ChainCatcher news, the UK's Financial Conduct Authority (FCA) has issued a warning regarding common issues in cryptocurrency marketing. The FCA stated that since October 8, it has identified three common issues with financial promotions of crypto assets, including (1) promotions claiming "safety," "security," or the convenience of using crypto asset services without emphasizing the risks involved; (2) risk warnings that are not sufficiently prominent due to small font, hard-to-read colors, or inconspicuous placement; (3) companies failing to provide customers with adequate information about the risks associated with the specific products being promoted. The FCA expects authorized firms approving financial promotions for crypto asset companies to take their regulatory obligations seriously, or else it will take action and has already imposed restrictions on one authorized firm, prohibiting it from approving financial promotions for crypto assets. The FCA stated that it is working with businesses such as social media platforms, app stores, search engines, and domain registrars to remove or block illegal promotions. We are also collaborating with payment companies to limit UK consumers' exposure to companies that publish illegal promotional activities. Furthermore, the FCA will continue to identify and take action against companies illegally marketing crypto assets to UK consumers.

ChainCatcher news, in response to the concerns of many industry insiders that the recent unlicensed cryptocurrency exchange JPEX case in Hong Kong may lead to more cautious cryptocurrency regulatory policies in Hong Kong, Legislative Council member Wu Jiezhuang stated in an interview with ChainCatcher: "The JPEX case, as a single event, will not overall affect Hong Kong's cryptocurrency regulatory policies. Currently, the JPEX case has not been adjudicated, and it only indicates that the exchange has suspicions and possibilities of fraud, which may not involve cryptocurrency trading activities. I have also communicated with the leaders of government departments, and they similarly believe that the JPEX incident will not have a significant impact on overall policy. Instead, they view this incident as a good education for investors, emphasizing that trading should be conducted on licensed exchanges to ensure asset safety."In addition, Member Wu Jiezhuang also mentioned that the JPEX case has highlighted some regulatory loopholes, such as the fact that offline cryptocurrency exchange shops have not yet been included in regulation, which is something the government needs to improve in the future. Furthermore, the government should disclose suspicious information as early as possible and timely remind users to minimize their losses.

ChainCatcher news, Bitcoin News tweeted: The U.S. House of Representatives and Senate have reached a bipartisan agreement on a cryptocurrency bill that will require cryptocurrency exchanges to register with the Commodity Futures Trading Commission (CFTC), creating a new regulatory framework for Bitcoin and the entire industry.

ChainCatcher news, according to CoinDesk, JPMorgan wrote in a research report on Friday that the U.S. Southern District Court's partial support for Ripple's ruling represents a milestone victory for the crypto industry and clarifies what constitutes a security and what does not.Analysts stated that, in the absence of clear rules, large capital pools have been reluctant to participate in this industry, and the associated regulatory pressures have also slowed down innovation, adoption, and the overall valuation of the crypto ecosystem.While Ripple's victory is positive, JPMorgan noted that this is not the end of the regulatory struggle for the crypto industry, as the U.S. SEC can appeal this ruling and may continue to pursue similar cases in the future. The report mentioned that the industry has now established a more solid foundation, which may impact ongoing cases. However, it does not believe that regulatory pressure will disappear; it has merely decreased. Analysts also stated that there are still many unresolved legal issues for the industry to fully realize its potential. (Source link)

ChainCatcher news, according to TechCrunch, the Singapore-based crypto investment app Pillow plans to cease all its services and applications in the coming weeks due to regulatory uncertainty. In a post on Telegram, Pillow urged customers to withdraw all funds from the Pillow app and stated that it would terminate all current services on July 31, 2023.It is reported that Pillow was founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, with the aim of building a one-stop platform for managing cryptocurrency storage, spending, and investment, allowing customers to invest in cryptocurrencies such as Bitcoin, Ethereum, and Solana. Pillow has raised a total of approximately $21 million. (source link)

