Crypto News
Elizabeth Warren Calls Out ‘Shady’ Crypto Audits: Letter to Accounting Oversight Board Revealed
U.S. Senators Elizabeth Warren and Ron Wyden expressed their disappointment with the Public Company Accounting Oversight Board’s (PCAOB) failure to hold auditors accountable for “sham” crypto audits. They wrote a letter to the PCAOB about their concerns about the role “shady audits play in giving crypto firms a veneer of safety and financial stability.” They pointed to limited audits conducted by PCAOB-registered firms Prager Metis and Armanino for the bankrupt crypto exchange FTX prior to its collapse. The PCAOB said that “legislative changes would be needed for the PCAOB’s standard-setting, inspections, and enforcement programs to apply to audits and auditor behavior concerning entities that are not SEC-registered issuers, brokers or dealers.” Warren and Wyden argued that proof-of-reserves (PoR) reports—an auditing practice for crypto firms that provides a report of the assets in reserve—”do not follow established standards, are not overseen by the PCAOB, and do not prove that listed assets actually belong to customers.” PCAOB urged investors to exercise caution with PoR reports, which it called “inherently limited” and “are not conducted in accordance with PCAOB auditing standards.” Crypto audits took center stage after the FTX implosion last November. Exchanges such as Crypto.com, Binance, and OKCoin have issued asset assurances to settle investors’ nerves, but these reports have yet to be conducted by any of the Big Four accounting firms. This is bad news for investors, who lack assurance of the legitimacy of crypto audits conducted by PCAOB-registered firms. PCAOB needs to take further action to protect the integrity of the auditing system and protect investors. #CryptoAudits #ProofOfReserves #PublicCompanyAccountingOversightBoard #ElizabethWarren #RonWyden
You can read more about this topic here: Decrypt: Elizabeth Warren Takes Aim at ‘Shady’ Crypto Audits in Letter to Accounting Oversight Board
The post Elizabeth Warren Calls Out ‘Shady’ Crypto Audits: Letter to Accounting Oversight Board Revealed first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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