The Ledger: EU slams Russian crypto holders, Crypto.com fired 2,000 people

The EU has isolated Russians who want to use crypto in the political bloc and Crypto.com ended up firing 2,000 people a new report revealed.

A previously discussed draft ban on cryptocurrency usage by Russian nationals through European Union-registered and based exchanges has been now confirmed by the European Parliament and European Commission, as the political bloc seeks to take harsher action against a belligerent Russia that launched an all-out war on Ukraine in February.

The European Union (EU) continues to keep a close eye on cryptocurrencies in the political bloc. In fact, the European Securities and Markets Authority (ESMA) has cautioned that cryptocurrencies and traditional finances in the EU may be too intertwined, leading to systemic risks which need to be addressed promptly.

In other news this week, media outlet Ad Age reported that the numbers of people to have been laid off from Crypto.com was closer to 2,000 people, or around 30%-40% of the company’s entire workforce before the layoffs began.

This means that the company’s original numbers reported in June as of around 1,000 people, were not entirely correct.

Meanwhile, cryptocurrencies continue to be all the rage this week, and not least thanks to influencers.

One influencer to have met the consequences of her decision to back cryptocurrencies projects is Kim Kardashian who was sanctioned by the US Securities and Exchange Commission (SEC) and ordered to pay $1.26m for her participation in the promotion of digital assets that SEC found illegal.

As the incidence of cryptocurrency related crime has increased globally, many companies have decided to step up their efforts and help consumers and authorities be better equipped to fight back.

That is why, Mastercard has launched a dedicated tool to help it fight back against crypto crime. But Mastercard is hardly the only company to have realized the need for this in the first place.

Binance, one of the world’s biggest cryptocurrency exchanges, has confirmed that it is going to work with police authorities and start training officers of the law on how to detect cryptocurrency crimes, track them, and respond to them.

This marks a new era in fighting cyber crime with private companies stepping up their game to assist government sin addressing a new wave of illegal activities.

The week will end on upbeat news, however. According to Messari, a crypto intelligence company, the worst is now behind us with the industry unlikely to experience a similar downturn in the foreseeable future. Messari confirmed that the industry has been making some steady gains since the summer.

Looking for your next crypto casino? Check out: Bitcasino, 1xBit or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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