Regulation

In the last 24 hours, several crypto businesses have stepped up with a promise to help Turkey after the nation suffered two ruinous earthquakes. These alongside numerous aftershocks have claimed over 1500 lives across Turkey and Syria. Parts of both regions have crumbled following the disaster meaning, not all the victims have been discovered yet. On Monday, February 6, Turkey's Kahramanmaras Province took a hit from a devastating 7.8 magnitude earthquake. A few hours later, it was followed by another…

Crypto bank Silvergate is under investigation by the US Justice Department’s fraud unit for its dealings with FTX and its sister trading arm, Alameda Research.  The investigation is reviewing accounts concerning both businesses, which have been widely accused of engaging in a multi-billion dollar fraud using FTX customer funds.  What Happened at Silvergate? As reported by Bloomberg on Thursday, the La Jolla, California-based bank hasn’t been accused of any wrongdoing, and investigations could end without any charges being laid. However,…

The European Union Agency for Law Enforcement Cooperation released a statement on Monday detailing its latest action against troubled exchange Bitzlato. Per the release, Europol is now in possession of digital wallets holding $19M worth of crypto which, Europol alleges the firm procured unlawfully. Europol's latest release also claims that about half of Bitzlato's transactions are tied to criminal activities. Agencies Join Forces to Target Bitzlato The strike on the crypto firm occurred via an operation in which Europol was…

On Wednesday, the United States Department of Justice (DOJ) shut down Hong Kong-based crypto exchange, Bitzlato. The DOJ released a press release stating that the exchange was a den for criminal activities—from money laundering to ransomware. There were also claims that Bitzlato had received more than $15 million in ransomware payments. Furthermore, the exchange allegedly processed more than $700 million in illicit transactions. Organized Crackdown The seizure of the crypto exchange was a coordinated operation by law enforcement authorities in…

During a statement at the World Economic Forum in Davos, Switzerland, Ukrainian vice prime minister Mykhailo Fedorov expressed his hopes for the nation’s crypto sector. Fedorov is confident Ukraine could soon lead other countries in effective crypto jurisdiction. Although still in the pilot phase, Fedorov intends to be the first to test the country’s forthcoming CBDC, the e-hryvnia. Fedorov Acknowledges Ukraine’s Wartime Fundraise  As of June last year, Ukraine had netted more than $500 million in donations. Crypto funds made…

Crypto lending giant Nexo saw its offices in Sofia, Bulgaria raided on Thursday, and the firm’s customers now appear to be clawing for their money back. Prosecutors are investigating the firm for a range of crimes involving money laundering, tax offenses, and more.  More Trouble for Nexo On January 12, the Bulgarian Prosecutor’s Office stated that over 300 are involved in Nexo’s Sofia office. Nexo is a lending firm that lets users earn interest by depositing assets on the platform.…

Alex Mashinsky, ex-CEO of failed crypto lender Celsius Network is facing a fresh lawsuit from New York Attorney General Letitia James. The lawsuit also seeks to ban Mashinsky from making any business operations in New York. Lawsuit Calls Mashinky a Fraud The suit accuses Mashinsky of committing fraud by being untruthful about Celsius’ financial health between 2018 and June 2022. He allegedly defrauded hundreds of thousands of Celsius users, falsely assuring them of the platform’s stability. This was apparently a…

Residents of Brazil can now lawfully conduct transactions within the country using cryptocurrency. This major change came into effect after Brazil’s leadership signed a crypto policy authorizing various digital assets as a legal payment method. Bolsonaro Gives His Signature On Thursday, the president of Brazil, Jair Bolsonaro gave the thumbs up for bill 14.478 to enter into law. Of course, Bolsonaro’s approval was only after the policy had successfully gone through the Chamber of Deputies and the Senate. The president…

Global audit corporation Mazars has withdrawn its services from all companies in the crypto sector. Mazars' withdrawal comes barely two weeks after its public audit of the Binance exchange.  Mazars’ Exchange Auditing Tool Shut Down Per the release, a Binance spokesperson confirmed the news of Mazars’ latest move in a statement on Friday. Going forward, the accounting firm will not conduct business with crypto customers in the US or anywhere in the world. Naturally, the reportedly temporary pause extends to…