Saying ‘not financial advice’ won’t keep you out of jail: Crypto lawyers
Australian and U.S. digital asset lawyers told Cointelegraph that by and large, the words on their own as "pretty useless." Crypto influencers may need to practice what they preach and “do their own research” when it comes to sharing their crypto tips.According to several digital asset lawyers, the popular disclaimer “this is not financial advice” — may not actually protect them in the eyes of the law. United-States-based securities lawyer Matthew Nielsen from Bracewell LLP told Cointelegraph that while its “best practice” for influencers to disclose that “this is not financial advice,”....
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The European Union’s crypto regulation bill, set to be made law following some additional steps, contains a section that could impact many crypto influencers. The European Union (EU) bill aiming to regulate cryptocurrencies could result in crypto influencers being charged with market manipulation if they fail to disclose potential conflicts of interest.The Markets in Crypto Assets (MiCA) bill, which has been approved by the European Parliament Committee on Economic and Monetary Affairs on Oct. 10, is expected to be legislated after a few more hurdles.Patrick Hansen, stablecoin issuer....
A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto traders that use offshore exchange platforms to trade or store their crypto assets. Lack of Guidance Blamed Lobban’s warning follows reports earlier in the year which suggested that changes to South African tax laws may have made it “easier for SARS to secure criminal convictions for....
A bitcoin seller has been sentenced to one year and one day in jail for defrauding customers, according to a notice by the U.S. Department of Justice (DOJ). The man took money from customers but did not provide them with the agreed-upon bitcoin.
Fraudulent Bitcoin Seller Going to Jail
The U.S. Department of Justice (DOJ) announced last week that Michael Yusko has been sentenced to one year and one day in prison “for defrauding customers through unlicensed bitcoin business.”
The 47-year-old resident of New Orleans sold bitcoin and other....
Speaking on Wednesday evening on a panel in Manhattan, former BitInstant CEO Charlie Shrem made some remarks with regard to his ongoing case. He was joined on stage by filmmaker Nicholas Mross, his brother Daniel Mross, and New York Times reporter Nathaniel Popper, following the premiere of The Rise and Rise of Bitcoin documentary. Shrem is, of course, accused of laundering nearly $1 million to users of the former Silk Road deep web marketplace. He was arrested at John F. Kennedy International Airport in New York in late January. (An alleged accomplice was also arrested around the same....
An Australian man has now been sentenced to jail after finding himself millions of dollars richer following an accidental refund from Crypto.com—the 13th largest cryptocurrency exchange by trading volume. According to the report, the Australian man named Jatinder Singh, aged 39, and his “then-partner” Thevamanogari Manivel, 41, were sent roughly $10.47 million by Crypto.com due […]