The Securities and Exchange Commission of the United States announced on Tuesday million-dollar fines to various companies that have violated federal communications laws.

The companies, including the Wells Fargo bank, are accused of not keeping proper electronic records of communications with their employees and using channels such as WhatsApp to attend to business matters.

Regarding the amounts of the fines, it was revealed that they are combined amounts “of 549 million dollars (about 501 million euros) against the American bank Wells Fargo and a series of companies” that violated federal laws.

The SEC has confirmed “$289 million in penalties against eleven companies for “widespread failures” to maintain records.” For its part, the Commodity Futures Trading Commission (CFTC) “also said it fined four banks a total of $260 million for failing to keep records required by the agency.”

As the fined companies admitted, since approximately 2019 workers resorted to the use of WhatsApp as a means of communication with their employers for company business matters. Therefore, the proper record of the calls was not kept.

The enforcement of the fines is the latest “effort by Washington, D.C.-based regulators. to end the widespread use of messaging applications such as Signal, WhatsApp or Apple iMessage among employees, since in recent years the fines related to the subject add up to more than 2,000 million dollars, according to the SEC and the CFTC.”

M.Pino

Source: swissinfo

(Reference image source: freestocks, Unsplash)

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La entrada SEC fines companies for violating federal communications laws apareció primero en Bitfinance.

Given the rise of cryptocurrencies in the financial markets, the United States Securities and Exchange Commission announced on September 9 that among the new departments it will create is the one dedicated to digital assets and related entities.

The regulatory body has revealed the forthcoming opening of the Industrial Applications and Services office and the Cryptoactive Office. These are two entities that will address the life sciences and cryptocurrencies sectors.

The Disclosure Review Program currently has several corporate offices, to which will be added those recently announced by the SEC, in order to provide specialized support in sectors that demonstrate permanent and accelerated growth.

SEC DRP Director Renee Jones said that “the creation of these new offices will allow DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and will facilitate our ability to fulfill our mission.”

With the creation of the new office on crypto assets, the regulatory body in the United States strengthens its commitment to the legal framework of digital currencies, as the president of the SEC, Garry Gresler, has assured in various statements.

M.Pino

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Source: bitcoinethereumnews

La entrada The SEC will create the Crypto Assets Office apareció primero en Bitfinance.

The city of Dubai, part of the United Arab Emirates, now has an entity that will be in charge of supervising the cryptocurrency space for the issuance of them.

For a year now, city regulators have been working on creating a legal framework with the aim of attracting foreign investment in the area.

The Dubai Virtual Assets Regulatory Authority (VARA), the city’s dedicated digital asset regulator, announced new regulatory guidelines on virtual asset marketing, advertising, and promotions on August 25.

These guidelines fall within the communications related to digital assets, and all entities that publish information about it on Dubai websites.

In the rules, VARA referred to all forms of disclosure, communications and advertising, information dissemination, awareness raising, customer engagement, investor solicitation, and others.

VARA noted that the new guidelines relate to Dubai’s crypto-focused Minimum Viable Product (MVP) license.

K. Tovar

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Source: DiarioBitcoin

La entrada Dubai creates rules for the issuance of cryptocurrencies apareció primero en Bitfinance.

The president of the European Securities and Markets Authority, Verana Ross, expressed that the current economic environment together with financial fluctuation and high levels of inflation could facilitate and attract investors to the cryptocurrency market.

“With inflation on the rise, investors will look for investments that can try to offset this indicator and generate higher returns, which could lead to more risk taking. This is something that we are monitoring very closely,” said the president of the European entity.

Ross indicated that in the face of this economic panorama, the European Union (EU) must add actions and “have a regulatory perspective” that adapts to the needs of investors and those interested in the cryptographic market in general.

The official also pointed out that digital currencies could serve as “safe haven assets” for citizens, driven by the high yields of digital assets that make them “much more attractive as investment assets.”

Regulatory criteria in the EU

For the president of the European Securities and Markets Authority, it is essential and urgent to unify the regulatory criteria for cryptocurrencies, since there are currently a variety of approaches and regulations in European territory

Ross considers that a “more unified perspective” is necessary on the part of the entities responsible for legislating and regulating the matter in order to achieve a greater balance in the “approaches made by regulators”.

