South Korea crypto body says mass token delistings ‘unlikely’ amid new laws
South Korea’s incoming crypto investor protection laws will see local exchanges review over 1,300 listed tokens over the next six months.
South Korea’s incoming crypto investor protection laws will see local exchanges review over 1,300 listed tokens over the next six months.
According to an official announcement: On June 27, 2024, Binance took a significant step towards enhancing security and compliance within the digital finance ecosystem by partnering with the Organized Crime and Triad Bureau (OCTB) of the Hong Kong Police Force. This collaboration underscores Binance's ongoing commitment to working closely with law enforcement agencies to combat financial crime and promote safety within the cryptocurrency industry. Main Takeaways: 1. Invitation by OCTB: - The OCTB, a distinguished division within the Hong Kong Police Force known for its successful efforts in neutralizing major criminal organizations and triad groups, invited Binance to a law enforcement sharing session at the Hong Kong Police Headquarters. 2. Recognition of Binance’s Efforts: - The invitation from the OCTB highlights the recognition of Binance’s dedication to security and compliance within the crypto industry. - This session marks a significant step in Binance’s ongoing efforts to collaborate with law enforcement in combating threats and enhancing operational security. 3. Participation and Insights: - During the session, Carlos Mak, a specialist from Binance’s Investigations team, emphasized Binance's commitment to protecting users and ensuring a secure online financial environment. - A spokesperson from the OCTB appreciated Binance’s insights and highlighted the importance of this partnership in fighting organized crime and protecting the community from emerging threats. Notable Quotes: - Carlos Mak: "We are deeply grateful for the invitation from the OCTB. By deepening our cooperation with the global law enforcement community, Binance is able to further its commitment to protect users and build a secure online financial environment. We will continue to be at the forefront of combating financial crime." - OCTB Spokesperson: "We are pleased to welcome Binance to our headquarters and anticipate their valuable insights into fighting organized crime. This partnership is essential as we continue to protect our community from emerging threats. We appreciate Binance’s dedication to fostering security and compliance in the crypto industry." Mission to Maintain Security: Binance's participation in the sharing session with the OCTB represents a milestone in the company’s journey towards maintaining and enhancing security within the digital finance ecosystem. Furthermore, it exemplifies Binance’s dedication to fostering strong relationships with law enforcement agencies worldwide. - Past Engagements: In 2023 alone, Binance participated in 120 online and offline law enforcement training sessions globally. - Upcoming Engagements: Binance has also been invited to the Hong Kong International Symposium on Cyber Policing and the Virtual Asset Investigation Course (VAIC) organized by the Cyber Security and Technology Crime Bureau (CSTCB) of the HKPF. By continuously engaging in such collaborative initiatives and training sessions, Binance aims to equip law enforcement officials with the knowledge and skills necessary to combat novel financial crimes effectively. This effort strengthens Binance’s mission to ensure a safe and transparent environment for all crypto users. The partnership with Hong Kong's OCTB and participation in the recent law enforcement sharing session are indicative of Binance’s unwavering commitment to security, compliance, and cooperation with global enforcement entities. As Binance continues to lead in these collaborative efforts, it sets a strong example for the industry, working towards a safer and more secure digital finance ecosystem for all stakeholders.
