After a torrid 2022 that saw it sell off its flagship mining facility, Argo Blockchain's woes are worsening after a recent class action suit.
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Bitcoin miner Hut 8 takes stoush with Ontario power supplier to court
The lawsuit escalates a months-long dispute between the crypto miner and one of its energy suppliers in Canada.
Congressman Hill to 'make sure' US is the place for blockchain innovation
The chair of the Financial Services Subcommittee on Digital Assets wants to make America the place for fintech and blockchain innovation.
UK's FCA hints at why its given only 15% of crypto firms the regulatory nod
Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only41 out of 300 crypto firm applications seeking regulatory approval to date.
The U.K. Financial Conduct Authority (FCA) implemented the new cryptocurrency-focused regulations on Jan. 10, 2020, to supervise businesses operating in the sector and to ensure that they’re subject to the same anti-money laundering (AML) and counter-terrorism financing (CTF) regulations as firms in traditional financial markets.
A statement from the FCA has revealed that of the 265 applications that were "determined" a mere 15% of these applications were approved and registered, 74% of firms either refused or withdrew their application, while 11% were rejected. Another 35 applications are yet to be determined.
While the FCA didn’t expressly state the cause of d the rejected or withdrawn applications, it did provide feedback on “good and poor quality” applications.
Among the more complete applications included a detailed description of the firm’s business model, the roles and responsibilities of business partners and service providers, sources of liquidity, flow-of-funds charts, and an outline of the policies and systems set in place to manage risk, the report stated.
UK's FCA hints at why its given only 15% of crypto firms the regulatory nod
The UK financial watchdog has received 300 crypto firm registration applications but has approved only 41 applicants.
UK's FCA hints at why its given only 15% of crypto firms the regulatory nod
The UK financial watchdog has received 300 crypto firm registration applications but has approved only 41 applicants.
CFTC's Johnson urges Congress for expanded powers in crypto oversight
Johnson wants to protect customers in a way that reduces the risk of crises, and proposes a number of amendments to existing crypto regulation.
Keep an eye out for major company NFT trademark filings this year
NFT trademark filings by companies aren’t just a marketing stunt. According to a trademark lawyer, they have to use what’s in the application.
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the […]
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bithumb in turmoil
On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the Seoul Southern District Prosecutor’s Office accused Jong-Hyun and two Bithumb executives of embezzlement, conducting fraudulent transactions and breach of trust.
A leaked photo of Bithumb chairman Kang Jong-Hyun. Source: Korea Post EnglishAuthorities said that Kang played a key role in manipulating the stock prices of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds.
Bithumb is one of the largest cryptocurrency exchanges in South Korea. Its previous chairman, Lee Jung-Hoon, was found not guilty last month of a $70 million fraud charge related to his activities at Bithumb. Park Mo, Bithumb’s former largest shareholder, died on Dec. 30 while under investigation for allegedly embezzling funds from Bithumb and related companies. The firm is also currently probed by the National Tax Service over tax compliance incidents.
Binance’s 2022 annual report
In its annual report released on Jan. 19, cryptocurrency exchange Binance revealed that the firm received more than 47,000 law enforcement inquiries throughout the year. The exchange said such requests were processed “at a record time” and that it was the first among blockchain firms to join the National Cyber-Forensics and Training Alliance, a nonprofit cybercrime fighting unit based in Pittsburg.
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bithumb in turmoil
On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the Seoul Southern District Prosecutor’s Office accused Jong-Hyun and two Bithumb executives of embezzlement, conducting fraudulent transactions and breach of trust.
A leaked photo of Bithumb chairman Kang Jong-Hyun. Source: Korea Post EnglishAuthorities said that Kang played a key role in manipulating the stock prices of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds.
Bithumb is one of the largest cryptocurrency exchanges in South Korea. Its previous chairman, Lee Jung-Hoon, was found not guilty last month of a $70 million fraud charge related to his activities at Bithumb. Park Mo, Bithumb’s former largest shareholder, died on Dec. 30 while under investigation for allegedly embezzling funds from Bithumb and related companies. The firm is also currently probed by the National Tax Service over tax compliance incidents.
