Monthly Archives: October 2020

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Recent actions filed in early October 2020 by the U.S.Department of Justice (the "DOJ") and the CommodityFutures Trading Commission (the "CFTC") against BitMEX, alarge cryptocurrency derivatives exchange incorporated in theSeychelles, highlight how virtual asset exchange platforms can besubject to the law and potential enforcement action in multiplejurisdictions based on the locations of their customers. Shortlyafter the filing of these actions, the DOJ published itsCryptocurrency Enforcement Framework, which emphasized that the DOJasserted jurisdiction over virtual asset transactions based notonly on the location of customers but also contacts with"financial, data storage, or other computer systems within theUnited States". These broad assertions of jurisdiction by U.S.prosecutors and regulators, and similar assertions of jurisdictionover foreign trading platforms by Canadian regulators, are acaution to virtual asset exchange platforms to carefully considerthe steps taken to limit their contact with jurisdictions in whichthey do not wish to do business.

Since September 2015, the CFTC has taken the position thatBitcoin and other virtual currencies are commodities under theCommodity Exchange Act. Accordingly, it is the CFTC'sposition that entities that offer leveraged retail transactions,futures, options or swaps for commodities are required to registerwith the CFTC as a future commission merchant (a"Merchant") as well as comply with theBank Secrecy Act, which requires Merchants to establish,implement and maintain an adequate anti-money laundering("AML") program. As part of the AML program, a Merchantis required to implement a written "know your client"("KYC") program that includes risk-based procedures forverifying the identity of its clients. At a minimum, a Merchantmust collect the name, date of birth, address and governmentidentification number of each client prior to their opening anaccount on the Merchant's platform.

In light of the position taken by the CFTC in 2015, BitMEXannounced it was withdrawing from the U.S. market and implementedan Internet Protocol ("IP") address check, also known as"geo-blocking", designed to block U.S. residents fromaccessing the BitMEX trading platform. BitMEX did not,however, implement a KYC program for all of its clients.

On October 1, 2020, the DOJ filed criminal charges (the "DOJAction") accusing four executives of BitMEX of evading rulesdesigned to stop money laundering. That same day, the CFTCannounced that it had filed a related civil enforcement action (the "CFTCAction" together with the DOJ Action, the "BitMEXActions") against five entities and three individuals that ownand operate BitMEX, alleging that they had operated an unregisteredtrading platform in violation of multiple CFTC regulations,including failing to implement required anti-money launderingprocedures.

The BitMEX Actions allege that, since BitMEX's launch inNovember 2014, BitMEX has actively pursued and served thousands ofcustomers located in the U.S., even after its announced withdrawalfrom the U.S. market in 2015. In particular, the DOJ alleges thatBitMEX or its representatives:

Notably, the DOJ alleges that BitMEX's geo-blocking of U.S.IP addresses was deficient and failed to prevent U.S. persons fromtrading on the BitMEX platform. In particular, the DOJ allegesBitMEX failed to implement measures to restrict access to itsplatforms by clients using a virtual private network("VPN"), which can beused to mask the location of a computer's IP address andthereby circumvent geo-blocking.

Based on these allegations, the DOJ and the CFTC allege thatBitMEX failed to register with the CFTC as a Merchant as requiredby the Commodities Exchange Act and knowingly operated itsplatform in violation of multiple CFTC regulations and the BankSecrecy Act, including applicable AML and KYCrequirements.

The BitMEX Actions confirm the willingness of U.S. regulators toassert jurisdiction over virtual asset exchange platforms operatingfrom outside the United States but allegedly with customers orother contacts within the U.S.

As well, shortly after the DOJ Action was filed, the DOJpublished its Cryptocurrency Enforcement Framework, a reportsummarizing its cryptocurrency-related enforcement work to date. Inthis report, the DOJ emphasized its position that it has"robust authority" to prosecute virtual asset serviceproviders and other entities that violate U.S. laws even when theyare not located inside the U.S. The Report asserts that"[w]here virtual asset transactions touch financial, datastorage, or other computer systems within the United States, theDepartment generally has jurisdiction to prosecute the actors whodirect or conduct those transactions."

Like U.S. regulators and prosecutors, Canadian regulators alsotake the view that they have jurisdiction over online securitiestrading platforms operated from outside Canada but with Canadianclients. For example, in September 2018, the Ontario SecuritiesCommission (the "OSC") reached a settlement[PDF] with eToro (Europe)Limited ("eToro"), a Cyprus-based company that hadengaged in online trading of securities or derivatives with Ontarioresidents, including contracts for difference based on exposure tounderlying assets which included cryptocurrencies and stocks. eTorowas not a reporting issuer in Ontario, nor was it registered toengage in the business of trading in accordance with Ontariosecurities law. Nonetheless eToro operated approximately 2,500accounts for Ontario residents between 2008 and 2017. The OSCsettled an enforcement action with eToro based on, among otherterms, a CAD$550,000 administrative penalty, disgorgement of nearlyUSD$2 million, and an undertaking to return funds to Ontarioaccountholders.

