REGULATION
Coinbase CLO Responds to SEC's Opposition
Coinbase's Chief Legal Officer, Paul Grewal, responded to the SEC's opposition to the company's motion to dismiss the case against it. Grewal criticized the SEC for making unsupported legal claims and emphasized that the assets listed on Coinbase are not securities. He also called for regulation that listens to the crypto community and mentioned that Coinbase will file its reply on October 24, 2023.
Binance and CEO Changpeng Zhao Face Class-Action Lawsuit Over Alleged Market Manipulation Targeting FTX
Binance and its CEO, Changpeng Zhao, are facing a class-action lawsuit filed by plaintiff Nir Lahav, accusing them of unfair competition and SEC law violations. The lawsuit alleges that Binance manipulated the cryptocurrency market to harm competitor FTX, leading to a significant decline in FTX's utility token, FTT. The case brings into focus the broader implications of regulatory efforts in the crypto industry.
Coinbase Secures Major Payment Institution License from Singapore's Monetary Authority
Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant milestone in its expansion into the Asian market. The license will enable Coinbase to offer digital payment token services to both individual and institutional clients in Singapore. This move aligns with the company's strategy to tap into Singapore's growing crypto and Web3 ecosystem.
How Bitcoin will react to US Government Shutdown
The impending US government shutdown threatens to delay the SEC's approval for a spot Bitcoin ETF, amongst other financial repercussions. The scenario also underscores the growing frequency of federal shutdowns and the persistent concerns of credit rating agencies over the US's fiscal policymaking, all of which could have broader implications for both traditional and crypto financial markets.
Binance CEO Clarifies Details on CommEx Integration
Binance CEO, CZ, sheds light on Binance's association with CommEX through a tweet. Cryptocurrency transfers are ongoing, with potential ex-Binance team members joining CommEX. Amid regulatory challenges, Binance sells its Russian operations to CommEX but remains optimistic about global prospects.
Enabling Innovation in Asset Management: SFC's Approach
Christina Choi of the SFC spoke at the Bloomberg Buy-Side Forum Hong Kong 2023, emphasizing the importance of balancing innovation with regulation in the asset management industry. She highlighted the SFC's ongoing work on guidelines for tokenization of investment products.
Taiwan's Major Crypto Exchanges Form Association to Align with Upcoming Regulations
Taiwan's major crypto exchanges form an industry association to align with upcoming regulations by the Financial Supervisory Commission. The association aims to serve as a unified voice for the industry and facilitate effective communication with the government.
Taiwan Regulates Crypto Exchanges, Bans Unregistered Foreign Operators
Taiwan's FSC has released new guidelines for regulating Virtual Asset Service Providers (VASPs) in the country. The guidelines, effective from September 26, 2023, prohibit foreign VASPs from operating in Taiwan without proper registration and encourage self-regulation within the industry.
HK SFC Details JPEX Probe; CEO Affirms Hong Kong's Web3 Commitment
Hong Kong's SFC has provided a detailed timeline of its investigation into the fraudulent activities of the unlicensed virtual asset trading platform JPEX. Despite the ongoing case, SFC CEO Leung Fung-yee reaffirms that Hong Kong's commitment to developing a Web3 ecosystem will not waver.
South Korea Targets Crypto Major Shareholders with Proposed Financial Law Amendment
South Korea is taking steps to scrutinize the criminal records of major shareholders in cryptocurrency businesses. A proposed amendment to the Special Financial Information Law aims to bring the crypto market under a regulatory framework similar to traditional finance. If passed, the law would require existing crypto businesses to report details about their major shareholders within three months.