The SEC punish fraudsters, Meta picks Polygon for minting NFTs and a major South African grocery store chain goes crypto in this past weeks leading news.
SEC Issues Subpoenas to HEX Influencers
On November 5, Eric Wall X Tweeted with evidence that the U.S. Securities and Exchange Commission (SEC) had actually begun providing subpoenas to influencers who had actually been promoting HEX, PulseChain and PulseX to their fans. As one analyst pointed out, this appears to show that these groups are under active examination by the SEC. Walls tweets show that the subpoenas appear to have started being provided on November 1, but perhaps even earlier.
Learn more on CoinGape
Binance Defies Iranian Sanctions to Tune of $7.8 Billion USD in Trades
On November 5, it was exposed that despite US sanctions versus Iran since 2018, Binance has continued allowing locals of the country to trade on their platform with an estimated $7.8 million USD worth of cryptocurrency being trading between Binance and Nobitex, Irans biggest crypto exchange platform, because the transactions started. Tron represented nearly 3/4 of the cryptocurrency traded in between them. This discovery comes following the U.S. Justice Departments recently started investigation into the possible money-laundering offenses that they presume Binance of allowing on their platform.
Learn more on yahoo! finance
SEC Charges 82,000 BTC Ponzi Scheme Culprits
On November 4, the U.S. SEC charged 4 suspects running the Trade Coin Club that it believes to have actually been defrauding victims with a fraudulent crypto trading bot. Victims were promised a “minimum returns of 0.35% daily” from a “crypto asset trading bot,” when the system was in fact operating as a Ponzi plan.
Learn more on Decrypt
On November 2, Polygon published on their blog site that Meta had chosen to use Polygon to mint their Instagram NFTs. Meta plans to begin evaluating these features with a select group of US users quickly. As part of this, Meta will be establishing a toolkit that will make it possible for users to create their NFT, sign up with Polygon, create a wallet, list and offer NFTs both on and off Instagram, just like OpenSea finishes with its NFTs.
Find out more on the Polygon Team Blog
Switzerland Heightens Regulations for Crypto Transactions
On November 2, the Swiss financial regulator announced that they would be placing cryptocurrency under their anti-money laundering regulations. This indicates that anyone wanting to trade cryptocurrency valued at over 1,000 Swiss Francs (~ 1,001.10 USD) will first need to verify their identity with the cryptocurrency platform or provider. This certainly goes versus the values of the cryptocurrency neighborhood who value anonymity and borderless trade, so the implications of this on the global and regional markets will be intriguing to see in the coming months, specifically if other nations decide to follow fit.
Learn more on The Block
South African Supermarket Chain to Begin Accepting Bitcoin
On November 1, a significant South African supermarket chain, Pick n Pay revealed that they would be broadening a pilot program to test using cryptocurrency as a viable payment option in their shops. This program at first consisted of 10 stores in the Western cape province and will now be broadened to a further 29 shops. They intend to introduce this system to their other branches in the coming months, should this pilot show successful.
Find out more on The Star
India Test Pilot Crypto Rupee
On November 1, the Reserve Bank of India (RBI) released their very first pilot of the Digital Rupee. The purpose of the Digital Rupee is to make inter-bank transfers more efficient, in addition to for settlements of secondary market deals. According to the RBIs statement, “Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC have been identified for involvement in the pilot.”
Read more on The Times of India
Argentine Tax Authority Come Down on 3,997 Crypto Tax Evaders
On October 31, it was exposed that the Argentina AFIP, the Argentine tax authority, revealed that it would be increasing its efforts against crypto tax evaders. The 3,997 people were sent notifications advising them to update their home tax affidavits to reflect their ownership of crypto assets by the tax authority in 2020 and have stopped working to do so.
Find out more on Investing.com
On October 31, it was revealed that the Argentina AFIP, the Argentine tax authority, announced that it would be increasing its efforts against crypto tax evaders. The 3,997 people were sent notifications advising them to update their home tax affidavits to reflect their ownership of crypto properties by the tax authority in 2020 and have failed to do so.
On November 5, it was revealed that regardless of United States sanctions versus Iran because 2018, Binance has actually continued enabling homeowners of the country to trade on their platform with an approximated $7.8 million USD worth of cryptocurrency being trading in between Binance and Nobitex, Irans biggest crypto exchange platform, since the transactions began. On November 4, the U.S. SEC charged four suspects running the Trade Coin Club that it thinks to have been defrauding victims with a fraudulent crypto trading bot. According to the RBIs declaration, “Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC have been determined for participation in the pilot.”