ChainCatcher news, Japan's cryptocurrency exchanges are pushing to relax restrictions on margin trading. According to data from the Japan Virtual and Crypto Assets Exchange Association, many industry insiders hope to allow retail investors to have leverage ratios of 4 to 10 times, while currently, customers can borrow up to twice their investment.The association's vice president, Genki Oda, stated in an interview, "Reforming the leverage rules could make Japan more attractive to cryptocurrency and blockchain companies, and this move will encourage more crypto trading." Oda added that Japan's cryptocurrency exchanges are reaching a consensus on the proposed leverage limits and may submit their proposals to the Financial Services Agency next month. (Source link)

ChainCatcher news, according to documents released by the Bahamas Securities Commission, the Bahamas plans to introduce a new cryptocurrency bill that includes regulatory measures for stablecoins, PoW mining, and cryptocurrency collateralized lending.The document also states that operators of digital asset exchanges must ensure that the systems and controls used in their activities are adequate and appropriate for the scale and nature of their business. (Source link)

ChainCatcher news, Coinbase CEO Brian Armstrong tweeted that he has been meeting with lawmakers in Washington, D.C. all day. For various reasons including consumer protection, national security, and economic growth, the U.S. needs clear regulation of centralized participants in the crypto space.The SEC's enforcement policies have caused immeasurable harm to the U.S., and Coinbase will fight to address this issue. (Source link)

ChainCatcher news, according to RIA Novosti, the Governor of the Central Bank of Russia, Elvira Nabiullina, stated that the Central Bank of Russia plans to allow trading companies to use cryptocurrencies for external settlements in a controlled "experimental" environment.During a meeting with lawmakers in the State Duma of Russia, Nabiullina said: "We maintain the position that cryptocurrencies should not be used domestically. However, for external payments, we believe it should be possible to implement it in an experimental form. In the first phase, the experiment will allow state-owned enterprises to participate, and it is not excluded that private companies may participate in the future." (source link)

ChainCatcher news, according to Bloomberg, the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated: "Binance has intentionally violated CFTC regulations, and if anyone intends to offer futures contracts in the U.S., they must register with the CFTC and comply with the law." Behnam also reiterated his belief that both Ethereum and stablecoins are commodities.Previously reported, the CFTC announced on March 27 that it would seek to impose a permanent trading and registration ban on Binance in the case. Zhao Changpeng responded by stating that he has been cooperating with the CFTC for over two years and disagrees with the descriptions of many issues in its civil lawsuit. (Source link)

ChainCatcher news, U.S. Securities and Exchange Commission Chairman (SEC) Gary Gensler tweeted, "There is no incompatibility between the cryptocurrency market and securities laws. One of the SEC's goals is to bring this space into compliance so that investors can receive the same protections as in other markets." (source link)

ChainCatcher news, according to Beincrypto, U.S. House Financial Services Committee Chairman Patrick McHenry announced today that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler will attend the House Digital Assets Subcommittee meeting on April 18. This oversight hearing will seek to clarify Gensler's rule-making and regulatory approach to digital assets.McHenry stated, "This will be our first oversight hearing of the SEC. In terms of policy, this will be a serious approach to developing regulations in the digital asset space."It is reported that McHenry established the Digital Assets Subcommittee in January 2023 to help bridge the structural gap in the House Financial Services Committee's approach to addressing cryptocurrency issues. The U.S. House Financial Services Committee is responsible for overseeing the entire financial services industry, including securities, banking, and crypto assets. (source link)

ChainCatcher news, Coinbase CEO stated during a Twitter Space on Thursday that the recent actions of the U.S. Securities and Exchange Commission (SEC) put the U.S. financial system at risk.He mentioned that the U.S. is "far behind" in areas such as legislation and banking regulation compared to countries like the UK, Brazil, and Singapore. If no action is taken, the situation could worsen. He hopes that Coinbase can receive "clear guidelines."Additionally, he added, "To some extent, we are willing to go to court. If this is what it takes to establish some case law for this industry." (source link)

