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FCA Urges UK Banks to Adopt Robust Security Measures Against ‘Risky’ Cryptocurrency Business

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The Financial Conduct Authority (FCA), U.K.’s top financial watchdog, has advised banks to adopt appropriate measures to minimize the risks and exposure inherent in the cryptocurrency business. This advice was contained in a recent letter sent by the FCA to the CEOs of local U.K. banks.

Robust KYC Protocols

The FCA encouraged banks to be more thorough in their know-your-customer (KYC) activities. The financial monitoring agency urged banks to be especially watchful of clients who earn considerable revenue from the market, saying:  Read more...

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The Daily: Swiss Vote on “Sovereign Money”, Russian Banker Against Crypto Ban

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Bitcoin in Brief Saturday: Switzerland Votes on “Sovereign Money” Referendum, Russian Banker Warns Against Crypto Ban

Swiss voters will decide this Sunday whether to turn back on fractional-reserve banking and support a “sovereign money” concept for the nation’s finances. Proponents of the initiative prescribe deeper centralization to remedy the shortcomings of the traditional financial system – a vision quite different from the decentralization that came with cryptocurrencies like bitcoin, following the 2008 global financial crisis. In today’s Bitcoin in Brief, we also cover a statement by a prominent Russian banker who warns that tight crypto regulations would hamper the development of blockchain technologies.

Also read: Bitcoin in Brief Friday: Bitpanda Offers New Coins, Microsoft Dips Data Center in the Sea  Read more...

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Lawsuit Brewing Against Crypto Exchanges in Japan Over Withheld Forked Coins

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Lawsuit Brewing Against Crypto Exchanges in Japan Over Withheld Forked Coins

A class action lawsuit is being prepared by a group of lawyers in Japan over forked coins that cryptocurrency exchanges are not granting to their customers. Citing that these coins belong to the customers, the group seeks to change the business practices of crypto exchanges and obtain the forked coins for the plaintiffs.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Class Action Lawsuit Over Forked Coins

A group of lawyers is preparing a class action lawsuit against the majority of crypto exchanges in Japan for withholding customers’ forked cryptocurrencies. They have formed a litigation counsel seeking to represent crypto holders nationwide in obtaining their forked cryptocurrencies from exchanges. The group announced on Thursday, May 31:  Read more...

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Golix Exchange Files Lawsuit Against Reserve Bank of Zimbabwe’s Cryptocurrency Ban

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Golix Exchange Files Lawsuit Against Reserve Bank of Zimbabwe's Cryptocurrency Ban

On May 13 2018, the Reserve Bank Of Zimbabwe (RBZ) issued guidelines in a circular that detailed cryptocurrency activities taking place within the country are now banned. The RBZ further stated that domestic digital currency operations had sixty days to become compliant. Local reports now reveal the Zimbabwe-based cryptocurrency exchange Golix plans to take the central bank to court for banning digital assets, as the firm emphasizes that the RBZ has no authority to ban cryptocurrencies across the country.

Also read: How Bitcoin Cash Can Avoid the Same Mistakes as Bitcoin Core, Part 4 of 4  Read more...

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Supreme Court of India Strikes Out Injunction Against RBI Crypto Ban

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The Indian Supreme Court has struck out an interim injunction against the crypto ban of the Reserve Bank of India (RBI). The RBI banned banks and other financial institutions from facilitating cryptocurrency trades in the country. In response, a coalition of petitioners, comprised of four crypto exchange platforms and other startups, have gone to court, challenging the RBI’s directive.

Legal Battle Is Far from Over

The decision by the Supreme Court is the not the end of the matter as the case will be heard on May 17th. According to Crypto Kanoon, the court’s only decision was to decline the interim injunction request. Crypto Kanoon is an Indian legal platform that focuses on the cryptocurrency market.  Read more...

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Richard Branson Speaks Out Against Fake Bitcoin Stories and Scams

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Richard Branson Speaks Out Against Fake Bitcoin Stories and Scams

British entrepreneur Richard Branson has spoken out over the “worrying” spread of bitcoin scam stories and ads. Some of the most common are false endorsements and fake binary trading schemes, he warns. Advising everyone to remain vigilant, Branson suggests that users should report fake stories to the platforms which have published them. 

Also read: Facebook to Be Sued for Defamation Related to Scammy Crypto Ads  Read more...

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Chilean Cryptocurrency Exchanges Win Battle Against Banks

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Good news arrives for cryptocurrency exchanges in Chile as the country’s appeals court has ordered the re-opening of their unexpectedly-closed bank accounts.

A Small but Significant Victory

Earlier this month, Bitcoinist reported that Chilean cryptocurrency exchanges Buda, Orionx, and CryptoMarket filed appeals to one of the country’s appeals court following the unexpected closure of their bank accounts from Itau Corpbanca, Bank of Nova Scotia, and state-owned Banco del Estado de Chile.

Chile court sides with crypto exchanges

Guillermo Torrealba, Buda’s co-founder and chief executive officer, had explained to Bloomberg:  Read more...

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Binance’s Founder Squares Off Against Sequoia Capital in Legal Dispute

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We might get a rare chance to take a glimpse behind the curtains as a legal dispute shapes up between Zhao Changpeng, the founder of Binance, and a unit of Sequoia Capital. The parties are arguing over a funding deal which has supposedly gone awry.

 

Founded less than 10 months ago, Binance has grown to become the world’s largest cryptocurrency exchange by measure of its 24-hour trade volume. The platform’s meteoric rise has become the crown jewel story of crypto-related growth over the past year.  Read more...

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More Communities Join the Legal Action against Crypto Ads Ban

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More Communities Join the Legal Action against Crypto Ads Ban

Cryptocurrency associations and businesses from Switzerland, Kazakhstan and Armenia have joined the initiative to sue Internet corporations over restrictions on crypto-related advertisements. The class action lawsuit will be filed in New York. Legal costs will be covered with funds raised through donations to a wallet registered in Estonia.  

Also read: Twitter Confirms Restrictions on ICOs and Cryptocurrency Token Sale Ads

Lawsuit to Be Filed In May

Organizations uniting cryptocurrency investors and blockchain companies from three more countries have supported the class action against internet giants banning crypto ads. The move was initiated by Russian, Chinese and South Korean crypto associations, as news.Bitcoin.com reported. During a conference in Moscow last month, they founded a new organization called the Eurasian Blockchain Association (EBA). EBA is tasked with asserting their interests on an international level.  Read more...

This is a preview of More Communities Join the Legal Action against Crypto Ads Ban. Click Here To Read the full post

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