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NYC Mayor Undeterred by FTX Collapse — Insists Crypto Is an Industry ‘We Must Embrace’

NYC Mayor Undeterred by FTX Collapse — Insists Crypto Is an Industry ‘We Must Embrace’The mayor of New York City, Eric Adams, is not discouraged by the collapse of crypto exchange FTX and heavy market sell-offs. Noting that crypto is coming whether we like it or not, he stressed the importance of moving into this space. NYC’s Mayor on FTX Collapse and the Importance of Embracing Crypto New York […]

NYC Mayor Undeterred by FTX Collapse — Insists Crypto Is an Industry ‘We Must Embrace’

The mayor of New York City, Eric Adams, is not discouraged by the collapse of crypto exchange FTX and heavy market sell-offs. Noting that crypto is coming whether we like it or not, he stressed the importance of moving into this space.

NYC’s Mayor on FTX Collapse and the Importance of Embracing Crypto

New York City Mayor Eric Adams answered some questions about how the meltdown of crypto exchange FTX affects his crypto stance Tuesday at the Manhattan Family Justice Center. Adams is a big supporter of bitcoin and crypto. He converted some of his paychecks into BTC and ETH earlier this year “to send a message that New York City is open to technology.”

The mayor was asked if he has any regrets about supporting bitcoin and whether New York City should continue to promote the crypto industry.

“Well, first I believe in technology — the whole thought of using crypto, blockchain currency, you call it cyber wallets,” he replied, elaborating:

We need to move into this space. This space is coming whether we like it or not.

“When I hear people say, ‘Well, look how much money an individual lost in cryptocurrency,’ you know how much money I lost in the stock market? Some of my retirement investments I’m afraid to even look at nowadays,” Adams shared.

“All of these industries have ups and downs,” the NYC mayor described. “The ‘junk bond kings,’ the fraud that they did in the stock market and penny bonds, so there’s always people who are going to exploit these forms of industries.”

The mayor of New York City continued: “I believe in the new markets and the new currencies, and I’m encouraging my young people to learn about them. We had a crypto summit that was partnered with the owners of the New York Nets where we brought young people in to learn about these industries.” He opined:

These industries are not going to go away because they reach low points. This is an industry that we must embrace, and I’m looking to further lean into blockchain and other technologies.

Mayor Adams said in January that he wants New York City “to be the center of cryptocurrency and other financial innovations.” He emphasized: “Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”

What do you think about the comments by New York City Mayor Eric Adams? Let us know in the comments section below.

Source: Regulation Archives – Bitcoin News

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Crypto Exchange Kraken Settles With Treasury Department Over Sanctions Violations

Crypto Exchange Kraken Settles With Treasury Department Over Sanctions ViolationsCrypto exchange Kraken has settled with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) over its apparent violations of sanctions against Iran. The cryptocurrency exchange has agreed to remit $362,159 to settle its potential civil liability and invest an additional $100,000 in certain sanctions compliance controls. Kraken Settles With OFAC The […]

Crypto Exchange Kraken Settles With Treasury Department Over Sanctions Violations

Crypto exchange Kraken has settled with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) over its apparent violations of sanctions against Iran. The cryptocurrency exchange has agreed to remit $362,159 to settle its potential civil liability and invest an additional $100,000 in certain sanctions compliance controls.

Kraken Settles With OFAC

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Monday a settlement with Payward Inc. (d/b/a Kraken), a Delaware-incorporated crypto exchange. The announcement states:

Kraken agreed to remit $362,158.70 to settle its potential civil liability for apparent violations of sanctions against Iran … As part of its settlement with OFAC, Kraken also has agreed to invest an additional $100,000 in certain sanctions compliance controls.

According to the Treasury Department, between approximately Oct. 14, 2015, and June 29, 2019, “Kraken processed 826 transactions, totaling approximately $1,680,577.10, on behalf of individuals who appeared to have been located in Iran at the time of the transactions.”

The Department of the Treasury detailed:

At the time of the apparent violations, Kraken did not implement IP address blocking on transactional activity across its platform.

Kraken voluntarily self-disclosed the apparent violations and cooperated with the OFAC’s investigation, the Treasury Department noted, adding that the crypto trading platform also “undertook significant remedial measures in response to the apparent violations.” The announcement adds:

After identifying this problem, Kraken implemented automated blocking for IP addresses linked to sanctioned jurisdictions. Kraken also implemented multiple blockchain analytics tools to assist with its sanctions monitoring.

The Office of Foreign Assets Control has sanctioned several cryptocurrency trading platforms over time. For example, crypto exchange Bittrex was charged with sanctions violations in October.

What do you think about Kraken settling with the Treasury Department’s OFAC over sanctions violations? Let us know in the comments section below.

Source: Regulation Archives – Bitcoin News

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