The U.S. Securities and Exchange Commission (SEC) instituted administrative proceedings against Lufkin Advisors LLC on Wednesday. This follows an offer of settlement from Lufkin Advisors, which the SEC has accepted. The SEC found that Lufkin Advisors engaged in fraudulent activities, including the mismanagement of crypto assets, undisclosed investments with an employer related to the spouse […]
Bitcoin News
Report Claims Jump Trading Under CFTC Probe for Crypto Activities
The Commodity Futures Trading Commission (CFTC) has initiated an inquiry into the cryptocurrency activities of Chicago-based Jump Trading, according to a report by Fortune’s Leo Schwartz. This investigation forms part of a larger regulatory review, though it does not suggest any wrongdoing by the firm. Jump Trading Under CFTC Scrutiny Jump Trading, noted for its […]
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Hong Kong Regulator: Worldcoin Activities Violated Privacy Ordinance
The Hong Kong data regulator recently concluded that Worldcoin’s data collection methods and activities violated the region’s “privacy ordinance.” Privacy Commissioner Chung Liling has issued an enforcement notice requesting Worldcoin to cease data collection from Hong Kong residents. Worldcoin’s Excessive Data Collection Methods An investigation by the Hong Kong Office of the Privacy Commissioner for […]
Bitcoin News
Binance NFT to Halt Bitcoin NFT Activities, Focus Shifts Away From BTC-Based Collectibles
In a recent announcement by Binance on April 4, 2024, the firm disclosed its decision to halt support for Bitcoin-based Ordinal non-fungible token (NFT) collectibles within its NFT marketplace. The directive from Binance calls for users of its NFT marketplace to withdraw their Ordinal inscriptions by May 18, 2024. Binance NFT Marketplace to End Ordinal […]
Bitcoin News
TRM Labs Report: Tether’s USDT Was the Go-to Stablecoin for Illicit Activities in 2023
A report issued by TRM Labs indicated that Tether’s USDT, the largest stablecoin in the cryptocurrency industry, was the preferred stablecoin used for illicit transactions during 2023. TRM Labs alleges that 1.6% of USDT’s volume was linked to illicit activity last year, with .3 billion worth of USDT used in illegal transactional flows. TRM Labs […]
Bitcoin News
Spanish Court Upholds Privacy Watchdog’s Decision to Halt Worldcoin Activities
The Audiencia Nacional (National Hearing), a Spanish special tribunal, has maintained the measures that the AEPD, the private data watchdog in the country, has taken against Worldcoin. The court determined that the defense of the general interest of protecting the people’s data must prevail over the company’s economic interest. Spanish Audiencia Maintains Suspension of Worldcoin […]
Bitcoin News
Blockchain Advocacy Group Says Nigerian Government’s Actions Could Drive Crypto Activities Underground
Nigerian blockchain lobby group has said the government’s decision to block access to crypto trading like Binance, Kraken and Coinbase will not “help Nigeria build the much-needed trust and confidence in the financial system.” The advocacy group also said the Nigerian Communications Commission’s directive to telecommunication companies may not be consistent with the “norms of […]
Bitcoin News
New York AG Secures $22 Million Settlement From Kucoin for Unregistered Trading Activities
In a recent legal development, New York Attorney General Letitia James has successfully obtained over million from Kucoin, a well known crypto trading platform. This settlement arises from Kucoin’s alleged failure to register as a securities and commodities broker-dealer and its misrepresentation as a crypto exchange.
New York AG Clinches Settlement From Kucoin Over Registration Lapses
On Tuesday, the consent order applied by James mandates that Kucoin refund over 150,000 New York investors more than .7 million and pay an additional .3 million to the state. Attorney General James emphasized the reported risks associated with unregistered offshore crypto platforms to investors, consumers, and the broader economy.
She stated, “Crypto companies should understand that they must play by the same rules as other financial institutions, and my office will hold them accountable when they don’t. This settlement will ensure every New Yorker who put their money into Kucoin can get it back and that Kucoin won’t be able to put other New York investors at risk.”
James added:
I will continue to take action against any company that brazenly disregards the law and jeopardizes New Yorkers’ savings and investments.
Kucoin, an exchange based in Seychelles, allows the buying and selling of cryptocurrencies through its website and mobile app. Despite its global operations, Kucoin neglected to register with the state of New York as required by law for securities and commodities brokers. This omission has significant legal implications, particularly as Kucoin engaged in trading crypto assets that are considered commodities and securities under New York law.
Kucoin’s failure to adhere to regulatory standards extended to falsely claiming to be a registered exchange. James disclosed that such a misrepresentation is not taken lightly under New York law, which mandates registration with the Securities and Exchange Commission (SEC) for national securities exchanges and designation by the Commodity Futures Trading Commission (CFTC).
