Regulation warning for all crypto investors
Cryptocurrency is gaining popularity with nations like El Salvador embracing digital coins
However, the sector remains mostly unregulated, and there’s a new warning for those wanting to invest.
In a world turning to digitalisation, cryptocurrencies are on the trend. They’re volatile, and just a single tweet by Elon Musk can see them rise or fall.
As more people start investing there remains plenty of talk around risks associated with cypto – and how regulated it really is.
Nations around the world are working through regulatory framework, including in most recent weeks, The European Union
The EU’s framework for regulating crypto is one step closer to ratification.
Last week the European Council, which sets the EU’s political agenda, adopted its position on the Markets in Crypto Assets framework, according to a statement on its website.
This means that the Council and the European Parliament can now enter into negotiations on the proposal for regulation before it is formally adopted as law.
But in most recent weeks the spotlight’s been on Australia – after the countries biggest bank made a bold move.
As more younger Australians choose cryptocurrency investments to fast-track their savings, The Commonwealth Bank, now wants a slice of the pie.
CBA’s head of retail banking, Angus Sullivan, says the bank is now setting up its own pilot platform to buy, sell and hold cryptocurrencies.
So – as popularity grows – could we see more banks around the world like HSBC, CITIBANK OR ANZ join the party?
Within Australia, legal framework for cryptocurrency investments appears to be in the works
The industry made hundreds of submission to a Senate Select Committee chaired by Liberal MP Andrew Bragg looking into how to tighten up the industry, however while players in the cryptocurrency industry say they want more regulation, history shows investors respond poorly to new rules.
In November 2019, the price of Bitcoin crashed when China accelerated a crackdown on cryptocurrency businesses.
In most recent weeks India now plans to join China – proposing a ban on private cryptocurrencies.
It follows – just months ago – a major scam linked to the popular Netflix series Squid game – where someone on the internet created SQUID COIN and soon later took off with millions of dollars from those that invested in it.
Cryptocurrencies are known for their wildly unpredictable price fluctuations, damage to the environment and use by criminals to try to disguise illegal activities, such as money laundering.
The boss of the CBA says One of the biggest risks banks face when it comes to cryptocurrencies is being left out of the market altogether.
You can learn more about the world of cryptocurrencies on our episode of Turning Point tonight as Ahron Young speaks to top executives from Crypto.com
Tune in for that episode – at 6:30 PM AEDT right here on ticker news or catch up on Turning Point with Ahron Young on demand here
Sam Bankman-Fried accused of conspiring to bribe Chinese officials
The charge is added to his list of indictments since the collapse of FTX
The founder of now bankrupt crypto exchange FTX was accused by Manhattan federal prosecutors on Tuesday of conspiring to bribe Chinese government officials with $40 million worth of payments.
The new charge adds pressure on the 31-year-old former billionaire, who now faces a 13-count indictment over the November collapse of FTX.
Prosecutors had previously accused Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his Alameda Research hedge fund, and orchestrating an illegal campaign donation scheme to buy influence in Washington.
He has pleaded not guilty to eight of the 12 prior counts he faces.
The latest indictment accuses Bankman-Fried of ordering a $40 million cryptocurrency payment to a private wallet from Alameda’s main trading account, to persuade Chinese authorities to unfreeze Alameda accounts with more than $1 billion of cryptocurrency.
A spokesman for Bankman-Fried declined to comment. China’s foreign ministry could not immediately be reached for comment after business hours in Beijing. The Chinese embassy in Washington, D.C. did not immediately respond to a request for comment.
Bankman-Fried – who has been confined to his parents’ Palo Alto, California, home ahead of his October trial – is expected to be arraigned Thursday on the latest charge.
The judge on Tuesday also approved modifications to Bankman-Fried’s $250 million bail package, which include the use of a cell phone without internet connection and a laptop with limited functions.
Celebrities busted over illegal crypto scheme
Agreements have been settled without admitting guilt
Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.
The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.
Lohan and Paul have reportedly settled the matter without admitting guilt.
But, regardless, it’s just another bad look for the already embattled crypto industry.
Crypto fugitive Do Kwon arrested in Montenegro
He was carrying falsified documents at an airport
One of the world’s most wanted crypto fugitives has been arrested in Montenegro.
It’s a long way from home for South Korean entrepreneur Do Kwon, who’s accused of orchestrating a multi-billion-dollar fraud scheme.
Kwon was connected to the TerraUSD stablecoin, which saw $40 billion erased from its holders.
He was reportedly arrested at an airport after carrying falsified documents.
It follows a red notice being issued by South Korea last September.
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