On October 18, the New York Attorney General announced that cease-and-desist letters were issued to two “[v]irtual or ‘crypto’ currency lending platforms”, directing the lending platforms to “immediately cease their unregistered and unlawful activities in New York.” The announcement states also that three other platforms were directed to immediately provide information about their activities and products. The announcement emphasizes that these actions by the New York Office of Attorney General (OAG) are intended to protect…
On September 24, 2021, the People’s Bank of China’s (PBOC) published a Q&A on its website stating, according to English translations of the original text, that all digital currency services for trading, order matching, token issuance and derivatives of virtual currencies are strictly prohibited. The Q&A stated further that overseas virtual currency exchanges that use the internet to offer services to domestic residents are also considered illegal financial activity, and employees working in China for…