The chief executive of crypto custodian BitGo says that the U.S. Securities and Exchange Commission (SEC) will reject another round of spot market Bitcoin (BTC) exchange-traded fund (ETFs) applications. In a new interview on Bloomberg Television, BitGo CEO Mike Belshe says that the duality of modern crypto firms like Coinbase – which doubles as both […]
The post Another Round of Spot Bitcoin ETF Rejections Coming, According to BitGo CEO Mike Belshe – Here’s Why appeared first on The Daily Hodl.
According to reports and a filing that shows its name struck off the U.K. companies’ register list, Blockchain.com is sunsetting its Blockchain.com Asset Management subsidiary. A company spokesperson cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons for halting the institutional business. The Impact of Crypto Winter on the Cryptocurrency Industry […]
While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies. Crypto Exchange in Uzbekistan Pays Over $10,000 a Month to the State Coffer […]
The Federal Trade Commission is investigating several unnamed crypto firms over possible misconduct in the advertisement of digital assets.
Several crypto firms are facing a probe from the United States Federal Trade Commission (FTC) over possible deceptive or misleading advertisements relating to cryptocurrencies.
According to a Dec. 6 report from Bloomberg, FTC spokeswoman Juliana Gruenwald said the watchdog is investigating “several firms for possible misconduct concerning digital assets.”
Gruenwald did not provide further details about which firms were the subject of the investigation or what had triggered the probe.
However, deceptive advertising and promotion have been a trending topic in the U.S. this year.
In October, reality TV star Kim Kardashian was fined by the United States Securities and Exchange Commission (SEC) for “touting on social media” about the EthereumMax (EMAX) crypto token without disclosing she was paid $250,000 to promote it.
In November, NFL quarterback Tom Brady and NBA point guard Stephen Curry were reportedly among a group of celebrities facing a probe from the Texas financial regulator over their promotion of the now-bankrupt crypto exchange, FTX.
The FTC is an independent agency of the United States which was created to protect the public from deceptive or unfair business practices through law enforcement, research, and education.
Earlier this year, they sent out an alert about a crypto scam with three key components, an impersonator, a QR code and a crypto ATM where the victims will be directed to send money.
They also revealed in a Jun.6 report nearly half of all crypto-related scams originated from social media platforms in 2021, and as much as $1 billion in crypto has been lost to scammers throughout the year.
Cointelegraph reached out to the FTC for comment but did not receive a reply by the time of publication.
Related: Saying ‘not financial advice’ won’t keep you out of jail — Crypto lawyers
Globally, several financial watchdogs and enforcement agencies have also been actively trying to curb deceptive crypto advertisements.
In March, the U.K.-based Advertising Standards Authority (ASA) issued an enforcement notice to over 50 companies advertising crypto, instructing them to review their ads to ensure they comply with the rules.
In August, the U.S.-based consumer watchdog group Truth in Advertising called out 19 celebrities for allegedly promoting nonfungible tokens (NFTs) without disclosing their connection to the projects.
Australia’s financial regulator has also fired warning shots across the crypto industry about deceptive advertising tactics.
In October, the Australian Securities and Investments Commission (ASIC) launched civil proceedings against Australian firm BPS Financial Pty Ltd (BPS) over alleged “misleading” representations concerning its Qoin token.
The CEO of Blackrock, the world’s largest asset manager, says that most crypto companies will not be around following the collapse of crypto exchange FTX. However, the executive is still optimistic about blockchain technology. Blackrock’s CEO on FTX’s Collapse and Future of Crypto Larry Fink, the CEO of Blackrock Inc. (NYSE: BLK), the world’s largest […]
A prominent email marketing firm is suspending its services for crypto customers due to what it deems as a security threat. According to a new blog post, Mailchimp has temporarily shut down crypto-related accounts in response to several types of attacks targeting digital asset firms. “Across the tech industry, malicious actors are increasingly deploying an […]
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Major Portuguese banks have started closing or refusing to open accounts for cryptocurrency platforms such as exchanges, according to media reports. The move threatens to tarnish the country’s image as one of Europe’s most crypto-friendly destinations, a haven for bitcoin enthusiasts. Portuguese Crypto Firms Hit by Bank Account Closures Portugal, a leading European crypto hub, […]
The Federal Deposit Insurance Corporation (FDIC) is telling banks to keep an eye on crypto companies and any potential deceptive deposit insurance claims. In a new advisory note, the FDIC says it’s concerned about the risks misleading deposit insurance claims pose to investors. According to the regulatory body, confusing representations of deposit insurance may lead […]
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The US government is reportedly delaying collecting billions of dollars worth of crypto taxes to give firms in the industry more time to gather relevant information on their customers. According to a new report by Bloomberg, The U.S. Treasury Department and the Internal Revenue Service (IRS) plan on delaying tax collection on digital assets until […]
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Crypto and blockchain firms constituted 16% of the 655 new company registrations that were recorded in Q1 of 2022, the Dubai Multi Commodities Centre (DMCC) has said. The surge in crypto-related registrations also coincided with a quarterly period in which the DMCC is reported to have recorded its “highest Q1 performance” since inception. Rise in […]