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UK Adopts Beneficial Ownership of Foreign Property Law

On March 15, 2022, the United Kingdom adopted the Economic Crime (Transparency and Enforcement) Act of 2022 (the “Act”). The Act is lengthy (and this summary is qualified by reference to the entire Act) and imposes a sea change in the disclosure of the ownership of foreign property in the United Kingdom. Among other things,... Read more »

DOJ Brings Charges in First NFT Fraud Case

The U.S. Department of Justice (the “DOJ’) has charged two individuals with a conspiracy to defraud investors in non-fungible tokens (“NFTs”) in which they abandoned the scheme and made off with the money invested (a “rug-pull”) shortly after it was invested. NFTs are digital assets recorded on a blockchain, a decentralized digital ledger. The advertised... Read more »

FINRA Best Execution Fine on Deutsche Bank Securities

On March 8, 2022, the Financial Industry Regulatory Authority (“FINRA”) issued a press release announcing its $2 million fine on Deutsche Bank Securities, Inc. (“DBS”). It said that DBS had operated an alternative trading system for about five years known as SuperX. During this time, DBS routed customer orders first to SuperX before routing them... Read more »

SEC on Cryptocurrency Interest-Bearing Deposits

On February 14, 2022, the Securities and Exchange Commission (the “SEC”) issued an order In the Matter of BlockFi Lending LLC (“BlockFi”), ordering it to pay a $50 million civil penalty, to cease and desist its violative actions and to comply with certain other undertakings. The SEC determined that the BlockFi Interest Accounts, among other... Read more »

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