CFTC fines Tether for lying and Bitfinex for ‘illegal’ transactions + More news
Get your daily digest of crypto-asset and blockchain news – by investigating the stories that go under the radar of today’s crypto news.
- The United States Commodity Futures Trading Commission (CFTC) said it issued an order simultaneously filing and settling charges against Tether Holdings Limited, Limited tether, Tether Operations Limited, and Tether International Limited (d / b / a Tether) for making false or misleading statements and omitting material facts in connection with the most popular stablecoin, tether (USDT). The order requires Tether to pay a civil pecuniary fine of $ 41 million. In addition, the CFTC issued a separate order simultaneously filing and settling charges against iFinex inc., BFXNA Inc., and BFXWW Inc. (d / b / a Bitfinex) in connection with their operation of the Bitfinex crypto trading platform. The order finds that Bitfinex engaged in illegal transactions of over-the-counter retail commodities in digital assets with U.S. people on the trading platform and operated as a futures commission merchant (FCM) without register as required. The order requires Bitfinex to pay a civil pecuniary fine of $ 1.5 million.
News about adoptions
- American mortgage lender United Wholesale Mortgages is abandoning its plan to accept cryptocurrencies as a method of payment due to lack of interest, according to CNBC. The team said borrowers “liked” and “said it was cool,” but being able to transact in crypto “wasn’t a driving force.”
- López Obrador, president of Mexico, said crypto was not “real money” and ruled out adopting it as legal tender, according to local media outlet El Financiero. He also added that he advocates “orthodoxy” in financial matters.
- 3D virtual reality platform Decentraland is accommodation a four-day “Metaverse Festival” starting October 21. Guests include Paris Hilton, Deadmau5, Alabaster dePlume and 3LAU.
- Crypto exchange Coinbase unveiled a digital asset policy proposal that suggests that the U.S. Congress pass legislation to regulate the crypto exchanges they call Marketplaces for Digital Assets (MDA) and create a registration process for these entities. Coinbase’s proposal suggests four ‘regulatory pillars’ to guide the process: regulating digital assets within an industry-specific framework, creating the new regulator, establishing fraud protections and disclosure requirements for crypto firms, and promote interoperability.
- Crypto mining company BIT Mining announced that its mining pool subsidiary, BTC.com, will leave the mainland China market. To comply with local regulations, BTC.com will stop registering new users from Mainland China and expects to start removing accounts from existing users in Mainland China from October 15.
News from the exchanges
- Bitfinex announced that it has increased the volume of heavy servers in its Zug-based data center by doubling its capacity amid growing demand for digital token exchanges among hedge funds, institutional investors and family offices. Their new level of service is “on par with that provided by major stock exchanges,” they say.
- The Bank of Japan (BoJ) would attempt to develop a central bank digital currency (CBDC) that can easily coexist with private payment methods, Executive Director Shinichi Uchida said in a speech. A CBDC should be made of “materials that are relatively simple and easy to cook,” he added.
- Auction house Sotheby’s To spear its own Ethereum (ETH) -based non-fungible token (NFT) market called Sotheby’s Metaverse. Their first sale will be NativelyDigital, with 53 works from 19 NFT collectors and opening on October 18.