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“The BCBS standard is not yet legally binding pending its transposition in the European Union,” said a newsletter from the ECB, which is responsible for directly supervising the largest banks in the currency bloc. “However, should banks wish to engage in this market, they are expected to comply with the
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Police in the U.K., in collaboration with the Financial Conduct Authority (FCA), have raided several sites allegedly hosting cryptocurrency ATMs. “No crypto ATM operators currently have FCA registration,” the British financial regulator stressed, adding that it is “working with multiple law enforcement partners, including local police forces, to disrupt and
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"Warning letters were issued requesting the operators cease and desist using the machines and that any breach of regulations would result in an investigation under money-laundering regulations," said Detective Sergeant Lindsey Brants of West Yorkshire Police. Source
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The protocol runs a two-token model like MakerDAO. The difference, however, is that Liquity doesn't have a governance system. Therefore, large holders of LQTY cannot influence decision-making. The fully-decentralized setup also means the protocol's original design cannot be altered to introduce centralized stablecoins, which have recently come under regulatory scrutiny,
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"Essentially, by halting issuance of BUSD, there is no way for the stablecoin to grow. BUSD trading pairs will still be supported by Binance, but traders will gradually start to migrate to other stablecoins, which could be causing the discount on BUSD," Kaiko's research director, Clara Medalie, told CryptoX. Source
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The latest price moves in bitcoin (BTC) and crypto markets in context for Feb. 13, 2023. First Mover is CryptoX’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
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Paxos "violated its obligation to conduct tailored, periodic risk assessments and due diligence refreshes of Binance and Paxos-issued BUSD customers to prevent bad actors from using the platform," a spokesman with the regulator told Reuters, saying the token wasn’t being administered in a “safe and sound” manner. Source
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The New York Department of Financial Services is investigating crypto company Paxos, though the scope of the investigation is not yet clear. Source
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Firms that tried, and failed, to register with the Financial Conduct Authority cite delays and poor feedback. The regulator says it rejected applications for failing to meet requirements. Original Source
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