A group of Paraguayan lawmakers is spearheading a bill that seeks to enact a temporary ban on cryptocurrency mining operations in Paraguay for 180 days or until the industry’s activities are properly regulated. The bill alleges that 28% of the energy losses of the National Power Administration (ANDE) correspond, in part, to illegal bitcoin mining […]
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Worldcoin has publicly recently reaffirmed the legality of its operations across the globe amid rising regulatory concerns that have led some countries to halt its operations in their jurisdictions.
The public declaration comes in the wake of a recent decision by Spain’s National Securities Market Commission (CNMV) to prohibit the startup’s activities within the country for three months. The CNMV’s decision was based on Worldcoin’s failure to secure authorization to provide investment services or engage in securities-related activities in Spain.
Despite these hurdles, Worldcoin said it maintains a steadfast commitment to adhering to local and international laws, ensuring its innovative approach to identity verification remains accessible and compliant globally.
According to the blog:
“Worldcoin operates lawfully in all of the locations in which it is available.
Various other authorities have also raised concerns regarding the project’s transparency and data security in recent months, leading to investigations and regulatory actions in multiple countries, including Germany, France, South Korea, Argentina, the UK, and Kenya.
The project emphasized that its data collection process adheres to strict ethical guidelines and does not involve purchasing or selling personal information. Additionally, the project has implemented advanced security measures to protect users’ biometric data.
Instead, Worldcoin aims to provide universal access to financial services and identity verification through its World ID, a privacy-centric global identity network designed to reduce economic inequality by allowing equal participation in the digital economy.
According to the blog, the project operates under strict adherence to data protection and privacy regulations, including the EU’s GDPR and Argentina’s Personal Data Protection Act.
It added that regulatory bodies such as the Bavarian State Office for Data Protection Supervision closely monitor Worldcoin’s activities, ensuring compliance with the highest legal and ethical obligations standards.
Additionally, Worldcoin has made critical components of its technology open source to ensure its transparency and recently underwent a security audit by Trail of Bits.
Despite the regulatory scrutiny across various nations, Worldcoin has achieved significant milestones, including reaching 4 million app downloads on iOS and Android platforms since its launch in July 2023. The app rewards users with Worldcoin’s native WLD token after successfully verifying their identity through iris scans.
Worldcoin’s technology revolves around the Orb device, which performs iris scans to generate a unique IrisHash for each user. The initiative aims to deliver a universally verified digital identity, a goal the company claims has been unattainable until now.
Worldcoin has also continued its expansion efforts and recently launched in Mexico and Singapore, with plans to extend further into Asia. This expansion reflects the company’s determination to persist in its mission despite regulatory hurdles, aiming to revolutionize how identity is verified in the digital age.
Hong Kong financial regulator, the Securities and Futures Commission (SFC), issued a public warning about MEXC’s unlicensed operations within its jurisdictions.
SFC stated:
“The entity purports to be a virtual asset trading platform operating at the above website. It has been targeting Hong Kong investors but is not licensed by the Securities and Futures Commission.”
Consequently, the platform has been added to Hong Kong’s list of suspicious virtual asset trading platforms, including other notable crypto firms like ByBit.
Per the SFC, MEXC’s operation in the city-state violated local laws.
According to the SFC:
“Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offence to carry on a business of providing a virtual asset service (ie, operating a virtual asset exchange) in Hong Kong and/or actively market such services to Hong Kong investors without a licence.”
This is not the first time the SFC has issued a public warning related to the MEXC exchange. Earlier in the year, the regulator stated that scammers were pretending to be from the crypto trading platform and luring unsuspecting victims into participating in what appears to be a crypto investment scam.
The scammers used links with addresses that start with “MEXC” and end in random letters, similar to phishing links.
As such, the SFC said it may pursue regulatory action against the platform if necessary.
“The SFC will not hesitate to take enforcement action against unlicensed activities where appropriate,” it added.
Meanwhile, the financial regulator warned crypto investors against trading on unregistered platforms, adding that they risk losing their investment if the platform experiences any form of failure.
SFC’s MEXC warning is unsurprising, considering the financial watchdog recently ended its registration window for crypto firms to apply for licensing to operate within the Asian city-state. Unregistered entities must close their businesses by the end of May.
The post Hong Kong SFC expands violations list adding MEXC for unlicensed operations appeared first on CryptoSlate.
CFOTO | Future Publishing | Getty Images
LONDON — McDonald’s suffered a system failure Friday that left customers in some parts of the world unable to order food.
“We are aware of a technology outage, which impacted our restaurants; the issue is now being resolved,” a McDonald’s spokesperson said. “We thank customers for their patience and apologize for any inconvenience this may have caused.”
The spokesperson added that the incident “is not related to a cybersecurity event.”
The outage was first flagged by the the Australian unit of the U.S.-based fast-food chain which said it was working to resolve the issue as soon as possible. At around 6.45 a.m. ET, McDonald’s Australia said on X that most of its restaurants had reopened.
McDonald’s Japan took to social media to say that operations at stores nationwide were temporarily suspended. “We apologize for any inconvenience caused to our customers,” it said.
On Downdetector, a website which tracks when apps and websites are having technical difficulties, there was a spike in reports of issues with the McDonald’s app in Australia around 2 a.m. ET on Friday.
People stand in front of a temporary closed McDonald’s in Shimbashi district of Tokyo on March 15, 2024. Hungry McDonald’s customers in parts of Asia had trouble ordering at stores, on cellphones and at electronic kiosks after a system outage.
Philip Fong | AFP | Getty Images
There was also a spike in reports of issues with the McDonald’s app in the U.K. around the same time, with further reports of issues at around 5 a.m. ET, according to Downdetector. A map on the website also showed outages reported in U.S. cities such as New York, Chicago, Los Angeles, Phoenix and Seattle.
McDonald’s has around 40,000 restaurants globally. Just over 1,000 are in Australia and there are more than 1,450 in the U.K. Japan has nearly 3,000 restaurants, making it one of the largest markets for McDonald’s.
Gold miner Polymetal International on Monday said it had struck a deal to sell the entirety of its Russian mining business for $3.69 billion, with a view to fully exiting the Russian Federation due to the combined threats of Western sanctions and nationalization by Putin’s government.
If approved by shareholders, Polymetal will sell the business to Russian mining company JSC Mangazeya Plus, with a view to re-focusing its operations towards Kazakhstan where it currently runs two mines that account for around one-third of its total production.
The Anglo-Russian gold miner, which was founded in St Petersburg in 1998, said the sanctions-compliant agreement would see JSC Mangazeya Plus pay it $1.48 billion in cash and also agree to settle the Russian segment’s $2.21 billion debts.
Shares in Polymetal International fell 6% on Monday in Moscow, having lost 11% of their value over the past 12 months and 66% of their value since the start of the Russia’s invasion of Ukraine in early 2022.
In August 2023, the company abandoned its London listing and re-domiciled from Jersey to Kazakhstan’s capital Astana, with a view to avoiding Russia imposed rules that designated Jersey an “unfriendly jurisdiction” in response to Western sanctions.
Polymetal said it will let shareholders vote on the agreement at its upcoming annual general meeting on 7 March, as the company said the sell-off would help avoid risks including those posed by the operations being expropriated or nationalized by the Russian government.
In a statement, Polymetal said it believes a deal to sell its Russian operations “presents the most viable opportunity for the Group to restore shareholder value by removing or substantially mitigating critical political, legal, financial and operational risks.”
The striking of the deal marks the end of an arduous process faced by Polymetal in finding a sanctions-compliant buyer for its Russian operations, after it vowed to exit that country following the outbreak of war.
Polymetal’s push to divest from Russia was made more urgent by the U.S. Department of State’s decision to impose sanctions on its Russian subsidiary in May 2023, which blocked U.S. citizens from interacting with that unit.
The process of selling off its Russian assets has been more difficult due to stringent rules imposed by authorities in both Moscow and Washington on any company looking to exit Russia.
Polymetal said it had received confirmation from the U.S. Office of Foreign Assets Control (OFAC) that those involved in the sale to JSC Mangazeya would not be subject to sanctions, and made clear that any payment would be made via sanctions-compliant financial institutions.
JSC Mangazeya Plus is the mining subsidiary of the Mangazeya commodities conglomerate, which is controlled by Russian billionaire Sergey Yanchukov, who started his career as an oil trader in Ukraine.
If completed, the deal will see Polymetal retain its position as the second largest gold miner in Kazakhstan, in controlling two mines with an estimated 11.3 million ounces of gold.
Meta Platforms Inc., under the leadership of CEO Mark Zuckerberg, flagged an unusual concern to its investors in its latest report filed with the Securities and Exchange Commission (SEC).
The company’s 10-K filing, an exhaustive review of its activities for 2023, for the first time listed the CEO’s penchant for high-adrenaline hobbies as a “risk factor,” hinting at the potential for “serious injury and death.”
Zuckerberg, 39, is known for his adventurous streak, engaging in activities like hydrofoiling and mixed martial arts — passions that come with risks.
