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September 19, 2021

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September 19, 2021

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September 19, 2021

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September 19, 2021

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September 19, 2021

A news release published by the New Jersey government web portal indicates that the cryptocurrency lending platform Celsius has been sent a cease and desist order from the New Jersey Bureau of Securities. Furthermore, the Texas State Securities Board has ordered Celsius to appear at a hearing and is also threatening with a cease and desist. Regulators are not taking too kindly to platforms that offer high-yield interest rates on various cryptocurrencies.

New Jersey Regulators Send Cease & Desist to Celsius Over ‘Earn Rewards Accounts’

U.S. regulators from the Securities and Exchange Commission (SEC), politicians, and securities watchdogs from single states have targeted centralized exchanges, decentralized finance (defi), and more specifically platforms that offer yields.

In recent times, Blockfi had issues with regulators in New Jersey and Vermont, Texas, Alabama, and Kentucky. The state watchdogs had problems with the firm’s Blockfi Interest Accounts (BIA). Even Coinbase CEO Brian Armstrong had words to say about the SEC threatening to sue the Nasdaq-listed firm.

Now a newly published cease and desist order from New Jersey Bureau of Securities (NJBOS) chief Christopher Gerold is targeting the cryptocurrency lending platform Celsius. Similar to Blockfi, the Celsius Network says that it offers up to 13% APY on cryptocurrency assets.

NJBOS Gives Celsius Until October, Texas Hearing Scheduled for February 2022

“Put your crypto to work and earn on your coins, paid out every Monday,” the web portal details. Similar to the complaints filed with Blockfi, Gerold and the NJBOS say the “order is to protect the investing public.”

“The Celsius Earn Rewards accounts are not registered with the Bureau or any other securities regulatory authority,” the cease and desist order stresses. Therefore, these accounts Celsius offers are “not protected by the Securities Investor Protection Corporation (SIPC).” The order adds:

[A] lack of a protective scheme or regulatory oversight subjects Celsius investors to additional risks not borne by investors who maintain assets with most SIPC-member broker-dealers, banks and savings associations, and credit unions.

According to the NJBOS filing, Celsius must stop soliciting New Jersey customers by October. In the order stemming from the Texas State Securities Board (TSSB) the regulator says the firm is “not licensed as a Money Service Business in Texas.” The Celsius Earn Accounts are “also not protected by Securities Investor Protection Corporation, otherwise known as the SIPC.” Interestingly, Texas has given Celsius a hearing date that’s much further away and will be held on February 14, 2022.

September 19, 2021

The deadline for cryptocurrency exchanges to meet the requirements to continue operations under new crypto regulations in South Korea is rapidly approaching. A total of 28 cryptocurrency exchanges have reportedly been cleared by the regulators to remain open. However, only four crypto exchanges have met the requirements to offer trading in Korean won.

28 Cryptocurrency Exchanges Meet Regulatory Requirements

South Korea’s financial authorities have released a list of 28 cryptocurrency exchanges that have met the regulatory requirements to stay open past Sept. 24 under the country’s new crypto regulations.

The amended Act on Reporting and Using Specified Financial Transaction Information requires cryptocurrency exchanges to obtain Information Security Management System (ISMS) certification by Sept. 24 and report to the Financial Intelligence Unit (FIU), a division of the Financial Services Commission (FSC). Crypto exchanges that fail to do so must cease operations by Sept. 24.

Jeon Yo-seop, head of FIU’s Planning and Coordination Office, explained that given the approaching deadline:

It is unlikely that there will be additional certified virtual asset trading platforms.

The 28 exchanges that have been ISMS-certified include Gopax, Upbit, Korbit, Coinone, Bithumb, Hanbitco, Casherest, Tennten, Dove Wallet, Flybit, Gdak, Aprobit, Huobi, Coin&coin, Probit, Borabit, Coredax, and Okbit.

However, in order for crypto exchanges to offer trading in Korean won (KRW), they must also partner with banks to offer customers real-name verification deposit/withdrawal accounts.

So far, only the country’s top four crypto exchanges — Upbit, Bithumb, Coinone, and Korbit — have been able to secure partnerships with banks, which have been reluctant to partner with crypto exchanges due to risks including money laundering.

Crypto businesses that do not have banking partners to provide real-name verification deposit/withdrawal accounts must terminate the trading in the KRW market even if they have received ISMS certification. That means 24 out of the 28 exchanges will be crypto-only exchanges.

Financial authorities in South Korea have also distributed business closure guidelines to the cryptocurrency industry. Exchanges must notify users of the expected closing date and how they can withdraw their funds at least seven days before the closing date. They must also provide a window of at least 30 days from the closing date to allow users to withdraw their funds. Korean authorities are also reportedly monitoring crypto exchanges that are likely to shut down to ensure they return funds to customers.

September 19, 2021

Central Bank of Russia is now working with commercial banks in order to delay payments made to digital asset exchanges. The move aims to limit “emotional” cryptocurrency purchases made by “unqualified” Russian investors, a CBR official revealed. The move is likely to affect peer-to-peer and over-the-counter trading platforms.

Central Bank of Russia Skeptical of Cryptocurrency Investments

Bank of Russia remains skeptical about the acquisition of cryptocurrencies and will not support increasing access to crypto markets for Russian investors, most of whom are not accredited, the bank’s Deputy Chairman Sergei Shvetsov stated this week, quoted by Prime business news agency. Speaking at the “Banks of Russia – XXI Century” international banking forum, the high-ranking official elaborated:

When it comes to buying [cryptocurrency] for investment purposes, we are skeptical about this idea. We believe it’s different from traditional assets, it’s highly risky and has signs of a pyramid scheme.

Shvetsov reiterated the central bank’s “clear position” that the only means of payment in the Russian Federation is the “ruble in all its forms and not some kind of monetary surrogates or foreign currencies.” The financial authority is preparing to launch a digital ruble prototype by the end of the year and it hopes the CBDC will help curb the use of cryptocurrencies in Russia.

During the event in Sochi, Shvetsov said the Bank of Russia is cooperating with commercial banks in order to delay payments sent to cryptocurrency exchanges. The CBR recently recommended banks block cards and wallets used to transact with crypto exchangers. The goal is to limit chances for impulsive purchases of crypto assets, the regulator’s deputy head remarked. Quoted by RIA Novosti, the banker stated:

We are starting to work with the banking system so that it slows down payments in favor of exchange offices and cryptocurrency exchanges, fencing off opportunities for emotional purchases of this kind of products.

Sergei Shvetsov noted that despite some governments taking steps to legalize cryptocurrencies, concerns persist that this type of monetary system could collapse completely. “There is a high probability that, as a high-tech financial pyramid, all this can fall down to zero,” he warned, adding that there may be hundreds of reasons why this could happen. “From our point of view, this is a large minefield,” the central bank’s official stressed.

CBR Restrictions to Violate Russians’ Rights, Legal Expert Says

Shvetsov’s comments have raised other concerns, however — those of people involved in the Russian crypto space. The very talk of imposing restrictions sends an extremely negative signal and the consequences could be catastrophic for the country’s crypto market, Nikita Zuborev, senior analyst at the popular exchange aggregator Bestchange.ru, told Forklog. He also warned:

The most affected segment will be OTC trading with registration in the Russian Federation – exchange offices and users of P2P platforms. Miners will also be forced to look for workarounds to keep farms in operation, selling the mined coins for rubles will be problematic.

According to Andrey Tugarin, Managing Partner at GMT Legal, limiting bona fide transactions for the purchase of cryptocurrencies would be illegal. “The current law ‘On Digital Financial Assets’ allows every citizen of the Russian Federation to own digital currency, which is bitcoin, buy or sell it and use it as an investment. And this right applies regardless of whether the buyer is a qualified investor or not,” Tugarin emphasized.

The good news right now is that in the past few weeks, Exmo, a popular cryptocurrency exchange in the region, has not registered any decline in the volume of deposits made by Russian users. In fact, Russian trades on the platform have actually increased during the recent market correction, revealed Maria Stankevich, Exmo’s chief business development officer.

September 19, 2021

On September 17, 2021, Solana protocol fans were introduced to the launch of the Wormhole Network’s ethereum – solana bridge, which means assets between each chain can be intermingled. The launch announcement notes that Saber, the Solana-fueled protocol with more than $4 billion total-value locked (TVL), will support migration from Wormhole V1 to V2.

