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.
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  • 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.
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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.
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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.
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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.
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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.
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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.
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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.
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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".
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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.
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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.
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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.
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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.
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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.
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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.