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During the pandemic, Zuckerberg discovered a new hobby in Brazilian jiu-jitsu, frequently updating his social media with images of his training and toned physique. His efforts in the sport were recognized when he won gold and silver medals at a Brazilian jiu-jitsu tournament in May.
His dedication to these pursuits was underscored last November when he sustained a torn ACL during a mixed martial arts training session, a mishap he shared with his followers on Instagram. The post featured Zuckerberg in a hospital bed, his left leg wrapped and secured in a brace, evidence that his ventures often come at a price.
Zuckerberg’s enthusiasm extends to surfing, an activity that, despite his earnest participation, has drawn playful critique from online communities.
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Showcasing his zeal for pushing boundaries, Zuckerberg has ventured into aviation, pursuing a pilot’s license. Records from the Federal Aviation Administration reveal that he achieved his student pilot certificate last year, signaling progress in this often dangerous endeavor.
Meta’s recent SEC disclosure points out that Zuckerberg’s array of “high-risk activities,” including combat sports, extreme sports and recreational aviation, pose a unique challenge to the company.
The filing candidly addresses the potential repercussions on Meta’s operations should these pursuits lead to severe consequences for Zuckerberg, emphasizing the critical role he plays within the company. It notes that if the worst happens, “there could be a material adverse impact on our [Meta’s] operations.”
The filing added, “We currently depend on the continued services and performance of our key personnel, including Mark Zuckerberg.”
Meta hasn’t spoken about its decision to add this warning to its most recent 10-K. Just the same, there’s no word on whether Zuckerberg has plans to take a step back from his many thrill-seeking hobbies.
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Bakkt Holdings said in a press release on Feb. 8 that it is “confident” it will continue operating despite expressing concerns earlier over its liquidity in a regulatory filing.
Bakkt wrote that “management remains confident” and intends to continue serving clients and moving toward profitability. The exchange added that its filing with the SEC for the quarter ending September 2023 described various risk factors in part related to its acquisition of Apex Crypto, which concluded in early 2023.
Bakkt said that its Feb. 7 amendment to that filing describes risk factors related to its ability to continue as a going concern for 12 months after the date of the amended form. The company said that its concern analysis can only include management plans that have been implemented or are probable; it must exclude new products and market launches and those without proven revenue.
Bakkt offers business products, including a turnkey crypto trading API, custody services, and crypto reward solutions. Bakkt discontinued an app aimed at retail users in March 2023. Its parent company, ICE, terminated Bakkt Bitcoin futures and options contracts in September 2023.
Despite Bakkt’s assurances to the public, its submission to the SEC explicitly states in bold text:
“We might not be able to continue as a going concern.”
According to the filing, Bakkt said that it is not probable that its revenue will generate sufficient profit and cash flows to continue doing business. It also described “expected operating losses and cash burn for the foreseeable future.”
Another section reads:
” … We have determined that we do not believe that our cash and restricted cash are sufficient to fund our operations for the 12 months following the date of this [filing].”
The firm said it is currently seeking additional capital but noted that various methods of raising capital would not be available or acceptable. One option would be to issue securities, but that would dilute its stock value.
Bakkt said that lack of funding may lead it to reduce expansion efforts, cut operating costs, limit future development, or “even terminate operations.” The firm also expressed uncertainty around the handling of crypto in the event of bankruptcy.
The post Bakkt says it is ‘confident’ about continuing operations after disclosing liquidity issues in SEC filing appeared first on CryptoSlate.
Binance compliance commitments with the United States Department of Justice (DOJ) were unsealed on Dec. 8, revealing a significant government oversight of the crypto exchange operation and business activities.
In an analysis shared on X (formerly Twitter), John Reed Stark, a former Securities and Exchange Commission (SEC) official, classified the “exhaustive list” of Binance’s new compliance commitments as a “consulting firm’s wish list” that will likely shut down the platform.
Binance’s new obligations are described in an 11-page document and include cooperation to grant authorities access to documents, records, and resources at their request, including access to information related to its “former employees, agents, intermediaries, consultants, representatives, distributors, licenses, contractors, suppliers, and joint venture partners,” noted Stark.
Several sections of the DOJ’s criminal division will closely monitor the exchange’s activities, including the section for money laundering and asset recovery, the section for national security, the section for counterintelligence and export control, and the office for the Western District of Washington’s United States Attorney.
Previously disclosed, Binance’s plea deal with the U.S. government also includes five years of oversight by the Financial Crimes Enforcement Network (FinCEN). The unprecedented oversight of its activities will likely cost the exchange millions of dollars. Stark said:
“Binance’s settlement requires it to offer years of instantaneous access, audit, examination and inspection to DOJ, FinCEN and all types of financial regulators and law enforcement, exposing the company — and its customers — to a 24/7, 365-days-a-year financial colonoscopy.”
