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The Nigerian Securities and Exchange Commission (SEC) has tightened regulations on crypto marketing, requiring virtual asset service providers (VASPs) and social media influencers to obtain prior approval for promotions. Influencers must verify the licensing of promoted companies and disclose any payments received, with penalties for non-compliance including fines and imprisonment. The SEC plans to enforce actions against unregulated crypto transactions, aiming to curb unauthorized financial promotions in the country.
Scandinavian countries, particularly Norway, Sweden, and Finland, maintain a tradition of financial transparency, publishing citizens' income and wealth data. This practice, while aimed at curbing corruption, has led to privacy concerns and increased risks for crypto holders, making them targets for theft. As a result, some individuals, including prominent crypto advocates, have relocated to safer regions due to fears stemming from these transparency laws.
In 2024, North Korean hackers accounted for 61% of the $2.2 billion stolen in cryptocurrency, marking a significant increase from the previous year. Their operations have evolved, focusing on high-value breaches, with notable incidents involving $50-$100 million and over $100 million. Despite a surge in thefts during the first half of the year, activity slowed in the latter half, potentially due to shifting priorities amid geopolitical tensions.
Morocco is finalizing a legal framework for cryptocurrency regulation, developed in collaboration with the IMF and World Bank, to balance innovation and regulation. The framework, which aligns with G20 recommendations, aims to enhance the country's growing crypto market while ensuring financial stability. Governor Abdellatif Jouahri emphasized the importance of stakeholder engagement in crafting these regulations, which will undergo public consultation before government approval.
The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance Australia Derivatives for misclassifying over 500 retail clients as wholesale investors, depriving them of essential consumer protections. This misclassification exposed clients to high-risk financial products without adequate safeguards, prompting ASIC to seek penalties and corrective measures. The regulator criticized Binance's compliance systems as "woefully inadequate," highlighting the need for proper classification to ensure retail clients receive necessary protections.
The Digital Chamber of Commerce is urging the incoming SEC leadership to review all crypto-related investigations and lawsuits from day one, advocating for a reset in the SEC's relationship with the digital asset industry. They propose pausing probes not involving fraud or investor harm and repealing key regulations like SAB 121, which burdens crypto custody providers. With bipartisan support for these changes, the Chamber aims for a more transparent regulatory framework under new SEC Chair Paul Atkins, succeeding Gary Gensler.
Federal Reserve Chair Jerome Powell has stated that the Fed will not stockpile bitcoin, emphasizing that this issue is for Congress to address. The proposal for a U.S. Strategic Bitcoin Reserve, suggested by Trump, faces significant legal and regulatory hurdles, including potential Congressional approval and funding concerns. While Trump plans to appoint pro-crypto leaders, the Fed remains focused on monitoring the impact of cryptocurrencies on the banking system.
Federal Reserve Chair Jerome Powell has firmly stated that the Fed cannot hold bitcoin due to legal restrictions outlined in the Federal Reserve Act, which limits its assets to U.S. government bonds. He reiterated his cautious stance on cryptocurrencies, labeling them as speculative and volatile, while distinguishing them from central bank digital currencies (CBDCs). Meanwhile, President-elect Donald Trump has proposed establishing a national bitcoin reserve, aiming to enhance the U.S.'s position in the cryptocurrency market, which has led to a surge in bitcoin's value.
CyberKongz is preparing to contest a Wells notice from the U.S. Securities and Exchange Commission (SEC), which signals potential enforcement action against the NFT project. The team argues that the SEC's understanding of blockchain technology is flawed, particularly regarding the distinction between a primary sale and a contract migration, which could have significant implications for the web3 gaming industry. The SEC has previously issued a similar notice to OpenSea, asserting that NFTs on the platform qualify as securities.
The Delhi High Court has ordered a new investigation into WazirX following allegations of financial irregularities and a significant hack linked to North Korea, which resulted in a $235 million loss. This comes as Binance announced it would delist WazirX's native token, WRX, due to compliance issues, leading to a 59% drop in its value. Despite efforts to recover funds, WazirX faces intense scrutiny and challenges in restoring investor confidence and operational integrity.
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