US

U.S. officials charged a man in California on Friday for unlawful importation of drugs and conspiracy to commit money laundering. He allegedly sold those counterfeit drugs for Bitcoin.  As detailed in a press release by the Department of Justice, 27-year-old John Khuu was brought to Federal court for his charges on Thursday.  He allegedly serviced customers across the United States with controlled substances on dark web markets, including counterfeit pharmaceutical pills. Khuu and his co-conspirators would typically have his customers…

Tornado Cash is the latest crypto mixer to join the US Department of Treasury’s list of sanctioned organizations. The Department shared the news in a press release on Monday alongside other details of the sanction. In its release, the US Treasury highlighted Tornado Cash’s role in several stolen crypto launders as its primary reason for the sanction. Tornado Cash and Cybercrime Tornado Cash is the second service platform to have received a sanction from the Treasury’s Office of Foreign Assets…

The US Securities and Exchange Commission (SEC) is investigating possible insider trading on US-based crypto exchanges. Fox Business journalist Eleanor Terrett revealed, citing industry sources conversant with the matter. [embed]https://twitter.com/EleanorTerrett/status/1536558238824644609[/embed] Per Terrett, the securities regulator has sent several crypto exchanges letters asking about their lack of insider trading safeguards. Terrett’s sources did not reveal the names of the exchanges the SEC is investigating. This investigation marks the regulator’s latest move to regulate the crypto space. Previously, the SEC asked crypto…

A new Deloitte study suggests American businesses are interested in crypto now more than ever.   Within the past couple of years, the crypto space has evolved remarkably. The structures supporting its operation have become more advanced, drawing the attention of business owners in traditional finance. Consumers Hold Significant Interest in Crypto Payments On June 8, accounting giant Deloitte released a survey called “Merchants getting ready for crypto”.  The survey functioned as a research vehicle to reveal the general sentiment…

Under the DFS’ regulatory guidance, stablecoin issuers will have to fully back their tokens with reserve assets like U.S Treasury bills, notes, and bonds. The New York State Department of Financial Services (DFS) has announced new regulatory guidance for the issuance of stablecoins pegged to the U.S. dollar in the state, a press release unveiled. These guidelines will apply to all DFS-regulated stablecoin issuers. At the moment, these include Gemini Trust Company, Paxos Trust Company, and GMO-Z.com Trust Company. The…

A leaked draft bill from the United States began to spread earlier on Twitter today, drawing the attention of several crypto influencers. The crypto-related proposal looks to advocate a much more stringent regulatory environment for the blockchain industry. Possible Blow to the Crypto Industry The leaked draft suggests precise restrictions to put the developing crypto space in line with the law. The draft, now circulating on Twitter, focuses on various crypto entities, such as decentralized finance (DeFi), decentralized autonomous organizations…

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Gemini Trust Company LLC. The regulator alleges that the New York-based crypto exchange was deceptive in responding to questions regarding a BTC-backed futures contract.  At present, the CFTC is asking for monetary penalties against the exchange, and other punitive measures, which include stopping Gemini from trading commodities. The CFTC's Complaints The crypto trading firm and its staff, headed by billionaire twins Cameron and Tyler Winklevoss, are currently under fire.…

The US Federal Bureau of Investigation (FBI) has cautioned businesses against accidentally hiring IT employees from North Korea. In an advisory note, the state and treasury departments and the FBI warned that North Korean hackers are posing as freelancers. In doing so, they take advantage of remote work opportunities to earn money for Pyongyang. According to the FBI, the country’s hackers have been using this approach to evade US and UN sanctions. Reportedly, North Korea has used the funds from…

The United States Department of Justice (DOJ) has recently launched the KleptoCapture task force. The task force's aim is to enforce sanctions imposed on Russia for its invasion of neighboring country Ukraine. Of late, there have been talks that Russia might turn to crypto to circumvent its sanctions. The DOJ’s establishment of KleptoKapture is a move to nip this in the bud. Efforts to Mitigate Attack on Ukraine In a press statement released on Tuesday, 2nd March, Deputy Attorney General…