Regulation
CLS Global Clarifies Position Amid SEC, FBI, DOJ Takedown of Fraudulent Crypto Firms
In response to recent actions by a U.S. prosecutor and the U.S. Securities and Exchange Commission (SEC) against several cryptocurrency firms, including CLS Global, the company has issued a statement addressing the situation. CLS Global has contacted U.S. authorities in order to establish a constructive and cooperative dialogue with the hope of resolving the cases, addressing any misunderstandings, and taking any appropriate remedial steps to mitigate risks in the future.
Strict Policy Against U.S. Market Engagement
According to the company, CLS Global has maintained a policy of seeking not to operate within the United States market or conducting business with U.S. citizens, entities, or users. This policy has been in place since the company’s establishment
Filipp Veselov, CEO of CLS Global, was quoted as saying, “Our company has always aimed to maintain a policy that prohibits engagement with U.S. clients, entities, or users. We take our compliance obligations very seriously and have worked to ensure our operations remain separate from U.S. markets and regulatory jurisdictions.” Veselov added, “However, we recognize that there may be areas where we can improve our processes, and we are open to constructive dialogue with regulatory authorities.”
Steps Towards Resolution and Compliance Enhancement
In response to the current situation, CLS Global has outlined several steps it is taking:
- Reaching Out to US Authorities: The company reports that it has initiated communication with the US authorities to address any concerns or misunderstandings. CLS Global believes that through open and transparent dialogue, progress can be made towards a resolution.
- Reviewing Client Agreements: CLS Global states that it is in the process of reviewing and enhancing its client agreements to ensure they clearly communicate the company’s policies regarding U.S. persons and entities.
- Assessing Exchange Partnerships: The company is reportedly evaluating its operations on various cryptocurrency exchanges, with a focus on those with robust Know Your Customer (KYC) protocols, to further mitigate potential risks.
CLS Global’s Forward-Looking Statements
CLS Global has affirmed its commitment to operating within the bounds of applicable laws in the jurisdictions where it conducts business. The company has assured stakeholders that it will strive to honor its obligations to clients and partners while working through this process.
“We are taking this situation very seriously and are committed to engaging in constructive discussions with regulatory authorities to address any concerns,” Veselov stated. “Our goal is to ensure full compliance and transparency in our operations, and we are open to considering any necessary adjustments to our practices.”
The company has also expressed appreciation for the patience and understanding of its clients, partners, and stakeholders as it works to address this situation. CLS Global has indicated that it will provide updates as appropriate and remains committed to maintaining open lines of communication throughout this process.
About CLS Global
CLS Global is a leading cryptocurrency market-making firm, specializing in providing bespoke liquidity solutions for crypto projects worldwide. Renowned for its innovative approach, robust compliance framework, and client-centric operations, CLS Global operates at the forefront of the digital asset industry.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Tether CEO Paolo Ardoino has revealed that there are no IPO plans for his company at the moment. He further explained why he doesn’t believe his company need to go public anytime soon. Interestingly, his explanation echoed Ripple CEO Brad Garlinghouse sentiment as Garlinghouse also recently revealed that his firm has no plans to go public, at least for now.
Paolo Ardoino Reveals Tether Isn’t Going Public For Now
FOX Journalist Eleanor Terrett revealed in an X post that the Tether CEO has confirmed that there are no IPO plans from the Stablecoin issuer at the moment. Paolo Ardoino explained that he believes going public would impair his company’s ability to move fast and keep “disrupting the status quo.”
He added that he thinks a company should only go public when they need to access capital and liquidity, something which Tether isn’t lacking at the moment, considering that they have made $12 billion in profits over the last two years.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Netherlands has invited public comments on a new draft bill on crypto tax reporting expected to align local rules with European Union regulations.
- The public can share opinions and comments up to Nov. 21, 2024.
- Adoption will see crypto service providers share user details starting January 1, 2026.
The Dutch government has asked for public input on a new draft regulation for crypto tax monitoring and reporting, with a focus on aligning local tax laws with broader crypto regulation within the European Union.
The Netherlands’ Ministry of Finance announced the public feedback program in a press release published on Oct. 24. The draft bill, if adopted into law, would mandate cryptocurrency exchanges and other digital asset service providers to submit customer data to the Dutch Tax Administration.
