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Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

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Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

In a landmark judgment, the Supreme Court of Chile has ruled that state-owned Bancoestado was justified in closing the accounts of cryptocurrency exchange Orionx without explanation. The judges ruled that the bank acted in compliance with laws on money laundering and terrorist financing, a threat allegedly posed by censorship-resistant, decentralized cryptocurrencies.

Also read: Finma: Crypto Startups Can Handle up to $ 100M Deposits in Switzerland

Cryptocurrencies Lack ‘Intrinsic Value’

Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

Cryptocurrencies such as bitcoin are not legally recognized in Chile, but they are not banned, either. Nonetheless, the ruling has significant implications for relations between banks and crypto exchanges. Commercial banks can now shut down exchange accounts without notice, while pointing to laws on money laundering and terrorist financing.  Read more...

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Monumental: Federal Court Rules Case in Favor of Crypto ICO Against SEC

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Last week, the U.S. federal court ruled a case between the U.S. Securities and Exchange Commission (SEC) and a crypto initial coin offering (ICO) project called Blockvest in favor of the ICO project. Marco Santori, the president and chief legal officer at Blockchain, said: “The SEC brought an enforcement action against a company called Blockvest,

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Central Bank of Azerbaijan Rules Out Issuing Cryptocurrency

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The Central Bank of Azerbaijan (CBA) has indicated that it does not intend to issue a state-backed cryptocurrency, also known as a central bank digital currency (CBDC). Speaking to reporters in Baku on November 15, CBA first Chairman Alim Guliyev stated that the Bank treats cryptocurrencies conservatively, based on a belief that the use of

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Isle of Man Updates Registration Rules for Cryptocurrency Businesses

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Isle of Man Updates Registration Rules for Cryptocurrency Businesses

The financial regulator of the Isle of Man recently introduced changes to its policy governing the registration of companies in the cryptocurrency industry. The British Crown dependency in the Irish Sea is also tightening rules applicable to projects that conduct initial coin offerings (ICOs).

Also read: Vietnam at Crossroads on Cryptocurrency Regulations

Financial Authority Adopts Stricter Requirements

Cryptocurrency companies filing for registration under the the self-governing territory’s Designated Businesses Act 2015 will be required to meet two new criteria. The updated policy states that companies must have at least two directors who are residents of the island. In addition, registered entities must be managed and controlled from the Isle of Man.  Read more...

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South Korean Court Rules Bank’s Action to End Banking Services to Crypto Exchange Illegal

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A court in South Korea has ruled that the decision by a commercial bank to stop offering banking services to a cryptocurrency exchange was unlawful and must therefore be rescinded. According to the Central District Court’s 50th Civil Affairs Division, the move by South Korean commercial bank Nonghyup to cease offering deposit and withdrawal services

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Korean Court Rules in Favor of Cryptocurrency Exchange Against Bank

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A South Korean district court has ruled that Nonghyup Bank, a major bank in the country, cannot block transactions to the account of cryptocurrency exchange Coinis based solely on the government’s anti-money laundering guidelines. This is reportedly the first time a Korean crypto exchange has taken legal action against a bank for blocking its transactions.

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

Court Sided With Crypto Exchange

Korean Court Rules in Favor of Cryptocurrency Exchange Against BankThe 50th Civil Affairs Division of the Seoul Central District Court has ruled in favor of cryptocurrency exchange Coinis against Nonghyup Bank, local media reported.  Read more...

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Chinese Civil Court Rules Bitcoin as Legally Protected Property

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A case involving almost half a million dollars in cryptocurrency led to an important new precedent in China. A high Chinese court, the Court of International Arbitration, ruled that Bitcoin and other cryptocurrencies are valuable personal property and are therefore protected under existing Chinese law. The court also stated that there is no law on

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SEC’s New Fintech Hub Helps Blockchain Startups Navigate ICO Rules

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The U.S. Securities and Exchange Commission (SEC) announced today the launch of a “New Strategic Hub for Innovation and Financial Technology.” In a surprising move, the project — dubbed “FinHub” — allows blockchain innovators and initial coin offering (ICO) operators, among other fintech stakeholders, to speak with the SEC directly on rules and market integrity. As the

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Norway Establishes New Rules for Crypto Service Providers

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Norway Establishes New Rules for Crypto Service Providers

The Financial Supervisory Authority of Norway is enforcing new money laundering regulations that apply to crypto exchange and storage providers in the country. The law will go into effect on Oct. 15 and will affect companies established in Norway including branches of overseas companies.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

New Rules Effective Oct. 15

Finanstilsynet, the Financial Supervisory Authority (FSA) of Norway, announced Thursday that the country’s Ministry of Finance has established new money laundering regulations which apply to “Norwegian providers of virtual currency exchange and storage services.”  Read more...

