Schlagwort: blockchain regulation

• Kraken has appointed former Global General Counsel as legal chief
• The exchange recently gained an EU MiFID license for regulated trading
• With the new legal chief, Kraken aims to navigate US regulatory challenges

Kraken has appointed Ben Gray, former Global General Counsel at Paxos, as its new Chief Legal Officer.

The news comes a day after securing a Markets in Financial Instruments Directive (MiFID) license.

This strategic move comes as the cryptocurrency exchange aims to navigate the increasingly complex regulatory landscape while expanding its offerings in the European market.

A timely appointment

Kraken’s decision to bring Gray on board is seen as a significant step towards strengthening its legal and compliance framework.

Gray’s deep experience in the cryptocurrency sector, particularly from his tenure at Paxos where he managed legal, compliance, and enterprise risk, positions him perfectly to lead Kraken through its current regulatory challenges.

His background also includes working with Binance, showcasing his versatility in handling the multifaceted legal issues within the crypto industry.

The timing of Gray’s appointment could not be more critical. Kraken has been under scrutiny from regulators, notably from the US Securities and Exchange Commission (SEC), which accused the exchange of operating as an unregistered securities platform.

With this legal battle in the backdrop, Gray’s leadership in legal affairs is expected to be instrumental in navigating these challenges. His role will encompass overseeing Kraken’s legal strategy, ensuring compliance, and managing enterprise risks, all of which are vital for the company’s operations both in the US and abroad.

In the official announcement of the appointment of Gray, Kraken’s co-CEO Arjun Sethi expressed enthusiasm about Gray’s addition to the leadership team, emphasizing his role in scaling the business and fighting for regulatory clarity.

Sethi’s comments reflect a broader vision where Kraken not only seeks to expand its geographical footprint, but also aims to set industry standards for security, innovation, and compliance. This vision is particularly relevant in Europe, where Kraken sees substantial growth potential and where regulatory compliance can act as a competitive edge.

The post Kraken appoints former Paxos executive as its new chief legal officer appeared first on CoinJournal.

• Binance is reportedly under tax fraud and money laundering probe in France.
• Reuters reported on Jan. 28 that France’s prosecutors are investigating Binance over activities between 2019 and 2024.

France has launched a judicial investigation into allegations of tax fraud, money laundering and other illicit activities at Binance, Reuters reported on Jan.28.

The report states that investigators from the Paris Public Prosecutor’s Office had opened the probe into  Binance’s activities between 2019 and 2024.

French investigation into Binance

Binance, the world’s largest cryptocurrency exchange by volume, settled with the US authorities in November 2023. In June of the same year, France revealed the company was under preliminary investigation over money laundering.

Binance has reportedly been under probe in France at least since 2022.

In a comment on the reports of a French probe into tax fraud and money laundering, a Binance spokesperson reportedly told Protos:

“Binance fully denies the allegations and will vigorously fight any charges made against it.”

While the exchange settled with the US DOJ for $4.3 billion and agreed the exit of former CEO Changpeng Zhao, it remains in a legal tussle with the US Securities and Exchange Commission.

Binance and its CZ recently lost an appeal that sought to dismiss a class action lawsuit alleging the crypto exchange violated US securities laws. The company’s appeal failed at the US Supreme Court.

The post France probing Binance over fraud, money laundering: report appeared first on CoinJournal.

• Bitpanda announced it secured approval as MiCA compliant from Germany’s BaFin.
• Crypto.com revealed its full-MiCA license via X on Monday.
• Other platforms have also secured the key regulatory registration following full rollout in December 2024.

Crypto.com and Bitpanda have received approval as Markets in Crypto Assets (MiCA) licensed exchanges, according to announcements from the two companies on Monday.

The Crypto.com team said it had received the full MiCA license. This comes just days after the exchange announced it secured in-principle authorisation from the Malta financial markets regulator.

Bitpanda said in a blog post it had received approval from the German Federal Financial Supervisory Authority (BaFin).

Exchanges get MiCA nod

Approval sees the exchanges add to the growing number of crypto platforms and service providers getting a nod for expansion across the European Union. This follows the rollout of full MiCA laws across the EU at the end of 2024, with multiple exchanges among those to reveal plans for compliance.

MiCA approval allows providers to offer their products and services in the European Economic Area (EEA), a major market for crypto.