ChainCatcher news, according to Bitcoin.com, users of the Russian cryptocurrency exchange Bitzlato can now withdraw a portion of their funds. Since Monday, its customers have been able to use half of their Bitcoin balance. A Bitzlato spokesperson stated that account holders can withdraw up to 50% of their Bitcoin. The minimum withdrawal amount is 0.001 BTC, with a fee of 0.0003 BTC. Users can place withdrawal orders through a Telegram bot, requiring the email address associated with their Bitzlato account. After verification, a code necessary to complete the transfer is generated and sent to that email address.Previously, on January 19, the U.S. Department of Justice took enforcement action against the Russian platform Bitzlato, and Bitzlato co-founder and major shareholder Anatoly Legkodymov was arrested in Miami. Four other members of the Bitzlato team were detained in Europe, while another co-founder, Anton Shkurenko, was released after being questioned in Russia. (source link)

ChainCatcher news, UK Minister of State for Business and Trade Dominic Johnson CBE tweeted that he met with Circle CEO Jeremy Allaire and Circle's Vice President of Policy and Regulatory Strategy Teana Baker-Taylor to discuss the UK's approach to digital assets.He also stated, "Digital assets have the potential to shape the future of fintech, and with the right regulatory clarity, the UK will remain a strategically important growth market." (source link)

According to ChainCatcher, as reported by CoinDesk, New York Attorney General Letitia James has filed a lawsuit against the cryptocurrency exchange KuCoin, accusing it of offering unregistered securities and commodities. This lawsuit is part of a "crackdown on unregistered crypto platforms" initiated by New York state regulators. The lawsuit also alleges that Ether, Luna, and TerraUSD are all classified as securities.Additionally, James believes that KuCoin is selling unregistered securities through its lending and staking product, KuCoin Earn. James is seeking a court order to stop KuCoin from operating in New York and to instruct KuCoin to implement geo-blocking based on IP addresses and GPS locations to prevent New York residents from accessing KuCoin's applications and services. (Source link)

ChainCatcher news, according to Bloomberg, the Indian Ministry of Finance stated in a notification that anti-money laundering legislation has been applied to cryptocurrency transactions, custody, and related financial services. This is the latest move by the government to strengthen regulation of crypto assets. (Source link)

ChainCatcher news, according to Bitcoin.com, the Russian Association of Cryptocurrency and Blockchain (RACIB) has called on President Putin to support the crypto community in developing a regulatory framework for the country's cryptocurrency and related technologies.In a letter to the Russian head of state, the association's members stated that the government's attitude towards the regulation of digital assets poses a "serious risk of the economy lagging behind in the introduction of new financial technologies." The association believes that the current national policy does not allow Russian companies to leverage the potential of new financial instruments and forces them to relocate to other jurisdictions, which will result in direct financial losses for the Ministry of Finance.The association urged the president to convene a specialized meeting involving the crypto industry to discuss these issues. They also suggested the establishment of a working group to prepare a pilot project for the introduction of digital financial technologies, including cross-border payments related to Russia during the sanctions period. (source link)

ChainCatcher News, Texas State Representative Giovanni Capriglione has submitted Bill No. 166 (HB 1666) to the House, which will impose some regulations on Texas's unregulated cryptocurrency market to protect investors using digital asset exchanges like Coinbase, Cash App, and Kraken.It is reported that the bill will require digital asset exchanges to verify that they have sufficient reserves to pay customers; prohibit exchanges from mixing consumer funds with company assets; and require independent audits of reports submitted to the Texas Department of Banking. Capriglione stated that a similar bill, SB 770, has been submitted to the Texas Senate, and if either bill is passed, it will be the first such regulation in the country. (Source link)

ChainCatcher news, the Ohio Department of Securities has agreed to a settlement with the lending platform Nexo. Nexo has agreed to pay $22.5 million to resolve allegations from Ohio and other states in the U.S., the District of Columbia, Puerto Rico, and the U.S. Virgin Islands for failing to comply with state securities registration requirements (paying $424,528.30 to each jurisdiction).It is reported that Nexo had previously agreed to pay a $22.5 million fine on January 19 and ceased issuing and selling unregistered lending products Earn to U.S. investors on April 1, concluding the SEC's allegations against it. (Source link)