US
Gate.io closer to launching US services after receiving local licenses
Gate US, the United States arm of the fourth largest cryptocurrency exchange by trading volume, Gate.io says it has received operating licenses in “several” states, bringing it closer to launching services in the country. Founder and president of Gate.io and its U.S. entity, Dr. Lin Han, announced in a Dec. 19 statement that Gate US is now registered as a money services business with the Financial Crimes Enforcement Network (FinCEN) — the country’s money laundering and financial crimes watchdog. He added the exchange “obtained some money transmission licenses or similar to operate, and is currently working to obtain more.” Gate US did not disclose what states it had obtained licenses from but said it is yet to accept users from the country at this stage. Its terms of use however...
Charges laid over alleged ‘crypto mining’ Ponzis that netted $8.4M
United States prosecutors have laid charges in two separate cases against nine people who founded or promoted a pair of cryptocurrency companies alleged to be Ponzi schemes that netted $8.4 million from investors. On Dec. 14 the U.S. Attorney’s Office for the Southern District of New York unsealed the indictment, alleging the purported crypto mining and trading companies IcomTech and Forcount promised investors “guaranteed daily returns” that could double their investment in six months. In reality, prosecutors say both firms were using the money from later investors to pay earlier investors, while other funds were spent on promoting the companies and buying luxury items and real estate. “Lavish expos” were held in the U.S. and abroad, along with presentations in small communities, that lur...
11% of US insurers invest — or are interested in investing — in crypto
United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios. The investment banking giant recently released its annual global insurance investment survey, which included responses regarding cryptocurrencies for the first time, finding that 11% of U.S. insurance firms indicated either an interest in investing or a current investment in crypto. Speaking on the company’s Exchanges at Goldman Sachs podcast on Tuesday, Goldman Sachs global head of insurance asset management Mike Siegel said he was surprised to get any result: “We surveyed for the first time on crypto, which I thought would get no respondents, but I was surp...
Former Ethereum developer Virgil Griffith sentenced to prison
Virgil Griffith pleaded guilty the morning before his trial last year – a decision that took many by surprise In addition to a jail sentence, he was fined $100,000 for being in violation of sanctions against the Democratic People’s Republic of Korea (DPRK) The verdict on the case against Ethereum ex-developer Virgil Griffith was delivered on Tuesday by US District Judge Kevin Castel, who sentenced the programmer to five years and three months in prison. Griffith, known for his work on the smart contracts blockchain Ethereum and the WikiScanner tool, was arrested by the FBI in November 2019, half a dozen months after his speech at a cryptocurrency conference in North Korea. The Department of Justice (DoJ) asserted that Griffith shared information to the Kim Jong Um administration on how to ...
SEC chair reveals a proposed joint regulatory role with the CFTC
SEC chair Gary Gensler said commodities and securities in trading platforms are currently intertwined He also blasted the market-leading stablecoins’ lack of a direct right of redemption and raised conflict of interest concerns Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler spoke on a number of issues around crypto-assets and their regulation at the Penn Law Capital Markets Association Annual Conference yesterday. As usual, Gensler insisted on the need to protect the investor from losses in the crypto space, such as the $14 billion stolen last year, and the best way his commission does it is by regulation. The SEC chair suggested a stricter regulatory framework to govern market makers in crypto. Gensler is for the idea of registering crypto platforms so that...
Senators Lummis and Gillibrand are collaborating on a new digital assets bill
The two US senators are working on a bill addressing, among others issues, consumer protection and taxes The news of the bill being drafted follows a crypto directive recently signed by President Biden US Senators Cynthis Lummis and Kirsten Gillibrand are looking to table a bill that will touch on several issues within the digital assets industry, “Thrilled to be working with [Gillibrand] on a bipartisan framework to create clarity, establish responsible sideboards, & ensure reasonable consumer protections. With feedback, this legislation will allow the digital assets industry to innovate and flourish in America,” Lummis posted earlier today. Some of the aspects that will feature in the regulatory framework are privacy, banking, and crypto taxation, Bloomberg reports.. The forthco...