Bitpanda deputy chief executive officer Lukas Enzersdorfer-Konrad said in a statement:

“This achievement is the result of a decade of commitment to compliance and regulation. With MiCAR, we are not just meeting the industry’s highest standards, we are setting them. Our focus now is on using this licence to accelerate adoption and growth across the European market.”

Bitpanda and Crypto.com join Boerse Stuttgart Digital, MoonPay, OKX and Hidden Road on the list of crypto platforms to have received MiCA licenses.

The post Bitpanda, Crypto.com secures MiCA licenses appeared first on CoinJournal.

• The US House Oversight Committee has announced its investigating cases of debanking of crypto companies.
• Uniswap, Coinbase, Kraken, a16z and Blockchain Association are among crypto companies and entities to receive a letter asking for information on the alleged debanking.
• The Senate Banking Committee is also set to hold a hearing on debanking in early February.

The U.S. House Oversight Committee is probing the issue of alleged debanking of crypto companies and individuals.

On Jan. 24, the committee sent a letter addressed to several crypto executives asking them to share information on the debanking claims. Apart from crypto companies, US First Lady Melania Trump also highlighted the issue.

Investigations are part of the new focus on crypto regulation following a largely negative four years under President Joe Biden’s government.

🚨 BREAKING 🚨

Chairman James Comer Investigates Apparent Politically Motivated Debanking of Thirty Tech Founders, First Lady Melania Trump

Chairman Comer is investigating recent reports of financial institutions debanking lawful American businesses and individuals based on… pic.twitter.com/X7tZlsz3NK

— Oversight Committee (@GOPoversight) January 24, 2025

Those to receive the letter are Uniswap Labs CEO Hayden Adams, Coinbase co-founder and CEO Brian Armstrong, a16z co-founder Marc Andreessen and Kraken CEO David Ripley. The letter also sought the input of Lightspark CEO David Marcus and Blockchain Association CEO Kristin Smith.

“The Committee seeks to understand whether this pattern of debanking stems from financial institutions themselves or from government actors,” the letter reads in part.

Senate Banking Committee to hold a hearing

Crypto debanking has also attracted the attention of the House Financial Services Committee and the Senate Banking Committee, both of which are looking to get to the bottom of this heavily criticised developments.

“The Committee is concerned about the chilling implications this overreach may have in silencing industries arbitrarily disfavored by regulators, driving consequential technological and financial innovation overseas, and preventing targeted businesses from making payroll and paying employees their wages,” the Oversight Committee’ letter continues.

The Senate Banking Committee has announced it will hold a hearing on crypto debanking on February 5, 2025. Committee chair Tim Scott said:

“Debanking is un-American – every legal business deserves to be treated the same regardless of their political beliefs. Unfortunately, under Operation Chokepoint 2.0, Biden regulators abused their power and forced financial institutions to cut off services to digital asset firms, political figures, and conservative-aligned businesses and individuals.”

The post US House oversight committee is probing crypto debanking appeared first on CoinJournal.

• SEC acting chair Mark Uyeda has announced a crypto task force dubbed “SEC Crypto 2.0”
• The task force will look to establish a clear regulatory framework for cryptocurrencies.
• SEC Commissioner Hester Peirce will lead this task force.

The US Securities and Exchange Commission has announced the formation of a new crypto task force.

Acting SEC Chair Mark Uyeda launched the “SEC Crypto 2.0”, a task force the agency says will be “dedicated to developing a comprehensive and clear regulatory framework for crypto assets.”

The announcement comes days after it emerged the agency was looking for a crypto regulatoy approach reboot under President Donald Trump.

SEC acting chair forms crypto task force

According to a press release the regulatory published on Jan. 21, Commissioner Hester Peirce is set to lead the new task force. Crypto 2.0 aims at offering a path to regulatory clarity for the crypto industry, the SEC said in the release.

“To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way. Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive,” the statement reads in part.

SEC plans to coordinate with other federal agencies, including the Commodity Futures Trading Commission (CFTC). Collaboration will also involve both state and international counterparts.

“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation,” Commissioner Peirce stated.

SEC’s move comes a day after former chair Gary Gensler exited following his resignation. President Donald Trump appointed Uyeda the acting chair.

With Gensler heavily criticised for the commission’s regulation by enforcement approach and a lack of clear path to registration for crypto companies, the main goal of the task force is to clear the confusion. It will also help put in place “sensible disclosure frameworks” with the SEC eyeing public input on this. The Peirce-led team will also undertake roundtable meetings.

The post Acting SEC Chair Uyeda announces new crypto task force appeared first on CoinJournal.