The UK’s Financial Conduct Authority (FCA) has confirmed that it has launched 24 investigations of “unauthorized” cryptocurrency companies, to assess whether they are engaged in activities that are subject to FCA regulatory authority, according to a May 25 report from news outlet CityWire. The regulators also reportedly confirmed that they have opened seven whistleblower cases since the beginning of the year.
The United States Department of Justice has launched a criminal probe to determine whether digital currency prices have been manipulated by crypto traders, according to reports from Bloomberg and other media outlets. The probe reportedly involves an investigation into possible spoofing and wash trading, both of which are considered illicit trading activities that could influence trading prices.
Cryptocurrency exchange CryptalDash, which describes itself as “the world’s first integrated cryptocurrency exchange,” announced on Wednesday that its platform will soon list the DNotes (NOTE) digital currency. The company has confirmed that its customers will be able to begin trading DNotes on the exchange on June 19, 2018.
There has been an ongoing debate in the Muslim community about whether digital currencies can ever be compliant with Islamic law. Recently, Islamic experts from the Masjid Ramadan mosque in east London declared that cryptocurrency is permissible if its users utilize it “in a lawful manner.” The mosque, commonly known as the Shacklewell Lane Mosque, will now be accepting crypto from Muslim users who want to use digital currencies for their zakat donations during Ramadan.
More than one thousand Australians were victimized by various cryptocurrency scams in 2017, according to a recently released report from the Australian Competition and Consumer Commission (ACCC). Victims lost a total of AU $2.1 million to scams involving fake ICOs, assorted pyramid schemes, and even non-crypto schemes where the scammers simply required victims to use crypto as payment.
The Wall Street Journal reported on Friday that Coinbase met with regulatory officials early in 2018 to discuss possible acquisition of a banking license. The meeting was reportedly conducted with the U.S. Office of the Comptroller of the Currency, according to an unnamed “person familiar with the matter.”
A week before the Consensus cryptocurrency conference got underway in Manhattan, Fundstrat Global Advisors research head Tom Lee predicted that the gathering in Manhattan would spark a rally in Bitcoin’s price. Instead, cryptocurrency prices declined throughout the event, falling roughly ten percent.
Switzerland’s Federal Council has formally requested that the Finance Ministry conduct a study of the risks and potential benefits of a government-backed cryptocurrency, according to a Thursday report from Reuters. The request was made at the urging of the vice president of Switzerland’s Social Democratic Party, Cedric Wermuth, and now moves to the lower house of parliament for approval.
Twitter and Square CEO Jack Dorsey told attendees at the Consensus blockchain conference on Wednesday that the internet will eventually have its own currency, and that he hopes it will be Bitcoin. He also said that he expects Square to fill a leadership role in achieving global acceptance of digital currency as a payment option.
Microsoft Advertiser Policy Manager Melissa Alsoszatei-Petheo has announced that cryptocurrency-related advertising will no longer be welcome on the company’s Bing search engine. Bing Ads plans to enact the policy on a global basis next month and will begin to enforce the ban later in June or July.
Coinbase announced on Tuesday that it plans to launch a new suite of institutional product offerings to facilitate their cryptocurrency investment and trading needs. In a press release announcing the news, the company also confirmed the addition of a new Chicago office tasked with enhancing the development of the Coinbase Markets product offering.
The New York Department of Financial Services has granted approval to the Gemini Trust Co to begin providing support for Zcash trading. The exchange, founded by Cameron and Tyler Winklevoss, will also receive approval to provide custody and trade services for Bitcoin Cash and Litecoin, according to a report from Reuters.
The Reserve Bank of Zimbabwe has reportedly ordered the nation’s financial institutions to stop all transactions related to cryptocurrencies, according to local media reports. NewsDay reported this weekend that RBZ Director and Registrar of Banking Institutions Norman Mataruka issued the directive on May 11 and has given Zimbabwe’s banks 60 days to comply.
DNotes Global CEO Alan Yong announced on Friday that the Cryptopia exchange had temporarily delayed its planned listing of the DNotes digital currency. Yong advised DNotes stakeholders of the delay in a post on the coin’s bitcointalk forum thread and suggested that the exchange review would be advantageous, demonstrating DNotes’ commitment to adhering to existing legal requirements.
Authorities in South Korea raided the UPbit cryptocurrency exchange’s offices on Thursday and Friday, according to multiple media reports. Prosecutors reportedly believe that the exchange had deceived customers by selling digital currencies that it did not hold. News of the raid appears to have contributed to a broad decline in cryptocurrency prices on Friday.
Mobile handset maker Huawei Technologies Co. will soon offer access to Bitcoin wallets through its AppGallery, according to a report from Bloomberg. The move will reportedly allow users to download the BTC.com Bitcoin wallet on all new Huawei phones, and the company plans to roll out access to older phones in the near future.
During an interview on CNBC’s Squawk Box on Wednesday, Social Capital CEO Chamath Palihapitiya was asked to respond to recent criticisms of Bitcoin by Bill Bates, Warrant Buffett, and Charlie Munger. Palihapitiya argued that they are all wrong in their assessment of the world’s most well-known digital currency, and then explained why:
Cryptocurrency exchanges seeking to register with Japan’s Financial Services Agency (FSA) will face increased scrutiny, according to a Sunday report from Nikkei Asian Review. The FSA’s tighter review standards are part of a government effort to stave off future heists like the January hack of the Coincheck exchange through early identification of potential risks.
The San Francisco Federal Reserve published a paper on Monday that suggests a link between the introduction of Bitcoin futures trading and the cryptocurrency’s price decline from record highs set in December 2017. The paper’s authors assert that Bitcoin’s rapid price increase and subsequent decline are “consistent with trading behavior that typically accompanies the introduction of futures markets for an asset.”
South Korea’s new Financial Supervisory Service Governor, Yoon Suk-heun has confirmed speculation that the country’s strict cryptocurrency regulations may be scaled back, according to a report in The Korea Times. Yoon signaled the potential change in remarks to reporters after his nomination to head the FSS was approved by South Korea’s President.