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Brave CEO Tells Senate that U.S. Needs GDPR-Style Data Privacy Rules

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The chief executive of cryptocurrency-funded web browser Brave has penned a letter to the U.S. Senate calling for legislators to adopt data privacy regulations comparable to those recently implemented in Europe. Brave CEO Calls for a U.S. GDPR Writing in the letter dated Sept. 28 and addressed to the U.S. Senate Committee on Commerce, Science,

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Federal Judge Rules Cryptocurrency MBC Is a Commodity

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Federal Judge Rules Cryptocurrency MBC Is a Commodity

In a landmark case for the cryptocurrency industry, a federal judge has ruled that a cryptocurrency caught in the midst of a lawsuit is a commodity, court documents reveal.

U.S. District Judge for Massachusetts Rya Zobel has decided that the suit’s prosecuting party — the Commodity Futures Trading Commission (CFTC) — can proceed with its case against My Big Coin Pay Inc. as its cryptocurrency My Big Coin (MBC) does not fall into the category of a security.  Read more...

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Experts Warn SEC And Congress: Bad Rules Will Harm Bitcoin Investors

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Experts Warn SEC And Congress: Bad Rules Will Harm Bitcoin Investors

Governments are known to pass bad regulations that harm industries as well as implement rules that often lead to unforeseen, negative results — consequences that significantly deviate from the new rule’s original intent. And that’s a major reason why software engineers developed Bitcoin (BTC) and other trustless mediums of exchange in the first place: to make snooping intermediaries obsolete when it comes to blockchain-powered transactions. A group of Bitcoin and finance experts this week warned the U.S.

Continue reading Experts Warn SEC And Congress: Bad Rules Will Harm Bitcoin Investors at Crypto Daily™.

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Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules

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Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules

Since its implosion back in 2014, the Mt. Gox exchange hacks continue to loom large within the cryptocurrency ecosystem. The U.S. District Court for the Eastern District of Pennsylvania determined recently it does not have jurisdiction in a case involving Gox victims and a bank closely associated, in effect condemning victims to redress their grievances at the scene of the crime, Tokyo, Japan.

Also read: Philippines Okays PDAX Crypto Exchange  Read more...

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US Judge Rules ICOs Covered By Federal Securities Laws

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US Judge Rules ICOs Covered By Federal Securities Laws

On Tuesday, U.S. District Judge Raymond Dearie in Brooklyn, New York said that U.S. federal securities laws may cover initial coin offerings (ICOs), per Bloomberg report. This week’s ruling enhances the regulatory framework that governs cryptocurrencies by leveraging existing rules that already regulate the U.S. stock market.

The New York case involves a Brooklyn businessman, Maksim Zaslavskiy, who promoted digital currencies that he claimed were backed by investments in real estate and diamonds.

Continue reading US Judge Rules ICOs Covered By Federal Securities Laws at Crypto Daily™.

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U.S. Federal Judge Rules Two ICOs Fall Under Securities Laws

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Initial coin offerings (ICOs) may soon come under added pressure from government regulators in the United States following a recent ruling that classified two fraudulent ICOs as security sales. According to a breaking report by Bloomberg, U.S. District Judge Raymond Dearie in Brooklyn, New York, ruled that two ICOs conducted by Brooklyn resident Maksim Zaslavskiy would be classified as […]
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U.S. Judge Rules That ICOs are Covered by Securities Laws

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A U.S. District Judge in Brooklyn has delivered a landmark judgement with far-reaching implications for the initial coin offering (ICO) market. Judge Raymond Dearie of the U.S. District Court Eastern District of New York today ruled that U.S. securities laws cover ICO token sales. The ruling came in a case against a fraudulent ICO promoter

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Blockchain Records Will now be Accepted as Legal Evidence, China’s Supreme Court Rules

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Internet courts in China will henceforth deem evidence authenticated using blockchain technology as being legally binding. This follows the publication of new rules by the Supreme People’s Court of China which state that blockchain records will now be admissible in court. According to the South China Morning Post, internet courts which have been set up

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The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto

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The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto

A Brussels-based think tank has urged the European Union to adopt common crypto regulations. Its report will be reviewed during this week’s meeting of the EU finance ministers in Vienna. Also in The Daily, the Eurasian Economic Union may adopt a single settlement currency, possibly a crypto, Samsung Pay offers a tokenized money transfer service in Russia, and Transfergo launches remittance payments to India using DLT technology.

Also read: Luxury Car Dealership Accepts Bitcoin, Basketballers to Earn Crypto  Read more...

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Australian Watchdog Will Monitor Crypto Exchanges, ICOs Under Market Rules

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Australia’s primary securities regulator is focusing efforts to keep a close eye on the cryptocurrency sector, including ICOs, as part its corporate action plan for 2018-19. Having stressed in April that it would keep an “open mind” to cryptocurrencies and initial coin offerings (ICOs) domestically, the Australian Securities and Investments Commission (ASIC) pinned harmful threats … Continued

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N.Y. Judge Rules in Favor of CFTC, Permanently Bans Crypto Startup

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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.  Read more...

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