Related: Binance is now ‘totally different’: Interview with CEO Richard Teng
Binance and its former CEO, Changpeng “CZ” Zhao, have admitted to violating U.S. money laundering and terror financing laws, agreeing to pay $4.3 billion in fines on Nov 21.
Binance’s recently unsealed court records are part of a new filing by the U.S. SEC, incorporating DOJ’s enforcement actions and settlements to strengthen its case against the exchange and Zhao.
The SEC pressed 13 charges against Binance on June 5, accusing the exchange of unregistered offers and sales of the BNB (BNB) and Binance USD (BUSD) tokens, the Simple Earn and BNB Vault products, and its staking program. The SEC also alleges that Binance failed to register its Binance.com platform as an exchange or broker-dealer clearing agency.
With its latest filing, the regulator asks the court to take a “judicial notice” of the facts presented in Binance’s settlement. “Which means that the SEC wants the Judge to declare a fact presented as evidence as true without a formal presentation of evidence,” said Stark.
The SEC is using the settlement to challenge Binance’s latest motion to dismiss the case, undermining the exchange’s arguments about its presence and operations in the U.S. over the past years.
Binance had more than three million U.S. customers by March 2018, according to its settlement with the DOJ. Approximately 30% of Binance’s web traffic originated in the United States as of June 2019.
Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US
Dubai’s dedicated crypto regulator, the Virtual Asset Regulatory Authority (VARA), is switching leaders as it prepares for the next phase of its “ramp up to full-scale market operations” in 2023.
In a statement sent to Cointelegraph, VARA said that its incumbent CEO, Henson Orser, will be replaced by Matthew White, a global adviser who worked several roles at PwC. VARA also explained that Orser will still help the regulator as a consultant.
Orser is a former banker who worked at Nomura Holdings. He led VARA in adopting a regulatory regime for the crypto space that took effect earlier in 2023, right after the FTX collapse.
VARA said the Orser established a “specialist regulatory regime” within his term. After handing over the position, he will still collaborate with the regulator. “His commitment to VARA is steadfast as he will remain available in a consultative capacity hereon, highlighting the strong collaboration between both parties,” VARA wrote.
Related: Dubai releases crypto regulations for virtual asset service providers
The switch comes as the United Arab Emirates is tightening its rules and imposing fines on unlicensed virtual asset service providers (VASPs), with several regulators in the UAE releasing a joint guidance for VASPS on Nov. 8.
The new guidelines included various penalties for VASPs operating in the jurisdiction without the proper licenses. The move is an effort from the UAE to be removed from the Financial Action Task Force’s “grey list,” to which it was added back in 2022.
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Sam Bankman-Fried’s (SBF) legal team said his testimony would center on his understanding of industry practices and the transfer of FTX assets to Bahamian authorities following the company’s collapse last year.
SBF’s testimony will also shed light on his understanding of whether legal professionals played a role in various aspects of FTX’s operations and his knowledge of the exchange and Alameda’s financial health.
Furthermore, the defense will assert that SBF’s actions were carried out in “good faith” and were not motivated by any intent to deceive customers or investors.
SBF’s testimony is expected to delve into specifics such as the exchange lawyers’ knowledge of company policies, bank accounts, and the FTX/Alameda relationship, among other details, including auto-deletion policies.
According to his legal team, the company’s in-house counsel was involved in making those decisions that the prosecution had interpreted as proof of SBF’s criminal intent.
Thus, SBF’s testimony will allegedly clarify “his understanding as to what the attorneys were present for, what their tasks were, what information they were provided, and the impact of his knowledge of their involvement on his belief that his conduct was at all times proper and lawful.”
SBF’s attempt to use the “knowledge of counsel” defense during his opening remarks had been denied by Judge Lewis Kaplan because it risked prejudicing the jury.
Furthermore, the defense plans to query Bankman-Fried’s understanding of specific industry practices, mainly omnibus wallets, which would show his good faith and lack of criminal intent.
Lastly, the defense aims to demonstrate how SBF’s authorization to transfer FTX’s assets to the Bahamian authorities was another action made in good faith. This would be done by rebutting testimony provided by FTX’s former Chief Technology Officer Gary Wang, who alleged that SBF acted in a bid to retain control of the collapsed company.
The defense counsel argued that the Bankman-Fried’s decision was based on the belief that Bahamian authorities prioritized customers’ best interests, and it was done to resolve conflicts of interest involving in-house counsel and external bankruptcy counsel.