ChainCatcher news, according to Bloomberg, the fines and investor relief obtained by the U.S. CFTC reached a record $17.1 billion, largely due to the agency's crackdown on FTX. Most of the fines and relief for the fiscal year 2024 are related to FTX and its sister hedge fund Alameda Research, leading to over $8.7 billion in compensation and $4 billion in illegal gains, the highest in CFTC history.The regulatory agency also ordered a $2.85 billion fine and relief against Binance and its founder Changpeng Zhao to settle allegations of operating an illegal digital asset derivatives exchange. In October, the agency took action for the first time against the voluntary carbon credit market, accusing former CQC Impact Investors CEO of falsifying data to obtain carbon credits.CFTC Enforcement Director Ian McGinley stated in a release, "This year, we have seen large-scale, complex cases and settlements in both our traditional markets and increasingly important areas like the voluntary carbon market. We are committed to prioritizing strong, effective, and targeted enforcement to deter future misconduct."

ChainCatcher news, according to Cointelegraph, the Indian government has discovered that major cryptocurrency exchanges, including Binance and WazirX, owe a significant amount of Goods and Services Tax (GST). Pankaj Chaudhary, the Minister of State for Finance, stated that the government found several cryptocurrency exchanges owe 82.4 billion rupees (97 million USD) in GST.Reports indicate that authorities have launched multiple investigations related to cryptocurrency exchanges, including WazirX, CoinDCX, and CoinSwitch Kuber. A few months ago, in August, Indian law enforcement agencies demanded that Binance pay 72.2 billion rupees (85 million USD) in back taxes.

ChainCatcher news, Farcaster co-founder Dan Romero stated on social media that the types of businesses and customer groups that most fintech/cryptocurrency companies prohibit are determined by their upstream banking partners through their regulatory agencies. This is a shadow policy rather than a statutory regulation.

ChainCatcher news, an analysis by Patrick Hansen, Senior Director of Strategy and Policy at Circle, shows that the EU's banking regulation provides a significant competitive advantage for crypto companies, while their American counterparts face regulatory uncertainty and restricted bank access.The report indicates that the EU has promoted innovation in the financial sector for non-bank payment service providers (PSPs) through legal frameworks such as the Electronic Money Directive (EMD) and the Payment Services Directive (PSD). Recent regulations like the Instant Payment Regulation (IPR) and Payment Services Directive 3 (PSD3) further expand non-bank PSPs' access to central bank payment systems.In contrast, the United States is hindered by a lack of a unified federal regulatory framework, leading to restricted bank access and stunted industry development. Data shows that Europe has 55 crypto-friendly banks, far surpassing North America's 23.Hansen points out that the EU's coordinated regulatory strategy provides important support for the crypto and fintech industries while reducing regulatory uncertainty.

ChainCatcher news, according to BeInCrypto, ARK Invest expressed optimism in its latest communication that Trump's return to the White House could allow digital asset companies like Circle and Kraken to go public and achieve regulatory clarity.ARK Invest stated, "Possibilities include reopening the initial public offering (IPO) window for digital asset companies like Circle and Kraken." The firm noted that potential legislative reforms, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), could clarify regulatory provisions for stablecoins and digital assets. Additionally, the asset management company expects that the "enforcement regulatory" approach of SEC Chairman Gary Gensler will come to an end, which could create a more competitive environment for cryptocurrency companies.

ChainCatcher news, the Nigerian government has collected nearly $100,000 (approximately 160 million Naira) from two cryptocurrency companies accused of unauthorized exchanging of USDT and Naira. The two companies are Paparaxy Global Ventures Limited and Lemskin Technologies Limited, which have been charged with violating the law for not holding valid banking licenses.According to Nairametrics, the two companies reached a plea agreement with the Economic and Financial Crimes Commission (EFCC) of Nigeria, and the case was heard on October 22.Additionally, Nigerian authorities are freezing bank accounts related to unlicensed cryptocurrency traders to strengthen regulatory measures.

ChainCatcher news, according to Cointelegraph, Nansen's CEO Alex Svanevik expressed his views on the potential impact of the 2024 U.S. presidential election on the cryptocurrency industry during an interview at the Token 2049 conference. Svanevik stated that if Trump wins, it would have a positive impact on the U.S. cryptocurrency industry, as he is the most supportive candidate for cryptocurrencies. In contrast, if Harris is elected, it may continue the current administration's relatively unfriendly policies towards the cryptocurrency industry.However, Svanevik pointed out that Harris's election could be beneficial for cryptocurrency businesses outside the U.S., as American companies might consider relocating their operations overseas. He revealed that some founders and CEOs have indicated that they would consider moving their businesses if Harris wins. Svanevik emphasized that from a global perspective, non-Americans might be more supportive of Harris's election, as it would encourage more crypto businesses to move outside the U.S.

ChainCatcher news, according to Protos, based on a Freedom of Information request (FOI), the UK Financial Conduct Authority (FCA) has accumulated a processing time for crypto applications equivalent to 25 years. The Financial Times reported that the FOI submitted by the law firm Reed Smith shows that the average time for the FCA to assess crypto applications is 459 days.From May 2023 to April 2024, the number of submitted applications dropped to 29, a significant decrease compared to 42 and 59 in the previous two years. Only 7 applications were submitted in the first quarter of 2024.The report indicates that the number of crypto companies registered with the FCA has decreased by 51% over the past three years, with a total of 186 companies withdrawing their applications submitted to the financial regulator.Reed Smith partner Brett Hillis stated, "If the decline in applications is because crypto companies have given up waiting and started turning to overseas options, this should send a clear warning about London’s competitiveness."

ChainCatcher news, according to Bloomberg, last week a federal judge ordered Ripple Labs Inc. to pay a $125 million civil penalty because the company sold its XRP tokens to institutional investors without registering with the U.S. Securities and Exchange Commission (SEC). This fine is just a small part of the $2 billion the agency is seeking, which could be good news for other crypto companies fighting the SEC.Ripple's case began in December 2020 when the SEC sued Ripple and its executives, accusing them of "creating an information vacuum." This lawsuit united the entire crypto industry in support of XRP. More than a dozen advocacy groups wrote to U.S. District Judge Analisa Torres, supporting Ripple's position. Since then, the SEC has initiated enforcement actions against several crypto companies. However, Ripple's case is seen as a potential milestone that could set a precedent regarding whether cryptocurrencies are considered securities.The judge issued an injunction prohibiting Ripple from further violating securities laws. However, she rejected the SEC's request for Ripple to return sales profits, stating that the case "does not involve allegations of fraud, misappropriation, or other more serious conduct," and that the SEC failed to prove that Ripple's unregistered sales caused significant losses to investors.The SEC may challenge the judge's ruling in an appeal. Bloomberg Intelligence analyst Elliot Stein stated that Torres's latest ruling is favorable for Coinbase Global Inc. in its fight with the agency and may increase its chances of obtaining a favorable ruling in the case.

ChainCatcher news, according to Cointelegraph, regarding the Federal Reserve's enforcement action against Customers Bancorp, Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, stated that Customers Bancorp is one of the few banks in the United States that holds a friendly attitude towards cryptocurrency. The Federal Reserve is now controlling the channels through which cryptocurrency companies can obtain banking services, essentially deciding who can open bank accounts and who cannot, thereby limiting the operational capacity of crypto banks.It is reported that the Federal Reserve requires Customers Bancorp to provide a 30-day notice before establishing any new banking relationships with crypto companies, a move that has sparked dissatisfaction within the crypto community.

ChainCatcher news, according to CoinDesk, since the financial promotion rules came into effect on October 8 last year, the UK's Financial Conduct Authority (FCA) has issued over 1,000 warnings to crypto companies. Under the new rules, crypto companies must be registered with the FCA to promote to UK customers.FCA's Director of Consumer Investments, Lucy Castledine, stated in an interview that these actions have led to the removal of 48 apps from local app stores in the UK.

ChainCatcher news, according to Fortune, sources say that advisors to Harris's campaign have been in contact with major players in the crypto industry to build relationships and develop a regulatory framework.The report states that in recent days, this outreach has included cryptocurrency exchange Coinbase, stablecoin company Circle, and blockchain payment company Ripple Labs.Sources say that the message Harris wants to convey is that Democrats are "pro-business and responsible enterprises."

ChainCatcher news, according to Bitcoin.com, the Hawaii Department of Business and Consumer Affairs and the Hawaii Technology Development Corporation (HTDC) announced on Friday that the state's regulatory sandbox—Digital Currency Innovation Lab (DCIL) will end on June 30. DCIL is a two-year pilot program that allows participating digital currency companies to operate in Hawaii without a state money transmission license. The end of the program means that these companies will no longer need this license to conduct business in Hawaii, but they must still comply with federal licensing, registration requirements, and consumer protection and anti-money laundering regulations.It is reported that a total of 11 companies participated in this sandbox program, including Apex Crypto, Bitflyer USA, etc., which will transition between July 1 and December 30. Notably, Blockfi, which had previously filed for bankruptcy protection, is also among them.Prior to this, cryptocurrency companies in Hawaii had to obtain a money transmission license to operate. The end of the sandbox program marks a new adjustment in Hawaii's regulatory policy towards digital currency companies.

ChainCatcher news, according to Cointelegraph, Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), will resign due to recent scandals involving the FDIC.It is reported that during his tenure, Martin Gruenberg pushed to prevent banks from holding crypto deposits or providing banking services to crypto companies. In 2022, he also compared crypto assets to high-risk financial innovations such as subprime mortgages and mortgage-backed securities that led to the 2008 financial crisis in a speech.The FDIC is an independent U.S. government agency that provides insurance for depositors in U.S. commercial banks and savings banks.