UK Authorities Set Precedent with Landmark Monero Seizure, Forcing Drug Dealer to Repay £23000
- On 10 July 2024, UK authorities successfully converted Monero cryptocurrency into cash for the first time.
- Convicted seller Jack Finney has been compelled to repay £23000 from his criminal proceeds.
- This case has set a precedent for law enforcement in tracking and seizing privacy-focused cryptocurrencies to set out legal fines.
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United States’ CFTC and DOJ Host Inaugural Fraud Disruption Conference to Combat “Pig Butchering” Scams
- The CFTC and DOJ hosted their first Fraud Disruption Conference on 11 July 2024 to address the pervasive “pig butchering” scams.
- Over 300 regulators and law enforcement officials collaborated on developing anti-fraud strategies.
- The conference focused on public education and leveraging advanced technological tools to prevent financial scams to protect vulnerable consumers.
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CFTC Issues No-Action Position on Swap Data Reporting for ForecastEx LLC
- On 12 July 2024, the CFTC granted temporary relief from specific reporting requirements to ForecastEx LLC.
- This no-action position has allowed the company to continue operations without the threat of immediate compliance-related legal action.
- No action position supports innovation while ensuring regulatory oversight.
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FTX and CFTC Agree to $12.7 Billion Settlement to Resolve Long-Standing Dispute
- FTX and the CFTC have reached a $12.7 billion settlement on 12 July 2024 to conclude a 19-month lawsuit. Settlement agreement awaits court approval for enforceability.
- The settlement includes $8.7 billion in restitution to affected parties and $4 billion in disgorgement.
- This settlement agreement comes as solution to complex legal issues in crypto sphere by resolution of cryptocurrency disputes through alternative dispute resolution mechanism
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SEC Approves More Ether ETFs Paving the Way for Expanded Trading
- On 17 July 2024, the SEC approved multiple Ether ETFs, including Grayscale’s mini Ethereum ETF and ProShares’ Ethereum ETF.
- These funds are scheduled to begin trading from 25 July 2024, providing more options for investors.
- This approval has followed the SEC’s decision in May to allow proposals from major asset managers for spot Ethereum ETFs.
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OKX Announces Withdrawal from Nigerian Market Amid Regulatory Crackdown
- On 17 July 2024, OKX announced to cease its operations in Nigeria due to regulatory challenges.
- Clients have been given until 16 August 2024 to close their positions and all funds are to be withdrawn by 30 August 2024.
- This decision has come in response to Nigeria’s increasingly stringent regulatory environment, which has also affected other exchanges like KuCoin and Binance.
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Bitcoin Stabilizes Around $57000 Amid German Government Transfers and ETF Inflows
- Bitcoin stabilized at $57000 on 11 July 2024, despite large BTC transfers by the German Government.
- US spot Bitcoin ETF saw substantial inflows totaling $737.50 million, reflecting growing investor confidence in the cryptocurrency.
- Institutional investors have been actively accumulating BTC, indicating a potential future rally.
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