Have those eleven “class action” lawsuits filed against major players from the crypto space any chance of succeeding? On April 3, a massive deployment of lawsuits were filed against major crypto industry players across the globe. The eleven lawsuits were filed in the United States District Court for the Southern District of New York in…
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As part of the Financial Statements Committee, the Minister of Finance is conducting an investigation into digital assets in Japan. According to top government officials in Japan, the current national tax system is not yet capable of accepting declarations of digital assets, potentially leading to outflows overseas. In a Q&A session at the Financial Statements…
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The victims of an alleged $35 million crypto Ponzi are suing Wells Fargo for failing to enforce reporting requirements on an employee accused of co-masterminding the scam. Q3 Investment Recovery Vehicle (Q3IRV), an entity representing the more than 100 victims of the alleged $35 million Q3 Ponzi scheme, has filed a class-action lawsuit against Wells…
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Changes to Japanese regulations on crypto — the Payment Services Act and the Financial Instruments and Exchange Act — will be enforced on May 1. New laws for regulating cryptocurrencies in Japan will start to be enforced next month. The Payment Services Act (PSA) and Financial Instruments and Exchange Act (FIEA), two of the pieces…
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A major trade association for the blockchain industry writes to U.S. court to defend Telegram in legal battle with the SEC. The Blockchain Association, a major United States-based trade association in the crypto sphere, has filed a new brief in support of Telegram amid the firm’s continuing legal battle with the Securities and Exchange Commision…
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Seven major crypto exchanges and issuers are facing 11 new class-action lawsuits that were filed in a New York federal court on Friday. Seven crypto companies have been targeted by 11 lawsuits that were filed in a New York federal court on April 3. The suits were filed by Roche Freedman — the same law…
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The CFTC has pushed for a default ruling after failing to locate the alleged director of a $147 million crypto Ponzi scheme. The United States Commodity Futures Trading Commission (CFTC) has requested that the alleged founder of the crypto $147 million Ponzi scheme Control-Finance be declared a default. On April 3, the CFTC filed for…
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The Crypto Rating Council brings more regulatory clarity to crypto by analyzing whether certain coins constitute securities. The question of whether certain cryptocurrencies constitute securities is becoming increasingly relevant within the blockchain industry. As such, some core players in the space are upping their efforts to bring more understanding to the issue. The Crypto Rating…
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Malaysia-based cryptocurrency trading firm Tokenize Malaysia has received full approval from local securities watchdog. Following a nine-month-long probationary period, Malaysia-based cryptocurrency trading firm, Tokenize Malaysia, has received full approval from local securities watchdog. With the approval to operate a Digital Assets Exchange, the company’s cryptocurrency trading platform, Tokenize Xchange, became legally approved and regulated by…
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The Financial Action Task Force analyzed U.S. compliance to its recommendations, arguing that some of the enforcement is not specific enough for cryptocurrency. The Financial Action Task Force (FATF) has reevaluated the United States on its compliance with global anti-money laundering (AML) and counter-terrorist financing (CFT) regulations. According to the report published on March 31,…
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