Celsius’ customers may expect 72% of deposits, war on crypto continues in EU and against Coinbase
Payment restriction in EU anti-money laundering bill irks crypto industry
A single article introduced by the European Parliament to the anti-money laundering rule for commercial crypto payments has stirred Europe’s digital asset industry.
Policymakers hope that they can close a loophole for untraceable transactions by prohibiting payments over a €1,000 ($1,070) threshold from unregulated crypto payment services providers operating in the European Union.
The industry, however, worries this addition may stray from the regulatory path already outlined in finalized bills — like the soon-to-be-enforced Markets in Crypto-Assets and the Transfer of Funds Regulation — or hinder innovation in the decentralized finance sector.
With just one week left before the Parliament cements its version of the anti-money laundering regulation bill in a joint committee vote on March 28, policymakers are working to tweak the language while the crypto industry has mobilized to take a stance.
Source: The Block
War on bitcoin and crypto continues against Coinbase
If the US Securities and Exchange Commission’s (SEC) Wells Notice against Coinbase makes anything clear, it’s that the agency is at war with the crypto industry. Coinbase is the poster child for the American crypto industry and has always been committed to regulatory compliance and license registration — otherwise, the exchange wouldn’t have been able to get its IPO approved either.
Nevertheless, the SEC decided to send a Wells Notice to Coinbase focusing on staking and asset listings. A Wells Notice typically precedes an enforcement action, as CEO Brian Armston said.
In fact, as Coinbase CLO Paul Grewal wrote via Twitter, the exchange has met with the SEC more than 30 times in the last nine months to find a way to register — without hearing back. When Coinbase applied to go public in 2021, the SEC granted approval. “Now they have changed their mind on what is allowed,” Grewal said.
Custodial account holders Celsius to receive more than 72% of deposits
The formal authorisation to allow custodial account holders to receive more than 72% of their holdings has been given to bankrupt cryptocurrency lender Celsius.
According to a file made public on Tuesday, US bankruptcy judge Martin Glenn approved a settlement agreement stipulating that in order to receive the settlement payout, holders of custody accounts must complete an opt-in form.
Up to 72.5% of their assets may be claimed by them “free and clear,” which will be split into two settlements of 36.25% each. The first settlement is due on June 11 and the second is due on December 31 of this year. By April 24 at 5:00 PM ET, the opt-in form must be signed.
The deal was signed by Celsius, the committee of unsecured creditors, and the custody special committee.
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