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According to Binance Blog, Binance has recently joined forces with the Royal Thai Police in cracking down on criminal networks involved in large-scale crypto scams. Two major operations led to the arrest of key criminals and the seizure of significant assets, fortifying Binance’s commitment to global cybersecurity and regulatory compliance. In a particularly noteworthy case, Binance and the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police dismantled a criminal ring behind a "pig butchering" scam, affecting thousands and resulting in seized assets valued at around $277 million. In another operation, Binance aided in capturing suspects across three Thai provinces, leading to the confiscation of 16 luxury residences, 12 top-tier vehicles, and $440,000 in cash. Binance's Investigations team actively supports global law enforcement in the fight against cybercrime by supplying key intelligence and expertise. This collaboration is a key element of Binance's ongoing effort to enhance user security and uphold regulatory compliance in the digital-asset ecosystem.

The US Securities and Exchange Commission (SEC) has formally accepted the applications for Bitcoin Exchange-Traded Funds (ETFs) from Franklin Templeton and Hashdex, according to a Bloomberg analyst, James Seyffart. In addition to the Bitcoin ETF, Hashdex has also applied for an Ethereum ETF. The applications are now listed on the SEC's official website. Seyffart noted that the SEC's expedited acceptance, which often takes about a week, might have been influenced by concerns surrounding a potential government shutdown. These developments follow recent reports of Franklin Templeton submitting a 19b-4 document to the SEC to apply for a Bitcoin ETF, which has now triggered the commencement of an official review process for the ETF proposal.  

According to Cointelegraph: Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), faced intense scrutiny and criticism of the agency’s policies and actions during a House Financial Services Committee hearing on September 27. A significant portion of the session tackled the SEC’s Staff Accounting Bulletin (SAB) 121, a measure published in March 2022 regarding the accounting and disclosure of crypto assets held by public companies. Critics, including Representative Mike Flood, took issue with the SEC’s process for publishing SAB 121. Flood highlighted that neither the Financial Accounting Standards Board (FASB) nor prudential regulators were consulted before the SAB’s release. He also revealed that at the time of SAB 121’s issuance, the FASB had not addressed digital asset custody standards. Furthermore, Flood disputed Gensler’s claim that SAB 121 provided guidance based on existing SEC rules, stating there were no specific rules on custody of digital assets when the bulletin was released. This discrepancy led Flood to assert that either the SEC knew there was no strong justification for issuing the guidance and did so anyway, or the issuance was a mistake. The SAB 121 has faced opposition since its release, with adverse responses from SEC Commissioner Hester Peirce, as well as letters of concern sent to Gensler by a group of senators and the Financial Services Committee members, claiming the bulletin was a form of disguised regulation. Apart from the SAB 121 discussions, topics such as the approval of spot Bitcoin exchange-traded funds, the SEC's handling of the Grayscale case, and an alleged lack of impartiality within the financial industry were covered during the hearing. Particularly notable were discussions on the interpretation of the Howey test, a standard used by the SEC to determine if an asset qualifies as a security.        

According to Cointelegraph: Ethereum's adherence to the Office of Foreign Assets Control (OFAC) standards drastically dropped to 45% following the historic Merge upgrade in September 2022. This upgrade was crucial in Ethereum's shift from proof-of-work (PoW) to proof-of-stake (PoS), but it led to a significant decline in compliance with OFAC-established protocols. List of entities running censoring MEV relays on their validators are actively harming Ethereum’s credible neutrality. Source: MEV Watch OFAC compliance involves censoring certain transactions, which compromises the neutrality of the Ethereum ecosystem. Notably, OFAC imposed sanctions on Tornado Cash and several associated Ether addresses in August 2022, amid concerns over transaction anonymization potential. Prior to the Merge upgrade, Ethereum's OFAC compliance saw substantial growth as crypto exchanges like Binance, Celsius Network, Bitfinex, Ledger Live, Huobi (HTX), and Coinbase, among the top censorship offenders, ran censoring MEV-Boost relays on their validators, as per MEV Watch data. However, post-upgrade, this compliance dropped from 78% in November 2022 to a recent 30%, marking a 57% decrease. Post-Merge daily OFAC-compliant Ethereum blocks. Source: MEV Watch To counter this, seven major MEV-boost relays like Flashbots, BloXroute Max Profit, BloXroute Ethical, BloXroute Regulated, BlockNative, Manifold, and Eden are often used, although only three function without OFAC compliance-oriented censoring. OFAC regulations mainly target U.S.-based entities, but non-U.S. validators are advised to run non-censoring relays for the network's benefit despite Ethereum's declining OFAC compliance. Simultaneously, Grayscale decided to forfeit all rights to PoW Ethereum tokens (ETHPoW), citing liquidity issues as the reason for this decision, while some investment firms like ETC Group are exploring the launch of dedicated EthereumPoW exchange-traded products (ETPs).        

