US Chamber of Digital Commerce Backs Binance in Fight Against SEC's Crypto Regulations
The US Chamber of Digital Commerce has filed an amicus brief in support of Binance in its legal battle against the US Securities and Exchange Commission (SEC). The group argues that the SEC's actions are driving crypto startups offshore and stifling financial innovation. They also claim that the SEC has mislabelled many crypto tokens as unregistered securities and failed to recognise the distinction between the subject of an investment-contract security and the investment contract itself. The SEC has recently levied enforcement actions against several digital asset companies, including Binance, Coinbase, and Kraken.
Hong Kong's Securities and Futures Commission to Update Virtual Currency Sales Policies and Requirements
The Securities and Futures Commission (SFC) of Hong Kong will be updating its policies on virtual currency sales and requirements due to recent market developments and industry inquiries. The updated guidelines will limit certain virtual currency products to professional investors and require intermediaries to assess their clients' knowledge of investing in virtual assets before handling transactions. The SFC considers virtual assets to be complex products and subject to the same guidelines as similar financial products. The update comes after the JPEX crypto exchange scandal, and the SFC's increased efforts to keep crypto investors informed of risks.
Billionaire and Top Silicon Valley Investor Peter Thiel Is Suspected of Becoming an FBI Informant As Early as 2021
According to Business Insider on October 20th, 2021, billionaire and top Silicon Valley investor Peter Thiel began providing information to Jonathan Buma under the identity of "confidential human source" (CHS). Jonathan Buma is a federal agent stationed in Los Angeles who specializes in investigating political corruption and foreign influence activities.
Thiel's long-time partner Charles Johnson stated that he introduced Thiel to Buma and helped recruit the billionaire as an FBI informant.
Two Brokerage Platforms Related to Tencent and Xiaomi Are Queuing Up to Apply for Hong Kong Virtual Asset Trading Licenses
Hong Kong media FX168 Finance and Economics reported that the cryptocurrency platforms Yax and PantherTrade are queuing up to apply for a Hong Kong retail trading license. They have previously helped domestic clients invest in offshore assets such as US stocks, and multiple sources say these two companies have connections with Tencent and Xiaomi. According to Nikkei Asia, Yax is a platform incubated by Tiger Brokers employees, and PantherTrade has a connection with Futu, supported by Chinese technology giant Tencent. Tiger Brokers has received support from smartphone manufacturer Xiaomi.
Bitfinex Securities Receives Regulatory Approval to Open to More Investors
Bitfinex Securities has received regulatory approval to expand our definition of qualified investors to include individuals who are eligible to be professional investors. This means that anyone with a total investable asset of $100,000 (in fiat currency and cryptocurrency balances) and investment and work experience is now eligible to become a qualified investor.
Former FTX General Counsel Resigned From the Company After Discovering Huge Hole in Balance Sheet
October 20th, former FTX general counsel Can Sun testified in the SBF criminal trial, stating that in November 2022, asset management company Apollo Global Management expressed interest in investing in FTX and requested a copy of the financial statements. When the copies were made, Can Sun discovered a $7 billion gap in FTX's balance sheet related to Alameda. Can Sun resigned from the company afterwards. Can Sun previously worked as a lawyer at Fenwick and West and joined FTX in August 2021.
One User Lost $137,000 Worth of ETH and Azuki Due to Phishing
About 2 hours ago, a victim lost $137,000 worth of ETH and Azuki due to cryptocurrency phishing. He signed a malicious phishing signature based on the fuzzy protocol on the Web3 anti-fraud platform Scam Sniffer.
Binance Onboards New Fiat Service Providers for Euro Payments
Binance has announced new fiat service providers for euro payments, deposits and withdrawals in Europe. The company has signed agreements with regulated and authorized partners to provide services including EUR deposits and withdrawals via the Single Euro Payments Area (SEPA) network, EUR spot trading pairs and buying and selling digital assets via SEPA, bank cards or fiat balances. This announcement follows the halt of euro services by Paysafe, Binance's former service provider, in September. The new service providers were not named in the announcement and Binance spokespersons have not yet commented.
Chainalysis: Reports of Terrorist Use of Cryptocurrency May Be Overstating Metrics
Chainalysis, a crypto analytics firm, has received many questions about the use of cryptocurrency by terrorist groups following the recent Hamas attack in Israel. However, the firm believes that some reports may be overstating the use of cryptocurrency by terrorists and using flawed analyses.
Coinbase Takes Action to Prevent Crypto Links to Terrorist Organizations Amid Israel-Hamas Conflict
Coinbase has announced its efforts to prevent the use of cryptocurrencies by terrorist organizations such as Hamas. The company has a strong compliance program that includes KYC checks, sanctions screening, and suspicious activity reporting. Coinbase also uses blockchain analytics technology to trace and prevent terrorist financing. However, the recent use of cryptocurrency by Hamas militants to fund attacks on Israel may pose challenges to Coinbase's lobbying efforts in the US.
