The Federal Reserve Bank of New York’s Innovation Center, or NYIC, announced that it would be launching a 12-week proof-of-concept pilot for a central bank digital currency, or CBDC. In a Nov. 15 announcement, the New York Fed said the program would explore the feasibility of an “interoperable network of central bank wholesale digital money
Regulation
The Supreme Court of the Bahamas has approved two provisional liquidators to oversee the assets of crypto exchange FTX Digital Markets, which is headquartered in the country. According to a Nov. 14 announcement from the Bahamas’ Securities Commission, the country’s supreme court approved the appointments of PricewaterhouseCoopers advisory partner Kevin Cambridge and partner Peter Greaves to
Blockchain4Ukraine — a group of pro-crypto Ukrainian lawmakers — and the citizen group Virtual Assets of Ukraine (VAU) revealed a joint roadmap for promoting and developing Web3 in the country. The document was signed by its co-authors on Nov. 14, according to regional media. The roadmap proposes a set of measures for promoting Web3, such
The FTX liquidation crisis turned bankruptcy saga continues as a recent filing reveals additional information on Sam Bankman-Fried’s leadership and the exchange’s final days. On Nov. 14, a new document was filed in a United States federal court in Delaware, where FTX US is based. It revealed that the exchange may have “more than 1
Last week was tough — the alarming series of crypto meltdowns continued with the failure of FTX, one of the biggest exchanges on the market. The crypto industry’s very own “Lehman Brothers moment” pushed regulators to react. United States Senator Cynthia Lummis, famous for her openly pro-crypto position, promised deliberate with her colleagues on whether
United States President Joe Biden announced he would be nominating Federal Deposit Insurance Corporation (FDIC) Acting Chair Martin Gruenberg to assume the position as part of a five-year term. In a Nov. 14 announcement, President Biden said he intended to nominate Gruenberg, who has previously served as acting FDIC chair from 2005 to 2006, 2011
Turkey’s Financial Crimes Investigation Agency is the latest authority to announce investigations into crypto exchange FTX after its collapse and bankruptcy filing on Nov.11. Along with FTX, the agency will look into people and institutions related to the platform — including banks, electronic money institutions and crypto-asset providers — according to an official statement from
Authorities in South Korea have reportedly requested Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, to appear as part of an investigation into the collapse of the firm. According to a Nov. 14 report from Hankyoreh, the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team announced that Shin should
Prosecutors with the United States attorney’s office in the Manhattan district of New York have reportedly begun investigating the fall of crypto exchange FTX. According to a Nov. 14 report from Reuters, a source with knowledge of the investigations said authorities in New York were looking into the collapse of the major crypto exchange following
The United States Security Commission (SEC) won its case against blockchain-based file-sharing and payment network LBRY in district court in New Hampshire on Nov. 7 when that court decided to grant an SEC request for summary judgment filed in May. The case garnered lots of commentaries on its own and also in relation to the
United States congressman Brad Sherman, a known crypto skeptic, has pointed the finger at “billionaire crypto bros” for slowing down much-needed cryptocurrency regulation. In a Nov. 13 statement addressing the collapse of crypto exchange FTX, Sherman said the exchange’s implosion has demonstrated the need for regulators to take immediate and aggressive action: “The sudden collapse
An investigation of possible criminal misconduct over the insolvency of cryptocurrency exchange FTX is underway by financial investigators and the Bahamas securities regulators, according to a statement by the Royal Bahamas Police Force sent to Reuters on Nov 13. The Royal Bahamas Police stated: “In light of the collapse of FTX globally and the provisional
Just days after Binance CEO Changpeng “CZ” Zhao warned about the onset of greater regulatory scrutiny amid the FTX collapse, the Financial Secretary of Hong Kong called for a stronger focus on transparency and proper supervision when dealing with virtual assets. Financial Secretary Paul Chan highlighted the importance of being “steady and cautious” when promoting
To counter the rising mistrust among crypto investors following the FTX collapse, crypto exchanges unanimously decided to share proof of reserve with the public as a way to showcase legitimacy. However, certain anomalies found during on-chain investigations suggest foul play and market manipulation. Just two days after Crypto.com made its cold storage information public, investigators
The Securities Commission of The Bahamas (SCB) has denied instructing or authorizing crypto exchange FTX to prioritize withdrawals of Bahamian clients. In a statement on Nov. 12, the securities commission vehemently denied the contents of a Nov. 11 statement from FTX on Twitter that suggested it had been instructed by “Bahamian HQ’s regulation and regulators” to
FTX former CEO Sam Bankman-Fried, co-founder Gary Wang and director of engineering Nishad Singh are understood to be in the Bahamas and are “under supervision” by the local authorities. The source familiar with the matter told Cointelegraph that the three former FTX executives, as well as Alameda Research CEO Caroline Ellison, are looking for ways
Crypto exchange FTX joined many other fallen projects — including Terra (LUNA), 3AC, Celsius and Voyager — in filing for bankruptcy in 2022. Owing to the devastation caused by multi-billion dollar losses suffered by businesses and investors, the man running the biggest crypto exchange, Binance CEO Changpeng “CZ” Zhao, envisions an era of greater regulatory
On the night of Nov. 11, several wallet addresses linked to FTX were found transferring millions of dollars worth of cryptocurrencies without an official notice — sparking speculations ranging from the commencement of FTX’s bankruptcy proceedings to the involvement of hackers. Within hours, FTX confirmed on Telegram that the fund transfers were part of an
The recent tensions between the two major crypto exchanges FTX and Binance, which was accompanied by a massive selloff of FTX Token (FTT), resulted in the collapse of roughly 130 companies linked to FTX Group — including FTX Trading, FTX US, West Realm Shires Services, and Alameda Research. Following the resignation of FTX CEO Sam
The Securities and Exchange Commission of Cyprus, or CySEC, reportedly issued a statement amid FTX filing for Chapter 11 bankruptcy in the United States that the regulator requested the exchange halt operations for its Europe arm. According to a Nov. 11 Reuters report, the CySEC said it had asked FTX Europe to “suspend its operations