News & Analysis as of May 5, 2025

Cybersecurity › Crypto Exchanges

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

Weekly Blockchain Blog - March 2025 #4

BakerHostetler on 3/24/2025

Digital Asset Companies Announce Strategic Acquisitions - According to a recent press release, a major U.S. cryptocurrency exchange has entered into an agreement to acquire NinjaTrader, a U.S. retail futures trading...more

Weekly Blockchain Blog - February 2025 #4

BakerHostetler on 2/24/2025

U.S. Digital Asset Companies Continue Product Launches, Market Expansion - U.S. nonfungible token (NFT) marketplace OpenSea recently announced the launch of its new OS2 digital asset trading platform, which expands into...more

Weekly Blockchain Blog - January 2025

BakerHostetler on 1/13/2025

Crypto Companies Launch New Products, Expand Partnerships - A major U.S. cryptocurrency exchange recently launched Ink, a Layer 2 network built on the Optimism Superchain blockchain. ...more

SEC Rulemaking Returns After Quiet Stretch: Assessing the SEC “Reg. Flex” Agenda for BDs and Exchanges

Goodwin on 10/3/2024

Despite the SEC’s already prolific rulemaking under Chair Gensler, the agency still has a few dozen additional rulemaking initiatives in the queue. Broker-dealers, exchanges, and other trading and markets participants can...more

Report Signals CFPB Taking Aim at Video Game and Virtual Worlds Industries

Sheppard Mullin Richter & Hampton LLP on 4/8/2024

On April 4, the CFPB published a new Issue Spotlight, titled “Banking in Video Games and Virtual Worlds” that analyzes the increased commercial activity within online video games and virtual worlds and the apparent risks to...more

Weekly Blockchain Blog - February 2024

BakerHostetler on 2/20/2024

Crypto Firms Make Acquisitions, Integrate Products; New Crypto Index Launches - According to a recent press release, a major U.S. fintech company has announced an agreement to acquire a major digital asset custody provider....more

Broker Dealer Regulatory Digest - December 2024

Davis Wright Tremaine LLP on 12/15/2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Top 5 Takeaways from NYDFS $1.2 Million Fine in Cybersecurity Case

Orrick, Herrington & Sutcliffe LLP on 6/6/2023

On May 1, the New York Department of Financial Services (“NYDFS” or “Department”) and a trading platform entered into a consent order to resolve deficiencies identified during examinations conducted in 2018 and 2020. The...more

NYS DFS Focuses on Cybersecurity Violations and Increasing Crypto Resources

BakerHostetler on 5/17/2023

On May 1, 2023, the New York State Department of Financial Services (DFS or Department) issued a consent order (Consent Order), imposing a $1.2 million fine on bitFlyer USA, a cryptocurrency trading platform and custodial...more

New York Settles with Crypto Company, Proposes Crypto Legislation

Sheppard Mullin Richter & Hampton LLP on 5/15/2023

On May 1, NYDFS settled with a cryptocurrency trading platform over the company’s cybersecurity deficiencies, resulting in a consent order and $1.2 million fine for the crypto company. NYDFS alleged “multiple deficiencies in...more

Top Ten Regulatory and Litigation Risks for Private Funds in 2023

Proskauer - The Capital Commitment on 3/22/2023

Everything, everywhere, all at once, as a descriptor, captures the litigation and regulatory risks for the asset management industry in 2023. Every corner of the market faces greater risks than at any time since 2008. After...more

CFTC commissioner discusses crypto exchange’s collapse

Orrick, Herrington & Sutcliffe LLP on 1/25/2023

On January 18, CFTC Commissioner Christy Goldsmith Romero spoke before the Wharton School and the University of Pennsylvania Carey Law School on lessons learned from the recent bankruptcy of a cryptocurrency exchange, calling...more

Louisiana Adopts Virtual Currency License

Shipkevich PLLC on 1/18/2023

Louisiana has become the first state to follow New York's lead in issuing a crypto-specific license, accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities...more

US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

BakerHostetler on 1/17/2023

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

New York Sends Clear Message Crypto Exchanges and Banks Must Meet AML Obligations

Harris Beach Murtha PLLC on 1/10/2023

New York’s Department of Financial Services (“DFS”) recently announced a $100 million settlement with Coinbase, Inc., one of the world’s largest cryptocurrency exchanges, for Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”)...more

Show me the Cryptocurrency: English High Court Grants Novel Information Orders Against Crypto Exchanges

A&O Shearman on 12/15/2022

The High Court has once again grappled with novel issues raised by disputes concerning cryptoassets, this time in the context of an interim application for information orders....more

Financial Markets and Funds Quick Take | Issue 9

Katten Muchin Rosenman LLP on 12/14/2022

New DOL Rule Enables Consideration of ESG Factors in Investing, Plus the SEC Continues its ESG Enforcement Push in the Absence of Final SEC Rules - On November 22, the US Department of Labor (DOL) announced a final rule...more

SEC Relaunches and Adds Resources to Division of Enforcement's Crypto Assets and Cyber Unit

Holland & Knight LLP on 5/3/2022

Continuing its focus on crypto enforcement, the SEC on May 3, 2022, announced the addition of 20 positions to its relaunched Crypto Assets and Cyber Unit – formerly the Cyber Unit. The additions nearly double the size of the...more

The US$4.5 billion Bitfinex hack – five things you should know

Hogan Lovells on 3/31/2022

The hack of the Hong-Kong based crypto-exchange Bitfinex has been described as the “heist of the century”. Where a crypto-asset is in play in litigation, in particular as a potential target for enforcement, parties should be...more

Ransomware and OFAC Sanctions Compliance

The Volkov Law Group on 11/4/2021

We have all read about the high-profile malicious cyber-attacks and ransomware demands and payments. The Colonial Pipeline case demonstrated how responsive law enforcement can be in tracking down perpetrators and recovering...more

Sound the Alarm: DOJ’s New Criminal and Civil Tools to Combat Crypto-Cyber Threats Should Prompt Investment in Cyber Compliance

Vinson & Elkins LLP on 10/28/2021

As a strong signal that it intends to increase its focus on illicit crypto transactions, the Department of Justice (“DOJ”) announced the creation of an enforcement team, the National Cryptocurrency Enforcement Team (“NCET”),...more

OFAC Issues Second Ransomware Advisory and Designates Virtual Currency Exchange for Sanctions

Perkins Coie on 10/5/2021

Agency’s Focus on Cryptocurrency and Blockchain Continues - On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an updated advisory to “highlight the sanctions...more

OFAC Helps Those Who Help Themselves: How a Ransomware Response Plan Can Help Avoid Sanctions Enforcement for Ransom Payments

Fenwick & West LLP on 9/24/2021

Many companies have a “no ransomware payment” stance until faced with a ransomware attack, especially an attack that causes significant business disruption. At that point, the company may reconsider its stance (or at least...more

Data Privacy + Cybersecurity Insider - January 2021 #4

Robinson & Cole LLP on 1/29/2021

CYBERSECURITY - Big Win for Law Enforcement: Emotet Infrastructure Taken Down - January 27, 2021, was a BIG win for law enforcement in the efforts to combat cyber crime. U.S. and European law enforcement agencies announced...more

Crypto Exchange BuyUCoin Database Leaked

Robinson+Cole Data Privacy + Security Insider on 1/29/2021

Indian news outlet Inc42 has reported that the ShinyHunters hacking group found some shiny objects when it was able to compromise the personal information of hundreds of thousands of individuals using the crypto exchange...more

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Cybersecurity › Crypto Exchanges

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