Major cryptocurrency exchange Binance has temporarily halted the onboarding of new users from the United Kingdom. This decision comes after the exchange’s previous local partner, Rebuildingsociety.com Limited (REBS), was restricted by the UK financial regulator, the Financial Conduct Authority (FCA), from approving cryptocurrency marketing materials. Binance is now searching for a new FCA-authorized partner to […]
The Australian government is proposing a new regulation that would require cryptocurrency exchanges to obtain a license from the country’s financial services regulator in order to operate. Under the proposal, digital asset intermediaries would need to obtain an Australian financial services license from the Australian Securities and Investments Commission (ASIC) to issue and deal in […]
Federal Reserve Board governor Michelle Bowman expressed her views on financial innovation during a speech at Harvard Law School. She discussed topics such as central bank digital currency (CBDC), stablecoin, and the use of technology to improve existing systems. Bowman emphasized the importance of the U.S. intermediated banking model in protecting consumer financial activities from […]
Binance.US, the US-based unit of cryptocurrency exchange Binance, has suspended dollar withdrawals from its platform amid an ongoing legal battle with the US Securities and Exchange Commission (SEC). Customers can no longer directly withdraw US dollars and must convert their funds to stablecoins or other digital assets. This move effectively transitions Binance.US into a crypto-only […]
Cryptocurrency investors in Europe are currently not protected under European Union regulations, and it will take several years for these protections to be implemented. The European Securities and Markets Authority (ESMA) has stated that the investor protections outlined in the Markets in Crypto-Assets Regulation (MiCA) will not come into effect until at least December 2024. […]
The Basel Committee of the Bank of International Settlements (BIS) has proposed new regulations that would require banks to disclose their exposure to cryptocurrencies. The committee, which serves as a global regulatory platform for banks, aims to establish standardized disclosure guidelines for banks’ crypto asset exposures. The proposed regulations would require banks to provide quantitative […]
In a significant policy change, Binance US, the American arm of global cryptocurrency exchange Binance, has decided to withdraw FDIC insurance coverage for user funds. This move comes amidst an ongoing legal battle with the US Securities and Exchange Commission (SEC), which has accused the exchange of violating federal securities laws. Previously, Binance US users […]
Australia’s Treasury has announced plans to introduce a comprehensive licensing regime for cryptocurrency exchanges in an effort to regulate the rapidly expanding industry. The proposed framework requires exchanges to obtain an Australian Financial Services license (AFSL) from the Australian Securities and Investments Commission (ASIC) if they hold more than AUD 1,500 of any single client’s […]
The G20, an intergovernmental forum consisting of 19 countries, the European Union, and the African Union, has embraced a regulatory roadmap proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for the regulation of digital currencies. The roadmap emphasizes the implementation of comprehensive regulatory policies and advocates for supervision of the […]
Australian cryptocurrency exchanges have welcomed plans from the Australian Treasury to regulate the industry under existing financial services licensing measures. The Treasury’s consultation paper outlined proposed regulations that would subject cryptocurrency exchanges to existing financial services rules and introduce new guidelines for all Australian firms dealing in digital assets. The new regime aims to provide […]