The statements made by Ross coincide with those made by Christine Lagarde, president of the Central Bank of Europe, who on several occasions “has requested a stricter regulation on cryptocurrencies and their speculative attributes, personally declaring herself against said assets.”

M. Rodríguez

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Source: diariobitcoin.com

La entrada Inflation could increase investments in cryptocurrencies apareció primero en Bitfinance.

Rosa Ríos, a former US treasurer, thinks that the year 2022 will provide greater regulatory clarity for the crypto market. This was recently pointed out by Ríos to CNBC’s ‘Make It’.

The former member, who is currently part of the board of directors of Ripple, the seventh crypto platform in capitalization and is used in cross-border operations, also highlighted that she hopes to see new players in the next year adopting the use of digital assets “or at least have a willingness to start these conversations and hopefully offer a way forward.

Last November the Federal Reserve and other regulators declared that “US lawmakers plan to clarify next year how banks and other financial institutions should handle cryptocurrencies.”

Key crypto market practicality and growth

On the other hand, Ríos made an exhortation for all those who are entering or have plans to join the crypto market or make investments in decentralized currencies and they should ask themselves if the product is practical and if it has growth potential.

According to Ríos, it is essential to find out what the intrinsic value of cryptocurrencies is. “I care a lot if it has intrinsic value”, explaining the concept how the asset can be used “responsibly” and if it can save time and money in the real world.

She pointed out that in terms of investments in cryptocurrencies, the “best seats” are already occupied “, emphasizing that” The train has already left the station “and the” ‘Blockchain’ technology is already here. “

M. Rodríguez

Source: El universal.com

La entrada 2022 promises regulatory clarity for the crypto market apareció primero en Bitfinance.

The parent company of Facebook and Instagram, Meta, decided to make it easier for marketing companies to disseminate promotional ads about cryptocurrencies on their platforms of their different social networks as regulatory standards in the global field of digital currencies advance.

Previously, marketers to promote any crypto had to comply with a series of requirements, among which the licenses obtained and whether they were listed on public stock exchanges stood out. From now on, the Meta company “will accept an advertisement if the advertisers, whether they are platforms or cryptocurrency portfolios, have one of the 27 eligible regulatory licenses.”

In a communication released by its official blog, the company maintains: “This change will help make our policy more equitable and transparent and will allow a greater number of advertisers, including small businesses, to use our tools and grow their business.”

The company admits that the crypto ecosystem is in full swing and many of these measures may be changing as the industry transforms. In addition, it stressed that the change will not impact advertisers who have already been approved.

The company will continue to request the “prior written approval of advertisers that are cryptocurrency platforms and transaction platforms, companies that engage in crypto assets loans and portfolios with capabilities such as trading or staking (bet) and companies that advertise hardware and software for mining.”

Evolution of cryptocurrency policies

The Meta company’s policies towards advertisements on digital currencies have been drastically altered in recent times, as regulators issued information on measures against malicious actors.

In 2018 Facebook began blocking many ads related to cryptocurrencies, after a series of scams originated by a series of advertisements and where users lost their money. But as of June of that year, the company resumed the acceptance of advertisements that presented prior written approval. In May 2019, “the company began not requiring pre-approval for announcements related to blockchain technology, industry news, education, or crypto events.”

M. Rodríguez

Source: bloomberglinea.com

La entrada Meta will allow advertising on cryptocurrencies apareció primero en Bitfinance.

The cryptocurrency trading platform, ‘exchange’, FTX has closed a financing round of 420.7 million dollars, equivalent to 361.3 million euros, which aims to cover the expansion into new jurisdictions and the “continued growth “of the company, as reported this Thursday in a statement.

After this round, FTX, which is based in Antigua and Barbuda although its headquarters are in the Bahamas, reaches a valuation of 25,000 million dollars, that is, about 21,462 million euros.

A total of 69 investors participated in the operation, including the Ontario teachers’ pension fund, the Singapore sovereign wealth fund (Temasek) and the investment funds Sequoia Capital, Sea Capital, IVP, Iconiq Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners and BlackRock.