Online virtual asset exchange platforms that do not intend toaccept U.S. and Canadian residents as clients nonetheless need tobe careful about inadvertent non-compliance with U.S. or Canadiansecurities, derivatives, money transmission or other laws. At aminimum, platforms need to consider adequate measures to preventresidents from these jurisdictions from accessing their services,but as the DOJ's Cryptocurrency Enforcement Framework notes,prosecutors or regulators may assert jurisdiction based onfinancial or technical contacts. Regulators appear to be highlyskeptical of geo-blocking of IP addresses, which suggests that morerobust KYC processes should be considered to exclude residents fromcertain jurisdictions.

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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US Regulators Assert Broad Jurisdiction Over Offshore Cryptocurrency Trading Platforms - Finance and Banking - Canada - Mondaq News Alerts

It is our aim to provide our readers with report for Cryptocurrency in Oil and Gas Market, which examines the industry during the period 2020 2026. One goal is to present deeper insight into this line of business in this document. The first part of the report focuses on providing the industry definition for the product or service under focus in the Cryptocurrency in Oil and Gas Market report. Next, the document will study the factors responsible for hindering and enhancing growth in the industry. After covering various areas of interest in the industry, the report aims to provide how the Cryptocurrency in Oil and Gas Market will grow during the forecast period.

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TheCryptocurrency in Oil and Gas Marketreport between the years 2020 2026 will highlight the current value of the industry. At the same time, there is also an estimate of how much this line of business will be worth at the end of the forecast period. As it is our goal to maintain high levels of accuracy at all times, we will take a look at the CAGR of the Cryptocurrency in Oil and Gas Market. We make sure that all the information available in this report has excellent levels of readability. One way we achieve this target is by Cryptocurrency in Oil and Gas Market segmentation. Going through the report for 2020 2026 will bring our readers up-to-date regarding this industry.

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Segmentation

As discussed earlier, there is segmentation in theCryptocurrency in Oil and Gas Marketreport, to improve the accuracy and make it easier to collect data. The categories which are the dividing factors in the industry are distribution channels, application, and product or service type. With this level of segmentation, it becomes easier to analyze and understand the Cryptocurrency in Oil and Gas Market. At the same time, there is emphasis on which type of consumers become the customers in this industry. When it comes to distribution channels, the Cryptocurrency in Oil and Gas Market report looks at the different techniques of circulation of the product or service.

Regional Overview

In this part of theCryptocurrency in Oil and Gas Marketreport, we will be taking a look at the geographical areas and the role they play in contributing to the growth of this line of business. The areas of interest in this document are as follows Middle East and Africa, South and North America, Europe, and Asia Pacific. From the Cryptocurrency in Oil and Gas Market report, it becomes clear which region is the largest contributor.

Latest Industry News

From thisCryptocurrency in Oil and Gas Marketreport, the reader will also get to learn about the latest developments in the industry. The reason is that these products or services have the potential to disrupt this line of business. If there is information about company acquisitions or mergers, this information will also be available in this portion of the Cryptocurrency in Oil and Gas Market report.

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Cryptocurrency in Oil and Gas Market Share Forecast by Application 2020 Analysis and Forecasts to 2026 - Aerospace Journal

The global Cryptocurrency and Blockchain was valued at USD xx Million in 2020. The Cryptocurrency and Blockchain market research study provides itsusers with the market size on the basis of different segments and regions. In addition, the major contributing market participants in the global Cryptocurrency and Blockchain market along with their product/service offerings, revenue, and gross margin is provided under this research report. The research report provides also provides readers the actual analysis of the last four to five years along with forecast till 2025.

Conditions in many of the regions are still bad but some of the regions have eased down some of their COVID-19 restrictions. In many of the regions, there are some countries that have gained some sort of control in the number of COVID-19 cases and have given slight permissions to start the businesses. But there are still fears in some of the countries such as South Korea and northeast China regarding the second wave of the coronavirus infections. The local governments in the respective regions where the number of COVID-19 cases has decreased have imposed strict protocols for the market players regarding social distancing and hygiene. Amidst this the Cryptocurrency and Blockchain

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The report also offers product overviews and detailed interdiction of theglobal Cryptocurrency and Blockchain market. Furthermore, the report will also provide its users with the analysis of market drivers which are expected to support the growth of the Cryptocurrency and Blockchain market in years to come. The report also illustrates the major restraining factors which lead to adversely impact the growth of the market in the analysis period. The opportunities assessment from the future perspective to take strategic decisions is covered in the report. Technology, regulatory landscape, Porters Five Forces Analysis, PESTEL analysis, SWOT analysis, and other analyses of the market are covered in the research.

Cryptocurrency and Blockchain market players included in the reports are:Intel Corporation, Microsoft Corporation, NVIDIA Corporation, BitFury Group Limited, Alphapoint Corporation, Advanced Micro Devices, Xilinx, BitGo, Ripple, BTL Group Ltd.

