Cryptoblockade Petitions claimed by India`s Supreme Court

The Supreme Court (SC) of India has prohibited all high courts from filing petitions against the central bank’s (RBI) crypto-curbing circular from April
18 May 2018   1199

The cryptocurrency exchanges, adopters and advocacy groups pace different high courts (HC) around the country in filing petitions against the RBI’s circular from April – effectively barring banks from processing all cryptocurrency purchases – in a hearing on Thursday the Supreme Court has ordered that HCs will no longer let any petitions to be filed, according to the report by the local news resource Crypto Kanoon. The Supreme Court has also denied to put any stay, or a temporary delay, on the central bank’s circular.

The Delhi High Court was given the petitions against the RBI circular by the range of crypto firms including the exchange operator Kali Digital and Flintstone Tech, a crypto trading and storage platform. They claimed that RBI’s new measures were “arbitrary, unfair and unconstitutional”. Earlier this month, 4 more Indian exchanges challenged the RBI circular and its constitutional validity with a writ petition. During Thursday’s events` development, the Supreme Court has appointed the next proceeding on the matter on July 20 when it will hear related petitions filed at the court.

After numerous warnings against cryptocurrency-related investments over the years, the Reserve Bank of India published a sweeping policy banning all regulated financial institutions including banks from providing services to firms “dealing with or settling [cryptocurrencies]” on April 5. The RBI also mandated banks to settle and block their services and relationships with customers dealing with cryptocurrencies in a 3-month period that will run out on June 6.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   260

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.