Reminder: Reject The Financial Action Task Force

[ad_1] The below is a direct excerpt of Marty’s Bent Issue #1111: “Reminder: reject the Financial Action Task Force.” Sign up for the newsletter here. Look at this stock image looking mother fucker and then look yourself in the mirror and try to convince yourself that you honestly believe that he is the ultimate financial crime stopper. The lord and savior of those subjected to the ills of money laundering. Done laughing yet? This is Marcus Pleyer, the President of the Financial Action Task force – an unelected bureaucratic entity…

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Aussie firm to launch $100M class action over dodgy QOIN token

[ad_1] The issuer of a controversial cryptocurrency that can only be sold in batches of $125 daily on a single exchange is facing pushback from an Australian law firm. Queensland-based law firm Salerno Law plans to file a lawsuit accusing BPS Financial Limited — the company behind the QOIN token — of engaging in misleading and deceptive conduct, pyramid selling of financial products, and failing to comply with financial services regulations. The lawsuit will seek $100 million in damages. Salerno Law, which specialises in crypto disputes, started collecting expressions of…

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Tether scores win in class action case as court dismisses RICO claims

[ad_1] The judge in the class-action lawsuit filed in the Southern District of New York against stablecoin issuer Tether and crypto exchange Bitfinex has granted motions to dismiss many of the claims in the case. According to court documents filed Tuesday in the Southern District of New York, District Judge Katherine Polk Failla has granted motions from Tether’s and Bitfinex’s parent company iFinex to dismiss key claims in the plaintiffs’ case that the two firms manipulated the crypto market. Altogether, Judge Failla granted motions to dismiss five complete claims and part…

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SEC takes action against Chinese billionaire’s companies over $500M offerings

[ad_1] The United States Securities and Exchange Commission (SEC) has charged three of Chinese billionaire Guo Wengui’s companies over an initial coin offering (ICO) and initial public offering (IPO) that fetched around $487 million combined. The infamous Wengui, also known as Miles Kwok or Miles Guo, is an exiled Chinese businessman who currently resides in New York. Wengui is known for his controversial political takes and his ties to Donald Trump confidant, Steve Bannon. The SEC submitted a cease and desist order on Sept. 13, with the documents showing that…

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SEC claims first enforcement action in $30M fraud case involving DeFi project

[ad_1] A Cayman Islands-based company and two individuals may be the first subjects in decentralized finance, or DeFi, to face enforcement action from the U.S. Securities and Exchange Commission. According to a Friday announcement, the Securities and Exchange Commission, or SEC, said that this is the first case involving securities using DeFi technology which resulted in an enforcement action. The agency said it charged the company Blockchain Credit Partners as well as Florida residents Gregory Keough and Derek Acree, alleging they were involved in offering and selling more than $30 million…

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SEC delays another ETF decision, Binance news, and more sideways BTC price action: Hodler’s Digest, July 11–17

[ad_1] Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week   New data hints why Bitcoin price action has spent two months at $30K Bitcoin (BTC) posted another week of range-bound price action. Bitcoin has traded in a fairly tight range over the past several days, acting more like a volatile stablecoin than the…

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Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

[ad_1] On July 9 Bitcoin and the wider cryptocurrency market saw a moderate relief rally that helped recover some of the losses seen on Thursday but a handful of analysts continue to caution that BTC could still drop to the $24,000 to $29,000 range in the short-term.  Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin was bid higher during the morning trading hours on Friday and managed to climb back above $34,100. BTC/USDT daily chart. Source: TradingView Sentiment among traders received a slight boost after Bitcoin price reversed…

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Ontario securities regulator takes action against Kucoin

[ad_1] The Ontario Securities Commission, or OSC, is taking stern action against two companies associated with KuCoin for allegedly failing to comply with local securities laws, setting the stage for further regulatory action against the cryptocurrency platform. The companies targeted by the OSC are Seychelles-based Mek Global Limited and Singapore-based PhoenixFin Pte. Ltd. Collectively, the companies operate KuCoin, one of the world’s fastest-growing cryptocurrency exchanges. As of Tuesday, KuCoin had processed more than $1.3 billion worth of crypto transactions over the previous 24 hours, according to industry data. That puts…

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