Malaysia Orders Huobi Global to Cease Operations
- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
May 22, 2023, 11:22 AM
Shutterstock
MiCA Regulation Approved by EU Finance Ministers
- The Economic and Financial Affairs Council of the EU, which is comprised of finance ministers of all 27 member states, unanimously approved the MiCA crypto regulation.
- The EU’s finance ministers also also gave their consent to new measures that will allow tax authorities to collect data on individuals’ cryptocurrency holdings.
May 16, 2023, 12:20 PM
Shutterstock
Bittrex Files for Chapter 11 Bankruptcy in the U.S.
- The cryptocurrency exchange is estimated to have more than 100,000 creditors, and between $500 million and $1 billion in both assets and liabilities.
- The Chapter 11 filing came less than a month after the U.S. SEC filed charges against Bittrex and its former CEO, claiming they were operating an unregistered securities exchange.
May 9, 2023, 8:17 AM
Shutterstock
Gemini Hopes for Swift Genesis Mediation Process
- Genesis, its parent company Digital Currency Group, the Unsecured Creditors Committee, and Gemini have all agreed to a 30-day mediation process.
- Although supportive of the process, Gemini expressed the “need for urgency” for a final resolution to be reached “as soon as possible”.
May 1, 2023, 8:57 AM
Shutterstock
Apr 25, 2023
Genesis Bankruptcy Plan Disrupted by New Creditor Demands
- Genesis reached an “agreement in principle” with DCG and its creditors back in February, which would have seen creditors recover roughly 80% of their funds.
- A group of creditors has now moved away from that agreement, forcing Genesis to request a court appointed bankruptcy mediator.
Apr 20, 2023
European Parliament Approves MiCA Legislation
- Lawmakers in the European Parliament voted 517-38 in favor of the MiCA legislation, which aims to establish harmonized rules for crypto in the EU.
- The crypto regulatory package still needs the approval of the European Council, but it is expected to come into force in 2024.
Apr 19, 2023
Hong Kong Court Recognizes Crypto as Property
- The decision has placed Hong Kong in line with other common law jurisdictions that had previously ruled crypto had the same attributes as property.
- This will give liquidators in Hong Kong greater clarity on how to handle crypto held by companies that are winding down.
Apr 18, 2023
UAE Starts Accepting Licensing Applications for VASPs
- All virtual asset service providers (VASPs) in the UAE are now required to submit a licensing application with the Securities and Commodities Authority.
- Firms that have already acquired a license in the UAE’s financial free zones will be exempted from the requirement, but those in Dubai will still need to apply with the SCA.
Apr 7, 2023
Do Kwon’s Illicit Funds Reportedly Not in South Korea
- The now arrested Terraform Labs CEO had reportedly converted the majority of his illicit funds into BTC using foreign exchanged not under the jurisdiction of South Korea.
- While none of the assets tied to Do Kwon were recoverable, South Korean authorities continue to seize assets and properties tied to other executives of Terra.
Apr 6, 2023
Binance Australia’s Derivatives License Cancelled by Australian Securities Regulator
- The Australian Securities and Investment Commission (ASIC) has cancelled Binance Australia’s derivatives license after conducting a targeted review of its business in the country.
- Starting 14 April clients will no longer be able to open new derivatives positions on the exchange, and all open positions will be closed on 21 April.