Thailand’s Securities and Exchange Commission (SEC) will implement stringent advertising rules for cryptocurrency firms operating in the country by October 2022. The Thai SEC informed cryptocurrency-related businesses operating in the country via email that adverts concerning digital currencies must have clear investment warnings to consumers on Sep. 1. The statement was later posted on the SEC website. The Securities regulator has instituted the new standards for cryptocurrency-related adverts in response to a number of marketing campaigns that have neglected to include investment risk warnings. The new standards will require adverts to not feature false, misleading or exaggerated claims and include …

The ongoing cryptocurrency winter has had little to no impact on global trust in crypto, this was the conclusion reached new study commissioned by Bitstamp exchange. Despite the downward market, global trust in cryptocurrencies like Bitcoin (BTC) remains mostly unshakable, Bitstamp said in its latest Crypto Pulse report. The study is based on a survey conducted by an independent research firm and involves 28,000 retail and institutional investors in 23 countries, Bitstamp said. The survey suggests that the percentage of global retail investors who find crypto trustworthy has slightly dropped from 61% in Q1 to 65% in Q2 2022. The …

Binance CEO Changpeng Zhao (CZ) has hit back at critics and conspiracy theorists who claim Binance to be a Chinese-based “criminal entity” that “secretly [belongs] in the pocket of the Chinese government.” CZ's response to critics came from a Sept. 1 blog post via Binance, and stems from a Twitter spat with a former Washington Post journalist who asked him; “While I have you here, who's Guangying Chen?” He explained that the question is in reference to a conspiracy theory alleging that his personal friend and Chinese national Guangying Chen is the secret owner of Bijie Tech (a company he …

Beleaguered crypto lender Celsius Network has filed a motion with the United States Bankruptcy Court yesterday to allow customers with digital assets held in certain accounts to be withdrawn. There’s a catch, however, as the motion will only apply to Custody and Withold Accounts and for custodied assets worth $7,575 or less in value. Celsius has structured their Custody and Withhold Accounts, which essentially serve as storage wallets, in a way that still enables users to maintain legal ownership of cryptocurrency. This ownership however is not extended to assets held in accounts that offer annual crypto earnings or borrowing services …

From a bearish perspective, there's a fair probability that the crypto market entered a descending channel (or wedge) on Aug. 15 after it failed to break above the $1.2 trillion total market capitalization resistance. Even if the pattern isn't yet clearly distinguishable, the last couple of weeks have not been positive. For example, the $940 billion total market cap seen on Aug. 29 was the lowest in 43 days. The worsening conditions have been accompanied by a steep correction in traditional markets, and the tech-heavy Nasdaq Composite Index has declined by 12% since Aug. 15 and even WTI oil prices …

Jill Sommers, who served as a commissioner at the United States Commodity Futures Trading Commission, has joined the board of directors for FTX US Derivatives. In a Thursday announcement, crypto exchange FTX US’ derivatives arm said Sommers had become its latest board member in a seeming move to increase the company’s regulatory efforts. Sommers served as a CFTC commissioner from 2007 to 2013 under former Presidents Barack Obama and George W. Bush, and was the managing director of regulatory affairs for the Chicago Mercantile Exchange. According to Sommers, FTX US Derivatives aimed to become “the most regulated digital asset exchange …

Cryptocurrency exchange Crypto.com has reportedly dropped out of a half-billion-dollar sponsorship deal with the Union of European Football Associations Champions League. According to a Wednesday report from SportBusiness, Crypto.com pulled out of a $495-million agreement with the Union of European Football Associations, or UEFA, close to being signed off due to its legal team citing regulatory concerns with the exchange’s licenses in the United Kingdom, France, and Italy. Had the deal gone through, Crypto.com’s branding would have been present for the UEFA Champions League for five seasons at a cost of roughly $100 million per season, ending in 2027. Uefa …

In the wake of allegations made by Crypto Leaks, high-profile crypto lawyer Kyle Roche has filed to withdraw as counsel on several crypto class-action lawsuits. According to a series of court records released on Aug.31, Roche is understood to be “no longer involved” in Roche Freedman’s class action practice. The law firm has also filed to withdraw Roche as counsel in class action lawsuits involving Tron and Global Trading. Wow. A few days after being the subject of a controversial undercover video, @KyleWRoche has withdrawn as counsel for the Tether/Bitfinex lawsuit. This filing says he's no longer part of his …

Lawmakers in California State Assembly 71-0 passed the Digital Financial Assets Law, also known as AB 2269, on Tuesday, Aug. 30. The bill is now in the hands of the state’s governor Gavin Newsom, who will either set it into motion or veto it completely. This bill requires digital asset exchanges and crypto companies to have an operating license given by the state of California's Department of Financial Protection and Innovation. Any operations outside of said license will be prohibited. It would come into effect on and after Jan. 1, 2025. If not followed, perpetrators could receive a civil penalty …

The decentralized application industry pushed above $40 billion in smart contract deposits in February 2021, and currently the figure stands at $59 billion. To date, “real money” continues to flow into the sector, and on Aug. 29, gaming startup Limit Break raised $200 million. The project gained popularity after the successful launch of its DigiDaigaku free-mint NFT collection. According to a report by Dove Metrics and Messari, the crypto industry saw $30.3 billion in funds raised in H1 2022. This amount surpassed the $30.2 billion seen in 2021. Excluding the $10.2 billion in funding raised for the centralized finance sector …

Authorities with South Korea’s customs service have reportedly arrested 16 people involved in illegal foreign exchange transactions connected to crypto assets worth roughly $2 billion. According to a Tuesday report from South Korean news agency Newsis, the country’s customs authorities plan to prosecute 2 unnamed individuals linked to the illicit transactions, impose fines on 7 people related to negligence, and continue investigating the remaining seven. Since February, the Korea Customs Service’s investigation reportedly discovered more than 2.7 trillion won — roughly $2 billion at the time of publication — tied to transactions with domestic and foreign crypto exchanges. More than …

Mt. Gox trustee Nobuaki Kobayashi released updated information on Aug. 31 regarding the rehabilitation plan for creditors of the long defunct crypto exchange. According to the file, the restriction reference period starts on September 15, in which "the assignment, transfer or succession, provision as collateral, or disposition by other means of rehabilitation claims are prohibited." Kobayashi confirmed that creditors have until September 15 to submit claims regarding funds lost when the early crypto exchange collapsed in 2014: "During the Assignment, etc. Restriction Reference Period, the Rehabilitation Trustee will cease accepting applications for claim transfer procedures through the Rehabilitation Claim Filing …