Cryptocurrency exchanges in Australia are taking preventative measures to protect their users from scams. At a panel of the fintech conference Intersekt 2023 in Melbourne, executives from major Australian crypto firms discussed the issue of scams and fraud in crypto. The firms have implemented automated and manual Anti-Money Laundering (AML) checks, investigations, education and communication […]
The United States District Court for the Southern District of New York has dismissed a class action lawsuit against Uniswap, its CEO, and its venture capital backers. The suit was brought by six individuals who bought what they alleged were scam tokens on Uniswap between December 2020 and March 2022. The plaintiffs claimed they lost […]
The Southern District Court of New York (SDNY) recently dismissed a class action lawsuit against Uniswap, the leading decentralized exchange. The lawsuit was filed by an investor from North Carolina who claimed that Uniswap had sold unregistered securities and failed to register as an exchange or broker-dealer. The investor had lost around $10,000 after buying […]
A U.S. District judge has dismissed a class action lawsuit against Uniswap Labs and its backers for allegedly abetting token scams. The judge concluded that current law does not provide a legal avenue for enforcing financial liability.The lawsuit was filed by a group of investors who claimed that Uniswap Labs and its backers had aided […]
The Ad Hoc Group of Genesis Global Capital (GGC) lenders have responded to a public bankruptcy plan update, calling the reached in-principle agreement “wholly insufficient”. The agreement was reached between the Digital Currency Group (DCG) and the unsecured creditors (UCC) and debtors, proposing USD equivalent recoveries of 70%–90%. The Ad Hoc Group argued that the […]
Tether, the issuer of the popular stablecoin USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas, to its platform to process dollar transfers. It is unclear when the banking relationship between Tether and Britannia Bank began, but other reported banking partners include Deltec Bank and Capital Union Bank.The move […]
Binance, the world’s largest cryptocurrency exchange, has devised a strategy to retain its Belgian market following a suspension order by Belgium’s financial market regulator in June. The exchange has redirected all its Belgian users to its Polish branch, which is a registered virtual assets service provider (VASP) in the European Economic Area (EEA). Customers may […]
The United States Securities and Exchange Commission (SEC) recently charged entertainment company Impact Theory for allegedly conducting the sales of unregistered securities in the form of nonfungible tokens (NFTs) called “Founder’s Keys”. The SEC believes that the NFTs were investment contracts and qualified as securities, and that the company violated the Securities Act of 1933 […]
Ripple Labs is celebrating a major victory against the Securities and Exchange Commission (SEC) in New York City on September 29, 2023. CEO Brad Garlinghouse expressed his excitement for the upcoming event and reflected on the difficult legal journey the company has gone through. Judge Analisa Torres ruled in favor of Ripple, stating that the […]
The United States Securities and Exchange Commission (SEC) has brought its first enforcement action against a player in the non-fungible token (NFT) space. The regulator charged Impact Theory, a Los Angeles-based media and entertainment company, with conducting an unregistered securities offering.Impact Theory sold approximately $30 million of NFTs, claiming that purchasing a Founder’s Key equated […]
