SEC - Page 310

Bermuda’s Premier David Burt has expressed his support for the growth of cryptocurrency companies in the island nation, according to a recent report. Burt highlighted Bermuda’s forward-thinking approach to the burgeoning cryptocurrency sector and emphasized that the country remains open to crypto-related businesses.

Bermuda, a British Overseas Territory, has been actively pursuing opportunities in the cryptocurrency and blockchain industries.

The government has introduced various regulatory measures aimed at creating a safe and compliant environment for both local and international digital asset firms. These measures have made Bermuda an attractive destination for crypto startups and established businesses alike.

In an effort to further establish Bermuda as a global leader in the cryptocurrency space, the government has implemented a comprehensive legislative framework for Initial Coin Offerings (ICOs).

This legal structure ensures that companies launching ICOs in Bermuda adhere to strict regulatory guidelines, including investor protection and anti-money laundering measures.

Burt’s statement comes at a time when the cryptocurrency industry continues to mature, with more countries recognizing the potential benefits and opportunities that digital assets and blockchain technology can offer. By fostering a supportive environment for crypto companies, Bermuda aims to position itself as a leader in this rapidly evolving sector.

The Premier’s commitment to the cryptocurrency industry has been well-received by the business community, with several high-profile crypto companies, such as Binance and Circle, having established operations in Bermuda. These companies have praised the island’s robust regulatory framework and proactive approach to the emerging technology.

Bermuda’s ongoing efforts to develop a thriving cryptocurrency ecosystem underscore the growing interest and potential of digital assets on a global scale. As more nations begin to acknowledge the importance of cryptocurrency and blockchain technology, the industry will likely continue to see significant growth and innovation.

Prosecutors in the United States have slapped former FTX cryptocurrency chief Sam Bankman-Fried with bribing Chinese officials, documents revealed on Tuesday.

The latest charge accuses the disgraced executive with bribing Chinese government officials to unfreeze accounts linked to his operations.

It read: “In or about November 2021, Samuel Bankman-Fried, a/k/a ‘SBF,’ the defendant, and others directed and caused the transfer of at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese officials in order to influence and induce them to unfreeze the Accounts.”

Continuing, it stated the indictment included the “twelve counts contained in the S3 Superseding indictment” along with the “additional count for conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (‘FCPA’), in violation of 18 U.S.C. § 371.”

The news comes after Bankman-Fried was released on $250 million USD bond after Bahamian authorities detained and extradited him to the United States late last year.

Courts have charged him with wire and financial fraud, in addition to contributing illegal political donations and defrauding investors in the list of offences outlined in his case.

The United States Commodity Futures Trading Commission (CFTC) chair, Rostin Behnam, restated at a congressional hearing on Tuesday that Ether was a commodity.

At the CFTC class action lawsuit against cryptocurrency giant Binance, the organisation designated major cryptocurrencies such as Bitcoin, Ether, Litecoin, and stablecoin Binance USD (BUSD) as commodities. The lawsuit accuses Binance of illegally trading cryptocurrency coins.

Behnam’s comments contradict previous statements from the US Securities and Exchange Commission (SEC).

When asked by lawmakers at the House Appropriations Committee, Benham said: “I believe they are a commodity. And because they are listed on CFTC exchanges, we do have a regulatory relationship – obviously with the derivatives market and that product, but the underlying market as well.”

He added that his view pushed the case against Binance and financial institutions trading the top two cryptocurrencies—Bitcoin and Ether—with further trading platforms set to face crackdowns.

Conversely, SEC chair Gary Gensler has previously stated that proof-of-stake tokens were likely securities. Companies selling such digital assets would need to register for regulations.

The CFTC’s change in position comes amid a major crackdown on Binance, namely as Changpeng Zhao’s crypto empire faces US regulatory scrutiny for allegedly selling unregistered securities. The SEC also filed a lawsuit against Paxos and its role in minting BUSD tokens for the crypto firm.

News reports said that Binance had reached out to the SEC from 2018 to 2019, citing documents, statements, and former employees.

The alleged visit took place when Gensler served as the head of the CFTC and a Massachusetts Institute of Technology (MIT) professor.

Tallinn, Estonia, 27th March, 2023, Chainwire

Open-source blockchain D-Ecosystem has announced that it has raised $6M in funding ahead of its initial DEX offering (IDO). The public sale, scheduled to start on March 29, will mark the first phase of the DXC token sale.

Starting at 12 pm UTC on March 29, D-Ecosystem will initiate Phase 1 of its IDO. The event will run until April 30, during which time DCX will be available at a price of $0.50 per coin. Phase 2 will begin on May 1 and will run until May 31, when the price of DCX will be $0.70. The minimum purchase is 100 DCX and the maximum is 5,000,000 DCX.

To purchase DCX coins, users will be able to use wallets such as MetaMask, WalletConnect, or Coinbase wallet, and can participate through networks such as Ethereum, BSC, or Polygon using native tokens or USDT. 

Encouraged by the $6M it has raised to date, D-Ecosystem is on a mission to build products that will make the complete blockchain space more secure and private. With a focus on security, transparency, and decentralization, D-Ecosystem aims to transform the blockchain landscape.

Zero security breaches, public records of transactions and user activity, and the distribution of decision-making power are among D-Ecosystem’s defining features. Products slated for development include the launch of D-Ecosystem’s own launchpad.

