Residents of the 6th most populous U.S. state, Illinois, can now access the cryptocurrency trading services of Robinhood. In a tweeted statement, the trading app disclosed that Robinhood Crypto was now available in the prairie state, making it the 29th state in the U.S. to get the commission-free round-the-clock trading service. Trade winds are blowing in Illinois. You can now use Robinhood...
News of cryptocurrency investment fraud has hit the community again, as authorities of two U.S. states, Illinois and Arizona, have asked the Criminal Investigation Department (CID) in India to seize the property of several BitConnect promoters, per reports from the Times of India. BitConnect was an open-source cryptocurrency and an investment program accused of running a Ponzi scheme before...
Cryptocurrency scams are on the rise. In a recent workshop organized by the U.S. Federal Trade Commission dubbed ‘Decrypting Cryptocurrency Scams’, it was revealed that consumers lost approximately $542 million in the first two months of this year in crypto-related fraud. By the end of 2018, this figure could hit the $3 billion mark according to the director of FTC’s Bureau of Consumer...
Illinois has joined a growing number of US states looking to pave the way to allow cryptocurrencies as payment for taxes. House Bill 5335, aka the Revenue Cryptocurrency Bill, is being sponsored by Rep. Michael Zalewski, a Democrat. It's an amendment to the current Department of Revenue Law of the Civil Administrative Code of Illinois, and it declares that "in addition to any other method of...
The mid-western state of Illinois, home of Chicago, wants to usher blockchain technology into state government. The goal of the initiative, which is shared between state and county agencies, is to determine if this groundbreaking technology can be used to create more efficient, integrated and trusted state services while providing a welcoming environment for the Blockchain community. Blockchain...
The Illinois Department of Financial and Professional Regulation has issued a 9-page report expressing its interpretation of how the Illinois’ Transmitters of Money Act (TOMA) applies to digital currencies. Most notably, the Department declined to classify cryptocurrency as money and decided that most digital currency transactions fall outside of the purview of TOMA unless they involve a third...
The State of Illinois has sought comment on a guidance document it has released on whether a money transmitter license is needed to engage in selling decentralized digital currencies. The document says the department does not require such a license since virtual currencies have not been adopted by governments as currency. The document outlines the Department of Financial and Professional...
CCN has confirmed with US Attorney's Office spokeswoman Sharon Paul that one John D. Powell of Normal, Illinois has been convicted on two counts of “operating an illegal money transfer business” and was yesterday sentenced to four years in federal prison. The spokeswoman could not confirm what the name of the Bitcoin exchange was, but the interesting thing about the indictment is that it also...