In a significant move, crypto exchange platform Gemini has announced its intention to terminate operations in Canada by December 31, 2024. This decision was communicated to customers via an email on September 30, offering a stark reminder of the challenges that digital currencies face within the increasingly regulated financial landscape. The communication stated that all
Regulation
The global landscape of cryptocurrency is continually transforming, and as nations respond to these shifts, it is imperative for China to reassess its policies regarding digital currencies. Former Chinese Vice Minister of Finance, Zhu Guangyao, has raised this point at the 2024 Tsinghua PBC Chief Economist Forum. His arguments provide insightful context on both the
The approval of Spot Bitcoin Exchange-Traded Funds (ETFs) in January 2024 marked a significant milestone in the cryptocurrency market, particularly in the United States. Since gaining regulatory approval, these ETFs have catalyzed a remarkable buying surge, leading to the acquisition of hundreds of thousands of Bitcoin (BTC). This development has not only expanded the appeal
In a pivotal move towards enhancing the security and transparency of virtual asset transactions, Dubai’s Virtual Assets Regulatory Authority (VARA) has released updated marketing guidelines specifically addressing the promotion of digital currencies. These revisions, effective from October 1, serve as a framework intended not only for regulatory compliance but also for fostering a safer investment
The downfall of FTX, once a leading cryptocurrency exchange, was marked by scandal, mismanagement, and intricate personal dynamics among its executives. At the center of this storm was Caroline Ellison, the former CEO of Alameda Research, who now faces a stark consequence for her actions: a two-year prison sentence and the forfeiture of $11 billion.
In recent months, the intricate world of digital currency has demonstrated a darker side through the case of the Fiewin app, an online gaming platform that was allegedly a front for a massive cryptocurrency scam. This app, marketed as a gaming opportunity that allowed users to earn money through a variety of mini-games, attracted users
In a recent interview on Fox Business, Howard Lutnick, CEO of Cantor Fitzgerald, made a poignant call for regulatory bodies to categorize Bitcoin (BTC) similarly to commodities like gold and oil. This assertion underscores a growing sentiment among financial leaders that Bitcoin should no longer be viewed with skepticism, but rather acknowledged for its inherent
In a decisive move to modernize its financial landscape, Hong Kong’s financial regulators, namely the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), have unveiled a comprehensive plan aimed at synchronizing the city’s over-the-counter (OTC) derivatives reporting framework—including digital asset derivatives—with international standards. This initiative reflects the ever-evolving nature of global
Decentralized Finance (DeFi) platforms have surged in popularity, fundamentally altering the landscape of financial services. However, with this explosive growth comes increased scrutiny from regulatory bodies, as evidenced by the recent settlement between the US Securities and Exchange Commission (SEC) and Mango Markets, a decentralized autonomous organization (DAO). This case underscores the ongoing challenges that
Wyoming Senator Cynthia Lummis has sparked intrigue within the financial and regulatory landscape by suggesting that SEC Chair Gary Gensler may resign from his position in the near future. During her appearance on CNBC’s Squawk Box on September 27, Lummis countered claims that Gensler is deeply attached to his role, insisting that his tenure could