Lawsuits Involving Crypto to Hit All-Time High

Analysts also note that the number of lawsuits in which crypto were present coincided with a drop in the price of bitcoin and other digital assets this year
17 September 2018   1007

According to a recent study of the analytical platform Lex Machina, the number of lawsuits in US federal courts related to bitcoin and other crypto-urrencies in the first half of 2018 reached a new record level. This is reported by the International Business Times.

So, if for the whole of 2017 in the United States there were only 15 court cases involving crypto-currencies, and in the first two quarters of this year this figure increased threefold - to 45.

In addition, in the 18 months since Jay Clayton was appointed chairman of the US Securities and Exchange Commission (SEC), the number of securities-related cases has also reached a record level - for the indicated period, there were 2,622, which is 60% figures for the previous analogous period of time.

Securities lawsuits filed over cryptocurrencies or bitcoin have tripled so far this year as SEC chairman Jay Clayton announced a crackdown on that industry. The SEC, which has vowed to scrutinize cryptocurrencies and initial coin offerings, was responsible for 30 percent of the cases filed in 2018, that’s the second-most popular filer of such cases, topped only by the law firm Levi & Korsinsky.
 

Laura Hopkins

Legal data expert, Lex Machina

Analysts also note that the number of lawsuits in which cryptocurrencies were present coincided with a drop in the price of bitcoin and other digital assets this year. So, if in the fourth quarter of 2017, when bitcoin reached an absolute maximum of $ 20,000, there were only seven such claims, but in the first quarter of 2018 they were three times as large.

Among the most well-known cryptocurrency firms involved in litigation, it is possible to note Ripple, which only last week announced the agreement with the bank blockchain consortium R3 in the case of 5 billion XRP tokens.

Attention was also drawn to litigation, which involved the high-yield investment project Bitconnect.

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   316

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.