The Ledger: Entain hit with record penalty, Sri Lankans fall victim to scams

Nexo announced that it is suing a former director who has failed to assist in unlocking a BitMEX account causing the company to suffer close to $8m in crypto losses. The company is now seeking damages from former director Georgi Shulev.

The UK is moving forward with a bill this September, which will hopefully add clarity to the way stablecoins are supposed to be regulated in the country.

The Financial Services and Markets bill should be up for debate in parliament next month, albeit the current political crisis makes it harder to predict when specific issues will be discussed.

On the gambling news front, Entain, a global entertainment and gambling giant, has been hit with a whopping £17m fine by the Gambling Commission of Great Britain. This is the largest penalty ever issued to a company in the sector and reflects on the regulator’s determination to uphold the best gambling practices in the industry.

The penalty targeted 13 of the group’s websites and argued there had been serious social responsibility and anti-money laundering failures.

Meanwhile, AS Monaco has signed a new partnership with Casino Secret, with the club expanding its reach in Japan.

Casino Secret, which has been operating in Japan since 2018, will use the partnership to bolster its local clout and reach.

In other news, Reddit and FTX reported that they are exploring blockchain rewards for forum users known as “community points”. Cryptocurrency remains the source of trouble for many retail investors.

In Sri Lanka, where the economy is in the doldrums, many Sri Lankans have been tricked into investing in cryptocurrency scams that have stolen people’s funds.

The Sri Lankan government, which his running short on foreign cash reserves, has cautioned locals to not commit money to cryptocurrency investment schemes, as they are currently illegal in the country.

Meanwhile, Revolut has received the necessary paperwork to launch its crypto services and products across the European Economic Area in a groundbreaking move for the company this week.

Regulation-wise, the Federal Reserve is also likely to grant master accounts to cryptocurrency companies.

New York Magazine has claimed in a new report that the top brass at Three Arrows Capital (3AC) had used their funds recklessly and generated poor returns while failing to hedge investments.

3AC was largely perceived as one of the reasons why the cryptocurrency market began to collapse following the debacle of the Terra USD stable coin.

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Written by Hannah

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