In a statement the SEC said it has sued the founder of a now-defunct cryptocurrency exchange platform BitConnect over the alleged role of the founder’s role in fraudulently raising nearly $2 billion from thousands of retail investors. The SEC expanded its civil lawsuit against BitConnect founder Satish Kumbhani, which it had announced in May, with…
On Wednesday, a parliamentary committee in South Korea voted to recommend amending a law – a key step in banning Google and Apple from forcibly charging software developers commissions on in-app purchases. The development marks the first such step by a major economy. The amendment will come to a final vote in parliament. Both US…
In a significant development, Microsoft said it has detected a malicious version of software from SolarWinds and is investigating the cyber security incident. It is too early to say whether hackers used Microsoft systems to exploit and attack customers.
In a notice sent to customers by Italy’s state-owned bank Monte dei Paschi, hackers have managed to access the mailboxes of some employees, with the bank informing clients in the notice that on March 30 some messages with voice mail attachments had been sent as a result of the cyber attack. Incidentally, the notice did…
The U.S. Securities and Exchange Commission has charged the chief executive of Shopin with defrauding investors to the tune of $42.5 million through initial coin offering, by lying to investors that the startup had close ties to major retailers and a Silicon Valley entrepreneur. Eran Eyal, 44, a dual citizen of South Africa and Israel…
The charges will test Beijing’s ability to compartmentalize the alleged violations of sanctions on Iran by Huawei from the ongoing trade negotiations. In a development of far reaching implications for U.S.-China bilateral relations, the United States has charged Huawei Technologies Co Ltd with criminal conspiracy to violate U.S. sanctions on Iran. The U.S. Justice Department…
Of the 250 banks that earlier allowed companies to transact in cryptocurrencies, only two are active. While much of the business has gone to Liechtenstein, Swiss authorities are bent on taking back the crown. Regulators in Switzerland are stepping up their efforts to halt the exodus of cryptocurrency projects from the country. Currently only two…
As per a study conducted by the United Nations, adopting blockchain technology could potentially boost the turnover of importers and exporters by 44% while slashing their cost by up to 31%. On Monday, in a significant development, HSBC Holdings Plc disclosed it has successfully completed the world’s first trade finance transaction using blockchain technology. The…
Mick Mulvaney, U.S. President Donald Trump’s pick to lead the CFPB intends to invalidate the payday rule asap. In a significant development, a leading trade group for small-dollar lenders has asked a federal court to block rules that are meant to shield consumers from predatory loans. As per rules issued in November 2017 by the…
The ruling will enable the U.S. Commodity Futures Trading Commission (CFTC) to regulate cryptocurrencies and make make fraudsters more accountable for their actions. In a landmark ruling, U.S. federal judge Jack Weinstein ruled that virtual currencies, including bitcoins, can be regulated as commodities by the U.S. Commodity Futures Trading Commission (CFTC). The ruling allows the…
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