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Michigan’s campaign finance board has formally indicated that campaign donations made using cryptocurrency are not allowed in the state. In a November 8 letter addressed to Michigan state legislature candidate William Baker, who earlier made an inquiry on the issue before losing in the recent mid-term elections, the Michigan Department of State informed Baker that
The post No Coins for You! Michigan Bans Crypto Donations for Political Campaigns appeared first on CCN
Gab, a social networking service created as an alternative to Twitter, has reportedly been banned from using PayPal (PYPL) as a payment processor following the shooting that took place early Saturday morning at the Tree of Life synagogue in Pittsburgh, Pennsylvania, where 11 people were killed and at least 6 were injured. The suspect, now charged with 29 […]
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Nordea Bank, the largest financial group in the Nordic countries, which banned Bitcoin in January, has been caught in a major money laundering scandal for allegedly receiving dirty money from two banks in the Baltics. Yle, a state-owned publication in Finland with over 3,500 employees, reported that finance authorities in Sweden received a report with
The post Biggest Bank in Nordic Region Bans Bitcoin, Gets Caught for Money Laundering appeared first on CCN
Using cryptocurrency for political donations has been a hot topic in many societies. Two recent developments demonstrate different views on the matter. A Taiwanese politician who has accepted bitcoin from his supporters believes crypto donations can help keep his country’s political system clean and transparent. At the same time, the California campaign watchdog says cryptocurrency can raise questions about transparency and is hard to track.
Also read: Russian Law Won’t Mention ‘Cryptocurrency’, Russians Won’t Stop Trading
In an ongoing onslaught on the once-booming Chinese cryptocurrency industry, China’s Guangzhou Development District government has prohibited all physical venues from hosting digital currency-related promotions or events. Guangzhou Development District, which is one of China’s special economic zones, reportedly issued a circular to all local business on August 24 outlawing them from hosting any crypto-related activities. The new ban is meant to help “maintain the security and stability of the financial system,” the circular read.
The Guangzhou Development District, a special economic zone in southern China with a close proximity to Hong Kong, has reportedly banned all promotional events related to cryptocurrency as the country’s crypto crackdown continues. One of China’s earliest special economic zones installed to encourage and foster businesses with less-restrictive laws, the Guangzhou Development District issued a
The post China Crackdown: After Beijing, Guangzhou Hub Bans Cryptocurrency Events appeared first on CCN
A New York judge has issued a court order permanently banning a New York-based crypto promoter whose firm was accused of defrauding investors and failing to deliver on its promises. In his ruling, Judge Jack Weinstein stated that the crypto firm, CabbageTech Corp., had defrauded investors using false statements, and ordered its operator, Patrick McDonnell, to pay more than $ 1 million in restitution and penalties. The ruling brings to an end a process that kicked off in January when the U.S. Commodities and Futures Trading Commission charged McDonnell with fraud and misappropriation of funds.
In the Google’s latest move against virtual currencies, cryptocurrency mining apps have been banned from the Google Play Store. Despite the ban, Google has indicated that it will continue to permit mining apps that mine for cryptocurrency from outside of a device, such as cloud-based mining.
Also Read: Exchanges Round-Up: CME Volume Doubles Q2, Lawyer Predicts SEC Delays ETF Until March
Google has updated the developer policies for its Play Store to prohibit several categories of apps, targeting cryptocurrency mining applications and alongside many others.
One of Australia’s oldest financial institutions, Bank of Queensland, has prohibited the use of home equity loans for virtual currency speculation. The move has been attributed to concerns pertaining to the growing regulatory oversight of the cryptocurrency sector in Australia.
Also Read: Tether Announces Appointment of New Chief Compliance Officer
Bank of Queensland has banned its customers from using loans that are leveraged against home equity for the purposes of cryptocurrency speculation due to concerns pertaining to the increasing regulatory oversight of cryptocurrency activities in Australia.
Russian security services ordered Telegram to hand over access to encrypted user messages, but the messaging application (app) refused. Founder Pavel Durov didn’t bother to send lawyers to Moscow’s Tagansky court, and the court dutifully ruled against his company, taking less than 20 minutes in decreeing an immediate ban.
Also read: CBS’s NCIS Los Angeles Weaves Stolen Bitcoin Into Script, LL Cool J Is on the Case
In what amounts to a major clampdown down on bitcoin and other cryptocurrencies, the Reserve Bank of India (RBI) announced in a press release today, April 5, 2018, that it is banning banks and regulated financial entities from dealing with digital currencies.
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies],” India’s central bank said.
The Reserve Bank of India (RBI) has officially ordered all regulated entities to refrain from providing services to any and all businesses involved in the dealing of digital currencies — including, of course, Bitcoin.
The announcement comes via an official press release issued by The Reserve Bank of India (RBI).
Unsurprisingly, the RBI positions itself as merely looking out for consumers’ interests, while also citing the frequently used claims that cryptocurrencies are simply tools for criminals and those looking to undermine market integrity.
Twitter is a fast player. Less than two weeks ago, the social media giant announced it was developing new policies which would lead to the eventual ban of cryptocurrency and ICO-related advertisements on its platform. Bitcoin enthusiasts everywhere likely figured they had a little time to spare, as the changes weren’t expected to take effect until sometime in April at the earliest.
In addition, it was reported that Twitter would also be banning ads for cryptocurrency exchanges, though there would allegedly be exceptions to the rule.
Following in the footsteps of Facebook, Google has announced it will ban cryptocurrency and initial coin offering (ICO) promotional material from its ad platform.
Alphabet Inc.’s Google explained the new policy will go into effect in June of this year, affecting its search engine, advertisements on YouTube, and and its display-ads network.
Google’s crackdown is intended mainly to “prevent consumer harm” and follows Facebook, which adopted a similar policy in late January.
Google’s announcement reads:
Angel investor and Founder of Chinese app Meitu, Cai Wensheng, has published criticisms of the central government’s expanding regulatory crackdown on cryptocurrencies via Wechat. Mr. Wensheng warns that heavy-handed regulatory policies may squander the opportunity for China to maintain a significant presence in the burgeoning global cryptocurrency sector, in addition to arguing that many of the challenges faced by cryptocurrencies are indicative of the typical “development process” experienced by emerging monetary forms.
Also Read: Cryptocurrency Exchange Poloniex Has Been Bought by Circle
Bitcoin was originally created to free people’s money from the control and censorship of regulators, banks and governments. Companies in the ecosystem are supposed to be infused with this ethos, but as they strive to become more mainstream some, like Bitpay apparently, adopt the more prevailing standards in the business world.
Also Read: Nasdaq-Listed “Blockchain” Companies Hit With New Legal Troubles
Bitpay, the digital asset service provider based in Atlanta, Georgia, updated its Terms of Use agreement on February 2. The binding contract states that the use of the company’s services is subject to several important restrictions, including the sale of explicit sexual content.
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