“We founded FTX two years ago with the idea of ​​creating a better financial market. Today we are focused on establishing FTX as a trusted and innovative ‘exchange’ by talking regularly with regulators around the world and constantly looking for opportunities to improve our trading offerings. digital assets for investors,” said the CEO and co-founder of FTX, Sam Bankman-Fried.

According to data collected by CoinGecko, FTX is already the fourth largest crypto exchange in the world. In the last 24 hours, the volume traded on its platform has been close to 4.85 billion dollars (4.167 billion euros). Above this ranking are Huobi, Coinbase and Binance.

Source: dpa

La entrada The FTX exchange closes a round of € 361 million apareció primero en Bitfinance.

Binance will not offer the services of fiduciary deposits, cryptocurrency spot trading and buying digital assets through fiat channels and liquid swaps from its main platform to users in Singapore. This was reported by the Exchange through a statement released this Monday, September 27, 2021.

The communication also indicates that the measure is part of the “commitments to comply with local regulators” and will be enabled until October 26 so that clients can exercise safeguard actions on their assets.

“Binance constantly evaluates its product and service offering. We will restrict Singapore users from Regulated Payment Services in line with our commitment to compliance. Singapore users are advised to cease all related operations, withdraw fiat assets and redeem tokens before Wednesday 2021-10-26 04:00 AM UTC (12:00 PM UTC + 8) to avoid potential trade disputes,” according to the statement.

Under the watchful eye of regulators

The measure is announced by the exchange house three weeks after being “included in the investor alert list” issued by the Monetary Authority of Singapore (MAS) in the first days of September. The purpose of the list is to inform Singaporean investors of the institutions that are not authorized by said entity. However, there is a trend or perception that is endorsed by the authority.

It is important to note that the Binance.sg platform is a separate exchange from Binance.com and at the moment it is unknown if the suspended services can be offered by this exchange. “It is also unclear whether Binance.com will continue to offer other services such as crypto-to-crypto and derivatives trading to Singaporean customers.”

It is important to note that the Binance.sg company is not registered on the regulators’ alert list.

M. Rodríguez

Source: diariobitcoin.com

La entrada Binance to stop cryptocurrency services in Singapore apareció primero en Bitfinance.

A Russian court imposed a fine of 2.6 million rubles ($ 34,000) on the social network for creating and sharing videos TikTok for failing to remove information about the protests in favor of the jailed opponent Alexéi Navalni in the month of January.

According to information provided by the Interfax news agency, a Moscow court found the Chinese social network guilty of “an administrative offense for failing to remove information that urged adolescents to participate in unauthorized protests.“

In addition, the court was also going to analyze two alleged infractions against the Russian social network Telegram for a similar infraction. However, it was postponed due to the absence of the parties, according to the agency, Ría Nóvosti.

It should be noted that the Russian telecommunications regulator, Roskomnadzor, said that it was going to impose fines on Facebook, Twitter and YouTube, for non-compliance with the regulations in that country. It was known that Kontakte and Odnoklassniki (similar to Facebook) will also be sanctioned.

Source: elsumario

La entrada Russia sanctions TikTok for “administrative offenses” apareció primero en Bitfinance.

Crypto Council for Innovation (CCI) is the name of the new organization introduced in the cryptographic market, led by experts in cryptocurrencies, with the main objective of educating society about the potential of digital currencies and the contributions that can be offered from this area to generate positive changes to the ecosystem.

The launch of the project was announced on April 6, suggested by Paradigm and promoted by companies at the level of Coinbase. The intention is to promote the development of digital currencies with the support of leaders in the crypto industry and achieve “to unlock the transformative promise of crypto.”

Among the strategies proposed, many experts in the organization coincide in supporting governments and institutions around the world by informing them and encouraging them to create responsible policies related to cryptography.

The information will be disseminated through a curriculum consisting of workshops, studies and other activities in order to demonstrate the advantages of crypto and cryptocurrencies.

ITC aims to impact the global economy by helping regulators, legislators and individuals throughout the world. For this, agreements have been established with companies such as Coinbase, Square Inc or Fidelity Digital Assets.

K.Villarroel

Source: bitcoin

La entrada Crypto Council, the new project led by experts in cryptography apareció primero en Bitfinance.