Legal
Binance Blocks Accounts of Relatives of Russian Government Officials
- The accounts of Elizaveta Peskova, daughter of spokesman Dmitry Peskov, Polina Kovaleva, stepdaughter of Sergei Lavrov, and Kirill Malofeev, son of oligarch Konstantin Malofeev, have already been closed.
- Last week the exchange had also implemented new stricter rules for Russian users with crypto holdings of more than €10,000, following the latest sanctions on Moscow from the E.U.
- The accounts of Elizaveta Peskova, daughter of spokesman Dmitry Peskov, Polina Kovaleva, stepdaughter of Sergei Lavrov, and Kirill Malofeev, son of oligarch Konstantin Malofeev, have already been closed.
- Last week the exchange had also implemented new stricter rules for Russian users with crypto holdings of more than €10,000, following the latest sanctions on Moscow from the E.U.
Gibraltar to Combat Crypto Market Manipulation With New Rules
- The legislation will implement new standards for crypto market integrity in Gibraltar, designed to combat insider trading and market manipulation in the sector.
- DLT providers will now be required to seek out and prevent insider trading, and the publication of misleading information aimed at manipulating the crypto market.
Cuba’s Central Bank to License VASPs Starting May
- The license will be available for individuals as well as organizations and will be valid for a year, though its validity can be extended for a second year.
- VASPs that fail to comply with the new licensing regime will face penalties in line with existing banking rules and regulations.
Binance.US Acquires Money Transmitter License in Puerto Rico
- With this license, Binance.US now operates in 45 states and seven territories of the U.S., moving it a step closer to its goal of providing services in all states and territories.
- Binance.US CEO Brian Shroder noted that this license was important to the exchange, as Puerto Rico is a particularly important market for the growth of crypto.
Tornado Cash to Use Chainalysis to Block OFAC Sanctioned Addresses
- Roman Semenov, co-founder of Tornado Cash, explained that the blockade only applies to the platform's frontend, and not the underlying smart contract.
- The news came only a day after the Treasury Department alleged that North Korean hacker group Lazarus was connected to the $625 million Ronin bridge hack.
Coinbase India Suspends UPI Payments Shortly After Launch
- The exchange has stopped accepting payments through the United Payments Interface system only three days after its launch in India.
- The system is governed by the National Payment Corporation of India, which said it was "not aware of any crypto exchange using UPI" only hours after the exchange was launched.
U.S. Imposes Sanctions Against Russia’s Largest Darknet Marketplace
- Russian darknet marketplace Hydra and crypto exchange Garantex have been connected to Russian cybercrime, and have become the new targets for OFAC sanctions.
- In its investigation, OFAC found more than $8 million connected to ransomware attacks had moved through Hydra, while Garantex had facilitated over $100 million in illicit transactions.
Singapore Passes Law to Tighten Rules for VASPs
- The Financial Services and Markets Bill requires VASPs doing business outside Singapore to be licensed and subject to AML and CFT requirements.
- The Monetary Authority of Singapore will also receive additional power when issuing prohibition orders against industry figures who are unfit to perform "key roles, activities and functions".
United Kingdoms to Become Global Crypto Hub
- The UK government said the first step to becoming a global crypto hub is to recognise stablecois as a valid for of payment.
- A new "Cryptoasset Engagement Group" will also be created, alongside a financial market infrastructure sandbox for DLT experimentation.
Japan to Implement New Crypto Exchange Regulations
- The proposed changes to Japan's Foreign Exchange and Foreign Trade Act will require crypto exchanges to block transactions connected to sanctioned individuals.
- The move is specifically targeted at sanctions against Russia following its military actions in Ukraine.
DoJ Cracks Down on $1.1M NFT Rug Pull
- The founders of NFT project "Frosties", Ethan Nguyen and Andre Llacuna, were arrested on Thursday and charged for fraud and money laundering.
- The two individuals, who took off with $1.1 million in January, were preparing to hold another alleged NFT rug pull later this year.
Investment Bank Cowen Launches Crypto Division
- Cowen Digital will provide institutional investors with "full-service trade execution and custody solutions" for cryptocurrencies.
- The bank has been working on this project for 15 months, and now allows trade between 16 different cryptocurrencies.
Thailand SEC Bans Use of Crypto as Means of Payment
- The decision came only two months after Thailand's central bank, SEC, and Ministry of Finance revealed their plans to regulate crypto payments.
- The SEC also published a proposal on Wednesday, that could force crypto businesses to submit monthly reports on their service quality and system capacity utilization.
Coincheck to List on Nasdaq After $1.25B SPAC Merger
- The merger is expected to complete in the second half of 2022, after which it will list on the Nasdaq Global Select Market under the ticker "CNCK".
- Monex Group, which currently owns 94.2% of Coincheck, will keep all of its shares at closing, and is expected to own 82% of the new entity after the merger.