As part of the settlement, Kucoin is mandated to provide full refunds, amounting to over .7 million, to approximately 177,800 affected New York investors. This process involves direct withdrawal options from Kucoin for the next 90 days, followed by a claim filing system for eligible investors.
“In addition, Kucoin must take steps to prevent New Yorkers from accessing their platform and is prohibited from creating any new accounts for New York customers,” the press release noted.
What do you think about the settlement between the New York AG and Kucoin? Let us know what you think in the comments section below.
Report: 47% of Nigerians Engaged in Crypto-Related Activities
A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023.
Cryptocurrencies No Longer Seen as Speculative Assets
According to an analysis carried out by Coin Journal, about 47% of Nigerians are actively engaged in crypto, which is now widely seen as an alternative to traditional financial systems. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023.
The growth in the number of Nigerians owning such digital assets comes despite the Central Bank of Nigeria (CBN)’s move to curtail their use. As previously reported by Bitcoin.com News, the central bank moved to vigorously enforce its Feb. 6, 2021 decision, which sought to exclude crypto entities from the banking system.
However, the depreciation of the Nigerian currency, which accelerated in the second half of 2023, and rising inflation, have pushed residents into digital assets like bitcoin (BTC) and USDT.
Max Coupland, commenting on the findings of his firm’s study, said, “The data reflects a significant departure from considering digital assets solely as speculative investments, illustrating a broader transformation in how individuals approach and incorporate cryptocurrencies into their financial lives.”
He added that the growth in the use of cryptocurrencies in not just Nigeria but across the world underlines their pivotal role in shaping the future of global finance.
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Ethereum DeFi Activities On A Roll: Will It Drive A Bullish Price Surge?
Ethereum, often hailed as the pioneer of smart contracts, has cemented its position as the frontrunner in the world of decentralized finance (DeFi) and blockchain technology.
Recent data reveals that Ethereum was the primary catalyst behind the surge in crypto Total Value Locked (TVL), amassing an impressive 75% of all deposited funds during the past week.
Ethereum’s journey began with the groundbreaking innovation of smart contracts. It was the first protocol to introduce this game-changing technology, enabling the creation of self-executing contracts with predefined rules and conditions.
This innovation laid the foundation for the entire DeFi ecosystem, as it provided the framework for decentralized applications and automated transactions.
One of the most compelling indicators of Ethereum’s continued dominance is the recent surge in decentralized exchange (DEX) volumes.
In the past week, Ethereum recorded a historic milestone, with over billion in transactions settled on its network. This marks the highest weekly volume since mid-June and underscores the platform’s pivotal role in facilitating peer-to-peer trading and liquidity provision.
.@ethereum dominated this week’s TVL growth rankings, accounting for .68B of the total .76B TVL growth across crypto last week. pic.twitter.com/45rqb3Seml
— 0xScope (
.
) (@ScopeProtocol) October 30, 2023
ETH Price Dynamics And The BlackRock Factor
As Ethereum continues to take center stage in the crypto landscape, the question on many investors’ minds is how this data will impact the price of ETH. Currently, according to CoinGecko, Ethereum is trading at ,798, showing a modest 0.6% increase in the last 24 hours, with a minor 0.9% decrease over the past seven days.
Venture capitalist Arthur Cheong has provided intriguing insights into the potential price trajectory of Ethereum. Cheong, the founder of DeFiance Capital, suggests that ETH could experience a significant rally if a specific scenario unfolds.
He points to BlackRock, a financial giant, and its application for a spot Bitcoin (BTC) exchange-traded fund (ETF). If BlackRock’s BTC ETF application is successful, it could pave the way for a similar Ethereum ETF application in the future.
“ETH is probably the best six to 12 month long among large-cap assets now when BlackRock applies for a spot ETH ETF six to 12 months down the road,” Cheong wrote on the social media platform X.
ETH is probably the best 6 to 12m long among large cap assets now when BlackRock applies for spot ETH ETF 6 to 12m down the road. Ethereum’s ESG friendliness and native staking yield will be appealing to institutional investors should BTC spot ETF turn out to be a success.
— Arthur (@Arthur_0x) October 24, 2023
Implications And Future Prospects
The significance of Ethereum’s role in DeFi and blockchain technology cannot be overstated. Its smart contract functionality revolutionized the crypto space and enabled the birth of countless decentralized applications and platforms. The recent surge in DEX volumes underscores its pivotal role in facilitating crypto trading.
As the crypto world closely watches developments surrounding BlackRock’s potential ETFs, Ethereum’s future appears promising. Should a BTC spot ETF materialize and pave the way for an Ethereum ETF, institutional investors may flock to Ethereum for its ESG attributes and staking yield opportunities.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock