ChainCatcher news, according to Forbes, U.S. President Trump used the presidential seal podium at a private dinner for holders of the meme coin TRUMP, which may violate Title 18, Section 713 of the U.S. Code. This law prohibits the use of the presidential seal in a manner that suggests government endorsement, with violators facing up to 6 months in prison or fines.Legal experts point out that the presidential seal is reserved for official occasions, and previous presidents such as Obama and Biden have not used the emblem in private commercial activities. The White House has not yet responded to media inquiries regarding the legality of the seal's use.

ChainCatcher news, a group of Coinbase users from Illinois has filed a class-action lawsuit against the cryptocurrency exchange, accusing it of violating the state's Biometric Information Privacy Act (BIPA) with its identity checks.Plaintiffs Scott Bernstein, Gina Greeder, and James Lonergan claim in a complaint submitted to federal court on May 13 that Coinbase "massively collects" facial recognition information to meet its "Know Your Customer" (KYC) requirements, violating BIPA as users were not notified.The group claims that Coinbase did not provide written notice to users regarding the collection, storage, or sharing of their biometric data, as well as the purpose of data use and retention schedule."Coinbase has not publicly provided a retention schedule or guidelines for the permanent destruction of the plaintiffs' biometric identifiers, which violates BIPA," they allege.The complaint states that Coinbase requires users to verify their identity by uploading government-issued photo IDs and selfies, which are then sent to third-party facial recognition software for scanning and extraction of facial geometric data. This process captures biometric identifiers without obtaining informed written consent from users, the lawsuit claims, which violates BIPA.

ChainCatcher news, according to The Guardian, former General Secretary of the Labour Party and current member of the House of Lords Iain McNicol has publicly apologized for violating parliamentary conduct rules.An investigation revealed that McNicol sent a letter to the Treasury promoting the cryptocurrency company Astra Protocol in June 2023, while he was receiving a monthly consultancy fee from the company. The House of Lords Commissioner for Standards, Margaret Obi, determined that this constituted "providing paid parliamentary services," which is a violation of the Code of Conduct for Members of Parliament.

ChainCatcher news, the Indonesian Ministry of Communication and Information Technology (Komdigi) recently announced that it has temporarily revoked the electronic system operator registration certificates (TDPSE) related to Worldcoin and WorldID services.The official stated that this decision is based on preliminary investigations that found the relevant services suspected of violating Indonesian electronic system regulations. The investigation revealed that the company allegedly responsible for operations, PT. Terang Bulan Abadi, had not registered as an electronic system operator (PSE) as required and did not hold the necessary TDPSE certificate; it was also found that the Worldcoin-related services were actually operating under the registration certificate of another legal entity, PT. Sandina Abadi Nusantara.The Ministry of Communication and Information Technology stated that it plans to summon relevant personnel from both companies for further investigation and handling of this violation incident.

According to ChainCatcher news, the U.S. Securities and Exchange Commission (SEC) announced that the Massachusetts District Court has made a final ruling against CLS Global FZC LLC, a UAE company claiming to be a cryptocurrency market maker, finding it in violation of securities laws.The SEC accused CLS Global of participating in a scheme to manipulate the "NexFundAI" market, issuing and selling the cryptocurrency as a security to retail investors, and inducing investors to purchase by creating the illusion of active trading. CLS Global agreed to the judgment and is required to pay a civil penalty of $425,000, a disgorgement of $3,000, and pre-judgment interest of $80.39.

ChainCatcher news, according to The Block, Jack Dorsey's payment company Block, Inc. has reached a $40 million settlement with New York state financial regulators due to anti-money laundering violations.The consent order released by the New York State Department of Financial Services on Thursday stated that the investigation found that the fintech company, formerly known as Square, "failed to adequately consider the significant risks posed by the scale and complexity of its business" in its anti-money laundering program when providing Bitcoin services through Cash App.Regulators specifically pointed out three major vulnerabilities at Block: a lack of risk-based anti-money laundering controls, insufficient customer due diligence, and lax handling of high-risk Bitcoin transactions that led to a large number of anonymous transactions going unchecked. This is the second time this year that Block has paid a settlement due to anti-money laundering issues. In January, the company paid $80 million to financial regulators in 48 states.A Block spokesperson stated that this settlement marks the resolution of all state-level remittance license matters and emphasized that while the company did not admit to the findings of the investigation, it has invested significant resources to improve the compliance framework of Cash App. Under the agreement, Block must hire an independent monitor to implement corrective actions.

