Tagged: cryptocurrency

OFAC Focuses on Cybercrime by Sanctioning the Hydra Darknet Market and GARANTEX Cryptocurrency Exchange

Matt Stankiewicz, Partner at The Volkov Law Group, joins us to discuss OFAC’s recent sanctions relating to cybercrime, darknets, and cryptocurrency. Matt can be reached at [email protected] Continuing with both its crackdown on cybercriminals and illicit digital marketplaces, along with its continued economic pressure on the Russian Federation, OFAC has sanctioned two entities that fit both criteria.  On April 5, 2022, the U.S. Treasury Department’s...

Jessica Sanderson Participates in Women in Compliance Event

Last week, our Partner Jessica Sanderson joined a panel of outstanding women in compliance for a fireside chat hosted by ClauseMatch in honor of International Women’s Day. The group discussed current topics including crypto regulations and risk mitigation, how to maintain adequate supervision in a remote world, how to ensure the compliance function can scale with your business, how technology and AI can support a compliance program, how...

black and red caliper on gold colored bitcoin

What to Know About the DOJ’s National Cryptocurrency Enforcement Team

Matt Stankiewicz, Partner at The Volkov Law Group, rejoins us to discuss the DOJ’s cryptocurrency enforcement efforts.  He can be reached at [email protected] In early October, U.S. Department of Justice (“DOJ”) Deputy Attorney General Lisa Monaco announced the creation of the National Cryptocurrency Enforcement Team (“NCET”).  The NCET will handle the Department’s investigations and enforcement actions relating to cryptocurrency and virtual assets, which has seen...

various cryptocurrency on table

Takeaways from OFAC’s Sanctions Compliance Guidance for Virtual Assets and Cryptocurrency

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for a post on sanctions compliance in the cryptocurrency industry. Matt can be contacted at [email protected] In early October, OFAC released a guidance brochure on sanctions compliance, specifically tailored for the cryptocurrency and virtual assets industry.  For seasoned compliance veterans, it ends up reading like a refresher course for sanctions compliance.  While the guidance was...

A Compliance Crisis at NFT Marketplace OpenSea – Transparency on the Blockchain

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for a post on the recent scandal at OpenSea, the cryptocurrency industry’s preeminent NFT marketplace. Matt can be contacted at [email protected] The crypto industry is abuzz with a recent scandal involving OpenSea, the largest NFT marketplace in the industry (for those not in the know, NFT stands for non-fungible token, and the most common use...

round silver and gold coins

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...

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,...

The New York Attorney General’s Office Reaches Settlement with Bitfinex and Tether

Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for updates on the NYAG’s case against Bitfinex and Tether. Matt can be contacted at [email protected] In late February, the New York Attorney General’s office (“NYAG”) settled with Bitfinex and Tether stemming from charges relating to financial mismanagement.  The NYAG alleged that Bitfinex and Tether attempted to cover up the loss of approximately $850...

XRP

Ripple and SEC Joint Letter Indicates Sides Far Apart in Settlement Talks

Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for continued updates regarding the SEC enforcement action against Ripple. Matt can be reached at [email protected] On Monday, Ripple Labs, Inc.; Brad Garlinghouse, CEO; Christian Larsen, board chairman; and the U.S. Securities and Exchange Commission (“SEC”) filed a joint letter with Judge Analisa Torres in the Southern District of New York.  While this letter...

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...