On July 2, 2024, a pivotal ruling emerged from the United States District Court for the District of Columbia. Judge Amy Berman Jackson dismissed several core claims by the Securities and Exchange Commission (SEC) against Binance, the world’s largest cryptocurrency exchange by volume. This decision represents a significant moment in the regulatory landscape of the cryptocurrency market. Key Takeaways: - Rejection of Key SEC Claims: The court dismissed multiple critical arguments by the SEC, notably that crypto tokens, including BNB and Binance’s fiat-backed stablecoin BUSD, could be categorized as securities. - Secondary Market Sales: The SEC's contention that secondary market sales of BNB tokens on crypto exchanges were securities transactions was also rejected, diminishing the SEC’s capacity to assert its enforcement over these activities. - Continued Claims: Despite these dismissals, certain claims from the SEC remain active in the lawsuit, yet these face considerable hurdles for validation. Critical Findings from the Court: 1. The Meaning of “Investment Contract”: - SEC’s Broad Assertion Rejected: The SEC’s broad assertion that crypto tokens are investment contracts was deemed legally untenable. The focus, per the court's opinion, should be on the circumstances surrounding each transaction, not on the tokens themselves. - Legal Precedents: The court highlighted the SEC’s approach as inconsistent with Supreme Court precedent, emphasizing that the mere existence of a token does not classify it as a security. 2. BNB Sales on Secondary Crypto Exchanges: - Dismissed Claim on Secondary Sales: The court ruled that the SEC failed to provide sufficient facts to suggest that secondary market sales of BNB tokens were conducted with the expectation of profits, a crucial element for something to be classified as a security under the Howey Test. - Limiting SEC’s Enforcement Ability: This ruling notably restricts the SEC’s authority to impose regulations on secondary market transactions facilitated by exchanges. 3. Binance’s Stablecoin, BUSD: - Investment Contract Argument Rejected: The assertion that Binance’s BUSD is an investment contract was dismissed. The court found no evidence to suggest that BUSD was marketed with an expectation of profit due to Binance's efforts. - Consistency in Regulation: Points of inconsistency among various U.S. regulatory bodies regarding stablecoins were highlighted, illustrating the complexities and uncertainties in the crypto regulation landscape. SEC’s Remaining Claims: While several claims were dismissed, the court allowed certain aspects, such as the SEC's argument on direct sales of BNB as securities transactions, to proceed. However, proving these claims will be challenging for the SEC, as they must demonstrate that token purchases were made with investment expectations. Implications and Future Steps: - Significance for Binance and Crypto Industry: This ruling sets a significant precedent by recognizing strict boundaries on the SEC’s regulatory reach over the crypto industry. It is a substantial victory for Binance and the broader crypto sector. - Calls for Consistent Regulation: The judgment underscores the need for coherent and sensible regulation, instead of a piecemeal approach that creates ambiguity and inconsistency. - Ongoing Defense: Binance remains committed to defending against the SEC's regulatory attempts and will continue to advocate for fair and consistent oversight that fosters innovation and growth within the crypto market. The decision by Judge Amy Berman Jackson marks a crucial development in the ongoing regulatory battles within the cryptocurrency industry, signalling a call for more structured and sensible approaches to regulation. As the case progresses, it underscores the continued tension and complexities between regulatory ambitions and the rapidly evolving digital asset landscape. This ruling is a step toward establishing clearer regulatory frameworks that can support both innovation and market integrity.
According to Odaily, Silvergate Capital Corp, the parent company of Silvergate Bank, has agreed to pay $63 million to settle with the U.S. Securities and Exchange Commission (SEC), the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI). The regulatory bodies accused the company of failing to maintain an appropriate anti-money laundering program and making misleading disclosures about the effectiveness of the program.The Federal Reserve imposed a fine of $43 million, while the California regulator imposed a $20 million fine, noting that the bank had deficiencies in tracking internal transactions. The SEC also imposed a $50 million fine, but it is not expected to increase the total amount of the fine. The SEC stated that any fines owed by Silvergate could be offset by the amount it pays to bank regulators, and the settlement agreement still needs court approval.The SEC also charged former executives of Silvergate. Former CEO Alan Lane and former COO Kathleen Fraher agreed to settle, while former CFO Antonio Martino denied the related charges.
While Judge Reed O’Connor granted the SEC an extension to respond to Consensys’ lawsuit, he also approved a timeline for considering the case’s merits proposed by the firm.
The brokerage platform took advantage of Hawaii’s recent change to money transmitter licensing to expand to the non-contiguous United States.
In Cointelegraph’s latest video, experts discuss the impact of the spot Bitcoin ETF approvals on the crypto markets and the potential for a spot Ethereum ETF.
Paxos will partner with Southeast Asia’s largest bank, DBS, for the stablecoin launch.
The Danish Financial Supervisory Authority said the exemption of self-custodial wallets from MiCA doesn’t mean such wallets should be banned.
The update aims to prevent terrorist groups and organizations from exploiting Singapore’s economic openness as an international financial, business and transport hub.