The Guardian - Cryptocurrency News Sites

Regulators have been confused about whether cryptocurrency is a security or a commodity, but clarity appears imminentFor years, US financial regulators couldn’t agree on what to do about cryptocurrency. They wanted to do something, but couldn’t agree on what crypto was – a security, like a stock or bond, or a commodity, like a raw material or agricultural product, or neither? – and which agency would have jurisdiction.This week, Gary Gensler, a longtime critic of crypto and the chair of the US Securities and Exchange Commission (SEC), appears to have found the answer – by launching a crackdown on crypto exchanges, the platforms on which investors buy and sell digital currencies. Continue reading...

Company tells customers to withdraw their US dollars days after US regulators sued the company and its founderThe crypto company Binance.US will suspend US dollar deposits as its banking partners prepare to pause the channels to withdraw US dollars from the exchange, days after regulators sued Binance and its chief executive, Changpeng Zhao.The US arm of the world’s largest crypto exchange said on Thursday that it was taking “proactive steps” in its transition to a crypto-only exchange for the time being. Continue reading...

From October, firms will also have to offer new buyers a ‘cooling off’ period before they investCrypto firms must warn customers they should not expect protection if their investment goes wrong and introduce a “cooling off” period for first-time investors, under new rules imposed by the UK financial watchdog.The Financial Conduct Authority said that from 8 October firms promoting crypto products or services would need to carry a clear risk warning in their adverts. Continue reading...

Securities and Exchange Commission is targeting cryptocurrency firms it thinks are bypassing regulationOn Monday, after months of discussions, threats and warnings, the US Securities and Exchange Commission (SEC) took aim at the most powerful force in the world of cryptocurrencies.The US financial watchdog accused the crypto exchange Binance and its founder Changpeng Zhao of operating a “web of deception,” charging him and his exchange with 13 offences. Continue reading...

Securities and Exchange Commission sues platform for allegedly operating as unregistered brokerThe US Securities and Exchange Commission has sued Coinbase, the largest American cryptocurrency exchange, for operating as an “unregistered broker, exchange and clearing agency” in violation of US securities regulations.The lawsuit follows a similar action against Binance, the world’s largest cryptocurrency exchange, launched by the regulator on Monday. Continue reading...

Financial watchdog alleges Binance lied to regulators and syphoned investors’ funds into separate companyBinance, the world’s largest cryptocurrency exchange, and its chief executive are being sued by the US’s top financial watchdog, which has accused them of making billions of dollars while “placing investors’ assets at significant risk”.In a court filing, the Securities and Exchange Commission (SEC) accused Binance of mixing “billions of dollars” in customer funds and secretly sending them to a separate company controlled by its founder and chief executive, Changpeng Zhao. Continue reading...

Investors claim Tesla chief used Twitter, paid influencers and his TV appearance to manipulate price of cryptocurrencyElon Musk is being accused of insider trading in a proposed class action lawsuit by investors. They say the Tesla CEO manipulated the cryptocurrency Dogecoin, costing them billions of dollars.In a Wednesday night filing in Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC’s Saturday Night Live and other “publicity stunts” to trade profitably at their expense through several Dogecoin wallets that he or Tesla controls. Continue reading...

Crypto exchange says it will do everything possible to change UK watchdog’s mind but opacity remains an issue for US as wellIn 2021, the Financial Conduct Authority was adamant: Binance is not capable of being regulated in the UK.Executives at the world’s largest cryptocurrency exchange are not taking no for an answer. This month, Binance vowed to do “everything” it possibly could to change the City regulator’s mind, against a backdrop of deepening scepticism about digital assets. Continue reading...

Iosco recommendation runs counter to MPs’ stance that cryptocurrency trading should be treated as form of gamblingThe global markets watchdog has urged the UK to regulate cryptocurrencies in the same way as traditional assets such as stocks and bonds, countering MPs’ calls last week for the risky investments to be treated as a form of gambling.The International Organization of Securities Commissions (Iosco) – an umbrella group of regulators from 130 jurisdictions – made the recommendation as part of the first set of international guidelines for crypto regulation. Continue reading...