US Court Summons Binance’s CZ, EU Targets Social Media Over Crypto Ads
• The United States court has issued a summons to Binance’s CEO Changpeng Zhao after the Securities and Exchange Commission (SEC) sued the exchange.
• A US district court judge dismissed a lawsuit against decentralized finance (DeFi) platform PoolTogether due to lack of concrete harm for the plaintiff.
• The European Consumer Organisation filed a complaint against Instagram, YouTube, TikTok and Twitter for facilitating misleading promotion of crypto assets, while UK will enforce stricter rules regarding marketing of crypto services from October 8.
US Court Issues Summons for Binance’s CZ
A United States district court in Washington has reportedly issued a summons for Binance CEO Changpeng Zhao after the Securities and Exchange Commission (SEC) sued the exchange. The document stated that within 21 days after service of this summons on him, he must serve an answer to the attached complaint or motion. If he fails to respond, judgment by default will be entered against him for the relief demanded in the complaint.
US District Court Dismisses Lawsuit Against DeFi Platform
A US district court judge dismissed a lawsuit against decentralized finance (DeFi) platform PoolTogether due to lack of concrete harm for plaintiff Joseph Kent. The judge further said that a federal court is not “an appropriate way” to address their concerns and therefore granted defendants’ motions to dismiss on that ground.
EU Complaint Against Social Media Platforms Over Crypto Ads
The European Consumer Organisation (BEUC), an umbrella group for 46 independent consumer organisations from 32 countries, filed a complaint with the European Commission and consumer authorities against Instagram, YouTube, TikTok and Twitter over ‘misleading promotion’ of crypto assets which put consumers at risk of serious harm. The group called on these social media platforms to establish stricter advertising policies and enforce them as well as adopt measures to prevent influencers from misleading consumers about crypto investments among other points.
UK To Enforce Tougher Rules On Crypto Services Advertisers
Crypto services advertisers will face tougher rules in the UK from October 8th following new marketing rules unveiled by Financial Conduct Authority (FCA). These new regulations include 24-hour ‘cooling-off’ period for first-time crypto investors as well as restrictions over certain types of ads like those directed towards vulnerable clients including those under 18 years old or experiencing financial difficulties among others.
Commonwealth Bank Of Australia Limits Customers’ Ability To Send Money To Crypto Exchanges
The Commonwealth Bank Of Australia recently announced its decision to limit customers’ ability to send money overseas via its accounts or debit cards they offer in order to purchase cryptocurrencies from foreign exchanges. According to reports, this decision was made out of concern over money laundering practices allegedly associated with cryptocurrency transactions across international borders although no official statement was released by bank yet in this regard