The Arbitration Centre at the Russian Union of Industrialists and Entrepreneurs (RSPP) has declared the formation of a board for dealing with crypto disputes. The board would also be hearing cases involving the blockchain technology, ICO, and smart contracts. Reportedly, the guidelines for the chamber have been formulated and the arbitrators have been appointed.
The U.S. District Judge Raymond Dearie has ruled that a Brooklyn resident Maksim Zaslavskiy could be prosecuted for the violation of federal securities exchange act, accused in fraudulent ICOs. The individual generated $300,000 from the trade of REcoin and Diamond. The court rejected the requests filed by Zaslavskiy’s lawyers to dismiss the charges.
The Financial Crimes Enforcement Network is getting nearly 1,500 suspicious activity reports (SAR) every month which are related to crypto activities. It was revealed by Kenneth Blanco, the Director of FinCEN at the Chicago-Kent Block (Legal) Tech Conference. Blanco quoted, “FinCEN will aggressively pursue individuals and companies who do not take their obligations under US law seriously.”
During the Crypto Evolved conference held in New York, the representative of Federal Bureau of Investigation revealed that they are more than 130 active cryptocurrencies-related investigations at the Cybercrimes unit. To investigate the growing number of cases, FBI has requested to increase the budget used to investigate the cryptocurrency industry-related cases to $21 million.
The Federal Bureau of Investigation is indulged in investigating 130 cryptocurrency-related cases as revealed by the Supervisory Special Agent Kyle Armstrong. He mentioned, “There are thousands of cases in the bureau, so it is a small silver at this point.” Recently, the House of Representatives has also passed the bill aiming to combat the illegal use of cryptocurrencies.