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The Australian Securities and Investments Commission (ASIC) has initiated legal action against Binance Australia for alleged violations of counter-terrorism financing and anti-money laundering laws, marking a pivotal moment in cryptocurrency regulation. This case could lead to significant penalties for Binance, impacting its operations and investor confidence both locally and internationally. As regulators worldwide observe, the outcome may set a precedent for stricter compliance measures across the cryptocurrency industry, emphasizing the need for robust frameworks to protect investors and ensure market integrity.
Tai Mo Shan, a subsidiary of Jump Crypto, has settled with the SEC for $123 million over misleading investors regarding the stability of the TerraUSD (UST) algorithmic stablecoin prior to its collapse. The SEC highlighted that the misleading actions contributed to significant losses for investors and emphasized the need for compliance with securities laws.The collapse of UST in May 2022, triggered by a large sell-off, led to a loss of its dollar peg and a cascade of liquidations, ultimately resulting in a formal investigation of Terraform Labs and its founder, Do Kwon, which culminated in a $4.4 billion settlement.
The European Union's upcoming MiCA regulations, effective December 30, 2024, will ban USDT, the leading stablecoin, from regulated platforms, raising concerns about liquidity and market competitiveness. This strict approach contrasts with more permissive strategies in regions like the U.S., potentially driving talent and investment away from Europe. The challenge lies in balancing regulation with innovation to maintain a robust digital economy.
Nigeria's Economic and Financial Crimes Commission arrested 792 individuals, including 148 Chinese and 40 Filipinos, in a major crypto-romance scam raid in Lagos. The operation, based in a seven-story building, involved a sophisticated network where local recruits, trained to impersonate foreign women, lured victims into fraudulent investment schemes. Authorities discovered over 500 SIM cards and high-end computers, indicating a well-organized effort targeting individuals primarily in North America and Europe.
CyberKongz, a gaming NFT project, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), raising concerns about its ERC-20 token's integration with blockchain games and a 2021 contract migration. The team expressed disappointment with the SEC's approach and emphasized the potential implications for the Web3 gaming industry, asserting their commitment to contest the SEC's position and advocate for clearer regulatory guidelines. The notice allows CyberKongz 30 days to respond before the SEC decides on potential enforcement actions.
The Australian Securities and Investments Commission (ASIC) has initiated legal action against Binance Australia for alleged violations of counter-terrorism financing and anti-money laundering laws, marking a pivotal moment in cryptocurrency regulation. This case could lead to significant penalties for Binance, impacting its operations and investor confidence both locally and internationally. As regulators worldwide observe, the outcome may set a precedent for stricter compliance measures across the cryptocurrency industry, emphasizing the need for robust frameworks to protect investors and ensure market integrity.
Elon Musk and Vivek Ramaswamy are set to lead the new Department of Government Efficiency (DOGE) under President-elect Trump, aiming to cut federal budget waste and restructure agencies. Despite Musk's lighthearted claims about Dogecoin, his support has significantly influenced its market value, recently pushing it to a three-year high.
The Ripple lawsuit against Bradley Sostack is set against a backdrop of regulatory challenges and potential political instability in the U.S. Key dates include a mediation questionnaire due on December 23, 2024, and a critical presentation of arguments in March 2025. The outcome could significantly impact the regulatory landscape for cryptocurrencies, particularly XRP, amid ongoing concerns about the SEC's effectiveness and the broader implications for innovation and investor protection.
Worldcoin, now rebranded as "World," faces EU demands to delete iris-scanning data by January 19, 2025, due to privacy violations under GDPR. The initiative, aimed at reducing identity fraud through biometric data, has sparked significant regulatory scrutiny and concerns over user consent and data security. Despite the challenges, the company maintains its vision for a digital identity network, while its native token, WLD, has seen a notable increase in value.
Tether's USDT is facing delisting from several EU exchanges due to the new Markets in Crypto-Assets (MiCA) regulations, which require stablecoins to be issued by licensed firms. This move raises concerns about liquidity and could hinder the EU's competitiveness in the crypto market, as traders shift to fiat currencies amid fewer USDT trading pairs. Critics argue that the restrictions may disrupt trading and push investors away from the region, especially as North America embraces a more crypto-friendly regulatory environment.
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