Regulators have not taken action against many of the industry’s biggest crypto players, but they are now restricting access to critical products and services in the digital-currency business.
Tag: cryptocurrency
Report: Crypto Becomes ‘New Frontier’ in Securities Class Action Filings
Core federal filings related to cryptocurrency more than doubled from the previous year in 2022, setting a new record.
FTX Located More than $5B in Cash, Liquid Assets
Bankrupt cryptocurrency exchange FTX announced that it has found more than $5 billion in cash and other liquid assets.
Professional Liability in the Crypto World
The cryptocurrency industry is growing, and it’s important for insurance agents to understand the risks.
Insurers Denying, Limiting Coverage for FTX-linked Crypto Firms as Risks Mount
Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX.
FTX Failure Highlights Importance of Corporate Governance for Insurers
The collapse of the cryptocurrency exchange FTX highlights the importance of effective corporate governance, according to a new AM Best commentary.
Bitcoin Leads Crypto Fraud as FTC Confirms $1 Billion Milestone
According to a report released on Friday by the Federal Trade Commission, victims lost more than $1 billion in cryptocurrency scams between January 2021 and March 2022. Since the beginning of 2021, over 46,000 people have lost money due to cryptocurrency fraud, making it the leading source of payment scams. Bitcoin accounted for 70% of… Continue reading Bitcoin Leads Crypto Fraud as FTC Confirms $1 Billion Milestone
Global Regulators Back Tougher Rules to Prevent Criminals from Using Crypto
Cryptocurrency firms could be forced to take greater steps to combat money laundering under new guidelines released on Thursday by the Financial Action Task Force, an international body that coordinates government policy on illicit finance. The task force called on governments to broaden regulatory oversight of crypto firms and force more of them to take… Continue reading Global Regulators Back Tougher Rules to Prevent Criminals from Using Crypto
Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says
The volume of suspected ransomware payments flagged by U.S. banks has surged this year, on pace to nearly double last year’s, the Treasury Department said Friday, highlighting the scale of a problem that governments across the world have described as a critical national security threat. Nearly $600 million in transactions were linked to possible ransomware… Continue reading Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says
Crypto Channels Targeted in Biden’s Fight Against Ransomware
The Biden administration plans a fresh campaign against ransomware attacks through sanctions to cut off criminals’ cryptocurrency pipelines, and it urged companies to report extortion attempts and better protect themselves from them. Deputy Treasury Secretary Wally Adeyemo told reporters that the sanctions would be imposed on Suex, a cryptocurrency transferring service that’s registered in the… Continue reading Crypto Channels Targeted in Biden’s Fight Against Ransomware