Tagged: bitcoin

General

27 Feb, 2024

TradeStation Settles Securities Violations Stemming From its Crypto Yield Product

On February 7, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced charges and a related cease-and-desist order (the “Order”) against TradeStation Crypto, Inc. (“TradeStation”) for failing to register the offer and sale of its crypto-lending product.  In order to settle these charges, TradeStation agreed to pay a $1.5 million penalty.  As part of the agreement, TradeStation did not admit or deny the findings.  TradeStation’s...

General

13 Jun, 2023

The SEC Sues Cryptocurrency Exchange Binance Alleging Sweeping Securities Violations

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for a post detailing the SEC’s recent suit against Binance. Matt can be contacted at [email protected]. In a complaint filed June 5, 2023, the U.S. Securities and Exchange Commission (“SEC”) is suing the world’s largest cryptocurrency exchange – Binance Holdings Ltd. (“Binance”), BAM Trading Services Inc. (“BAM Trading”), BAM Management US Holdings Inc. (“BAM Management”), Binance’s...

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General

15 Sep, 2021

Cryptocurrency and the Unbanked: How the Blockchain Can Benefit the Impoverished

I recently came across a paper prepared by students from Columbia’s School of International and Public Affairs that delves into the benefits that cryptocurrency and the blockchain can provide to the world’s unbanked.  Specifically, the paper discusses how cryptocurrencies can help with “reaching and benefitting the unbanked/underbanked people, who do not make use of traditional financial services, including banks.”  Gemini Trust Company, LLC, one of...

General

22 Jun, 2021

The Justice Department Strikes Back and Recovers Ransom Paid by Colonial Pipeline

You just can’t make this stuff up – the Justice Department, displaying its growing sophistication of the cyber world, announced it recovered most of the ransom paid to criminal hackers of Colonial Pipeline Co. (Colonial).  As you will recall, Colonial’s pipeline had been the victim of a cyberattack resulting in a shutdown of a critical supplier of gasoline, diesel and jet fuel.  Colonial paid the ransomware...

General

16 Mar, 2021

CFTC Opens Inquiry into Binance, One of the World’s Largest Cryptocurrency Exchanges

Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for a post looking into the CFTC’s recent inquiry into Binance. Matt can be contacted at [email protected]. On Friday March 12, Bloomberg News reported that the Commodity Futures Trading Commission (“CFTC”) has opened an inquiry into Binance Holdings Ltd. (“Binance”) to investigate allegations that the exchange allowed US citizens to trade in cryptocurrency derivatives,...

Podcasts

14 Feb, 2021

Episode 181 — Cryptocurrency Review: Matt Stankiewicz Discusses the SEC’s Case against Ripple, Predictions under the Biden Administration, and Bitcoin’s Corporate Surge

Matt Stankiewicz, Managing Counsel, The Volkov Law Group, and Michael Volkov discuss the latest events and trends within the cryptocurrency industry. Several major enforcement actions have hit the news recently, such as the CFTC’s case against BitMEX and the SEC’s high-profile action against Ripple and its XRP cryptocurrency.  We also discuss potential regulatory movement under the Biden Administration and what may be coming in the...

General

17 Dec, 2020

BitMEX Trading Exchange Earns Criminal and Civil Prosecution for AML Violations

We all have been following the rapid growth of cryptocurrency and the creation of lucrative trading platforms.  Cryptocurrency has earned the scrutiny of regulators and criminal prosecutors – not for run-of-the-mill fraud schemes, but for compliance with applicable anti-money laundering laws and regulations. Late in 2020, the Justice Department and the Commodities Futures Trade Commission (“CFTC”) slammed BitMEx and its principals with a coordinated criminal...

General

4 Jul, 2018

Drawing Legal Lines in Cryptocurrency Regulation: The Importance of Decentralization

The cryptocurrency market is exciting to watch.  Based on the revolutionary blockchain distributed ledger system, cryptocurrencies have exploded on the marketplace.  As with any new “gold rush” to hit a market, cryptocurrency has attracted scammers and common fraudsters, as well as sophisticated hackers who attack the cryptocurrency markets to steal valuable coins or other tokens. For the law-abiding investors and exchange operators, the CFTC, SEC...

Podcasts

8 Apr, 2018

Episode 33 — Bitcoin, Cryptocurrencies and Compliance — Interview of Matt Stankiewicz

Cryptocurrencies, including Bitcoin, are exploding on the marketplace.  Cryptocurrencies are promising huge technological advances in our economy by relying on the new blockchain technology. Initial coin offerings raised $7 billion in capital last year, and this year ICOs are expected to raise over $20 billion in capital. Bitcoin and other established cryptocurrencies have increased in value.  Bitcoin reached a high of nearly $20,000 and is now trading just...

General

28 Mar, 2018

Who’s on First, What’s on Second – Who is Regulating ICOs, Cryptocurrencies and Exchange Platforms?

Abbott and Costello’s famous routine — Who’s on First, What’s on Second — puts cryptocurrency regulation and enforcement risks in perspective.  Here is the classic comedy routine. When new technologies appear on the scene, Washington regulation is sure to follow.  The exact configuration can take years to sort out, especially when it comes to financial products, given the labyrinth of regulatory bodies seeking to lay...

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