The High Court of Sindh (SHC), the highest judicial body in Pakistan’s Sindh Province, has asked the government to come up with modalities for cryptocurrency regulation. According to Pakistani English daily The Express Tribune, the SHC gave the instruction while hearing a petition brought before the court challenging the legality of the country’s 2018 crypto ban. The SHC instructed regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with government agencies such as the Ministries of Information Technology and Law to develop crypto regulations within three months. As part of the proceedings, …

The Nigerian Federal High Court joins the growing list of regulators across the globe to approve the rollout of a central bank digital currency (CBDC) as a legal tender. Named eNaira, the digital currency will be issued by the central bank and supported by a homegrown eNaira wallet. Nigeria’s CBDC issuance approval was revealed in a federal court hearing held on Oct. 2 led by Justice Taiwo Abayomi Taiwo, according to a report by Voice of Nigeria. The official eNaira website says that the digital version of the Nigerian naira will be made available universally, stating “anybody can hold it.” …

The judge in the class-action lawsuit filed in the Southern District of New York against stablecoin issuer Tether and crypto exchange Bitfinex has granted motions to dismiss many of the claims in the case. According to court documents filed Tuesday in the Southern District of New York, District Judge Katherine Polk Failla has granted motions from Tether’s and Bitfinex’s parent company iFinex to dismiss key claims in the plaintiffs’ case that the two firms manipulated the crypto market. Altogether, Judge Failla granted motions to dismiss five complete claims and part of one, while denying six others. Specifically, the judge said …

Ethereum (ETH) developer Virgil Griffith has pleaded guilty to a federal charge that he conspired with North Korea to violate United States sanctions law. On Monday, Griffith pleaded guilty in New York to conspiring to violate the International Emergency Economic Powers Act, which forbids U.S. citizens from exporting technology and intellectual property to communist countries. As part of the plea deal, Griffith could face up to six-and-a-half years in prison. Formal sentencing is expected to commence in January 2022. Virgil, who served as senior researcher for the Ethereum Foundation, was arrested in November 2019 after attending a conference in the …

On September 17, a group of officials led by U.S. attorney Tracy Wilkinson have filed a civil complaint in the United States District Court for the Central District of California claiming that they have identified four digital wallets holding more than 9.8 million Tether (USDT) that was involved in wire fraud, computer fraud and money laundering. According to court documents, the legitimate owner of the funds is a California resident who in April 2021 got swindled out of more than 200 Bitcoin (BTC) by someone impersonating a Coinbase employee. Customer support goes awry As described in the claim, the unidentified …

Last week, some former users of the now-defunct cryptocurrency exchange Cryptsy received a notice informing them of a new turn in the ongoing class settlement process. Authorized by the United States District Court for the Southern District of Florida, the document states that those who were defrauded in the 2016 collapse of the digital finance platform may be entitled to receive money from additional recovery. Cryptsy was a crypto exchange that went bust in January 2016 following months of user-reported issues with withdrawing funds from the platform. The court later found that Cryptsy founder Paul Vernon had stolen millions of …

Ripple has filed a motion to compel the United States Securities and Exchange Commission to disclose its internal cryptocurrency trading policies as part of the ongoing legal battle with the securities regulator. James Filan, an attorney closely following the SEC's case against Ripple, shared a new motion document seeking to bring clarity to whether the SEC permitted its own employees to trade XRP, which, as per the regulator’s allegations, is an unregistered security. Filed on Friday on behalf of several defendants — including Ripple Labs, Ripple CEO Brad Garlinghouse, and Ripple executive chairman Chris Larsen — the motion asks the …

Mumbai-based crypto exchange CoinDCX has reportedly joined the Advertising Standards Council of India (ASCI). In what seems like a response to the Delhi High Court’s notice regarding ad disclaimers from crypto exchanges, CoinDCX intends to use this partnership to improve advertising transparency and stay off the radar of the Indian regulators. ASCI is a non-governmental, self-regulatory organization that claims to favor consumer interests and protection. On Aug. 10, CoinDCX became the first crypto business in India to reach unicorn status. Citing the partnership with ASCI, CoinDCX CEO and co-founder Sumit Gupta envisions that the move “will boost confidence” among Indian …

Australian crypto influencer Alex Saunders is being sued by a disgruntled follower of his YouTube channel and advice service Nuggets News. The plaintiff, New Zealand-based Ziv Himmelfarb, filed a formal written order on Wednesday in the Victorian Supreme Court demanding that Saunders repay 479,270 Australian dollars ($353,027) in losses and damages for unpaid loans and investments that are yet to materialize. Speaking to the Australian Financial Review on Thursday, Himmelfarb said that he had followed Saunders’ crypto commentary since 2017, stating, “He made some great calls and to me he was the No. 1 person to follow in the crypto …

The legal battle between the United States Securities Exchange Commission (SEC and blockchain-based payments firm Ripple continues, with the regulator wanting further access to Ripple’s internal communications. The SEC filed a motion with the Southern District of New York on Monday, requesting Judge Sarah Netbrun to order Ripple to produce and submit its employee messaging on business communication platform Slack. The filing notes that Ripple’s previous production of Slack messages to the SEC was incomplete, with the firm eventually admitting that this was caused due to a “data processing mistake” after “repeatedly contending that its Slack production was complete.” The …

Crypto experts across the United Kingdom’s legal industry have announced the launch of the Crypto Fraud and Asset Recovery (CFAAR), a network aimed at providing redressal against crypto-related fraudulent activities. The group includes a diverse range of professionals, such as “lawyers, barristers, forensic accountants, corporate intelligence and asset recovery experts.” The launch of the CFAAR network is attributed to the rise in fraudulent activities involving theft, initial coin offerings and ransomware attacks. Through a united approach from legal experts, CFAAR’s team intends to “respond robustly and effectively” to crypto crimes and fraud by providing “the best possible means of redress.” …

A 2022 trial date has been set for former NFL team owner and alleged “shadow banker” Reggie Fowler. Fowler is the accused operator of the shadow bank to the crypto sector, Crypto Capital, which was at the center of controversy in the court case against iFinex Inc — the parent company of crypto exchange Bitfinex and stablecoin issuer Tether. According to Wednesday court documents, United States District Judge Andrew Carter of the Southern District of New York has set a jury selection and trial date for Feb. 14, 2022, which is subject to change in light of future pandemic-related restrictions. …