ChainCatcher message, Sun Yuchen published the "Seven Deadly Sins" of First Digital Trust (FDT) on social media, including: violation of fiduciary duty, misuse of client funds, unlicensed investment activities, fraud or theft, false reporting or concealment of information, violation of anti-money laundering (AML) regulations, violation of Hong Kong POBO regulations. The details are as follows:Crime 1: Violation of Fiduciary DutyAccording to the Hong Kong Trust Ordinance (Chapter 29), trustees must act with care, diligence, and loyalty. Misappropriation of client funds violates Section 4 (reasonable care obligation) and the principles of trust. Clearly, FDT will bear liability for compensation and damages in civil litigation.Crime 2: Misuse of Client FundsThe Securities and Futures (Client Money) Rules (Chapter 571) stipulate that custodial funds must not be used for the custodian's own purposes. Client assets must be held in segregated accounts, and unauthorized withdrawals are strictly prohibited. By transferring TUSD funds to ARIA DMCC without proper authorization, FDT faces enforcement actions, including fines, revocation of licenses, or criminal prosecution.Crime 3: Unlicensed Investment ActivitiesAlthough FDT is registered as a Trust or Company Service Provider (TCSP), it has no SFC license to conduct regulated activities on behalf of clients. Its so-called investment activities involving TUSD assets at ARIA directly violate the provisions of the Securities and Futures Ordinance, which prohibits engaging in regulated activities without a license.Crime 4: Fraud or TheftMisappropriation of funds with the intent to deceive clients constitutes fraud or theft. FDT conspired with accomplices (such as Aria CFF, Truecoin (Alex De Lorraine), Crossbridge/Finaport (Yai Sukonthabhund)) to cover up the misappropriation by falsifying records and claiming to have made false investments.Crime 5: False Reporting or Concealment of InformationTo cover up misappropriation or unauthorized transactions, FDT provided false statements and fraudulent documents, claiming that TUSD funds were intact and invested as instructed. This violates Section 300 of the Securities and Futures Ordinance (using fraudulent or deceptive means in securities transactions).Crime 6: Violation of Anti-Money Laundering (AML) RegulationsBy transferring misappropriated funds through complex transactions or offshore accounts to conceal their source, FDT facilitated and/or constituted a violation of anti-money laundering regulations.Crime 7: Prevention of Bribery Ordinance (POBO)The Prevention of Bribery Ordinance is the primary legislation in Hong Kong governing secret commissions. It criminalizes corrupt transactions, including agents receiving undisclosed benefits or commissions without the principal's consent. FDT/Legacy, under the direction of Vincent Chok, received secret kickbacks from DMCC in exchange for the illegal transfer of TUSD custodial funds.

ChainCatcher news, Sun Yuchen once again accused FDT of fraud. He stated: First Digital Trust (FDT) openly disregards all fiduciary duties and regulatory norms, claiming to represent Techteryx in managing a securities portfolio of up to $501.8 million for the Aria Commodity Finance Fund in its own legal name. According to the Hong Kong Securities and Futures Ordinance (SFO), any individual or company providing securities portfolio management services must hold a Type 9 license from the Hong Kong Securities and Futures Commission, unless the service is limited to its wholly-owned subsidiaries or provided by its 100% owned parent company. Clearly, FDT is not only ignoring the fundamental principles of the trust industry but is also openly contemptuous of Hong Kong's banking and investment laws. In other words, its actions have completely disregarded Hong Kong's regulatory authorities and law enforcement agencies.Furthermore, Sun Yuchen believes that FDT has not only fallen into negative assets but has also had negative net assets for three consecutive years. By the end of 2024, its net assets are projected to be negative HKD 100 million. This does not include the massive losses caused by its large-scale misappropriation of user assets. Even so, it can still publicly manage billions of dollars in public assets in the market today.Previously, First Digital responded: it will take legal action against Sun Yuchen's "slanderous behavior."

ChainCatcher news, according to Wall Street Journal reports, the EU plans to impose a hefty fine of over $1 billion on Musk's social platform X, due to X's alleged violations of the Digital Services Act, failing to effectively regulate false information and illegal content on the platform. Regulatory authorities are also advancing a second investigation against X, and may include the revenues of Musk's other private companies in the penalty base, potentially leading to a final fine that far exceeds expectations. Analysts believe that the EU's recent regulation of tech companies may be one of the reasons for Trump's announcement this week of imposing high tariffs on the EU.The New York Times cited four informed sources revealing that EU regulators are preparing to impose heavy penalties on Musk's social platform X, as the platform is suspected of violating the Digital Services Act (DSA) regarding the fight against illegal content and false information. This penalty is expected to be officially announced this summer and may become the EU's first formal penalty under this law.

