Regulatory Updates
US SEC Sanctions Tai Mo Shan for Misleading Investors and Unregistered Crypto Sales in Terra USD Stablecoins
On 20 December 2024, the United States Securities and Exchange Commission (US SEC) issued an order instituting cease-and-desist proceedings pursuant...
UK FCA Publishes Consultation paper on Investment Disclosure Rules for Retail Investors
On 19 December 2024, the United Kingdom's Financial Conduct Authority (UK FCA) announced an order instituting consultation for a new product...
US SEC Approves PCAOB’s 399.7 Million USD Budget for 2025, Establishes Accounting Support Fee
On 18 December 2024, the United States Securities and Exchange Commission (US SEC) approved the 2025 budget of the Public Company Accounting...
US SEC Approves Rule Changes for Listing Hashdex and Franklin Crypto Index ETFs
On 19 December 2024, the United States Securities and Exchange Commission (US SEC) has granted approval for rule changes proposed by the Nasdaq...
HK SFC Licenses Four Virtual Asset Trading Platforms Under Streamlined Licensing Process & Issues Circular
On 18 December 2024, the Hong Kong Securities and Futures Commission (HK SFC) announced that it had granted licences to four virtual asset trading...
UK FCA Publishes Consultation Paper on Private Stock Market PISCES to Transform UK Capital Access
On 17 December 2024, the United Kingdom Financial Conduct Authority (UK FCA) published a consultation paper CP24/29 on the establishment of the...
UK FCA Publishes Discussion Paper DP24/4 Seeking Feedback on Strengthening Transparency and Market Integrity in Crypto Markets
On 16 December 2024, the United Kingdom Financial Conduct Authority (UK FCA) released Discussion Paper DP24/4, presenting proposals to enhance...
US SEC Publishes Mandatory Electronic Filing and Website Disclosures for Financial Forms and Reports and Updates to FOCUS Reports
On 16 December 2024, the United States Securities and Exchange Commission (US SEC) published the final rules for Electronic Submission of Certain...
ASIC Sues Binance Australia Derivatives for Misclassifying Retail Clients and Consumer Protection Failures
On 18 December 2024, the Australian Securities and Investments Commission (ASIC) commenced civil proceedings in the Australian Federal Court against Oztures Trading Pty Ltd, trading as Binance Australia Derivatives, alleging significant breaches of consumer protection laws under the Australian Corporations Act 2001 (Cth). ASIC claims Binance misclassified 505 retail clients as wholesale clients, denying them crucial consumer protections while exposing them to high-risk crypto derivative products. According to ASIC’s Statement of Claim and Originating Process filed in the Federal Court, Binance’s compliance systems failed to meet legal standards, leading to systemic misclassifications, inadequate disclosures, and substantial financial harm to clients. The case was filed in the Australian Federal Court’s Victoria Registry under File Number VID1381/2024. While ASIC has initiated proceedings seeking civil penalties, declarations, and adverse publicity orders against Binance Australia Derivatives, the hearing date has not yet been scheduled.
Kraken Operator Ordered to Pay AUD 8 Million for Regulatory Breaches Following ASIC Action
On 12 December 2024, the Australian Federal Court, in its judgment titled Australian Securities and Investments Commission v Bit Trade Pty Ltd 2024...
US SEC Orders Cantor Fitzgerald to Pay $6.75 Million for Misleading SPAC Disclosures
On 12 December 2024, the United States Securities and Exchange Commission imposed a cease and desist order against Cantor Fitzgerald, L.P., a global...
US SEC Announces Leadership Change as Erik Gerding Steps Down, Cicely LaMothe to Serve as Acting Director
On 13 December 2024, the United States Securities and Exchange Commission announced that Erik Gerding, Director of the Division of Corporation...