SafeMoon Executives Face Fraud Charges, PayPal Wins UK Crypto License, Invesco's Bitcoin ETF Progresses
Summary:
SafeMoon's executive team is facing fraud charges, led by the U.S. SEC, with several arrests already made. Global payment platform PayPal has received a license from the UK's Financial Conduct Authority to provide certain crypto services. Meanwhile, the ticker for the Invesco and Galaxy Digital's spot Bitcoin ETF (BTCO) has appeared on the DTCC's website, marking a step forward in the application process.
The top brass of SafeMoon is facing numerous charges of fraud, with several members of the team already detained. In other news, PayPal is now able to provide cryptocurrency services in the UK, having received the go-ahead from the Financial Conduct Authority (FCA). Additionally, the identifier for the Invesco and Galaxy Digital spot Bitcoin (BTC) ETF is visible on the DTCC’s webpage.
The American SEC has levelled charges of fraud and unregistered securities sales against SafeMoon and three of its key players in relation to the SafeMoon digital currency. SafeMoon founder Kyle Nagy, CEO John Karony, and CTO Thomas Smith are accused of withdrawing $200 million from the project and misusing investors' money, as per the documents made public on November 1. As per the Department of Justice, Karony and Smith are currently under arrest, whereas Nagy is yet to be apprehended.
Major payment platform PayPal has earned a licence from the FCA to provide cryptocurrency services to UK clients. As per the FCA's official records, PayPal has been authorised to partake in certain cryptocurrency operations in the UK beginning October 31, 2023. The licence does place restrictions on the type of financial services that PayPal is allowed to provide, which include a ban on adding new customers and curbing current clients to hold and sell functionalities. The register further states that PayPal is not allowed to expand its existing crypto offerings which include cryptocurrency exchange services, initial coin offering participation, staking, peer-to-peer exchange, and decentralised finance operations like borrowing and lending.
Invesco and Galaxy's Bitcoin ETF termed BTCO, is now listed on The Deposition Trust and Clearing Corporation's (DTCC) webpage. This ETF was included in the list in the previous six days as evidence from the WayBack Machine tool indicates that the listing for BTCO was non-existent on October 25. This implies a progression in the Invesco and Galaxy Digital's application procedure, but not an assurance for its ultimate acceptance. Typically, securities are added to the NSCC's security eligibility database by DTCC "in anticipation of the launch of a new ETF to the market," according to a DTCC spokesperson. They further added that the list appearance does not predict the outcome of any pending regulatory or other approval procedures. Despite Invesco and Galaxy's joint spot Bitcoin ETF application being revived with the SEC on June 21, there continues to be a rush of similar ETF filings, one of them being from investment powerhouse BlackRock. Be informed that this article doesn't provide investment advice or suggestions. It is, therefore, important for readers to carry out their own research before making financial decisions as every investment move comes with its own risks.
Published At
11/1/2023 5:53:09 PM
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