New York issues order on cryptocurrency exchanges
Benjamin Lawsky fights for regulation of cryptocurrency exchanges in state of New York. In an official statement made last Tuesday, the financial authorities of New York said that they would soon begin accepting applications for virtual currency exchanges. These would include those dealing in Bitcoins. This is a consequence of regulator's growing interest in the technology. It was Benjamin M. Lawsky, the city's Superintendent of Financial Services who issued the public order. Need for stronger oversight. In the light of the demonstrated need for stronger oversight of virtual currency....
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The New York State Department of Financial Services (NYDFS) has released the application forms that Bitcoin companies in the state must complete by August 8 in order to register their businesses. The BitLicense was formally adopted earlier this week through publication in the New York State Register. All Bitcoin firms must now complete the 31-page application form and pay a non-refundable US$5,000 application fee in order to continue operating. Jesse Powell, co-founder and CEO of Kraken, said heavy compliance costs on digital currency exchanges made it more difficult to operate profitable....
In a true show that bitcoin is global, China's "Big Three" bitcoin exchanges have come together in order to release joint comments on the recently-released BitLicense proposal from the New York Department of Financial Services (NYDFS). Those exchanges, BTC China, Huobi, and OKCoin say that their are some fundamental issues with the proposals - which are currently in the midst of a 45-day commenting period. They write: We express our great appreciation for the historic move by you and the NYDFS to propose a tailored regulatory framework for the virtual currency industry. While we are....
The growth of the cryptocurrency industry has raised many concerns. They range from security and scalability, on-boarding newbies, trust-less custody and order matching on exchanges to overall user experience, and to achieve mass adoption of cryptocurrency, there’s a need for third generational exchanges to resolve these issues.
Cryptocurrency and blockchain technology keeps evolving and changing to suit users’ needs.
Decentralized exchanges are revolutionary and essential parts of this evolution, offering users privacy, security, and sovereignty over....
The Delaware Department of Justice’s Investor Protection Unit has issued a cease and desist order against 23 entities and individuals involved in a popular cryptocurrency scam known as “pig butchering.” The order also freezes the accounts allegedly holding cryptocurrencies belonging to the victims.
Delaware Cracks Down on Pig Butchering Crypto Scam
The attorney general of the U.S. state of Delaware, Kathy Jennings, announced Wednesday that the Investor Protection Unit of the state’s Department of Justice (DOJ) has “issued a summary order....
New York's Superintendent of Financial Services, Benjamin M. Lawsky, has issued a public order that confirms the state is now accepting applications for digital currency exchanges. Perhaps most notably, however, was that Lawsky indicated that these businesses will be regulated under new New York regulation, which he committed to having in place by the end of the second quarter of 2014. In his remarks, Lawsky struck his usual balance of at once recognizing the promise of digital currencies and stressing that related business activities need to be conducted in a responsible and lawful....