Sri Lanka’s central bank has issued a warning about “the significant risks associated with using and investing in cryptocurrency.” The central bank reminded the public that “cryptocurrencies are unregulated investment instruments which are not recognized as an asset class in Sri Lanka.” Sri Lanka’s Crypto Warning The Central Bank of Sri Lanka (CBSL) issued a…
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The superintendent of the New York Department of Financial Services reportedly dismissed claims the U.S. government was working to implement “Operation Choke Point 2.0.” Adrienne Harris, superintendent of the New York Department of Financial Services, has reportedly said the closure of the crypto-friendly Signature Bank in March had nothing to do with exposure to digital…
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Peer-to-peer crypto marketplace Paxful became another victim of this particularly freezing crypto winter. “Today, Paxful will be suspending its marketplace. We are not sure if it will come back,” said on Tuesday Ray Youssef, Paxful Founder and CEO. The Paxful Wallet, however, will remain in service for customers to retrieve their funds. Safeguarding customer funds…
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Despite being touted as a game-changing innovation, the decentralized finance (defi) ecosystem is still not connected to fiat rails largely because of regulatory and compliance issues, Torsten Stuber, the CTO at Pendulum says. According to Stuber, the defi ecosystem will succeed in getting more traditional financial institutions on board once “a substantial amount of liquidity…
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The U.S. Department of Justice (DOJ) says it has seized cryptocurrency worth over $112 million linked to fraudulent investment schemes known as “pig butchering.” According to court documents, the seized crypto accounts were allegedly “used to launder proceeds of various cryptocurrency confidence scams,” the Justice Department said. $112 Million in Crypto Seized by DOJ The…
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A senior People’s Bank of China (PBOC) official has urged regulators to consider cryptocurrency risks and fraud that could lead to bank failures when innovating regulation. The Chinese official highlighted the recent collapse of U.S. banks that provided services to crypto customers as an example. “The regulation philosophy, technology, and capability must be upgraded to…
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Elizabeth Warren, the Democratic senator from Massachusetts, has recently launched a political campaign against cryptocurrencies as she seeks a third term in office in 2024. In a recent interview on “Meet the Press Reports” with NBC’s Chuck Todd, Warren likened buying bitcoin to “buying air.” Despite her stated distrust of banks, Warren told the show…
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Crypto’s bullish momentum may stall at the $1.2 trillion total market cap resistance, but traders’ newfound caution has not translated to excessive demand for short positions. Cryptocurrency markets have been trading within an unusually tight 5% range since March 17 as conflicting forces continue to pressure the sector. Consequently, in the past 7 days, the…
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Prosecutors reportedly took control of houses and properties in an attempt to prevent former Terra employees from disposing of assets potentially connected to criminal proceedings. The Seoul Southern District Prosecutor’s Office has reportedly confiscated roughly $160 million worth of assets from eight people connected to the collapse of Terraform Labs, including co-founder Daniel Shin. According…
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Amidst increasing limitations on banking access in the UK, crypto companies have taken their grievances directly to Prime Minister Rishi Sunak’s government. Per Simon Jennings, executive director at the advocacy group the UK CryptoAsset Business Council, “When crypto started, the purists were saying crypto will bring down the banks. But ironically, it’s the banks that…
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