ChainCatcher news, according to Finance Feeds, the Securities and Exchange Commission (SEC) of Thailand has officially filed a complaint against the cryptocurrency exchange OKX, accusing it of violating the country's digital asset regulations.The lawsuit states that OKX conducted digital asset business in Thailand without obtaining the necessary licenses, violating the provisions of the 2018 Digital Asset Business Act. The Thai SEC indicated that OKX failed to implement adequate investor protection measures, including inadequate customer identification (KYC) and anti-money laundering (AML) protocols, and also failed to fulfill mandatory regulatory reporting obligations.Reports suggest that if the violation allegations are confirmed, OKX may face fines, trading restrictions, or even a complete ban on operations in Thailand.

ChainCatcher news, according to VentureBeat, Immutable announced that the U.S. Securities and Exchange Commission (SEC) has officially terminated its investigation into it and related parties, finding no violations and taking no further action. This marks the formal closure of last year's Wells notice (a warning of a potential lawsuit).Immutable President Robbie Ferguson stated that this move brings regulatory clarity to the Web3 gaming industry and is expected to drive more institutional investment, especially unlocking significant opportunities in the in-game purchase market valued at over $200 billion.

ChainCatcher news, according to insider @jason_chen998, it can be basically confirmed through various information that the market makers Goplus, Myshell, and Movement recently investigated by Binance are all the same Web3port.

ChainCatcher news, according to Cointelegraph, Fideum co-founder and CEO Anastasija Plotnikova stated that meme coins are violating the fundamental spirit of cryptocurrency decentralization, increasingly being used to exploit retail investors amid a growing number of rug pulls. She added, "Meme coins have evolved from community-driven social experiments into a chaotic situation dominated by retail investors extracting value, where internal circles, stock price manipulation, and targeted groups have replaced the organic and collectible nature of the original meme coin community, creating an unhealthy competitive environment."Anastasija Plotnikova believes that some behaviors are clearly illegal and fall under the jurisdiction of law enforcement agencies, and she supports the enforcement of certain projects.

ChainCatcher message, there have been multiple cases of fake Binance SMS scams appearing in Hong Kong. The Hong Kong Securities and Futures Commission (SFC) responded by stating that under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, conducting regulated activities and providing virtual asset services in Hong Kong without a license, and/or actively promoting such services to Hong Kong investors from outside Hong Kong, constitutes a crime. The SFC will not hesitate to take appropriate action against any violations, but will not comment on individual cases. Investors are reminded to only trade virtual assets on virtual asset trading platforms licensed by the SFC.

ChainCatcher news, according to Cryptonews, the Dutch Authority for the Financial Markets (AFM) has fined the online crypto and stock trading platform BUX €1.6 million for attracting new customers through financial influencers (Finfluencers) and referral programs, violating industry regulations.

ChainCatcher message, Binance co-founder He Yi stated on platform X that all Binance employees have a 30-day restriction on buying and selling cryptocurrencies. After purchasing, they must wait 30 days before selling; otherwise, it will be considered a violation.

ChainCatcher news, according to Watcher.Guru, Trump hinted that Musk's government efficiency (DOGE) team found irregularities while examining U.S. Treasury data, suggesting this could lead to the U.S. not having to pay certain amounts."There might be a problem, we've been looking into this regarding U.S. debt," Trump said on Sunday while aboard Air Force One heading to the Super Bowl. "This could be an interesting issue because a lot of things might not count." He added, "As a result, our debt might be less than we think."

ChainCatcher news, mining company Stronghold Digital has violated energy market rules while prioritizing its Bitcoin mining business, agreeing to pay over $1.4 million in fines and refunds.Stronghold has a contractual obligation to provide available power to the PJM grid to help ensure the reliability of the grid. However, the Federal Energy Regulatory Commission's enforcement office found that Stronghold failed to meet this obligation from June 2021 to May 2022, instead diverting power to its Bitcoin mining operations.Stronghold and Scrubgrass will repay PJM $678,635 in improperly earned capacity revenue and pay a civil penalty of $741,365 to the U.S. Treasury. The company must also submit compliance reports for at least two years and provide market rules training for its personnel.

ChainCatcher news, He Yi stated in the Binance Chinese official Space that over the past two years, Binance has conducted extensive investigations into internal violations, with more than 120 internal audit cases, over 60 people dismissed for violations, and a total of more than 30 million dollars in illicit gains recovered.