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Trudeau Criticizes Opponent’s Crypto Advice, Kiyosaki Pushes The Assets Ahead Of The ‘Biggest Economic Crash In History’ — Bitcoin.com News Week In Review

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Trudeau Criticizes Opponent’s Crypto Advice, Kiyosaki Pushes The Assets Ahead Of The ‘Biggest Economic Crash In History’ — Bitcoin.com News Week In Review

Canadian Prime Minister Justin Trudeau has criticized the new leader of the Conservative Party of Canada for his supposedly irresponsible crypto advice, as Rich Dad Poor Dad author Robert Kiyosaki gives cryptocurrency advice of his own ahead of what he sees as the “biggest economic crash in history.” Also, the U.S. SEC is setting up a dedicated office to review crypto filings, and the Ethiopian government is cracking down on cash carriers. All this right below in the latest Bitcoin.com News Week in Review.

Justin Trudeau Slams Pierre Poilievre for Telling People They Can ‘Opt out’ of Inflation by Investing in Cryptocurrency

Canadian Prime Minister Justin Trudeau has slammed Pierre Poilievre, the new leader of the Conservative Party of Canada, for telling people that they can “opt out of inflation” by investing in cryptocurrencies. Trudeau claims that his Conservative rival’s crypto advice is not “responsible leadership.”

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Robert Kiyosaki Urges Investors to Get Into Crypto Now, Before Biggest Economic Crash in World History

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has urged investors to get into crypto now, predicting that the biggest economic crash in world history is incoming. “Now is the time you need to get into crypto,” he stressed.

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US SEC Sets Up Dedicated Office to Review Crypto Filings

The U.S. Securities and Exchange Commission (SEC) is setting up a dedicated office to review crypto-related filings. The securities regulator stressed the need to “provide greater and more specialized support” for crypto assets.

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Ethiopian Central Bank Restricts Amount of Cash Travelers Can Hold, Sets Foreign Currency Conditions

According to the National Bank of Ethiopia’s directive, which became effective on September 5, persons entering and departing the country in possession of local currency are now subject to new restrictions. Individuals may not hold local currency whose value exceeds $57.00 or 3,000 birr. The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency.

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Crackdown, Crypto, crypto filings, economic crash, Ethiopia, inflation, Justin Trudeau crypto, Kiyosaki, Pierre Poilievre, Pierre Poilievre crypto, Robert Kiyosaki prediction, SEC, Trudeau

What do you think about this week’s top stories? Let us know in the comments section below.

Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

11 crypto firms

California Launches Crackdown On 11 Crypto Firms Accused Of Operating Ponzi Schemes

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California Launches Crackdown On 11 Crypto Firms Accused Of Operating Ponzi Schemes

The California Department of Financial Protection and Innovation (DFPI) has cracked down on 11 cryptocurrency companies that are accused of violating California securities laws. Nine of the firms reportedly solicited funds from investors in order to trade cryptocurrencies on the customer’s behalf. One of the accused companies pitched an alleged metaverse software development scheme, and another firm claimed to be a “decentralized finance (defi) platform.”

11 Crypto Firms Targeted by California’s Department of Financial Protection and Innovation

California’s financial regulator the DFPI has been targeting crypto asset companies and on Tuesday, the financial watchdog launched a “crackdown” against close to a dozen digital currency-centric entities. The DFPI “issued desist and refrain orders against 11 different entities for violations of California securities laws,” the regulator said on September 27. The state’s regulator further noted that the operations are accused of running a pyramid or Ponzi scheme.

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“The entities are all alleged to have used investor funds to pay purported profits to other investors, in the manner of a Ponzi scheme,” the DFPI’s press release notes. “Furthermore, each of the entities had a referral program that operated in the manner of a pyramid scheme. The entities promised to pay investors commissions if they recruited new investors, and additional commissions if the investors that they recruited, in turn, recruited new investors.”

The DFPI’s crackdown follows the cease and desist order it sent to the crypto lender Nexo on Monday. Nexo is accused of offering and selling “unqualified securities, in the form of Earn Interest Product accounts,” since “at least June 2020,” the regulator’s complaint details. The 11 desist and refrain orders issued on Tuesday detail that the entities allegedly offered “classic examples of high yield investment programs (HYIPs).” The 11 crypto companies named in the desist and refrain orders include:

  • Cryptos OTC Trading Platform Limited d/b/a COTP
  • Elevate Pass LLC
  • Greencorp Investment LLC
  • Metafiyielders Pty Ltd d/b/a Metafi Yielders
  • Pegasus
  • Polinur ME Limited
  • Remabit
  • Sity Trade
  • Sytrex Trade
  • Vexam Limited
  • World Over the Counter Limited d/b/a World OTC

During the announcement on Tuesday, DFPI commissioner Clothilde Hewlett commented on the actions that took place against the crypto firms accused of Ponzi-like operations. “The DFPI will continue to protect California consumers and investors from crypto scams and frauds,” Hewlett remarked. “These actions not only protect consumers, but also ensure California remains the premier global location for responsible crypto asset companies to start and grow,” the commissioner added.

