On January 15, the U.S. Department of Justice (DOJ) announced that BitMEX and its parent company, HDR Global Trading Limited, were slapped with a substantial $100 million fine for breaching the Bank Secrecy Act (BSA). Following a protracted legal battle, the companies admitted to their transgressions in July 2024. Initially, the DOJ pursued penalties that
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HashKey Group, a rising player in the digital asset landscape headquartered in Asia, recently announced it has achieved in-principle approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This approval, disclosed in a statement on January 13, signifies an important milestone in HashKey’s strategic maneuvering into the
As an emerging player in the realm of decentralized prediction markets, Polymarket has recently found itself at the center of significant controversy and scrutiny. Originally designed to allow users to place bets on various societal events, including political outcomes and other high-stakes scenarios, the platform has drawn ire for its recent foray into predicting consequences
The fallout from the collapse of the FTX exchange continues to reverberate through the cryptocurrency community. The most recent development involves the proposed sale of its European subsidiary, FTX EU, to a new platform called Backpack, established by former FTX employees. As the situation unfolds, questions about legitimacy, liability, and transparency have emerged, igniting significant
In a decisive move to tackle the rampant illegal cryptocurrency activities, Kazakhstan has ramped up its efforts in 2024 to close down unregulated crypto exchanges closely linked to money laundering. This initiative, spearheaded by the Financial Monitoring Agency (AFM), has led to the shutdown of 36 unauthorized exchanges, which collectively managed transactions exceeding $100 million.
The cryptocurrency market is undergoing significant transformations, particularly with the introduction of exchange-traded funds (ETFs) that cater to digital assets. A recent filing by Nasdaq to increase the options contract limit for the iShares Bitcoin Trust ETF (IBIT) has captured the attention of investors and analysts alike. The proposal aims to elevate the current cap
In a bold and highly strategic maneuver, Backpack Exchange, a crypto platform spearheaded by former executives of the now-defunct FTX, has made a significant inroad into the European market by acquiring FTX EU, the European branch of its predecessor. This acquisition has gained the green light from both the FTX bankruptcy court and the Cyprus
Recent revelations from Coinbase’s Chief Legal Officer, Paul Grewal, have thrown light on an ongoing struggle within the U.S. regulatory framework concerning cryptocurrency. On December 6, 2024, Grewal disclosed documents that indicated the Federal Deposit Insurance Corporation (FDIC) had encouraged banks to either pause or divert from offering any services related to cryptocurrencies, including basic
In a bold move signaling its ambition to become a multifaceted financial services provider, Crypto.com has announced the introduction of stock and exchange-traded fund (ETF) trading on its platform aimed specifically at the United States market. This development marked a significant expansion of the company’s offerings, now allowing users to manage their investments seamlessly across
On December 31, 2023, Celsius Network escalated its legal struggle by filing a notice of appeal regarding a decision made by Judge John Dorsey. This pivotal case centers around Celsius’ bankruptcy proceedings and its disputed $2 billion disparagement claim against the now-defunct cryptocurrency exchange, FTX. The District Court is set to review legacies of disputes
