Author: Lara

Complaint Filed by European Group Over Digital Currencies in Video Games

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The European Consumer Organisation (BEUC) has lodged a formal complaint against video game publishers, accusing them of employing deceptive tactics related to in-game purchases. The complaint, submitted on behalf of consumer groups from 17 countries, alleges that these publishers are misleading consumers—particularly children—into spending excessive amounts on digital goods. Concerns Over In-Game Purchase Practices According to BEUC, the in-game purchase sector, which generates over $50 billion in annual revenue globally, often obscures the true costs of digital items. This lack of transparency makes it difficult for consumers to fully understand their spending. The organization highlights that children are especially susceptible…

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Texas Crypto Bank faces Regulatory Heat from Federal Reserve

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On Wednesday, the Federal Reserve took decisive action against United Texas Bank in Dallas, issuing a cease-and-desist order due to “significant deficiencies” in the bank’s compliance with anti-money laundering (AML) regulations concerning its cryptocurrency clients. This order highlights critical issues in the bank’s governance, customer due diligence, and monitoring of suspicious activities, particularly within its crypto transactions. To address these deficiencies and avoid formal proceedings, the bank’s management has agreed to the order and is now required to submit a comprehensive five-part action plan within 90 days. This plan must include measures to ensure adequate staffing and regular reviews of…

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SEC Raises concerns over FTX’s Stablecoin Repayment Strategy

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The U.S. Securities and Exchange Commission (SEC) has issued a warning that it may contest FTX’s proposed repayment plan if it involves compensating creditors with stablecoins. This caution was detailed in a court filing submitted on August 30 to the U.S. Bankruptcy Court in Delaware. While the SEC has not declared stablecoin repayments illegal, it reserves the right to challenge such plans if they involve US-dollar-pegged crypto assets. This development comes as FTX seeks ways to address its obligations to creditors following its collapse in November 2022. FTX’s Repayment Strategies FTX is considering multiple approaches to settle its debts, including…

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BlackRock’s IBIT Experiences Net Outflows as Market Lacks Momentum

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On Thursday, U.S. spot Bitcoin exchange-traded funds (ETFs) saw $71.73 million in net outflows, marking the third consecutive day of declines. Among the affected funds, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded its first net outflows since May 1, with $13.51 million exiting the fund, according to SosoValue data. Other major Bitcoin ETFs also faced withdrawals. Grayscale’s GBTC saw $22.68 million in outflows, while Fidelity’s FBTC experienced $31.11 million in net exits. Additionally, Bitwise’s BITB and Valkyrie’s BRRR reported outflows of $8.09 million and $1.68 million, respectively. In contrast, Ark and 21Shares’ ARKB managed to defy…

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