According to CoinDesk: The U.S. Securities and Exchange Commission (SEC) has extended the deadlines for its response to Bitcoin ETF applications from Ark 21Shares and Global X, anticipating a possible federal government shutdown due to Congress's ongoing budget negotiations. Both Ark Investment Management and 21Shares have been awaiting ETF approval since 2021, having refiled for a potential Bitcoin ETF earlier this year after previous attempts were denied by the SEC. The new deadline for an SEC response to Ark 21Shares is now set at January 10. Global X, which submitted its application last month to become the ninth active spot-Bitcoin application under the SEC's purview, will now have to wait until November 21 for a response. If approved, the fund would provide investors with exposure to Bitcoin along with protections not always available to investors directly investing in Bitcoin. Although the SEC previously rejected spot Bitcoin ETF products, citing market manipulation risks and inadequate investor protections, last month's federal court ruling criticized the regulator's ETF decisions as "arbitrary and capricious" and ordered it to reconsider its stance. While the SEC typically utilizes its full 240-day window to deliver a final decision, the potential government shutdown has advanced the interim decision to Tuesday, much earlier than usual. In similar circumstances during the 2019 shutdown, the SEC asked an applicant to withdraw its filing. In Tuesday's filings, the SEC stated that it "finds it appropriate to designate a longer period within which to take action," providing the regulator with "sufficient time to consider" its decision. The move coincides with a letter sent by bipartisan members of the House Financial Services Committee to SEC Chair Gary Gensler, urging expedited approval of the pending spot ETF applications following the regulatory body's recent court setback.        

According to Cointelegraph: The UK customers of Chase Bank will no longer be able to conduct cryptocurrency transactions starting from October 16. Chase Bank, a digital banking subsidiary of the investment bank JPMorgan, cited the growing instances of crypto-related scams and fraud as the reason behind this decision. A spokesperson from the bank conveyed that the customers won't be able to make crypto transactions using their debit cards nor through outgoing bank transfers. If the customers attempt to make a crypto-related transaction, they will receive a declined transaction notification. The decision was underpinned by data from Action Fraud, the UK's fraud reporting agency, indicating a surge in UK consumer losses to crypto scams by over 40% in the previous year, amounting to over 300 million British pounds ($365 million). The bank in a statement reassured its commitment towards safeguarding customers' money and considering the escalation in scams targeting UK consumers, they chose to prohibit the purchase of crypto assets on Chase debit cards and transfers from Chase accounts to crypto sites. Chase Bank informed its customers about this change in policy through emails on September 26, which was followed by several customers reporting the receipt of the notifications about the policy revisions concerning crypto on social media platform X (earlier known as Twitter). Chase Bank caters to more than 50 million active users worldwide through its 4,600 branches. However, these restrictions will only affect approximately 2% of Chase’s total users worldwide, as Chase UK’s customer base reached 1 million last September, post its inception in 2021.          

