Arbitrum Airdrop Confirmed!
March 18, 2023 Crypto Roundup. (Disclaimer: None of the observations or tips in this article constitutes financial, legal, tax, and/or any forms of advice.) Arbitrum
Just in the past month, there has been quite the talk about certain cryptocurrency exchanges being considered securities exchanges because they operate in an unlawful and unregistered manner, thus creating a lot of speculation around their future. In early February, we saw Kraken pay a $30 million settlement as they got sued by the SEC for providing centralized staking services in the US without registering it under securities laws. Earlier this week, we also saw some speculation surrounding Binance.us because William Uptegrove, the SEC’s senior trial attorney, stated that Binance.us was allegedly operating an unregistered securities exchange.
So… this is pretty harsh news. The New York State Attorney General, Letitia James, threw down the hammer and declared that the popular cryptocurrency exchange, KuCoin, has violated securities laws with its offering of cryptocurrencies and commodities in the state of New York. This is not a simple announcement. KuCoin is being sued for allegedly issuing unregistered securities without registering them with the attorney general’s office, according to the complaint filed at the Supreme Court of the State of New York County.
This literally all came from NY AG James exploring the KuCoin exchange and reportedly being able to purchase and sell cryptocurrency on the exchange in the state of New York. Rather than just the assets that KuCoin is offering for purchase, the NY AG is also going after the KuCoin Earn product.
A big part of this case comes from the fact that NY AG James, a New Yorker, was able to purchase an alleged crypto security on KuCoin, but to my understanding, KuCoin’s terms outline that residents of New York should refrain from using their services; however, KuCoin also does not mandate KYC on their platform to use their exchange, and this could be how NY AG James was able to use the exchange.
NY AG James requested the Supreme Court of the State of New York County provide them with an account for NY residents who have used the KuCoin exchange, additionally stating that KuCoin was a “shadowy” platform.
KuCoin is currently the fourth largest centralized cryptocurrency exchange by 24 hour trading volume, with $812 million in trading volume in just the past 24 hours. Seeing that NY AG James is coming after the KuCoin exchange could create a significant ripple effect on the entire cryptocurrency industry and the assets that cryptocurrency exchanges are offering, especially in the US.
If you thought that NY AG James was only going after KuCoin, unfortunately, here is one that will spark a lot of talk for the next few days. The New York State Attorney General stated in their suit against KuCoin that ETH, LUNA, and UST are allegedly considered securities under Waldstein and the Howey Test.
What? Now regulators are going after Ethereum as a security? Quite frankly, ever since talks of Ethereum’s move to a proof-of-stake blockchain, the concept of rewarding investors with receiving ETH for staking their ETH did raise a lot of suspicion from regulators, and it seems like this is one of the first times that a member of a regulating authority has come out and provided a claim to the courts that ETH, its token, and the team behind ETH are all evidence that ETH is a security.
As I was saying, if KuCoin was targeted for offering these tokens without registering as a securities dealer, then what will we see with other cryptocurrency exchanges operating in the US that are also offering ETH tokens if the claim wins in court?
With BTC falling to $20k in the past 24 hours, it is clear that there is a lot of FUD in the crypto markets today with news that KuCoin is being sued, ETH could be considered a security, news about Silvergate Bank stopping operations, Hedera allegedly being exploited, and much more.
If ETH is actually considered a security, then so many cryptocurrency exchanges will be affected by this ruling, as almost every single crypto exchange offers ETH on their platforms. Why would they not? It is the second-largest cryptocurrency in existence.
Of course, these cryptocurrency exchanges will be affected mostly in New York, as this is the location where NY AG James is putting their claim of unregistered operations. However, this will cause other centralized exchanges to have to go and register themselves as securities dealers, especially in the state of New York, if they wish to continue to offer the assets listed by James, and if not, they will end up getting sued as well.
For now, it may seem like an easy fix for centralized exchanges to go and be registered as a securities dealer exchange or broker dealer; however, the fact of the matter is, if ETH is actually considered a security, the repercussions ripple far further than New York and centralized exchanges. In the US, especially, any sale of ETH, even in decentralized settings such as exchanges, could really have a hammer laid down on it as well.
ETH will need to be subject to the regulations and laws behind securities assets, and the exchanges and investors that wish to even touch ETH will need to comply with all regulations and the SEC in order to play. This will cause quite the fuss in America, as this will definitely mess with the whole fundamentals of crypto being decentralized.
And it won’t only be ETH. ETH will be the principle, but every other crypto protocol that even remotely resembles ETH, like an EVM chain protocol or a proof-of-stake protocol, will be investigated as well. This will not be well received by the crypto community at all.
“Effective immediately, Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN).” All other deposit-related services remain operational.
This is the end of certain Silvergate services as the bank has just announced that they will be liquidating their bank, causing their SI stock value to plunge almost 99% from its all-time high in 2022.
Silvergate was one of the largest banks that dealt with digital assets and cryptocurrencies, with over 1,000 entities in the crypto space working with the bank for the transfer and settlement of fiat for both the entities and their customers.
Ever since the fall of FTX, there have been a lot of regulatory pressures that have followed, thus creating an uncertain environment for the crypto space for a bank such as Silvergate to participate in. A report by JPMorgan stated that certain services provided by Silvergate Bank would migrate to other banks like Metropolitan Commercial Bank, Signature Bank, and many others.
With Silvergate liquidating their bank and shutting down their SEN, this caused BTC to show signs of weakness and caused a push down in price as many crypto firms, miners, and exchanges have used Silvergate to be the gateway for fiat transfers from TradFi to crypto.
