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Topic: crypto assets
Changpeng ‘CZ’ Zhao, CEO of beleaguered crypto exchange Binance, has described clear regulations as critical for growth of the virtual asset industry in an open letter this week.
The Cayman Islands Monetary Authority announced that the Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorised to operate a crypto-currency exchange from or within the Cayman Islands.
Two investors have sued Crowd Machine Inc of Delaware and its affiliate, Cayman-based Crowd Machine SEZC, alleging “a massive investment fraud” in relation to the cryptocurrency start-up’s Cayman initial coin offering.
The Financial Conduct Authority has warned that Binance is not allowed to offer regulated services in the UK.
The Cayman Islands and the United States remained the top two jurisdictions for crypto hedge funds last year, despite losing market share.
Blockchain microservices startup Wireline will pay US$650,000 to settle charges filed by the US Securities and Exchange Commission over a $16.3 million crypto token sale in late 2018.
Cayman’s regulatory framework for service providers in the virtual asset space entered into force on 31 Oct. with the first of two phases.
The Organisation for Economic Cooperation and Development is next year planning to release a tax-reporting framework for crypto assets based on the common reporting standard (CRS).