By Type the Cryptocurrency and Blockchain market is segmented into:Bitcoin, Ethereum, RippleLitecoin, Dashcoin, Others

By Application the Cryptocurrency and Blockchain market is segmented into:Transaction, Investment, Others

Following are the major regions considered for the analysis of the Cryptocurrency and Blockchain market:North America (United States, Canada)Europe (Germany, France, UK, Italy, Russia, Spain)Asia Pacific (China, Japan, Korea, India, Australia, New Zealand)Middle East & Africa (Middle East, Africa)Latin America (Mexico, Brazil, C. America, Chile, Peru, Colombia)

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Chapter 1:The World Market Research Report Cryptocurrency and Blockchain Help Understand Crucial Information About The Given Market.Chapter 2:The report provides a detailed study on each actor having a major impact on theglobal market Cryptocurrency and Blockchain, such as company profiles, the latest technological advances of market players and the product profile of the player currently available in the market, as well as the regions in which they operate mainly.Chapter 3:It helps to understand the key product segments and their future on the global market Cryptocurrency and Blockchain. It provides strategic solutions and recommendations in key business sectors based on market estimates.Chapter 4:The report also presents an eight-year forecast survey based on expected market growth.

Salient Features of the Report Study:

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Global Cryptocurrency and Blockchain Market 2020 Impact of COVID-19, Future Growth Analysis and Challenges - The Think Curiouser

Estimations about the rise or fall of theCAGR valuefor specific forecast period are evaluated in this report.Cryptocurrency custody software market is expected to grow at a rate of6.3% in the forecast period 2020 to 2027.Data Bridge Market Research report on global cryptocurrency custody software market analyses the growth of the industries constituting the application areas of the market, formulating this information in a market overview to help you in the provision of different market insights. Moreover, this business report combines all-inclusive industry analysis with precise estimates and forecasts to provide complete research solutions with maximum industry clarity for strategic decision making.

The GlobalCryptocurrency Custody Software Marketreport contains all the company profiles of theMajor players Are BitGo, COINBASE, Key Safe Technological Solutions LTD., Kingdom Trust, WatermelonBlock.io, FMR LLC, Ledger SAS, itBit Trust Company, LLC., Base Zero, Inc., Gemini Trust Company, LLC., Paxos Trust Company, LLC,and brands. Cryptocurrency Custody Software marketing document helps industry in deciding upon various strategies such as production, marketing, sales or promotion for a particular product in the market or the new product to be launched.

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The report provides thecompany profile, product specifications, capacity, production value, and market sharesfor each company for the forecast period. In addition, the scope of this market report can be broadened from market scenarios to comparative pricing between major players, cost and profit of the specified market regions. Cryptocurrency Custody Software report is a trustworthy source of market information for the business which assists with the better decision making and outline better business strategies.

Crucial Cryptocurrency Custody Software Market Segment details-:

This report also explains market definitions, classifications, applications, and engagements in the industry. Businesses can accomplish key statistics on the market status of regional and global manufacturers along with valuable assistance which drives the business towards the growth.Being a quality market report, it comprises of transparent market research studies and estimations that supports business growth.

All the data and information included in the Cryptocurrency Custody Software business report is drawn from incredibly reliable sources such as websites, annual reports of the companies, white papers, journals, newspapers, and mergers. This market report assists industry by giving actionable market insights and comprehensive market analysis.SWOT analysis and Porters Five Forces Analysisare two of the most widely used techniques while generating this report. A large scale Cryptocurrency Custody Software market report also provides businesses with the company profile, product specifications, production value, contact information of manufacturer and market shares for company.

Focal Points of the Report:

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Some of the Major Highlights of TOC covers:

Chapter 1: Methodology & Scope

Definition and forecast parameters

Methodology and forecast parameters

Data Sources

Chapter 2: Executive Summary

Business trends

Regional trends

Product trends

End-use trends

Chapter 3: Cryptocurrency Custody Software Industry Insights

Industry segmentation

Industry landscape

Vendor matrix

Technological and innovation landscape

Chapter 4: Cryptocurrency Custody Software Market, By Region

North America

South America

Europe

Asia-Pacific

Middle East and Africa

Chapter 5: Company Profile

Business Overview

Financial Data

Product Landscape

Strategic Outlook

SWOT Analysis

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Further, this report classifies the CRYPTOCURRENCY CUSTODY SOFTWARE market dependent on regions, application, end-user, and type.

Report can be customized to meet the clients requirements. Please connect with us ([emailprotected]), we will ensure that you get a report that suits your needs.

In this study, the years considered to estimate the market size of Cryptocurrency Custody Software Market are as follows:-

History Year: 2014-2018

Base Year: 2019

Estimated Year: 2020

Forecast Year 2020 to 2027

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Cryptocurrency Custody Software Market Outlook 2020-In-Depth Insight Of Sales Analysis, Growth Forecast And Upcoming Trends Opportunities By Types And...