United States Securities and Exchange Commission chair Gary Gensler issued a warning to crypto companies to “come in and follow the law” after the agency announced a settlement with crypto exchange Kraken. Appearing on CNBC’s ‘Squawk Box’ on Feb. 10, Gensler said crypto exchanges should register with the SEC in order to be compliant with regulations in the United States, claiming that many within the industry were “choosing” not to do so. According to the SEC chair, the business models of many crypto projects were “rife with conflict,” claiming they needed to “disentangle” bundled products. "If this field has any …

The Virtual Asset Regulatory Authority (VARA) recently provided the much-awaited guidelines for virtual asset service providers (VASPs) in Dubai, United Arab Emirates, which included a ban on privacy coins. On Feb. 7, VARA released several rulebooks for VASPs including the "Virtual Assets and Related Activities Regulations 2023" in which VARA mentioned a prohibition on privacy coins. In the document, VARA wrote: “The issuance of Anonymity-Enhanced Cryptocurrencies and all VA Activity[ies] related to them are prohibited in the Emirate.” Cointelegraph reached out to several players within Dubai and a privacy protocol project to find out how market participants feel about the …

Amid Coinbase cryptocurrency exchange standing up for crypto staking and economic freedom, the online community has urged the company to support XRP as well. On Feb. 9, Coinbase’s chief legal officer Paul Grewal claimed that Coinbase's staking program is not affected by rival exchange Kraken shutting down its staking services. The executive argued that Kraken’s staking platform was “essentially offering a yield product,” while Coinbase’s staking services are “fundamentally different and are not securities.” Coinbase CEO Brian Armstrong also took to Twitter on Thursday to declare that the exchange will continue to oppose the government when it comes to protecting …

South Korea announced its first independent sanctions related to cryptocurrency thefts and cyber attacks against certain North Korean groups and individuals. According to Seoul's Ministry of Foreign Affairs, four North Korean individuals and seven businesses have been placed on a blacklist for their alleged involvement in cyberattacks and cryptocurrency theft, reported a local daily. The blacklisted individuals include the infamous Park Jin-hyok, Jo Myong-rae, Song Rim and Oh Chung-seong. The most notorious of the four hackers, Park, works in information technology for the Chosun Expo Joint Venture, a front company connected to the Lazarus Group in North Korea. He is …

Local Russian media outlets reported on Monday that Bitzlato co-founder Anton Shkurenko was detained in Moscow on Feb. 6 at the request of Interpol. However, according to a Feb. 10 report from CoinDesk, Shkurenko was stopped and detained by the local police for an ID check, then promptly let go after a conversation. Shkurenko said he is not involved in any criminal cases in Russia. He reportedly commented, while not disclosing details of the investigation: “I hope I convinced the prosecutor of my innocence.” He did not specify the sector of law enforcement that detained him, though he mentioned he …

Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department of Financial Services (NYDFS). A “person familiar with the matter” told Bloomberg in a Feb. 10 report that the exact motive behind the probe is currently unclear. An NYDFS spokesperson declined to comment on ongoing investigations but noted that the department is broadly working to protect consumers from risks associated with investing in the cryptocurrency market: “The department is in continuous contact with regulated entities to understand vulnerabilities and risks to consumers and …

Members of the crypto community are seemingly outraged over the recent charges laid against crypto exchange Kraken in relation to its staking-as-a-service program in the United States. On Feb. 9, the United States Securities Exchange Commission (SEC) announced it had settled charges with Kraken over “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which it claims is qualified as securities under its purview. Kraken agreed to settle the charges by paying $30 million in fines and to immediately cease the staking services to U.S. retail investors, though it would continue to be offered offshore. The …

United States Securities and Exchange Commission (SEC) commissioner Hester Pierce has publicly rebuked her own agency over the shut down of Kraken's crypto staking program in the United States. The commissioner blasted her regulator in a Feb. 9 statement called "Kraken Down," noting that regulation by enforcement “is not an efficient or fair way of regulating” in an emerging industry, stating: Today, the SEC shut down Kraken’s staking program and counted it as a win for investors. I disagree and therefore dissent. Peirce's statement also slammed the regulator for shutting down a “program that has served people well." “Using enforcement …

Ethereum co-founder and crypto entrepreneur Joseph Lubin is confident that Ether (ETH) won’t be classified as a security in the United States. Cointelegraph spoke with Lubin, Ethereum co-founder and founder of blockchain tech firm ConsenSys, in Tel Aviv at the Web3 event, Building Blocks 23. Asked if ETH could be classed as a security in the U.S. after Ethereum’s transition to a proof-of-stake (PoS) consensus model, Lubin said: “I think it's as likely, and would have the same impact, as if Uber was made illegal.” “There would be a tremendous outcry from not just the crypto community but different politicians …

The American state of Mississippi is one step closer to protecting the rights of cryptocurrency miners after the state senate passed the Mississippi Digital Asset Mining Act on Feb. 8. There is a companion bill under consideration in the state house of representatives. The senate bill, authored by state Sen. Josh Harkins, legalizes home digital asset mining and the operation of mining businesses in areas zoned for industrial use. There are already crypto miners operating in Mississippi, which has some of the lowest electricity rates in the country. However, the bill claimed: “Digital asset mining has often faced regulatory challenges …

Cryptocurrency exchange Kraken has reached an agreement with the United States Securities and Exchange Commission to stop offering staking services or programs. In a Feb. 9 announcement, the SEC said it had charged Kraken with “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which the commission claims qualified as securities under its purview. The crypto firm has agreed to cease operations of its staking program as well as pay $30 million in disgorgement, prejudgment interest, and civil penalties. “Kraken not only offered investors outsized returns untethered to any economic realities, but also retained the right …

United States authorities appear to be resurrecting past techniques to crackdown on crypto firms and banks offering services to the industry, several sources told Cointelegraph. The alleged strategy consists of isolating the traditional financial system from the crypto market by spanning "multiple agencies to discourage banks from dealing with crypto firms," aiming to lead crypto businesses to become "completely unbanked," according to Nic Carter — co-founder of venture firm Castle Island and crypto intelligence firm Coin Metrics. The claims rely on conversations he had with bank executives, including crypto native and traditional banks, Carter told Cointelegraph. "They tell me they …