A fintech owner in London is under scrutiny for allegedly assisting notorious drug traffickers in laundering hundreds of millions of euros through a crypto exchange platform. Caio Marchesani, the 38-year-old Italian owner of Trans-Fast Remittance, a regulated payments business, is accused of knowingly hoarding cash for Sergio Roberto De Carvalho, a Brazilian drug lord, and managing crypto…
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Senator Bill Hagerty (R-Tenn.) has said that the lack of regulatory clarity in the United States is creating an unfavorable environment, driving crypto companies outside the country. “It is a terrible environment. For those companies who are trying to invest and expand, it’s forcing them to look overseas to more favorable regulatory environments,” Hagerty said while addressing an audience…
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China is planning to showcase its digital yuan to the ASEAN nations, and could seek to make “cross-regional use” of its CBDC in the bloc. Some of the ASEAN (the Association of Southeast Asian Nations) members are politically aligned with China. But others are have closer ties to Washington…. Read More: China Looks to Make…
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A joint policy roadmap released by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) has cautioned against outright bans on cryptocurrencies. The policy paper, commissioned by the G20 under India’s leadership, has emphasized the need for comprehensive regulatory oversight to address risks related to crypto-assets…. Read More: Joint IMF and FSB Report Warns Against Total Crypto Bans Read…
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Beleaguered crypto lending firm Celsius Network, that went bankrupt in July 2022, has filed an “adversary complaint” against private lending platform EquitiesFirst, in an attempt to recover assets. The complaint was filed in a sealed bankruptcy document on Sept. 6, seeking injunctive relief and a declaratory judgment, related to the “recovery of money/property,” according to…
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The Financial Accounting Standards Board (FASB) in the United States has given unanimous approval to new accounting standards for disclosure of cryptocurrency holdings. The FASB, a non-governmental entity overseen by the U.S. Securities and Exchange Commission (SEC), introduced these rules in March, departing from the traditional practice of valuing cryptocurrency assets solely based on unrealized…
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Tron founder Justin has predicted that the market is poised to enter a new bull cycle within the next two years. Speaking at Korea Blockchain Week 2023, Justin Sun expressed optimism for the upcoming bull run. He said that the industry has been undergoing a deleveraging process over the past year, requiring time to absorb…
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A Russian beauty salon in Yekaterinburg has become one of the first businesses in the nation to accept a digital ruble payment – breaking new ground for the nation’s CBDC. Per an official release from DeloBank, part of the Sinara financial and industrial group, one of the bank’s customers paid for treatment at the unnamed…
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A Chinese central bank chief has claimed the digital yuan will revolutionize the way the nation makes retail payments, and suggested the CBDC could one day “completely replace” cash. Per Yicai, Mu Changchun, Head of the Digital Currency Research Institute at the People’s Bank of China (PBoC), made the comments at the China International Financial…
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