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Roman Storm, co-founder of the cryptocurrency mixer Tornado Cash, has filed a motion to dismiss all three charges against him alleging money laundering and violations of the International Emergency Economic Powers Act. Storm's lawyers argue that he cannot be deemed to have conspired to launder funds, as Tornado Cash was developed and publicly available before it was allegedly used by hacking groups sanctioned by the US Department of the Treasury. The charges revolve around Tornado Cash allegedly facilitating the efforts of the North Korean Lazarus Group to bypass US sanctions, purportedly funding the country's nuclear program. Storm's legal team contends that Tornado Cash was not a money-transmitting business, as it did not charge a fee for transmitting funds, and users retained sole control over their crypto. Storm pleaded not guilty to all charges in September 2023 and was released on a $2 million bond. However, he is largely restricted from traveling outside certain areas of New...

Tinkoff Bank, one of Russia's major banking players, has obtained a license to issue and sell "digital financial assets" (DFAs) in the country. The Central Bank of Russia added Tinkoff to its list of approved DFA operators on March 28, as reported by Interfax. This move by Tinkoff follows closely on the heels of its rival Sberbank, which recently launched a DFA trading platform. Sberbank's platform could potentially offer access to various types of non-fungible tokens (NFTs) to its customers. The Central Bank of Russia initiated its DFA register in February 2022, with Atomyze being the first platform granted approval. Tinkoff Bank has also invested in Atomyze and aims to capitalize on this relationship as it ventures into the DFA market. Tinkoff Bank expressed optimism about the DFA market's potential, highlighting its plans to conduct experiments and launch new products leveraging its technological expertise. The bank sees DFAs as a means to diversify financial instruments in the...

The impending implementation of Europe's Markets in Crypto-Assets Regulation (MiCA) has prompted significant disruptions in the stablecoin sector, with offshore stablecoins facing challenges and exchanges adapting to comply with the new regulatory framework. The move by Seychelles-based exchange OKX to delist Tether (USDT) trading pairs for users in the European Economic Area (EEA) ahead of MiCA's enforcement signifies a broader trend of regulatory adjustments in the crypto market. MiCA's stringent requirements, particularly regarding compliance with electronic money rules and maintaining 1:1 reserves, pose significant challenges for stablecoin issuers, especially those operating outside the European Union. The regulation distinguishes between "significant" and "non-significant" issuers, imposing greater compliance burdens on larger market-cap stablecoins. Despite short-term disruptions, MiCA is expected to enhance market integrity and investor protection, setting an example for...

On March 28th, HKVAEX, a crypto exchange affiliated with Binance and based in Hong Kong, withdrew its license application from the Hong Kong Securities and Futures Commission (SFC). The SFC had set a deadline for all crypto exchanges to apply for operational licenses by February 29th. HKVAEX had initially applied for a Hong Kong license on January 4th. Following the withdrawal of its application, HKVAEX is required to cease its operations in Hong Kong by or before May 31st. Additionally, three other crypto asset trading platforms, including Huobi, also withdrew their operational license applications in 2024 for undisclosed reasons. The reasons for these withdrawals remain speculative, with factors such as changing audit firms or requests for more information being suggested. HKVAEX's withdrawal comes amid increasing regulatory scrutiny in the crypto industry and follows other related developments, including the suspension of operations by CommEx, a Russian crypto exchange with ties...

Portugal has imposed a temporary halt on WorldCoin, a project led by Sam Altman, from collecting biometric data, highlighting growing global concerns over privacy and data protection rights. WorldCoin aims to create a unique digital ID and financial network using facial scans and has registered over 4.5 million individuals across 120 nations. However, the venture faced suspension in Portugal due to concerns raised by the CNPD regarding citizen data protection risks, particularly unauthorized data collection, including minors, consent withdrawal issues, and data deletion. Jannick Preiwisch, WorldCoin’s Data Protection Officer, expressed surprise at the allegations and assured efforts to rectify reported issues, especially concerning underage participation. Despite facing regulatory scrutiny in Portugal, other countries like Spain and Kenya have also curtailed WorldCoin's operations over similar concerns about biometric data collection. Privacy advocates and regulators, including the...

Elon Musk's X platform has made significant strides since its acquisition in late 2022, securing money transmitter licenses from 23 states, including Louisiana, Michigan, Arizona, Wyoming, and Ohio. The platform, envisioned as an "everything app," aims to offer peer-to-peer payments similar to China's WeChat, prioritizing free speech while potentially integrating Dogecoin (DOGE) despite legal challenges. The impending launch of X payments heightens competition in the money transmitter industry, potentially challenging incumbents like PayPal. With Musk's interest in blockchain technology, X may leverage it to streamline payments and could introduce a dedicated stablecoin alongside support for digital assets like Bitcoin, Ethereum, Solana, and BNB. Under CEO Linda Yaccarino's leadership, X has attracted over 550 million active users with revenue-sharing programs for content creators. The introduction of the Grok artificial intelligence (AI) bot, available to all X premium subscribers,...

Derby College, led by educator Glyn Pickering, has launched an innovative AI-driven platform called the Virtual Mind Palace to address exam anxiety and enhance students' learning experiences. This cutting-edge system utilizes AI technology to simulate exam conditions, provide personalized feedback, and offer tailored resources to students, revolutionizing exam preparation. The Virtual Mind Palace offers a virtual environment where students can access study materials, engage in interactive learning activities, and organize information effectively. It transcends geographical barriers, allowing students to access content from anywhere, at any time, and on any device. Glyn Pickering's expertise as a licensed psychologist and scientist certifies the platform's quality and potential to transform teaching methods nationwide. With its diverse features, including psychology-related games, educational videos, and mock exams, the Virtual Mind Palace empowers students to develop digital skills...

The Office of Foreign Assets Control (OFAC) has intensified its enforcement actions by targeting individuals and entities in Russia's financial services and technology sectors, particularly those involved in virtual assets, to prevent evasion of US sanctions. Thirteen entities and two individuals have been sanctioned for facilitating transactions or providing services aimed at aiding other designated entities in circumventing US sanctions. Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, emphasized the importance of disrupting entities that assist sanctioned Russian financial institutions in bypassing global financial system restrictions. OFAC's sanctions list includes fintech firms based in Moscow and Cyprus, such as B-Crypto, Masterchain, Atomaiz, Veb3 Tekhnologii, Veb3 Integrator, and Tokentrust. Chainalysis shed light on the activities of Netex24 and Bitpapa, revealing their involvement in facilitating transactions with sanctioned Russian...