Regulatory Updates
IRS Enhances Identity Authentication Process for FATCA Registration
On 17 July 2024, the Internal Revenue Service (IRS) announced that it will enhance the identity authentication process for financial institutions...
SEC Awards Over $37 Million to Whistleblower, Bolstering Regulatory Compliance
On 17 July 2024, The Securities and Exchange Commission (SEC) announced an award exceeding $37 million to a whistleblower whose information...
WazirX Faces $230 Million Security Breach Amid Regulatory Challenges
On 17 July 2024, Indian cryptocurrency exchange WazirX has revealed a major security breach resulting in the theft of over $230 million from one of...
OKX Announces Withdrawal from Nigerian Market Amid Regulatory Crackdown
Cryptocurrency exchange OKX has informed its Nigerian clients that they have until 16 August 2024 to close their positions as the exchange ceases...
SEC Approves More Ether ETFs, Paving the Way for Expanded Trading
The U.S. Securities and Exchange Commission (SEC) on 17 July 2024, approved multiplle Ether exchange-traded funds (ETFs), including Grayscale’s mini...
SFC Announces Definitive Timeline for Uncertificated Securities Market in Hong Kong
On 16 July 2024, the Securities and Futures Commission (SFC) released its consultation conclusions regarding the proposed subsidiary legislation,...
FTX and CFTC Agree to $12.7 Billion Settlement to Resolve Long-Standing Dispute
According to the document filed by FTX on 12 July 2024 in the U.S. Bankruptcy Court for the District of Delaware, the bankrupt cryptocurrency...
CFTC Issues No-Action Position on Swap Data Reporting for ForecastEx LLC
The Commodity Futures Trading Commission announced on 12 July 2024 that the Division of Market Oversight and the Division of Clearing and Risk have...
United States’ CFTC and DOJ Host Inaugural Fraud Disruption Conference to Combat “Pig Butchering” Scams
On 11 July 2024, the Commodity Futures Trading Commission (CFTC) and the Department of Justice’s Computer Crime and Intellectual Property Section’s...
UK Authorities Set Precedent with Landmark Monero Seizure, Forcing Drug Dealer to Repay £23000
On 10 July, 2024, a British man convicted of selling a deadly substance falsely marketed as a ‘weight loss’ drug was ordered to repay £23,000 in...
Bitcoin Stabilizes Around $57,000 Amid German Government Transfers and ETF Inflows
On 11 July, 2024, Bitcoin (BTC) stabilized around the $57,000 mark, while the German Government continues to transfer Bitcoin to exchanges, and US...
SEC Enhances Website for Improved Compliance, Functionality, and User Experience
Securities and Exchange Commission (SEC) announced updates to its website to enhance compliance with federal statutes and standards, as well as to...