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IRS Laughs Off Coinbase User’s ‘Surveillance Conspiracy’ in Tax Reporting Case

The United States Internal Revenue Service (IRS) has argued that its summons on major American crypto exchange Coinbase is indeed legitimate in a recent filing. Per a Nov. 15 filing, the U.S. tax agency told a California federal court that its investigation of Coinbase customer William Zietzke is completely legitimate.  Zietzke claims summons was issued outside IRS’s authority Zietzke is attempting to quash the summons issued to Coinbase Inc. in June, which requested that they …

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US ICO Scammer Sentenced to 18 Months In Jail

Maksim Zaslavskiy, a computer programmer from Brooklyn and the first person in the United States to be convicted of running a fraudulent initial coin offering (ICO) has been sentenced to a year and a half behind bars. As Law360 reported on Nov. 18, the Brooklyn businessman received a prison sentence of 18 months for running two scam ICO’s, both of which were advertised as being backed by collateral — diamonds and real estate, respectively — …

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Spanish Financial Watchdog Warns Against Unregulated ICO Scheme

A Spanish financial watchdog has issued a warning against Ethereum (ETH)-based token dubbed AlyCoin. As Financial Magnates reported on Nov. 18, the Comisión Nacional del Mercado de Valores warned the public against AlyCoin as it the coin is registered neither in Spain nor in the corresponding registry and thus promotes unregulated initial coin offerings (ICOs). Specifically, AlyCoin purportedly provides its customers with financial services in violation of the second paragraph of Article 17 of the …

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US Will Strictly Enforce Anti-Money Laundering In Crypto

The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco said that Anti-Money Laundering (AML) laws will be strictly enforced in the world of cryptocurrencies. On Nov. 15, Reuters reported that Blanco made it crystal clear that cryptocurrency companies engaged in money service businesses will have to comply with AML laws and share information about their customers. Travel rule also applies to crypto Speaking at a conference hosted by Chainalysis, a New York-based blockchain …

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Police Arrest Founder of Blockchain Startup That Raised Over $80M

Dutch police have arrested the founder of blockchain game development startup Komodore64 that allegedly raised 78 million euros ($86 million) from investors, business-focused news outlet Sprout reported on Nov.  Komodore64 — which launched in June with the objective to create a game platform where transactions are tracked on blockchain — appeared to be a fraudulent scheme that deceived both investors and its own employees. The project and its native crypto coin K64, which have reportedly …

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New York Resident Indicted for Crypto Scam, Charged With Wire Fraud

The Office of United States Immigration and Customs Enforcement’s Homeland Security Investigations and prosecutors for the Southern District of New York have indicted a man for allegedly participating in a cryptocurrency scheme dubbed Igobit. According to an announcement on Nov. 6, Asa Saint Clair was charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison if convicted. Used clients funds for dinners at Manhattan restaurants The document states …

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New Official Register in San Marino Recognizes and Regulates Blockchain Firms

The Republic of San Marino has officially adopted the Register of Blockchain Entities, inviting companies in the industry to apply for certification. Companies can apply for blockchain certification online The project was initiated by San Marino’s fully state-owned tech innovation company, the Institute for Innovation of the Republic of San Marino, Cointelegraph Italia reports Oct. 22. According to local public service broadcaster San Marino RTV, companies in the microstate of San Marino can now apply …

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The SEC Files as the CFTC Settles Charges Against Swiss Securities Dealer

The United States Securities and Exchange Commission (SEC) has filed charges against XBT Corp. SARL on the same day that the Commodity Futures Trading Commission (CFTC) settles charges against the same company.  SEC allegations In a press release on Oct. 31, the SEC alleged that the Switzerland-based securities dealer, XBT Corp. SARL, operating under the name First Global Credit, offered and sold unregistered security-based swaps to U.S. investors without complying with the registration and exchange requirements …

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US Congressman to Introduce Bill Clarifying Digital Asset Issuance

United States Representative Tom Emmer (R-MN) intends to introduce new legislation to provide regulatory certainty for cryptocurrencies. On Oct. 24, Congressman Tom Emmer, who serves as the Ranking Member of the House Financial Services Committee’s Task Force on financial technology, announced that he is introducing a new law that can provide a clear path to regulatory certainty for cryptocurrencies and other emerging technologies under securities law.  The bill would allow companies that are already compliant …

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Crypto Capital Exec Indicted on Three Criminal Counts in NY Court

The United States Attorney for the Southern District of New York has indicted Crypto Capital executive Oz Yosef on three criminal counts. An Oct. 23 court filing obtained by Cointelegraph confirmed that Oz Yosef has been indicted by U.S. authorities on conspiracy to commit bank fraud, bank fraud and conspiracy to operate an unlicensed money transmitting business. Crypto Capital allegedly mislead Bitfinex The filing would appear to confirm allegations from cryptocurrency exchange Bitfinex, which in …

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