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Cryptoasset Compliance Working Group

Public Working Group

Public Working Group

Active 5 months ago

Digital Asset Compliance Working Group
Our mission focuses on promoting transparency and... View more

Public Working Group

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Digital Asset Compliance Working Group
Our mission focuses on promoting transparency and regulatory compliance in the digital asset market. Recent investigations into Celsius and FTX have uncovered significant discrepancies between their stated compliance policies and actual practices, particularly in the management of customer deposits and token commingling. These findings underscore the urgent need for robust oversight and standardized audits within the industry.
To address these challenges, we advocate for the adoption of GBA BMM audits as a voluntary, industry-wide standard. Such measures aim to enhance consumer confidence, reduce risks, and prevent future insolvencies. Our efforts also extend to fostering collaboration among digital asset stakeholders to ensure sustainable growth and adherence to regulatory requirements. For detailed insights into the Celsius case and its implications for digital asset management, refer to the examiner’s report on their mishandling of cryptocurrency deposits [2].
Sources

crowellcryptodigest.com – Crypto Commingling: Celsius Examiner files Initial Report
reuters.com – Crypto lender Celsius propped up its token, benefiting
citizenwarrior.foundation – Rescuing CeFi

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