The New York State Department of Financial Services (NYDFS) has ordered Paxos Trust to stop issuing new Binance USD (BUSD) tokens, The Wall Street Journal (WSJ) reports, citing Binance. At the same time, Paxos will continue to manage the redemption of the BUSD token. BUSD is a Binance-branded stablecoin pegged to the US dollar. Paxos...
Regulation
Kraken Ends Its Crypto-Staking Services for Us Clients Following $30M SEC Charge
Kraken has settled charges with the U.S. Securities and Exchange Commission (SEC) and is shutting down its on-chain staking program, the government agency shared on Thursday. The exchange, which was charged under its subsidiaries of Payward Ventures and Payward Trading, will pay $30 million in charges for “disgorgement, prejudgment interest and civil penalties.” In response...
Ethereum Co-founder Joe Lubin Says No Chance Eth Is Classed as Security
Ethereum co-founder and crypto entrepreneur Joseph Lubin is confident that Ether ETH won’t be classified as a security in the United States. Cointelegraph spoke with Lubin, Ethereum co-founder and founder of blockchain tech firm ConsenSys, in Tel Aviv at the Web3 event, Building Blocks 23. Asked if ETH could be classed as a security in...
ECB Promises High Level of Confidentiality for Digital Euro Payment Data
The European Central Bank (ECB) has said that the digital euro is not related to programmable money, which is to say currency for which spending rules are laid down upon issuance. “The digital euro is NOT programmable money,” reads a presentation published by the regulator of a new form of European currency. Digital national currencies...
Cross-border Crypto Scammers on Hit List for EU Agencies
By the end of 2022, scammers shifted their focus to duping crypto investors who were desperately trying to recoup their year-long losses. An international law enforcement operation led by European government agencies joined crypto entrepreneurs and businesses to curb cross-border crypto scams in July 2022, uncovering a criminal network operating through call centres. Law enforcement...
Cryptocurrency Tax in India Pushes Traders to Foreign Exchanges
India’s tax rules on cryptocurrencies, which came into effect last April, have seen local exchanges lose the lion’s share of the market to those run by foreign players, according to a new report. Binance, Coinbase and other foreign exchanges held 67.6% of the crypto market share in India as of October 2022, up from 50%...
India’s Central Bank Governor Criticises Crypto; Warns Investors of ‘Risk’
Shaktikanta Das, the head of India’s central bank, has criticised digital tokens, marking the latest denouncement of cryptocurrencies from officials in the country. “Changes in the value of any so-called product are a function of the market. But our main concern with crypto, unlike any other asset or product, is that it has no underlying...
Apple Expected to Allow 3rd-Party App Stores in Windfall for NFTs and Crypto
Apple is gearing up to allow third-party app stores on its devices to comply with new EU antitrust laws, which could be a significant benefit for crypto and NFT app developers, at least in Europe. Under the new rules, European customers will be able to download apps not from the Apple’s branded app store. This...
SEC Issues Critical Warning to U.S. Crypto Companies
The U.S. Securities and Exchange Commission (SEC) has called on public companies to analyze and disclose information about their losses, including whether they are doing business with any firm associated with cryptocurrencies. The regulator, which oversees the U.S. publicly traded disclosures that occurred this year, said the guidance was due to “recent bankruptcies and financial...