Crypto Firms Announce New Product Launches in Custody, Stablecoins, Wallets -
According to a recent press release, Prometheum Capital has received the first-ever approval from the Financial Industry Regulation Authority...more
6/5/2023
/ Broker-Dealer ,
CFTC ,
Criminal Prosecution ,
Cryptoassets ,
Cryptocurrency ,
Enforcement Actions ,
European Banking Authority (EBA) ,
Financial Services Industry ,
FinTech ,
Fraud ,
IOSCO ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
SDN List ,
Securities ,
State Attorneys General ,
United Arab Emirates (UAE)
Multiple Financial Services Firms Announce New Crypto Products -
A major U.S. financial services firm recently launched its Crypto Credential product, “a set of common standards and infrastructure that will help verify...more
5/8/2023
/ Blockchain ,
CFTC ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Services Industry ,
Fraud ,
Income Taxes ,
Office of Foreign Assets Control (OFAC) ,
Payment Methods ,
Popular ,
Securities and Exchange Commission (SEC) ,
UK
Reserve Bank of Australia and BIS Commence Efforts to Advance CBDCs -
In a recent announcement, the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre (DFCRC) released details on an ongoing...more
3/13/2023
/ Bitcoin ,
Bureau of Industry and Security (BIS) ,
Central Bank Digital Currency (CBDCs) ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
PCAOB ,
Risk Assessment ,
Securities and Exchange Commission (SEC)
Proof of Stake Alliance Publishes Analysis, Advocates for Industry Standards -
This week the Proof of Stake Alliance (POSA), a nonprofit industry alliance focused on proof of stake (PoS) ecosystems, announced their newly...more
2/27/2023
/ CFTC ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Services Industry ,
Financial Transactions ,
Howey ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities
Paper Explores Benefits of DeFi for FX; Australian Bank Launches Stablecoin -
A recent industry paper found that DeFi can reduce costs and enhance transparency in foreign exchange (FX) markets. The paper concludes that...more
1/23/2023
/ Blockchain ,
Bureau of Industry and Security (BIS) ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
FinCEN ,
Online Platforms ,
Securities and Exchange Commission (SEC) ,
Stablecoins
On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...more
1/17/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Coinbase ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Customer Due Diligence (CDD) ,
Cybersecurity ,
Enforcement Actions ,
Government Investigations ,
Know Your Customers ,
Money Transmitter ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Violations ,
Settlement ,
Statutory Violations ,
Virtual Currency
Crypto Products Launch in Debit Cards, Payment Gateways, Trading Platforms -
This week, two cryptocurrency financial services and trading platforms announced partnerships with traditional financial services companies to...more
10/31/2022
/ Bitcoin ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
FinTech ,
Malware ,
Metaverse ,
Non-Fungible Tokens (NFTs) ,
Payment Systems ,
Regulatory Authority ,
State Securities Regulators ,
Supply Chain
On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a...more
10/25/2022
/ Bank Secrecy Act ,
BSA/AML ,
Civil Monetary Penalty ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Cryptocurrency ,
Enforcement Actions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Statutory Violations
New Crypto Products Launch in Custody, Cloud Collaborations and Stablecoins -
This week, a major U.S. financial institution announced that its Digital Asset Custody platform is now live in the United States. According to...more
10/17/2022
/ Bitcoin ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Stability Board ,
FinCEN ,
Fines ,
Government Investigations ,
Hackers ,
Non-Fungible Tokens (NFTs) ,
OECD ,
Office of Foreign Assets Control (OFAC) ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Statutory Violations
Ethereum Network Completes Transition to Proof of Stake Consensus -
After years of development and delays, Ethereum’s long-awaited “merge” occurred this week, changing the network’s consensus mechanism from proof-of-work...more
9/19/2022
/ Biden Administration ,
Blockchain ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement ,
Enforcement Actions ,
Ethereum ,
Executive Orders ,
Impact Assessments ,
Non-Fungible Tokens (NFTs) ,
Office of Foreign Assets Control (OFAC) ,
