- Binance is facing a class-action lawsuit in Canada for allegedly selling unregistered crypto derivative products to retail investors
- The European Union has enacted new anti-money laundering regulations that establish formal due diligence obligations for crypto companies
- The U.S. Securities and Exchange Commission (SEC) is reviewing guidelines for trading options on Bitcoin exchange-traded products (ETPs)
Binance is facing a new lawsuit in Canada while its founder CZ may serve jail time in the US. Meanwhile, the EU has enacted anti-money laundering regulations for crypto and the SEC reviews new guidelines for Bitcoin options trading.
Binance Slapped With Class-Action Lawsuit in Canada Over Securities Violations
Cryptocurrency exchange Binance has been hit with a new class-action lawsuit in Canada. The plaintiffs allege Binance violated local securities laws by selling crypto derivatives to retail investors without proper registration. The lawsuit seeks damages and reversal of the alleged illegal trades.
Philippines Orders Removal of Binance App From Google and Apple Stores
The Philippines Securities and Exchange Commission (SEC) ordered Google and Apple to take down the Binance app in the country. The SEC said Binance violated regulations by selling unregistered securities and operating illegally. Removing the app is meant to curb further illegal activities that could harm the economy.
US Prosecutors Seek 36 Months in Prison for Binance Founder Changpeng Zhao
United States prosecutors proposed a 36-month prison sentence for Binance founder CZ along with a $50 million fine. This comes after CZ pleaded guilty to violating anti-money laundering laws. Prosecutors said the sentence is warranted given the magnitude of Zhao’s willful legal violations.
EU Approves New Anti-Money Laundering Regulations for Crypto
The European Parliament passed new regulations that enact formal due diligence requirements for crypto companies to combat money laundering. The rules expand due diligence and reporting obligations to various crypto entities including exchanges.
SEC Reviews New Proposed Guidelines for Bitcoin Options Trading
The Securities and Exchange Commission (SEC) is reviewing proposed guidelines for allowing options trading on Bitcoin exchange-traded products (ETPs). The SEC is assessing whether current surveillance can handle unique aspects of Bitcoin options.
Chinese Investors Won’t Have Access to Upcoming Hong Kong Bitcoin ETFs
The upcoming launch of spot Bitcoin and Ether ETFs in Hong Kong will not be accessible to investors in mainland China. The ETF issuers operating in Hong Kong have ties to China but cannot provide exposure there due to jurisdiction restrictions.
