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US Federal Prosecutors Investigate Block Inc. for Compliance Violations
US federal prosecutors are conducting an investigation into Block Inc., the fintech company founded by Twitter co-founder Jack Dorsey. The investigation follows allegations of compliance violations at Block's payment arms, Square and Cash App. A whistleblower has provided documents showing that Block processed transactions for users in countries subject to economic sanctions and facilitated crypto transactions for terrorist groups. The company is accused of failing to address these breaches despite being alerted to them.
IRS Introduces New Form 1099-DA for Reporting Income from Digital Asset Transactions
The US IRS has introduced Form 1099-DA for cryptocurrency brokers to report digital asset transactions, aiming to improve compliance and ensure accurate tax reporting from digital assets starting January 1, 2025.
Hong Kong Crypto Exchange HKVAEX Announces Phased Shutdown
HKVAEX, a Hong Kong-based cryptocurrency exchange, has initiated a phased suspension of their services, leading to a complete shutdown by May 1, 2024.
South Korea Probes OKX for Unregistered Operations
South Korean financial authorities are investigating OKX, a cryptocurrency exchange, for potentially operating without proper registration, following allegations from the Digital Asset Exchange Association.
Binance Co-Founder Yi He Champions Transparency and Security Amidst Crypto Evolution
Binance Co-Founder Yi He addresses the crypto community with vital announcements on enhancing listing transparency and security measures, showcasing Binance's proactive approach in combating scams and ensuring a trustworthy trading environment.
Brazil's Tax Authority Cracks Down on Unreported Bitcoin Holdings
The Brazilian Federal Revenue Service identifies over 25,000 individuals with undeclared bitcoins, leveraging advanced technologies to enforce tax compliance in the cryptocurrency sector, signaling increased scrutiny and regulatory measures for crypto investors.
OpenAI's ChatGPT Under GDPR Investigation in Italy: Facing 30-Day Defense Deadline
Italian Data Protection Authority, Garante, has raised concerns over potential GDPR violations by OpenAI's ChatGPT, requiring OpenAI to defend its processing of personal data for 30 days.
British Standards Institution Pioneers International AI Safety Guidelines for Sustainable Future
BSI's release of the first international AI safety guideline, BS ISO/IEC 42001, marks a significant step in standardizing the safe and ethical use of AI, reflecting global demand for robust AI governance.
Nomura's Laser Digital Partners with WebN Group to Launch Libre Protocol on Polygon
Nomura's Laser Digital and WebN Group have unveiled the Libre protocol, a fund tokenization infrastructure powered by Polygon technology, set to launch in Q1 2024. The protocol aims to revolutionize the management and distribution of alternative investments, with Brevan Howard and Hamilton Lane as initial users.
Lesley O'Neill was Appointed as Binance.US Chief Compliance Officer
Lesley O’Neill's appointment as Binance.US Chief Compliance Officer marks a strategic response to heightened SEC scrutiny, emphasizing the crypto industry's shift towards compliance and regulatory adherence.