Ponzi Scheme ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
NY DFS Approves Crypto Platform, Prepaid Crypto Card to Launch in Argentina -
According to a press release this week, the New York State Department of Financial Services (NY DFS) has authorized two subsidiaries of Zero...more
8/15/2022
/ Consent Order ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
MasterCard ,
Money Laundering ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Prepaid Payment Products ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
Virtual Currency
Bitcoin Network Mining Difficulty Continues Downward Trend Amid Heat Wave -
A recent analysis of Bitcoin mining activity has shown that Bitcoin Network mining difficulty dropped by 5 percent recently, continuing a...more
Financial Firm Launches Crypto Group, MakerDAO Votes to Integrate with Bank -
A major multinational financial institution recently “announced the formation of its Digital Assets and Financial Markets group.” According to...more
7/11/2022
/ Basel Committee on Banking Supervision (BCBS) ,
Brand ,
CFTC ,
Cryptocurrency ,
Cyber Crimes ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Action Task Force ,
Financial Institutions ,
Fraud ,
Hackers ,
Infringement ,
IP Litigation ,
New Guidance ,
Non-Fungible Tokens (NFTs)
This week, President Joe Biden signed “Executive Order on Ensuring Responsible Development of Digital Assets” (EO). According to a fact sheet published with the EO, the EO calls for measures to accomplish the following...more
3/14/2022
/ Anti-Money Laundering ,
Banking Sector ,
Biden Administration ,
Bitcoin ,
CFTC ,
Department of Justice (DOJ) ,
Digital Assets ,
Economic Sanctions ,
Enforcement Actions ,
Executive Orders ,
FinCEN ,
Russia ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Virtual Currency
Traditional Financial Firms Expand Reach into Cryptocurrency Sphere -
Early this week, a major investment bank announced that it plans to launch a digital asset custody platform later this year. This announcement follows...more
3/7/2022
/ Charitable Donations ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Donations ,
Enforcement Actions ,
Enforcement Priorities ,
FATF ,
Non-Fungible Tokens (NFTs) ,
Ponzi Scheme ,
Popular ,
Securities and Exchange Commission (SEC) ,
Ukraine
US Stablecoin Issuers Publish New Details on US Dollar Reserves - This week, Circle, the issuer of USDC – a cryptocurrency “stablecoin” with each unit backed 1:1 by U.S. dollars – published its latest reserve attestation...more
USDC Expands to 10 New Blockchains, Crypto Payment Initiatives Launch - The Centre Consortium recently announced that USDC, a stablecoin that is backed 1:1 by U.S. dollars, will soon be added to 10 additional blockchain...more
7/12/2021
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Markets ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Stablecoins ,
Virtual Currency
Crypto Investment and Payments Products Launch, Payment Data Published - Last week Securitize announced the launch of Securitize Capital, which will serve as an investment manager of digital asset funds for institutional and...more
6/7/2021
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Services Industry ,
FinCEN ,
Investors ,
Office of Foreign Assets Control (OFAC) ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
Crypto Adoption Continues in Credit Cards, OCC Approval, Restaurant Paymentsc - According to recent reports, a major U.S. financial services firm and Gemini, one of the largest U.S. cryptocurrency exchanges, will soon launch...more
US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more
4/5/2021
/ Bitcoin ,
Broker-Dealer ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Enforcement Actions ,
Financial Services Industry ,
FinCEN ,
Fraud ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
US Firms Launch Bitcoin Products, Seek Approvals, Advocate for Crypto Rules - According to reports, in an internal memorandum issued earlier this week, a major U.S. investment bank informed its financial advisers that it is...more
Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin - Late last week, BitPay, a leading provider of cryptocurrency payment services, announced that U.S. users of its prepaid debit card, which allows...more
2/22/2021
/ Bitcoin ,
Cryptocurrency ,
Cyber Crimes ,
Digital Currency ,
Enforcement Actions ,
Federal Reserve ,
Fraud ,
Hackers ,
Popular ,
Ransomware ,
Securities and Exchange Commission (SEC) ,
Virtual Currency