The Canadian Securities Administrators (CSA) have stated that merely providing users with a contractual right or claim to a crypto asset could subject the exchange to sanctions. The CSA stated that transactions without immediate delivery constitute derivatives sales. Even where the custodied asset is commonly considered as a commodity such as Bitcoin, it could...
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Category: Cryptocurrency
Terrorist using crypto-currency to fund their growth and little is being done to stop them
According to The Middle East Research Institute, a research, and analysis organization, extremist middle east organizations have been soliciting donations in the form of cryptocurrency through social media, especially on the massaging app Telegram. A company called Elliptic is developing tools to track cryptocurrency purchases and how they are used by criminal organizations worldwide....
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Government of Bermuda first to accept tax payments in USD Coin cryptocurrency backed by Circle and Coinbase
Bermuda is first country to accept tax payments in the USD Coin (USDC) cryptocurrency. The USDC digital currency is backed by both Circle and Coinbase. One USD Coin has the equivalent value of one dollar. Coinbase is a digital currency exchange with headquarters in San Francisco and the company is broker exchange...
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SEC halts Telegram Group’s business in U.S. stopping its plans to sell cryptocurrency or digital tokens here and possibly elsewhere
The Securities and Exchange Commission today announced that it has filed an emergency action and obtained temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds.Telegram and its subsidiary sold approximately 2.9...
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Executive Order allows US to sanction foreign banks handling transactions of terrorists including cryptocurrency and Bitcoin exchanges
A newly signed Executive Order 13224 expands the State and Treasury’s ability to engage financial sanctions against terrorists. With the newly updated executive order, the U.S. can now impose secondary sanctions for any person, business or financial institution found to have handled transactions with all individuals and entities designated as terrorists by...
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5 People Charged in $1.8 Million Cryptocurrency Investment Fraud Case in Australia
An investigation by the Financial and Cyber Crime Group lead to allegations that five individuals had defrauded at least 100 investors through a complex cold-call cryptocurrency investment scheme. This case lead to the theft of over $1.83 million and began in 2017.
According to a recent report by Coindesk,...
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India May Ban All Cryptocurrency Pending Debate of Proposed Bill with The Exception of The ‘Digital Rupee’
On July 15th, a drafted bill was leaked by a tech industry lawyer, Varun Sethi, which proposed the banning of all cryptocurrency with the exception of the “Digital Rupee”. This bill would not become official until it is debated in the 2019 Monsoon session of the Indian parliament, but demonstrates India’s resolve...
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Bitcoin Stock Drops $3,000 in 24 Hours After Reaching a 17-Month High Just One Day Earlier
Although Bitcoin continuously tries to shed its turbulent reputation, the cryptocurrency platform watched their 17-month high drop by $3,000 in just twenty-four hours.
In 2017, Bitcoin reached its all-time high of about $20,000. However, has been unable to come close to this number over the past two years. Although...
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CabbageTech Owner Pleads Guilty to Wire Fraud in Cryptocurrency Investment Scheme Case
Patrick McDonnell, 46, of New York, admitted to fraudulently obtaining funds from clients using his investment firm, CabbageTech. According to the lawsuit, McDonnell lured investors to his firm by claiming to have traded $50 million worth of bitcoin for his many clients. However, these claims were false and McDonnell used investment funds...
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CFTC Brings Charges Against Cryptocurrency Company For $147M
According to the Tokenist, the United States Commodity Futures Trading Commission (CFTC) has just filed a complaint against cryptocurrency company Control-Finance Limited and its CEO, Benjamin Reynold. The complaint alleges that the firm misappropriated $147M in Bitcoin.
According to the CFTC, Control-Finance and Reynolds were responsible for defrauding around 1,000 people out of around 22.8M...
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