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11 crypto firms, california, California regulator, Clothilde Hewlett, Consumers, Crackdown, crypto pyramid, Cryptos OTC Trading Platform, Department of Financial Protection and Innovation, DFPI, DFPI Commissioner, Elevate Pass, GreenCorp Investment, Metafi Yielders, Nexo, Pegasus, Polinur ME Limited, Ponzi, Ponzi Schemes, Pyramid, Regulation, regulator, Regulators, Remabit, Sity Trade, Sytrex Trade, Vexam Limited, World OTC, World Over the Counter

What do you think about the California regulator cracking down on 11 different crypto companies? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Afghan

Afghanistan Closes Down 16 Cryptocurrency Exchanges, Arrests Operators

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Afghanistan Closes Down 16 Cryptocurrency Exchanges, Arrests Operators

Law enforcement in Afghanistan has shut down over a dozen crypto exchanges in Herat, detaining the people who were running them. The offensive comes after the introduction of a ban on online foreign exchange that the Taliban seem to have applied to coin trading as well.

Taliban Government Goes After Crypto Trading in Afghanistan Citing Scamming as Motive

Afghan security forces have closed down a number of crypto exchanges in the western Herat province in the past week, the English-language Ariana News portal reported on Tuesday. At least 16 platforms trading digital currencies have been shut down, the outlet unveiled.

The report quotes the head of the counter-crime unit of the Herat police Sayed Shah Sa’adat who reminded that Da Afghanistan Bank (DAB), the country’s monetary authority, said in a notice that crypto trading had caused lots of problems, including scamming people. He also stated:

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We acted and arrested all the exchangers involved in the business and closed their shops.

Ghulam Mohammad Suhrabi, who leads the Herat Money Exchangers’ Union, explained that Afghan companies open cryptocurrency accounts outside the country. “This currency is new in the market and has high fluctuation,” he noted.

The Afghan officials are probably referring to a statement by the central bank in Kabul which, according to a Bloomberg report from late June, declared that online forex trading is against Islam and banned it. Through a spokesman, the regulator warned that anyone engaging in this activity would face prosecution. The bank’s representative elaborated:

Da Afghanistan Bank considers online forex trading illegal and fraudulent, and there is no instruction in Islamic law to approve it. As a result, we have banned it.

In mid-July, DAB issued another statement reinforcing the order, according to Ariana News. The bank said that Afghans, especially in the capital city, were still trading despite the prohibition. The authority emphasized it had not licensed any person or company to trade online and those who continue to do so were breaking the law.

Following the return of the Taliban to power in Kabul, Afghanistan’s weak economy fell into an even deeper crisis. The U.S., which pulled out its forces in 2021, seized $10 billion of DAB’s assets and imposed sanctions.

Financial restrictions and the withdrawal of Western companies made it harder for the Afghan diaspora to send money home. As a result, many Afghans turned to crypto, which also helped them to preserve their savings and prevent potential seizure by the government.

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Afghan, Afghanistan, Crackdown, Crypto, crypto exchangers, crypto exchanges, crypto trading, Cryptocurrencies, Cryptocurrency, exchangers, Exchanges, forex, Law Enforcement, Online Trading, Police

Do you think Taliban-ruled Afghanistan will continue to crack down on crypto exchange platforms? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Alibaba

Chinese Tech Giant Tencent To Shut Down NFT Platform Amid Trading Restrictions

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Chinese Tech Giant Tencent To Shut Down NFT Platform Amid Trading Restrictions

China’s Tencent Holdings plans to shut down its non-fungible token (NFT) platform Huanhe only a year after its launch. The social media giant has reportedly made the decision because of the strict ban on the resale of NFTs imposed by the authorities in Beijing.

Huanhe to Close Down a Year After Launch as China Curbs NFT reselling

Shenzhen-headquartered technology conglomerate Tencent is preparing to shut down its NFT platform as early as this week, according to a report by Chinese media outlet Jiemian, quoted by the South China Morning Post. The move comes amid restrictions on the secondary trading of NFTs in the People’s Republic which are said to have hurt the platform’s business potential.

Jiemian is citing unidentified sources from Tencent but the company has refrained from providing an official comment on the matter. Huanhe, which issues and distributes blockchain-based digital collectibles, was launched just a year ago.

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All NFTs on the app are already marked as “sold out,” although users can still visit augmented reality art exhibitions. Another report quoting a different Tencent source, from the state-owned media Yicai Global, reveals that trading halted in early July in anticipation of a crackdown.

Huanhe was developed by Tencent’s Platform and Content Group (PCG), which was hit hard by lay-offs earlier this year. If the NFT unit terminates activities, this would mark a major retreat by Tencent from the market of digital collectibles, the SCMP notes.

In June, Tencent’s social media app Wechat announced its intentions to prohibit public accounts facilitating secondary trading or offering guidance for non-fungible tokens. A little later, the Tencent News app stopped selling NFTs.

Other Chinese tech giants, such as Alibaba Group Holding, have been careful with their involvement with NFTs, with Chinese platforms usually substituting the NFT label with the term “digital collectibles,” which isn’t necessarily associated with cryptocurrencies.

The government in the mainland has been going after crypto-related activities, including investment, trading, and mining. It has highlighted concerns that speculation could lead to bubbles in the digital assets market, while promoting the state-issued digital yuan. According to existing regulations, the tokens can be purchased only with Chinese fiat and never resold.

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Alibaba, ban, China, chinese, Crackdown, Digital Collectibles, Huanhe, nft, nft platform, NFTs, Non-fungible tokens, restrictions, Selling, tencent, Tokens, trading, WeChat

Do you expect other NFT platforms in China to shut down in the near future? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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