Binance’s 2022 annual report
In its annual report released on Jan. 19, cryptocurrency exchange Binance revealed that the firm received more than 47,000 law enforcement inquiries throughout the year. The exchange said such requests were processed “at a record time” and that it was the first among blockchain firms to join the National Cyber-Forensics and Training Alliance, a nonprofit cybercrime fighting unit based in Pittsburg.
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the […]
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the […]
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bithumb in turmoil
On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the Seoul Southern District Prosecutor’s Office accused Jong-Hyun and two Bithumb executives of embezzlement, conducting fraudulent transactions and breach of trust.
A leaked photo of Bithumb chairman Kang Jong-Hyun. Source: Korea Post EnglishAuthorities said that Kang played a key role in manipulating the stock prices of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds.
Bithumb is one of the largest cryptocurrency exchanges in South Korea. Its previous chairman, Lee Jung-Hoon, was found not guilty last month of a $70 million fraud charge related to his activities at Bithumb. Park Mo, Bithumb’s former largest shareholder, died on Dec. 30 while under investigation for allegedly embezzling funds from Bithumb and related companies. The firm is also currently probed by the National Tax Service over tax compliance incidents.
Binance’s 2022 annual report
In its annual report released on Jan. 19, cryptocurrency exchange Binance revealed that the firm received more than 47,000 law enforcement inquiries throughout the year. The exchange said such requests were processed “at a record time” and that it was the first among blockchain firms to join the National Cyber-Forensics and Training Alliance, a nonprofit cybercrime fighting unit based in Pittsburg.
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the […]
Data shows pro Bitcoin traders want to feel bullish, but the rally to $23K wasn’t enough
Bitcoin (BTC) price had a mixed reaction on Jan. 25 after the United States reported a 2.9% gross domestic product growth in the fourth quarter, slightly better than expected. Still, the sum of all goods and services commercialized between October and December grew less than 3.2% from the previous quarter.
Albeit somewhat optimistic, another data set limiting investors' confidence was news that the U.S. Federal Reserve (FED) would revert its contractive measures anytime soon as U.S. durable goods orders jumped 5.6% in December. The indicator came in much higher than anticipated, so it could potentially mean that interest rates could be increased for a little longer than expected.
Oil prices are also still a focus for investors, with crude WTI approaching its highest level since mid-September, currently trading at $81.50. The underlying reason is the escalation of the Russia-Ukraine conflict after the U.S. and Germany decided on Dec. 25 to send battle tanks to Ukraine.
The United States dollar index (DXY), a measure of the dollar's strength against a basket of top foreign currencies, sustained 102, near its lowest levels in eight months. This signals low confidence in the U.S. Federal Reserve's ability to curb inflation without causing a significant recession.
Regulatory uncertainty could also have been vital in limiting Bitcoin's upside. De Nederlandsche Bank, the Dutch central Bank, fined cryptocurrency exchange Coinbase $3.6 million due to non-compliance with local regulations for financial service providers — the news was released on Jan. 26.
Data shows pro Bitcoin traders want to feel bullish, but the rally to $23K wasn’t enough
Bitcoin price has flashed a few bullish signals, but traders are not too keen on adding leverage longs until after the Federal Reserve shows its cards on Feb. 1.
SEC once again rejects ARK 21Shares Bitcoin ETF listing
Proponents of the fund had argued that a current surveillance sharing agreement with CME would be adequate to protect investors.
SEC once again rejects ARK 21Shares Bitcoin ETF listing
Proponents of the fund had argued that a current surveillance sharing agreement with CME would be adequate to protect investors.
ISDA releases standard definitions for digital asset derivatives
The International Swaps and Derivatives Association is working on two papers to address fundamental legal risks in the crypto markets.