Per the announcement, the new law aims to create a more transparent environment in terms of crypto ownership to reign in potential tax avoidance or evasion.
As such, the public have Nov. 21 to submit their opinion, advice and comment. Thereafter, the government will look to bring the bill to the Dutch House of Representatives at the start of Q2, 2025. If adopted, the new law will take effect on January 1, 2026.
Aligning with EU regulations
The Netherlands’ proposed bill is part of the country’s effort to bring local crypto regulation in line with broader laws in the European Union. This effort is being implemented across the EU member states. In October 2023, the EU released the DAC8 directive, which provides that crypto exchanges adopt tax reporting measures in the countries they hold regulatory licenses.
Accordingly, the DAC8 eases the administrative burden on exchanges as reporting is only mandated in that one country and applies across the EU.
The Netherlands’ move sees it join Denmark, which this week outlined crypto tax standards for unrealized gains. The proposal also aligns with the DAC8 and is part of the broader effort to support EU’s Markets in Crypto-Assets (MiCA) regulation.
MiCA is a comprehensive regulatory framework that the European Parliament passed into law in June last year. The regulation provisions on stablecoins came into effect on June 30, 2024, while the full law takes effect as of December 30, 2024.
- Pennsylvania House of Representatives have passed “The Bitcoin Rights Bill”, with a bipartisan majority of 176 to 26.
- The bill seeks regulatory clarity to the digital assets industry, including on self-custody, payments and taxation.
Pennsylvania has passed “The Bitcoin Rights Bill”, a new legislation that seeks regulatory clarity to the crypto industry.
While the US continues to lag other countries and regions in terms of regulatory clarity for digital assets, the state of Pennsylvania has taken a huge step towards this with the passage of House Bill 2481.
Pennsylvania House passes major crypto bill
According to FOX Business, the new bill received bipartisan support in the Pennsylvania House of Representatives and passed on Wednesday, October 23, 2024, with 176 votes to 26. The bill outlines protections for Bitcoin and crypto holders, including the right to self-custody and use for payments. ‘Bitcoin Rights’ also provides guidelines on the taxation of Bitcoin transactions.
76 Democrats joined their Republican counterparts to pass the bill, FOX Business wrote.
The next stage will see the new bill come up for debate and voting at the Pennsylvania Senate, which is Republican-led. If it passes, the final stage will be forwarded to Gov. Josh Shapiro. These two steps commence after the November 2024 US election.
Crypto stands out as one of the topics candidates in the upcoming US election have sought votes on, including at the presidential level.
With Donald Trump taking a crypto-friendly stance, it’s been up to Kamala Harris to win the crypto holder’s vote. Despite crypto roundtables and positive policy plans, Harris isn’t connecting with the crypto vote.
That’s also despite her campaign receiving major donations from some wealthy crypto owners. The most recent is Ripple co-founder Chris Larsen’s $10 million XRP contribution. Larsen called for the Democrats to take a “new approach” to the issue of cryptocurrencies.
Meanwhile, with less than two weeks to go, forecasts put the majority of crypto holders down as Trump votes. JD Vance, Trump’s VP pick, is also pro-crypto.
Notably, Pennsylvania is a battleground state and one that could help decide the Trump vs. Harris race to the White House.
Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible?
Tether CEO Paolo Ardoino Reveals There Are No IPO Plans For Now
This Crypto Token Extends Rally On Binance Futures Listing
Can This Bitcoin Whale Pattern Drive BTC Price to $71,000?
Is Polygon Really Dying? POL Price Hits 2021 Low
Wil INJ Join ASI Alliance?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Coinbase cbBTC Set to go Live on Solana
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Coinbase cbBTC Set to go Live on Solana
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Altcoin4 months ago2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT3 months agoAnimoca Brands Valuation Tanks 75% In Two Years, Here’s Why
-
Ethereum1 month agoCrypto exchange BingX hacked for $43 million
-
Ethereum1 month agoAre The Big Players Losing Interest?
-
Bitcoin1 month agoCoinbase cbBTC Set to go Live on Solana
-
Blockchain6 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
NFT4 months agoBLUR Is Down 30%, And Whales Are To Blame–Here’s Why
-
NFT5 months agoNew And Upcoming NFT Projects
✓ Share: