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New York regulators announced on Jan. 4 that cryptocurrency exchange Coinbase will pay a $50 million fine and invest a further $50 million in its compliance program, following a settlement with the New York State Department of Financial Services. The fine was issued after regulators found the company had allowed customers
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The joint warning statement by United States regulatory agencies is in line with Biden’s directive on the healthy adoption of blockchain technology and digital assets.Top United States regulatory agencies – including the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the
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Shortly after FTX filed for bankruptcy, about $372 million worth of tokens were stolen from the exchange by an unknown actor thought to be an external hacker. Given media reports of a cyberattack on FTX, and possible looting of FTX-controlled wallets by former employees, the Commission said in its media
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The last year has been an eventful one for the crypto space. The collapse of the Terra ecosystem and its TerraUSD (UST) algorithmic stablecoin saw $50 billion wiped off the market in a flash. And more recently, FTX, an exchange many thought was “too big to fail,” came crashing down.
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According to a new press report published by South Korea's National Intelligence Service (NIS), North Korean hackers have stolen more than 800 billion Korean won ($620 million) worth of cryptocurrencies from decentralized finance, or DeFi, platforms this year. The agency also revealed it blocked a daily average of 1.18 million
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The California Department of Financial Protection and Innovation (DFPI) has ordered crypto lending platform MyConstant to cease offering a number of its crypto-related products over alleged state securities law violations.The DFPI stated in a press release on Dec. 21 that it has ordered MyConstant to “desist and refrain” from offering
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It was in a separate closed-door portion of the meeting that the regulators – also including Gary Gensler, the head of the Securities and Exchange Commission (SEC), and Rostin Behnam, who runs the Commodity Futures Trading Commission (CFTC) – discussed the recent crypto market drama, and their specific views weren’t
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A United States banking industry regulator warned banks of the “emerging risks” of cryptocurrencies saying the sector should take a “cautious approach” and seek permission in some cases when engaging with crypto or crypto firms.Citing “dislocations” in the crypto market over 2022 the Office of the Comptroller of the Currency
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2022 is nearing an end and might go down as one of the most eventful years for the crypto industry owing to the prolonged winter that had wiped more than 70% of the market cap from the top and the barrage of crypto firms imploding. This was mainly due to
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