Bitfinex Denies Laundering, Says It’s a Victim of ‘Fraud’ by Crypto Capital

Bitfinex says it was conned. The crypto exchange and sister company of Tether claimed Friday that it was the “victim of a fraud” at the hands of Crypto Capital, a payment processor that allegedly lost $880 million of Bitfinex’s money. Crypto Capital’s president, Ivan Manuel Molina Lee, was arrested Thursday by Polish police on charges […]

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New Interest in DAOs Prompts Old Question: Are They Legal?

“Ethereum is only now starting to shrug off its ‘PTSDAO,’” tweeted Ameen Soleimani, the SpankChain CEO and creator of a now-$1.2 million decentralized autonomous organization (DAO) called the MolochDAO. After an infamous hack drained “The DAO” of roughly $60 million in 2016, developers have been hesitant to kickstart new projects in its likeness. That is, […]

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Bitwise Taps BNY Mellon as Transfer Agent for Proposed Bitcoin ETF

Bitwise has tapped Bank of New York Mellon to serve as the administrator and transfer agent for its proposed bitcoin exchange-traded fund (ETF). The company filed an amendment to its Bitwise Bitcoin ETF S-1 form on Wednesday, listing BNY Mellon as the administrator and ETF custodian, Foreside Fund Services as the marketing agent and Cohen […]

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Netki Retools Digital ID Service for FATF’s New Crypto ‘Travel Rule’

Netki has upgraded its digital identity service to help cryptocurrency firms meet tough new international standards for combating money laundering.  Announced Monday, the upgrade to TransactID adds two new features: The ability to break down certificates of a user’s identity into smaller pieces of personally identifiable information (PII); and the ability for senders and receivers […]

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Derivatives Drama: The Unintended Consequences of Crypto Regulation

Noelle Acheson is a veteran of company analysis and CoinDesk’s Director of Research. The opinions expressed in this article are the author’s own. The following article originally appeared in Institutional Crypto by CoinDesk, a free weekly newsletter for institutional investors interested in crypto assets. Sign up here. Last week’s kerfuffle over the launch-that-wasn’t of LedgerX’s physically delivered futures […]

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Facebook’s Libra Should Be Regulated Like a Security, Says Former CFTC Chair

Libra is a security, says a former Commodity Futures Trading Commission (CFTC) chairman in prepared remarks to the U.S. House of Representatives. Gary Gensler, who chaired the CFTC from 2009 to 2014 and previously held leadership roles at the U.S. Treasury Department, says in written testimony that Facebook’s new cryptocurrency project looks like an investment […]

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Facebook Registers Secretive ‘Libra’ Cryptocurrency Firm in Switzerland

According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2. This coincides with the slow roll-out of their internal cryptocurrency that will define the company’s first foray into blockchain technology. Facebook Global Holdings is a stockholder in the new company and it will, according to Reuters, “provide financial […]

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SEC Negotiations Have Cost Kik $5 Million, Says CEO

Kik’s CEO says the company has spent $5 million engaging with the U.S. Securities and Exchange Commission (SEC) over what the regulator claims was an unregistered securities sale. Kik, a messaging platform founded by Canadian entrepreneur Ted Livingston in 2010, raised $98 million in an initial coin offering (ICO) at the end of 2017 to […]

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Facebook Hires Two of Coinbase’s Former Compliance Managers

Facebook hired two Coinbase veterans to work in compliance this month, and at least one of them is involved with the social media giant’s blockchain effort. Jeff Cartwright left Coinbase in March after nearly five years at the U.S. cryptocurrency exchange in various compliance roles. He joined Facebook as a policy and compliance manager this […]

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SEC’s Crypto Czar Says Exchanges That List IEO Tokens May Face Legal Risks

Certain exchanges that facilitate initial exchange offerings (IEOs) may be breaking U.S. securities laws, a top Securities and Exchange Commission official has said. Speaking Monday at CoinDesk’s Consensus 2019 conference in New York, Valerie Szczepanik, the SEC’s senior advisor for digital assets and innovation, said cryptocurrency exchanges that facilitate token sales for a fee likely […]

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