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Crypto giant Binance charged with violating US trading and derivatives laws (updated)
Binance and its founder have been charged with commodities law violations.
US probe into Binance reportedly expands to investigate insider trading
US regulators are believed to be expanding their investigation of Binance to include possible insider trading at the cryptocurrency exchange.
Coinbase fined $6.5 million over cryptocurrency trading claims
Regulators have fined Coinbase $6.5 million for allegedly misleading cryptocurrency buyers about trading volumes.
US says digital assets are covered by money laundering and disclosure laws
US regulators issued a blunt warning to cryptocurrency holders who think they're not beholden to the usual rules. The Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Crimes Enforcement Network have put out a joint statement to "remind" people that digital assets like crypto, tokens and other digital assets are subject to laws that bar money laundering and require reporting of suspicious activity. The Bank Secrecy Act's rules "apply very broadly," the officials said.
US regulators are trying to figure out what to do with cryptocurrency
Both chairman of the Securities and Exchange Commission (SEC) and chairman Christopher Giancarlo of the Commodity Futures Trading Commission (CFTC) will warn Congress tomorrow about how risky cryptocurrencies are for investors and the financial system as a whole. According to prepared testimony published today, they will advocate for reviewing the smattering of rules guiding cryptocurrency exchanges, and potentially replacing them with federal regulation. Ultimately, they want to safeguard everyone without stifling innovation.
US charges cryptocurrency creators over $6 million scam
US regulators are making good on their promise to get tough on crypto fraud. The Commodity Futures Trading Commission has filed complaints charging My Big Coin Pay and two of its operators, Randall Crater and Mark Gillespie, with using the company's My Big Coin cryptocurrency as part of an ongoing, not-so-subtle Ponzi scheme. Crater and Gillespie allegedly drew investments in the virtual money by making numerous bogus claims (that it was traded on multiple exchanges, backed by gold and had a MasterCard partnership) and promptly "misappropriated" the $6 million in funds for buying a home, jewelry, vacations and other indulgences.
Australian securities market set to begin trading Bitcoin
The Australian securities exchange (ASX) is preparing to publicly trade shares of the Bitcoin Group on February 9th, under the BCG handle. Bitcoin Group currently operates 6,000 "mining" rigs spread across seven international locations (though mostly in China where the cost of electricity is most affordable). The company hopes to raise more than $20 million on the sale of 100 million, $0.20 shares during its initial public offering.
US regulator accepts bitcoin as a commodity
Virtual currencies like bitcoin just came one step closer to legitimacy in the US. As part of its first action against an unregistered bitcoin options trading outfit, the Commodity Futures Trading Commission has determined that digital currencies are commodities subject to its regulations. The move both puts cryptocurrency on the same level as conventional commodity derivatives (like futures contracts or swaps) and rejects the notion that they're 'just' securities, like stocks. This isn't a shocking move when the CFTC had already hinted that it would rule this way, but it could mean a lot if it both gets bitcoin exchanges off the ground and reduces the potential for abuse. [Image credit: Thomas Trutschel/Photothek via Getty Images]
