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Irish Central Bank Calls Crypto Ponzi, Urges Ban On Crypto Advertisements

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Irish Central Bank Urges Ban on Crypto Ponzi Scheme Advertisements

The Irish Central Bank (ICB) has urged the country’s financial regulator to ban the advertising of cryptocurrency-based Ponzi schemes in a bid to protect investors.

The warning comes amid a surge in the number of crypto-related financial scams in Ireland, with ICB Deputy Governor Ed Sibley noting that “the number of crypto asset scams, including Ponzi schemes, has increased significantly in Ireland in recent months.”

Sibley added that the current regulation of the crypto sector does not provide the same protection as that for other financial products, meaning that those who fall victim to a Ponzi scheme risk losing all their money.

The ICB has thus called on the Central Bank of Ireland to take further steps to protect investors from such scams, including banning the advertising of Ponzi schemes and requiring crypto firms to be registered with the regulator.

The warning comes at a time when the country is considering introducing a new set of regulations for the crypto sector. The proposed regulations would require crypto firms to be registered with the Central Bank and to adhere to certain anti-money laundering standards.

This move is part of a broader effort to ensure investor protection in the cryptocurrency sector and would help to reduce the risk of scams.

#IrishCentralBank #CryptoPonzi #CryptoFraud #InvestorProtection

The post Irish Central Bank Calls Crypto Ponzi, Urges Ban On Crypto Advertisements first appeared on Byte Syze Crypto.

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Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year

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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.

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Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May

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#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.

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CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry

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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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