47 Companies Apply to Operate in Turkey Under New Crypto Regulations

August 12, 2024 Bitcoin.com

Turkey’s Capital Markets Board has issued an update on crypto asset service providers following new regulations. The provisional lists include 47 operational companies and three that are planning to liquidate. Current crypto service roviders are required to apply for permits or proceed with liquidation by specified deadlines, with legal repercussions for noncompliance. Turkey’s Capital Markets […]

6 things the US needs to stay competitive in crypto, according to execs

IRS Unveils Overhauled Crypto Tax Form With No Address Disclosure Requirements

August 10, 2024 Bitcoin.com

bitcoin.com

The U.S. Internal Revenue Service (IRS) has unveiled an updated Form 1099-DA for reporting digital asset transactions, introducing key changes that may address past criticism and privacy issues. This new version, reportedly set to be partially implemented in 2025, removes several contentious elements from earlier drafts. IRS Revamps Crypto Reporting Form On Aug. 8, 2024, […]

6 things the US needs to stay competitive in crypto, according to execs

DOJ Launches Whistleblower Awards Program to Tackle Crypto Crimes

August 2, 2024 Bitcoin.com

Awards

The U.S. Department of Justice (DOJ) has initiated a Corporate Whistleblower Awards Pilot Program to encourage reporting of corporate criminal activities. This three-year program targets financial institutions, including cryptocurrency businesses, to enhance the detection and prosecution of corporate crimes. Whistleblowers who provide non-public information leading to forfeitures over $1 million are eligible for awards. DOJ […]

6 things the US needs to stay competitive in crypto, according to execs

Seven Years of Binance: CEO Richard Teng Shares Insights on Achievements and Future Goals

July 12, 2024 Bitcoin.com

Anniversary

Binance is celebrating its seventh anniversary, reflecting on its growth and achievements in the rapidly evolving cryptocurrency industry. In an open letter, Binance CEO Richard Teng shared his insights and perspective on the company’s journey and future. Binance CEO Richard Teng on Successes, Challenges, and the Road Ahead In his reflection shared with Bitcoin.com News, […]

6 things the US needs to stay competitive in crypto, according to execs

Hiro Systems Applauds SEC Decision to Close Stacks Investigation

July 12, 2024 Bitcoin.com

Bitcoin

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Stacks, a Bitcoin scaling network, and its original developer, Hiro Systems, with no recommended enforcement actions. This investigation began in 2021 despite claims by network contributors that Stacks’ token sale was SEC-qualified. Hiro Systems praised the SEC’s decision, reaffirming its commitment to regulatory […]

6 things the US needs to stay competitive in crypto, according to execs

Cryptocurrency Firm Abra Settles With 25 US States Over Licensing Violations

June 26, 2024 Bitcoin.com

Abra

Financial authorities in 25 U.S. states have reached a settlement with the cryptocurrency investment platform Abra and its CEO Bill Barhydt for operating without proper licensing. This settlement mandates significant changes in how Abra conducts its operations within these states. Abra Reaches Settlement Over Unlicensed Operations, Agrees to Major Concessions According to a report from […]

6 things the US needs to stay competitive in crypto, according to execs

Federal Watchdogs Flag 4 Major US Banks for Lack of Crisis Management; Demand Living Will Revisions

June 22, 2024 Bitcoin.com

Bank of America

Federal authorities have spotlighted critical deficiencies in the crisis management strategies—known as “living wills”—of four major U.S. banks, signaling a push for stronger safeguards against financial turmoil. The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve announced that plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase fell short of expectations, setting […]

6 things the US needs to stay competitive in crypto, according to execs

Crypto Friendly Evolve Bank Under Scrutiny: Cease and Desist Order Issued

June 15, 2024 Bitcoin.com

anti-money laundering

The Federal Reserve and Arkansas State Bank Department have mandated sweeping reforms at Evolve Bank & Trust following significant compliance breaches. The order highlights issues in anti-money laundering efforts and consumer protection, especially in its dealings with fintech companies and prominent crypto players like FTX. Compliance Concerns Trigger Regulatory Action Against Evolve Bank Evolve Bank […]

6 things the US needs to stay competitive in crypto, according to execs

Swiss regulator forces crypto-friendly FlowBank into bankruptcy

June 14, 2024 Coin Telegraph

banking services

The Swiss-based bank had ties to the TrueUSD stablecoin issuer, Techteryx, crypto asset manager CoinShares and reportedly Binance.

FlowBank, an online Swiss bank that offered cryptocurrency trading services, has been shut down and forced into bankruptcy after the Swiss financial regulator found it “seriously breached” standards required for it to operate as a bank.

“This measure became necessary as the bank no longer has the minimum capital required for its business operations,” the Swiss Financial Market Supervisory Authority said in a June 13 statement.

There’s “no prospect of a restructuring,” and there are “fears that the bank is over-indebted,” FINMA added.

6 things the US needs to stay competitive in crypto, according to execs

Politicians urge Biden to bring back Binance exec from Nigeria

June 5, 2024 Coin Telegraph

Antony Blinken

The U.S. politicians have accused Nigeria’s government of charging Gambaryan, a Binance compliance officer and former federal agent, with “baseless” crimes.

Several United States politicians have reportedly asked President Joe Biden and the hostage affairs unit to try to bring Binance employee Tigran Gambaryan home, who has been held in Nigeria for over three months on charges of money laundering and tax evasion.

In a June 4 letter addressed to President Biden, Secretary Antony Blinken, and the Presidential Envoy for Hostage Affairs Roger D. Carstens, 12 U.S. politicians stressed that Gambaryan remains “wrongfully detained” by the Nigerian government and that action needs to be taken now before the situation worsens.

The U.S. politicians specifically want the Special Presidential Envoy for Hostage Affairs to handle Gambaryan’s case, the letter said, which was shared on X by Fox Business reporter Eleanor Terrett.

Compliance

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