) halted trading on yet another blockchain-related company stock, UBI Blockchain. The SEC explained:
"The Commission temporarily suspended trading in the securities of UBIA because of (i) questions regarding the accuracy of assertions, since at least September 2017, by UBIA in filings with the Commission regarding the company’s business operations; and (ii) concerns about recent, unusual and unexplained market activity in the company’s Class A common stock since at least November 2017.
On December 11, the U.S. Securities and Exchange Commision (SEC) issued a cease-and-desist to California-based Munchee Inc. to stop their ICO and return the funds that had been collected.
Munchee had been seeking $15 million in capital to improve their existing mobile app and create a restaurant review ecosystem that they described as being “Yelp meets Instagram” in their Bitcointalk announcement.
On December 5th, 2017, the Mission Bay Conference Center in San Francisco hosted cryptocurrency enthusiasts in suits, hoodies and everything in between. Token Summit II, presented by William Mougayar, author of “The Business Blockchain,” and Nick Tomaino, founder of 1confirmation, was a hub for cohesion and problem-solving in the blockchain space.
A group of people are on a mission to bring Bitcoin back to the state of Wyoming after unfriendly laws made it impossible to transact with cryptocurrencies there more than two years ago.
The Wyoming Blockchain Coalition announced its formation this week.
Sweden’s central bank, the Riksbank, is considering whether the country should introduce a purely digital form of government-backed money, perhaps using distributed ledger technologies (DLTs) similar to the blockchain technology underlying Bitcoin. This move is part of a recent trend: around the world, nations are considering cryptocurrencies issued by central banks; and recently, the managing director of the International Monetary Fund (IMF) gave a speech hinting at its interest in the concept.
China is clamping down on cryptocurrency, that much is clear. But while the developing story dominates headlines, a notable trend is the lack of official information. Chinese officials seem to systematically decline requests for comments, local sources are willing to provide information on condition of anonymity only, while leaked documents remain unverified.
Despite this lack of clarity, here’s what’s known so far.
Effects on Trading
The most important thing we know for sure is that Chinese bitcoin exchanges will be closing down, or at least exiting China.
On September 8, the U.S. government’s General Services Administration (GSA)’s program “Emerging Citizen Technology” hosted a workshop titled “Emerging Technology and Open Data for a More Open Government.