Genesis Global Trading is laying off 20% of its 260-person workforce weeks after court documents revealed the crypto brokerage firm lent $2.4 billion to now-bankrupt crypto hedge fund Three Arrows Capital. The job cuts were announced as part of company leadership changes that will also result in the departure of Genesis CEO Michael Moro. Genesis, … Read more
The recent drop in the price of some cryptocurrencies, coupled with a series of hacks and bankruptcies, as well as potential new regulatory regimes, underscores the importance of compliance programs to help protect crypto businesses from breaking the law. But the increased pressure and attention placed on the industry has stoked the anxiety of individual … Read more
The New York State Department of Financial Services fined the cryptocurrency trading unit of online brokerage Robinhood Markets Inc. $30 million for alleged anti-money laundering and cybersecurity violations, in the department’s first crypto enforcement action. Sign up for the newsletter WSJ | Risk and Compliance Journal Our morning Risk Report features information and news on … Read more
Some cryptocurrency platforms that have seen millions of dollars disappear in digital heists have made an unusual pitch to their attackers: keep a portion, but return the rest. The pleas amount to last-minute pleas to convince the hackers to return most of the stolen funds. Victims have offered up to $10 million in these efforts … Read more
text size Crypto exchange Coinbase is in discussion with the SEC over whether some tokens should be classified as securities. dream time base of coins Global is in conflict with the Securities and Exchange Commission over a question that could prove pivotal to the broader crypto industry: are some tokens really securities? The SEC on … Read more
Coinbase has rejected claims by the US Securities and Exchange Commission that seven cryptocurrencies listed on the cryptocurrency exchange were securities, while Flexa, the issuer of one of the coins involved, said the agency has not contacted her. Federal prosecutors charged a former Coinbase on Thursday CURRENCY product manager in the first crypto insider case, … Read more
A New York man has been convicted of defrauding investors of more than $6 million by trading and selling fraudulent virtual currency, the US Justice Department said. A jury returned a guilty verdict Thursday against Randall Crater, 51, of East Hampton, New York, in the US District Court in Boston. He was convicted of four … Read more
Immigration is a defining element of America’s society and economy. Yet our national conversations about immigration are largely driven by myths, not facts and data. As economists, our goal has been to piece together what we know about immigration to the US from scratch using data on the lives of millions of immigrants. We collect … Read more
Only 13% of crypto businesses that applied for authorization under the Financial Conduct Authority’s money laundering rules in the last two years have been successful. The regulator has received a flood of requests under the Fifth Anti-Money Laundering Directive, 5MLD, introduced in January 2020, leading crypto service providers to rules requiring additional customer checks and … Read more
Calling it a “watershed moment,” beleaguered crypto lender Celsius Networks has filed for Chapter 11 bankruptcy protection. In a statement Wednesday night, Celsius co-founder and CEO Alex Mashinsky said filing with the U.S. Bankruptcy Court for the Southern District of New York “is the right move for our community and our company”. “I am confident … Read more