With its upcoming launchpad, D-Ecosystem will provide a valuable platform for new projects to launch their own coin and raise funds, furthering its commitment to fairness and inclusivity in the blockchain ecosystem. Its team is made up of experienced professionals with a wealth of knowledge and expertise in blockchain technology, giving D-Ecosystem a clear vision of what it wants to achieve.

D-Ecosystem offers a range of innovative products and services designed to empower individuals and organizations in the digital age. Key offerings include:

• DCX coin: the primary medium of exchange on the platform. DCX will provide users with access to various services including decentralized finance (DeFi), decentralized storage, and decentralized marketplace services
• D-Chain: Native blockchain platform with zero gas fees, lightspeed transactions, and high privacy with a built-in proof of innocence protocol to prevent money laundering and crime
• D-Wallet: a user-friendly wallet that allows individuals and organizations to securely store, send, and receive digital assets
• D-NFT: NFT marketplace
• D-Swap: A decentralized exchange (DEX) built on D-Chain with lottery and prediction game included

Other features under development include the D-Ecosystem Payment system (zero fees), the world’s first cross-chain IDO Launchpad, DUSD stablecoin, D-Messenger, D-P2P, D-Space, and D-Meta.

About D-Ecosystem

D-Ecosystem is a decentralized, open-source blockchain ecosystem including a public chain, own payments system, own DEX, wallet, NFT marketplace, and much more. It gives blockchain users the tools they need to transact securely and privately while accessing a range of powerful DeFi services.

For more information, visit:

Website | Twitter | Telegram | Telegram Announcements | Discord | Medium | Linkedin | YouTube | Facebook | Github

Contact

Press
info@d-ecosystem.io

Do Kwon, the Terraform Labs co-founder arrested on charges for defrauding investors, is set to appeal court decisions to extend his detention in Montenegro up to 30 days.

The executive’s legal representation confirmed the news of the appeal, local media Vijesti reported at the time. The decision comes after authorities detained him for using fake documents and passports at Podgorica airport while en route to Dubai, United Arab Emirates.

Montenegrin police extended his detention due to his potential to flee the country. Additionally, courts added that the foreign national’s identity had not been clearly identified, the report read.

The news comes after Kwon disappeared following the collapse of Terraform and its native token, Terra/Luna. After the crisis erupted, South Korean authorities suspected he had moved from Singapore, Serbia, and Dubai.

New York officials and the US Securities and Exchange Commission (SEC) also charged him with defrauding investors after his arrest in Montenegro on eight counts, including securities, wire, and commodities fraud.

Central bank digital currencies (CBDCs) could facilitate cross-border transactions to transform the global economy, Moody’s Investor Service said in a report.

In the document, it said that cross-border CBDC transactions would require new infrastructure, limiting the role of banking institutions significantly.

However, banks could also sharply reduce or remove settlement risks with the emerging technology.

The report said: “Banks would be able to make, clear, and settle cross-border payments at low cost and in seconds without needing to sign up to multiple payment systems or rely on correspondent banks in other countries.”

The technologies could also reduce banking profits from “payments, correspondent services and likely also from foreign-exchange transactions.”

It added: “In a CBDC-driven economy, banks may well need to redesign their operations. They may be obliged to join new networks and create the infrastructure necessary to support CBDC interoperability at scale, which will impose a burden on resources in the short term.”

Continuing, the report explained that CBDCs could resolve interoperability concerns over time with help from the Bank for International Settlements.

The report concluded: “Central banks may need to compromise on some of the decision-making to make their CBDCs interoperable.”

It also added that “digital islands” could surface, where some countries could conduct transactions while excluding or failing to facilitate transactions with others.

Moody’s Downgrades US, Florida’s DeSantis Doubles Down

The news comes after Moody’s downgraded US banks to “negative” last week. Numerous countries have debated creating a framework for CBDCs, including the United Kingdom, Japan, South Korea, the United States, and European Union, among others. China has rolled out numerous CBDC payment pilots, with customers successfully purchasing goods and services with the ‘red packet’ system.

Despite this, Florida Governor Ron DeSantis has opposed a federal CBDC for the United States and has vowed to block its use in the Sunshine State.

A group of states have backed DeSantis’ efforts to block the rollout of a federally-supported digital stablecoin, citing alleged ‘woke ideology’ and curtailed freedoms.

Montenegrin police have allegedly arrested a man believed to be cryptocurrency fugitive Do Kwon, reports revealed on Thursday.

Authorities arrested the Terraform creator, after his cryptocurrency plummeted in value, causing investors to lose over $40 billion USD.

US officials slapped the executive with allegedly orchestrating a “multibillion-dollar crypto asset securities fraud.”

Filip Adzic, Montenegro’s interior minister, revealed the arrest update after tweeting that “Montenegrin police detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs.”

He added that Do Kwon had allegedly travelled under fake documents, and authorities are currently waiting to confirm his identity.

The news comes after the collapse of Do Kwon’s Terraform enterprise, Terra Luna, and TerraUSD tokens, sending shockwaves across cryptocurrency markets. This sparked a massive sale of Bitcoin, Ethereum, Tether, and other major cryptocurrencies in May last year.

Interpol later issued an international red notice after the US Securities and Exchange Commission (SEC) accused him of failing to fully disclose his crypto assets. The agency also stated he had misled holders and investors of stablecoin TerraUSD.