SEC Fines Operator of Two Cryptocurrency Exchanges That Shut Down in 2013
Reuters reported Monday that Ethan Burnside, owner of BTC Trading Corp., was fined more than US$68,000 by the US Securities Exchange Commission as part of an agreement “to resolve claims that he did not register the exchanges.” BTC Trading Corp. was the parent company that operated the sites BTC-TC and LTC-GLOBAL, which were in operation from August 2012 through October 2013, Coindesk reports. “Burnside operated two online enterprises that weren’t properly registered to engage in the securities business they were conducting,” said Andrew M. Calamari, director of the SEC’s New York Regional....
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The operator of two unlicensed digital currency exchanges has been ordered to pay more than $68,000 after a lengthy investigation by the US Securities and Exchange Commission (SEC), the country's top securities regulator. Ethan Burnside was the sole owner and operator of BTC Trading Corp, parent company of platforms BTCT Co and Litecoin Global Exchange (LTC Global) from August 2012 until trading and account activity ceased in October 2013. The amount Burnside will pay is equal to all profits he made from the exchanges, in addition to the fine. Burnside cooperated with the SEC investigation....
South Korea’s top financial regulator will shut down 11 cryptocurrency exchanges allegedly engaged in fraudulent bank account schemes, local media reported. Meanwhile, the deadline for all crypto exchanges to comply with the country’s regulation is drawing near and most of them have not been able to meet the requirements. 11 Crypto Exchanges Could Be Shut Down South Korea’s top financial regulator, the Financial Services Commission (FSC), will reportedly shut down 11 cryptocurrency exchanges, The Korea Herald reported Monday, citing unnamed industry sources. The 11....
The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said. All Crypto Exchanges Could Be Shut Down in South Korea At the general meeting of the National Assembly’s Political Affairs Committee last week, The Korea Times quoted Chairman Eun as saying: All of the nation’s 200 cryptocurrency exchanges could be shut down after September once a special financial law takes....
The deadline for cryptocurrency exchanges and wallet operators to comply with the new regulatory requirements to stay open in South Korea is this week. So far, only one crypto exchange has been licensed to continue operations. About 60 crypto exchanges are expected to either shut down or reduce services.
60 Crypto Exchanges Expected to Shut Down or Reduce Services
Under the “Act on the Reporting and Use of Specific Financial Transaction Information (Special Act),” crypto exchanges must be Information Security Management System (ISMS)-certified and register with the....
Anhui has reportedly become China’s latest region planning to end cryptocurrency mining. The province is going to shut down all mining facilities due to power supply shortages, according to local media. Another source revealed that the state-run network operator has issued a closure notice for bitcoin farms across the country. Anhui to Halt Bitcoin Mining Amid Electricity Shortage The Eastern province of Anhui has joined what’s become a long list of Chinese regions where cryptocurrency miners are no longer welcome. According to media reports, provincial authorities want to....