New Jersey Gym Claims State Seized $173K From Bank, Owner Discusses Cryptocurrency Solutions With Tucker Carlson

On January 14, Ian Smith, the co-owner of the Atilis Gym in New Jersey appeared on Fox News with the news anchor, Tucker Carlson, and discussed his battle with the state of New Jersey’s coronavirus lockdown orders. Smith and his business partner have defied the state’s lockdown orders and remained open for months. The Bellmawr establishment has been fined $15k per day, as the company does not adhere to enforcing Covid-19 protocols. On Wednesday evening the state of New Jersey allegedly took action and seized $173,613 from the gym owner’s…

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CEO Sentenced to 18-Month Jail Term for Accepting Bitcoin Bribes to List a Cryptocurrency

A South Korean court has sentenced the former CEO of the defunct crypto exchange Coinnest to 18 months in prison. The court also fined him over $61,000, who also was charged for fraud in 2020. Prosecutors Accused Coinnest Executives of Receiving 110 BTC in Bribes According to Fn News, the Supreme Court of Korea determined that Kim Ik-hwan should spend time in jail, as the authorities previously indicted him in 2018 for accepting bitcoin (BTC) bribes. The investigation unveiled that he and other executives received almost $771,270 worth of BTC…

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Four cryptocurrency block reward halvings to look out for in 2021

Block reward halvings cut the rate at which new coins are generated on a given blockchain by 50%. Such events, known jokingly as “halvenings,” have long been anticipated by cryptocurrency traders as catalysts for pushing up the price of their cryptocurrency holdings. Past attempts to predict when Bitcoin’s (BTC) price would increase in relation to halvings have proved inconsistent at best. However, few would be willing to quickly discount the mechanisms described in the law of supply and demand. All things being equal, as the number of coins available on…

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Lawsuit Filed to Stop a Global Cryptocurrency Scam Spreading in India

A class-action lawsuit has reportedly been filed against a cryptocurrency scam that has duped many Indian investors. The scam, promoted in three Indian languages, lures investors by promising up to 900% return on investments. The Delhi court has directed a notice to be placed in major newspapers, seeking victims of this scam to come forward. Class-Action Lawsuit to Stop a Crypto Scam in India A representative lawsuit has reportedly been filed in order to stop a cryptocurrency scam from continuing to dupe Indian investors. The Delhi court last week directed…

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Iran Shuts Down 1,620 Cryptocurrency Mining Farms

Since Iran began recognizing cryptocurrency mining as an industry, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners initially welcomed the recognition but later said that the electricity tariffs were too high. 1,620 Crypto Mining Farms Shut Down in Iran Iranian authorities have reportedly closed down 1,620 illegal cryptocurrency mining farms since the country started recognizing cryptocurrency mining as a legal industry in July 2019. The Financial Tribune reported Monday that these mining farms were using 250 megawatts of electricity. Many of the unauthorized cryptocurrency mining farms…

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183 Violations: US Government Fines Bitgo for Allowing Users to Bypass Sanctions With Cryptocurrency

The U.S. Office of Foreign Assets Control has fined Bitgo for failing to prevent users in sanctioned countries from using its crypto wallet service. The agency says Bitgo processed 183 cryptocurrency transactions that were “apparent violations of multiple sanctions programs.” US Treasury Alleges Bitgo Allows Users to Bypass Sanctions The U.S. Department of the Treasury announced on Wednesday that the Office of Foreign Assets Control (OFAC) has entered into a $98,830 settlement with Bitgo “for 183 apparent violations of multiple sanctions programs.” Bitgo offers cryptocurrency wallet services. According to the…

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Israeli Tax Authorities Notify Cryptocurrency Owners to Disclose Their Holdings for Taxation Purposes

The revenue collector, the Israel Tax Authority (ITA) has reportedly sent notifications to dozens of Israelis who own digital currencies asking them to fully disclose their assets and be taxed accordingly. In addition to sending letters to local citizens, the tax body has also sent inquiries to cryptocurrency exchanges operating in Israel and those based outside the country. Data Sharing Reports of the notifications and inquiries being sent by the revenue collector were preceded by Israeli media speculation that tax assessors across the country were exerting “pressure on the digital…

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American Express’ Venture Arm Invests in a Cryptocurrency Trading Platform

American Express says its venture arm, Amex Ventures has invested in Falconx the cryptocurrency trading platform that focuses on serving institutional trading clients. Amex’s investment, which was announced during a record-breaking week for bitcoin, underscores the credit card issuer’s desire to cash in on the growing institutional interest in cryptocurrencies. Amex Venture’s Long Term Interest in Cryptos According to a report, Amex Ventures’ acquisition of a stake in Falconx is the culmination of an investigation into cryptocurrencies that took an unknown number of years. In comments made following the announcement,…

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FinCEN Proposes KYC For Withdrawing Cryptocurrency To Private Wallets – Bitcoin Magazine

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has released a notice of proposed rulemaking that would require money services business to submit reports, keep records and verify the identity of customers as they relate to digital currencies “held in unhosted wallets … or held in wallets hosted in a jurisdiction identified by FinCEN.” FinCEN defined “unhosted wallets” as a “software program or written record” through which users store the private keys needed to access and exchange cryptocurrencies like bitcoin.  The proposed rule would, in effect, require…

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Hong Kong Grants First License to Cryptocurrency Trading Platform

Hong Kong now has its first regulated cryptocurrency trading platform. The Securities and Futures Commission has just given out the first-ever crypto license to OSL Digital Securities which will soon commence trading for several cryptocurrencies, including bitcoin. Hong Kong Gives Out First Crypto License Hong Kong’s Securities and Futures Commission (SFC) has licensed the first crypto trading platform in Hong Kong. The securities regulator announced Wednesday: It has granted the first licence to a virtual asset trading platform in Hong Kong. The SFC website shows that OSL Digital Securities Ltd.…

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