Crypto.com rolls out its exchange platform in the United States
Following its immense marketing efforts, Crypto.com finally begins the initial rollout of its services to users in the United States. In an announcement, Crypto.com mentioned that its exchange platform is already available to users who are waitlisted and will be available to more users soon. Currently, the trading platform can only be used by selected institutional investors. However, in the next few months, the exchange will be offering its services to more investors who want to trade using Crypto.com. The exchange is also inviting institutional investors based in the U.S. to join their waitlist and use the platform. Apart from the standard services of the exchange, Crypto.com also mentioned in the announcement that its VIP users will have access to various events, rewar...
Huobi is planning a comeback in the US market, but not as an exchange
Huobi Tech co-founder Du Jun confirmed in an interview that the exchange is mulling a return into the US The exchange is, however, seeking to re-enter the market in the lines of asset management as opposed to an exchange Crypto exchange Huobi has plans to enter the US market, targeting a different sub-niche. Speaking in an interview with CNBC’s Arjun Kharpal, Huobi co-founder Du Jun expressed the company’s desire to expand into the US. Jun explained that Huobi was ready to get back into the competitive US market after redefining its strategy. The Huobi brand operated in the US market for a short while between 2018 and 2019 through– a US-based entity called Huobi US. The entity failed to stick the landing and consequently withdrew from the market in December 2019, citing regulat...
Bank of America strategists report that the US will eventually adopt a CBDC
The Fed Chair has previously emphasised that it is not important to be the first to develop a sovereign digital currency The US will deploy a central bank-backed digital currency by 2030, in the opinion of the Bank of America. The bank views the issuance of a central bank digital currency in the US as ‘inevitable’ even as financial authorities and lawmakers continue debating about its feasibility. Bloomberg reported yesterday that the investment and financial services banking firm believes the CBDC will be different from existing digital currencies. It will be primarily under the Federal Reserve and won’t be managed by other commercial banking institutions. Many countries worldwide are currently entertaining the idea of central bank...
US slaps sanctions on two foundations linked to Iranian supreme leader
The United States on Wednesday blacklisted two Iranian foundations controlled by Supreme Leader Ayatollah Ali Khamenei and their subsidiaries, saying the institutions enabled Iran’s elite to sustain a “corrupt” system of ownership over large parts of the economy. The designations announced by the US Department of the Treasury target Execution of Imam Khomeini’s Order (EIKO) and Astan Quds Razavi (AQR), their leaders and subsidiaries. These are the latest actions to reinforce the “maximum pressure” campaign on Iran pursued by US President Donald Trump’s administration. “These institutions enable Iran’s corrupt leaders to exploit a system of ownership over a wide range of sectors of Iran’s economy,” US Secretary of State Mike Pompeo said in a statement. US-Iranian tensions have risen since T...
Comedian receives knocks for claiming Kamala Harris ‘slept her way to the top’
Popular American comedian, Terrence K Williams, has come under severe criticisms for claiming that US Vice President-elect Kamala Harris slept her way to the top. The comedian who is a fan of Donald Trump stated on his Twitter handle that Kamala, who will become America’s first female vice president and first black veepee, is not a role model for girls claiming she is using President-Elect Joe Biden as a stepping stone to become the next US president. He tweeted: “Kamala Harris slept her way to the Top! Now she is using Joe to become President because he won’t last long. She is not a great example for young girls around the world. STOLE THE ELECTION.” This tweet has since sparked reactions as some Twitter users shaded the comedian. Newsmen present some of their views below: Adédọ̀[email&nb...
US election: Boris Johnson congratulates Joe Biden, Kamala Harris
British Prime Minister Boris Johnson on Saturday congratulated Joe Biden “on his election” as US president and Biden’s running mate Kamala Harris “on her historic achievement”. “The US is our most important ally and I look forward to working closely together on our shared priorities, from climate change to trade and security,” Johnson tweeted after US networks called the race for Biden over President Donald Trump. The prime minister has had strained ties with Biden and with former president Barack Obama, but Downing Street has been keen to stress the common interests still enduring in the US-British “special relationship” after Trump’s stormy presidency. In a statement, Foreign Secretary Dominic Raab said, “President Trump fought hard in what proved a close contest.” He anticipated working...
