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SEC Is Investigating Coinbase’s Products By U.S Regulators

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Publicly swap crypto trade Coinbase Global (COIN) is under investigation by U.S. securities controllers over its token listing procedures as well as its staking agendas and yield-generating products, the party announced in its most recent quarterly report. Coinbase chose to reduce its workforce by 18% due to a major reduction in the digital assets segment.

The Us Securities and Exchange Commission (SEC) is investigating the holding and yield products of crypto exchange Coinbase. Earlier, it was also reported that the SEC had taken action on the exchange regarding the listing of some assets. The SEC believes that these are not securities and have been mislisted.

Coinbase told that he SEC has requested the company for records and details of some products. These include the process of listing assets, classification of some listed products, and yielding products.” These methods have become quite popular in the last few years. However, the scrutiny of regulators has also increased. The company notified investors it has received “investigative summonses” from the Securities and Exchange Commission.

RELATED: Why Crypto Is Down? Secret Leaked

Newly, Coinbase decided to downsize its workforce by 18% because of a significant decline in the digital assets segment. The firm, which is headquartered in the US, said that in this difficult period of the industry, it has taken this step to reduce costs. The decision is expected to lay off more than 1,000 employees of the exchange. Brian Armstrong, chief executive officer of the exchange, said in a blog post, “The difficult decision has been made to reduce the size of our team by about 18 percent. Taking responsibility for hiring for the exchange, he said a lot of people were recruited in the last few months and this is now affecting the firm’s efficiency.

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Coinbase CEO Brian Armstrong (CoinDesk archives)

The exchange’s focus is on Web3 integration. A new feature was introduced a few months ago to access Ethereum-based dApps on Coinbase’s app. This will allow users to access non-fungible token (NFT) marketplaces and decentralized exchanges (DCS) through this app.

Decentralized apps (dApp) run on a blockchain network. To use these apps, users have to pay the app developer in cryptocurrency instead of downloading them. No one authority has control over these apps. The rage of these applications is growing among the Web3 community.

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The revelation highlights the heat Coinbase fronts as a vocal (and closely regulated) U.S. cryptocurrency industry. It is under stress on multiple acts, including its view that certain passes are not securities and therefore excused from the SEC’s purview. The SEC has carried a distinct stance in its proceeding case against an ex-Coinbase worker blamed of insider trading.

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Cryptocurrency Trading Company Shut Down After Scamming Investors

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Cryptocurrency trading firm, Praetorian Group International Trading Inc has been shut down by US authorities. Due to a lack of insufficient cooperation with public interest and evidence, the crypto company has finally closed.

In this update, we will understand why the US government shut down the cryptocurrency company and what exactly happened. 

The Uk government told on October 27 that PGI Limited was shut down by the High court on September 13 and the Official receiver has been specified liquidator of the company.

The firm’s central business activity was the provision of crypto trading packets, blockchain education, and health products. Read More: 10 Trending Technology Now

Despite clashing accounts of the company’s trading movement delivered by two retired directors, it seems that the major business activity completed by PGI was the deal and acquisition of cryptocurrency.

Investors were pledged returns of up to 200%. But when these did not occur, investors were incapable to draw the funds they had invested.

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Three bank invoices were recognized as utilized by PGI and were operated to receive about £612,425 from its would-be investors between July 2020 and February 2021.

Charges from the accounts contained at least £195,000 delivered to personal accounts, and a £10,000 settlement to a luxury division.

PGI is said to be an aspect of the Praetorian Group International Trading Inc. Its website has been seized by the US Department of Justice and US Department of the Treasury following a stroke warrant given by the US District Court of the Eastern District of Virginia.

Uk government report noted in a statement that the firm’s director, Ramil Ventura did not cooperate with the Insolvency Service investigation.

The High Court decided that closing down the firm was in the public appeal, given the deficiency of cooperation, neglect to maintain, conserve and provide sufficient accounting records, and lacking transparency.

Chief Investigator, Mark George said that businesses and individuals working under the limited protection need to comply with the requirements of the Companies Act.

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This case emphasizes that the court will take a dark perspective if they are found to failure co-operating with the public interest and in trading practices.

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Cryptocurrency Exchanges Has Been Legal In Kazakhstan

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Cryptocurrency exchanges have been legal in Kazakhstan now. Presenting a report for the foremost lawful crypto operation in Kazakhstan, Kassym Jomart Tokayev, the president of Kazakhstan opens the path.

Considering teenage, such digital assets service is legalized in Kazakhstan. Being the first cryptocurrency movement in the Eurasian continent, it will open up new digital ways to make money

To regulate cryptocurrency exchanges, Kazakhstan is allowed under pilot rules under with conditions. To be part of the pilot project, crypto exchanges must have a credit card and banks must apply for membership. According to the report, the crypto regulatory framework was designed following the highest global benchmark, delivering dedicated control of transactions and the safety of customer funds.

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Eurasian Bank reported that it was preparing to purchase a crypto card in Kazakhstan. Once this is done, people of the nation can manage their expenses with a Bitcoin cash card.

Read Also:

How To Get Free Ethereum?

Crypto.com Starts Regulating Stock Market In France

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Crypto.com Now Starts Regulating Stock Market In France

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Crypto.com now gets another regulatory permission from the European government to start a stock market in France. Recently South Korea granted virtual assets service approval for crypto.com. Now it is evolving its liability globally.

Crypto dot com was founded in 2016, in Singapore. This crypto exchange got approval from the stock market regulator department of France.

The crypto firm was recorded as a DASP (Digital Asset Service Provider). Now it can deliver digital products & services that are under local regulations and laws.

In a report, it emphasized that ACPR completely investigated the company to lower the threat of money laundering and terror financing.

Crypto.com claims to have over 50 million users globally and it continues to extend throughout the globe, without caring volatile market situation too much.

Similarly, this crypto exchange was granted to regulate virtual currency and their digital wallet in Italy and Cyprus. It has also got a license in Greece and UK.

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Currently, crypto.com has a regulatory license from the Dubai Virtual Assets Regulatory Authority, The Monetary Authority of Singapore, the Cayman Islands Monetary Authority as well as South Korea. It will soon get full approval in Canada too.

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