According to The BlockBeats: The Taiwan Financial Supervisory Commission has introduced a new regulatory framework, "Guiding Principles for the Management of Virtual Asset Platforms and Transaction Business Enterprises (VASP)" on September 26. These regulations aim to fortify customer protection measures, amplify transaction transparency, refine asset custody methods, and better manage virtual asset platforms. The guidelines require virtual asset platforms to enhance their operational transparency and customer protective measures, including the public disclosure of white papers for any assets issued via the platform, establishing mechanisms for fair market transactions, implementing distinct standards for listing and delisting assets, and maintaining separate custody of client and platform assets. Additionally, they must display a commitment towards robust information security, consent to inspections by the Financial Supervisory Commission, and ensure compliance with money laundering prevention laws. These regulatory principles present a significant stride towards a more accountable, secure, and equitable cryptographic asset ecosystem in Taiwan.

According to Cointelegraph: In a major development, Tether, a prominent stablecoin issuer, has updated its terms of service (ToS) for customers in Singapore, effectively barring particular customer groups from redeeming Tether (USDT) tokens. The information first came to light via Julian Hosp, co-founder and CEO of Decentralized Finance (DeFi) protocol Cake DeFi, through an email exchange received from Tether. Tether's email elucidated that Cake DeFi is controlled by another corporation based in Singapore, and in accordance with the modified ToS, these customer categories will not be allowed to redeem USDT. However, there still seems to be doubts about whether Cake DeFi can exchange USDT into U.S. dollars owing to its Singaporean base. Notably, the phrase "controlled by another entity" has sparked confusion among many crypto-enthusiasts. The new ToS effectively bans corporates, directors, and shareholders in Singapore, who are influenced by outside entities, from being Tether customers. The changes in Tether's ToS arrive amidst an immense cryptocurrency money-laundering scandal in Singapore where confiscated assets have escalated to over $2 billion. There is speculation that these changes might be specific to Cake DeFi, indicating a possibly heightened due diligence or partnership issues between the two companies.  

According to Decrypt: Grayscale Investments has filed an application with the U.S. Securities and Exchange Commission (SEC) to create a new crypto exchange-traded fund (ETF). This ETF, however, would deal in Ethereum futures, rather than Bitcoin spot like many other applications currently under review by the regulatory body. The documents Grayscale filed on Tuesday clarify that the proposed fund would not transact in Ether and would not necessitate an Ether custodian. The company's application comes in the wake of a positive ruling last month where a federal judge overturned the SEC's denial of Grayscale’s request to convert its Bitcoin trust into a spot ETF. As Grayscale waits for the approval of its Bitcoin ETF, it anticipates that the Ethereum futures ETF will receive approval from the SEC. The SEC initially approved a Bitcoin futures ETF in 2021, allowing investors to speculate on future digital asset prices. Investors show a strong appetite for spot crypto ETFs, and numerous such applications are currently under the SEC's evaluation, including one from the world's largest asset manager, BlackRock. A crypto ETF would offer traditional investors a more secure way to get involved with the asset. ETFs are financial instruments that allow people to buy shares mirroring the price of an underlying asset. Therefore, a Bitcoin ETF would let investors involve themselves in the asset without having to worry about the storage and protection of their cryptocurrency holdings.        

According to Cointelegraph: Hong Kong-based cryptocurrency exchange JPEX, currently facing legal issues, has applied for deregistration in Australia, according to a filing revealed by Cointelegraph on September 20. The filing states that Jieyi Chen, director of JP-EX Crypto Asset Platform PTY LTD (JPEX), initiated the deregistration process with the Australian Securities and Investment Commission. The filing indicates that all company members agree to the deregistration, adding that the firm is no longer in business, its assets are not exceeding $1,000 Australian dollars, and it does not carry any liabilities. This move comes shortly after Hong Kong police arrested six JPEX employees on fraud charges for operating an unlicensed crypto exchange during the Token2049 conference in Singapore on September 13. The SFC of Hong Kong reported receiving over 1,000 complaints about JPEX, with claims exceeding 1 billion Hong Kong dollars ($128 million) in loses. Amid the escalating controversy, JPEX allegedly raised its withdrawal fees to 999 USDT to prevent funds exiting the exchange. Ahead of its website going offline, JPEX proposed a compensation plan for its users, stating that they would be fully reimbursed with their assets exchanged for stakes in the JPEX DAO by September 21.