Wormhole Launches Ethereum – Solana Bridge

Solana has risen 5,504% in value during the last year and today, solana (SOL) is a top ten crypto-asset holding the seventh largest position in terms of market capitalization. At the time of writing, the overall solana (SOL) market valuation is $48.4 billion and there’s a circulating supply of 296,830,872 SOL, according to Coingecko data. On Friday, the Wormhole Network announced the launch of the Wormhole Token Bridge.

“Today we’re incredibly excited to announce the launch of our Wormhole Token Bridge starting with Ethereum and Solana,” the Wormhole Network’s Twitter account said. “First up – migration of assets from the soon to be unsupported Wormhole V1 to Wormhole V2 will be available. V1 users will be able to simply exchange their assets for V2 assets at a 1-to-1 rate on wormholebridge.com.”

“The liquidity for this swap will be replenished periodically, please bear with us. There are about $250M worth of assets in Wormhole V1 to be migrated,” the Twitter thread added.

In a recent report, Bitcoin.com News detailed how the growth of blockchain bridges and cross-chain capabilities have expanded a great deal. In a panel hosted by Sanctor Capital, the founder of the Yearn Finance project, Andre Cronje, emphasized the importance of cross-chain compatibility.

“The whole defi wave gave a reason for people to begin interacting with different blockchains. And the more we’re interacting, the more we are realizing that there’s actually a little bit too much activity for any one chain to handle this stuff,” Cronje said. The Yearn Finance founder added:

While I can’t specifically pinpoint a big bang moment, it’s a combination of the maturing of different blockchains and their defi ecosystems, and things like NFTs that are giving people more and more of a reason to interact.

Solana IDOs Explode With Demand, Saber TVL Surpasses $4 Billion

There’s been a lot of attention cast at Solana since its rise in value and the development that has happened over the last few months. SOL-based initial dex offerings or IDOs have exploded as projects like Matrixetf, Parrot Protocol, Solanium, Grape Protocol, Boca Chica, and more have caused significant demand.

Saber has $4 billion TVL and projects like Serum, Raydium, Orca, Mango Markets, and Oxygen. Moreover, tokens like cope, step finance, maps.me, kin, and bonfida have caught the attention of SOL proponents. “Wormhole V2 assets will initially show up as NFTs in the Phantom wallet until a few upgrades to the wallet are rolled out next week,” the Wormhole Network further tweeted.

“Speaking of TVL, we’re excited to announce that Saber HQ will support the migration of Wormhole V1 assets to V2 [and] move over incentives to Wormhole V2 assets. Saber has been on an absolute tear with growth since launch having just surpassed $4 Billion in TVL.” the Wormhole Network team tweetstorm concluded.

September 19, 2021

Ameer and Raees Cajee, the two directors of the South African crypto-investment platform, Africrypt, are set to participate in an inquest that seeks to seal the fate of the collapsed firm.

The Death Threats

According to an Itweb report, the Cajee brothers — who have agreed to testify on October 19 and 20 — will only do so virtually. The report confirms that both Ameer and Raees, who have already received several death threats, were initially scheduled to appear before the inquiry in the second week of September 2021. However, this was postponed after the lawyer for the Cajee brothers requested “an extension in order to consult further with their clients.”

The report also reveals that other Africrypt executives like the former compliance officer, Daniel Opperman, Wayne Naidoo (director), and Steve Miller (manager) have already given their testimony via a virtual platform. For instance, in his testimony, Opperman is reported to have told the inquiry that he only became aware of the hack into Africrypt’s system via media reports.

As previously reported by Bitcoin.com News, Africrypt collapsed a few weeks after Ameer and Raees had informed investors of the hacking event. However, following Africrypt’s collapse and the directors’ disappearance, some aggrieved investors successfully applied to have the company liquidated.

Africrypt’s Defence

Still, in an affidavit in which he opposes the granting of the final liquidation order, Raees insists “the liquidator’s application had been taken out against the wrong company.” He even claims that clients had in fact “signed investment contracts not with Africrypt but with an entity called Raee Create Wealth.”

However, as the Itweb report notes, “bank statements obtained by Tayfin Forensic Investigative Auditors revealed that all transactions made to Africrypt were moved to Raee Create Wealth.” The report adds that this evidence is now expected to appear in the forensic report on Africrypt.

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