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An Ontario Superior Court Judge has ruled with the Canadian Imperial Bank of Commerce in a dispute with Canada’s largest crypto exchange regarding frozen funds. A $19.6 million disputed sum between Canada’s largest crypto exchange QuadrigaCX and the Canadian Imperial Bank of Commerce (CIBC) has been handed into the custody of the Ontario Superior Court, per a court document filed Nov. 9. On Oct. 8, Canadian newspaper the Globe and Mail reported that Vancouver-based QuadrigaCX had been experiencing difficulties accessing $16.3 million of its funds since January, when CIBC froze five accounts belonging to the exchange’s payment processor, Costodian Inc., and its owner, Jose Reyes. The bank purportedly froze the accounts due to an inability to identify the funds’ owners. CIBC subsequently requested the court to withhold the disputed funds and decide whether they belong to QuadrigaCX, Costodian, or the 388 users who had deposited the funds. In response, QuadrigaCX told the court that the ..
UK university researchers find that private blockchains with a sufficient level of centralization could comply with recent EU privacy rules. Private blockchains, such as interbanking platforms set to share information on customers, could be compatible with new E.U. privacy rules, according to research published Nov. 6. The study was conducted by Queen Mary University of London and the University of Cambridge, U.K. The General Data Protection Regulation (GDPR) act, a recent legislation that regulates the storage of personal data for all individuals within the European Union, came into effect this May. According to the law, all data controllers have to respect citizens’ rights in terms of keeping and transferring their private information. In case a data controller fails to do so, the potential fines are set as €20 million (about $22 million) or four percent of global turnover/revenues, whichever is higher. The recent U.K. study, published in the Richmond Journal of Law and Technologies..
Hong Kong securities regulator wants to improve oversight of crypto entities as chair warns of “outright scandals and frauds.” Hong Kong's securities regulator issued a statement setting out guidelines for funds dealing with cryptocurrency Thursday, Nov. 1, saying it could move to formally regulate exchanges. In what it called “guidance on regulatory standards,” the autonomous Chinese territory’s Securities and Futures Commission (SFC) set in motion a series of steps that chief Ashley Alder hinted would culminate in a formal regulatory environment. Hong Kong differs significantly in its approach to cryptocurrency from mainland China, with cryptoasset exchange and related activities legal, though formal regulation is pending. “The market for virtual assets is still very young and trading rules may not be transparent and fair,” Bloomberg quoted Alder as saying during a fintech forum Thursday: “Outages are not uncommon as is market manipulation and abuse. And there are also, I am af..
Taiwan's financial regulator plans to outline official regulations for ICOs next year, reversing a hands-off policy adopted in 2017. Taiwan plans to release draft Initial Coin Offering (ICO) regulation by June 2019, local English-language daily news outlet Taipei Times reported Tuesday, Oct. 23. The publication quoted plans from Wellington Koo, chairman of Taiwanese finance regulator — the Financial Supervisory Commission (FSC) — who was speaking at a meeting of the Legislative Yuan Finance Committee. “The more we regulate, the more this new economic behavior wanes,” he told members of the meeting on Oct. 22. ICOs have created tension throughout international jurisdictions keen on avoiding consumer exposure to fraud. Locally, mainland China has banned the practice altogether, a move which has also been in force in South Korea since September of last year, but which may now see a reversal. Last October, however, Taiwan conversely opted not to directly regulate either cryptocurrenc..
Advertisement This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. Crypto-games are a real demand; in recent months, different games have surfaced using crypto in one way or another. However, despite the progressive growth, only a small number of them have adequately integrated the innovative mechanics of Ethereum or Bitcoin, powerful tools that offer a genuine decentralized experience. In essence, most of these games – with specific exceptions (i.e., Crypto Kitties) – could pass as ordinary. Even so, the flexibility of this technology proves that its elements could be integrated seamlessly into games without destroying what made them fun in the first place. That is why ..
Japanese self-regulatory group of crypto exchanges plans to limit the amount of crypto assets that can be stored by its members online. The self-regulatory Japan Virtual Currency Exchange Association (JVCEA) plans to stricten its customer asset management measures. The Japan Times outlet reported this news Sunday, September 30, citing “informed sources.” JVCEA is a self-regulatory group of some of the largest licensed exchange operators in Japan, established in April of this year. Now, the organization is reportedly planning to tighten its rules by establishing a limit on the amount of digital currencies that can be managed online by any exchange. According to The Japan Times’ sources, the limit will likely be set at around 10 to 20 percent of customer deposits. JVCEA is reportedly in the process of revising its rules, originally formulated in July, after which they will be presented for certification to Japan’s Financial Services Agency (FSA). Crypto exchanges normally store most of ..
A U.S. federal district judge has ruled that an allegedly fraudulent crypto token meets the definition of a commodity. A U.S. federal district judge has ruled that an allegedly fraudulent crypto token meets the definition of a commodity, bringing the case under regulators’ purview, Finance Feeds reports September 27. Judge Rya W. Zobel of the Massachusetts District Court ruled Sept. 25 against a motion to dismiss a case that had been launched by the Commodity Futures Trading Commission (CFTC) against an allegedly fraudulent crypto scheme known as “My Big Coin Pay Inc.,” reported to have been based in the state of Nevada. The CFTC had sued tech entrepreneur Randall Crater, and other relief defendants tied to his firm, for allegedly violating the Commodity Exchange Act (CEA) by manipulating investors to buy My Big Coin (MBC) via a series of misleading or false statements. A total of 28 investors are purported to have been defrauded of a collective $6 million, having been led to believe ..
This week, two U.S. regulators took action against non-compliant players This week, on the same day, two United States regulating bodies — the Financial Industry Regulatory Authority (FINRA) and its ruling organization the Securities and Exchange Commission (SEC) — reported filing objections against non-compliant crypto players who made some false statements regarding their businesses. While the SEC barely needs any introduction for those who follow the crypto industry, FINRA might seem unfamiliar. FINRA is a private, non-federal agency, although it is overseen by the SEC. It regulates one specific part of the securities industry in the U.S.: brokerage firms doing business with the public. What makes the news particularly interesting is that both agencies seemingly extended their purviews, as FINRA targeted a questionable crypto security and the SEC turned its attention to funds managing virtual currencies. And as the icing on the cake, a New York federal judge ruled that U.S. securit..
Mexican banks that provide crypto services and crypto exchanges must now apply for permits with the Bank of Mexico in order to legally carry out their operations. All crypto exchanges and banks providing crypto services in Mexico will now be obliged to receive a permit from the Bank of Mexico (Banxico), according to a September 10 circular published in the official daily of the Mexican government, the Diario Oficial de la Federacion. The letter called "General provisions on operations related to electronic payment funds" states that Banxico is responsible for issuing crypto-related permits. To get one, a company dealing in digital currencies must provide a detailed business plan complete with a description of their operations, the commissions they plan to charge, and the mechanism they will use to verify customer identity. Additionally, banks are not permitted to make cryptocurrencies available to users if their accounts were created on the same day. Financial entities are also oblige..