The concern is not necessarily that another bank won’t come in to replace Silvergate; it is more so that there is a growing concern for regulation and regulatory action in the US for cryptocurrency and digital assets.
This concern is all about risk and the fact that big companies and banks do not want to deal with the financial and legal risks that come with dealing with cryptocurrency assets and services. Brian Rudick, the senior strategist at GSR, stated that “it’s likely that only larger, existing crypto companies will have access to the banking system in the U.S.”
Smaller crypto firms and startups will suffer more due to this new barrier that has been created by Silvergate winding down their services, ultimately slowing down the adoption of a lot of crypto development.
Luckily, it is really good to see that there are still native crypto companies out there that are trying to fill in this spot that Silvergate once had, and a big contender is Kraken, who is trying to create their own crypto bank even in the midst of heavy crypto regulatory fire.
March 18, 2023 Crypto Roundup. (Disclaimer: None of the observations or tips in this article constitutes financial, legal, tax, and/or any forms of advice.) Arbitrum
March 17, 2023 Crypto Roundup. (Disclaimer: None of the observations or tips in this article constitutes financial, legal, tax, and/or any forms of advice.) Could
March 14, 2023 Crypto Roundup (Disclaimer: None of the observations or tips in this article constitutes financial, legal, tax, and/or any forms of advice.) All
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14.8. If any part of any section of these Terms is held invalid or unenforceable, that part will be construed in a manner to reflect, as nearly as possible, its original meaning while remaining valid and enforceable or if not possible shall be deemed deleted and the remaining part of the section and/or of these Terms will remain in full force and effect.
14.9. These Terms are the final, complete and exclusive agreement between you and Hector Network with respect to the subject matter hereof and supersedes and merges all prior discussions, agreements or representations between you and Hector Network with respect to such subject matter.
Welcome to the Hector Network platform (“we”, “us” or “Hector Network”). Hector Network is developing an ecosystem which consists of various innovative developments and applications (“Services”). The Hector Network platform is accessible on www.hector.network and any other sites or subdomains of Hector Network (“Site”).
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Therefore, please find all the necessary information on how we may collect and process your personal data gathered in connection with your use of our Site and our Services in this Privacy Notice.
Notice: Please, read this Privacy Notice carefully and in addition to the Terms and Conditions to understand our practices regarding the information that may be considered personal. If you do not wish for your personal information to be used in the manner described herein, you should not access our Site and all subdomains thereof, utilise our Services, participate in the offering of our tokens or otherwise provide Hector Network with your information which may be considered personal.
Please ensure that any relevant individuals are made aware of this Privacy Notice prior to providing their information to us or us obtaining their information from another source. In such a case, you or they must first ensure that you or they have the authority and appropriate legal basis to do so.
We do not knowingly collect or ask for data, including personal information, from people under the age of 18. If you are such a person, please do not use our Service or send us your data. Otherwise be informed that we erase such data the moment we learn it is collected from a person under the age of 18.
The administrator of our Site, provider of the Services and thus controller of your personal information processed in connection for purposes described hereinbelow is Hector Enterprise Inc.
Registered office: Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands
We will usually respond to all legitimate enquiries within 30 days. Occasionally it may take us longer if your request is particularly complex or you have made numerous requests. We will notify you and keep you updated.
‘Personal information’ is any information that, either alone or in combination with other data, enables an individual to be directly or indirectly identified (for example, name, email address, contact details, or any unique identifier such as an internet protocol address (‘IP address’), device ID or other online identifier).
We may collect the following basic personal information from you:
You can choose how Cookies are handled by your device through your browser or through our cookie banner, including refusing or deleting all Cookies. If you choose to receive no Cookies at any time, websites may not function properly and certain services may not be provided. Each browser and device is different, so check the settings menu of the browser or device you are using to learn how to change your advertising settings and Cookie preferences.
We may receive information about you from other sources, including third parties that can lawfully share the information with us and help us update, expand, and analyse our records, prevent or detect fraud or other suspicious activities and process payments. In addition, our Site may also include integrated content or links to content provided by third parties (such as live chat, social media content, plug-ins and applications).
Please be informed that we do not process special categories of personal data (such biometric data, data concerning health, racial or ethnic origin, political opinions, etc.).
We do not use either automated decision-making or profiling in terms of your personal information you provide to us.
We may use the information gathered primarily for the following purposes:
We may also use the information we collect:
We retain the information we collect for no longer than is reasonably necessary to fulfil the above purposes and to comply with our legal obligations.
Your personal information as described above is processed by us on a basis of the following legal grounds:
Taking steps prior to entering into a contract and necessity for performance of a contract with you – We may need to collect and use your personal information in order to enter into a contract with you or to perform a contract that you have with us, for example, when you provide personal information to us in order to purchase our tokens, if necessary for such purchase.
In such a case, the provision of your data is necessary in order to enter into a contract and also a contractual requirement as without such data we are not able to enter into a contract with you.
Compliance with legal obligations – We may process your personal information as may be required by respective legal or regulatory obligations that may apply to us.
In this case, the provision of your data is a statutory requirement without which we are not able to comply with our legal obligations.
Our legitimate interests – We may use your personal information for our legitimate interests to improve our Services, thus maintain and develop our business activities as well as to protect and enforce our or third party’s rights, if necessary.
Please be informed that you have the right at any time to object to the processing of your personal information which is based on our or third party’s legitimate interest.
Your consent – We send to you direct marketing e-mails upon your previous consent. Each such e-mail also contains a link that allows you to opt-out from receiving such e-mails, update your contact information or change your preferences at any time.
To withdraw any consent to processing your personal information, please use our electronic form or by clicking on a link provided in every e-mail sent to you to unsubscribe from such marketing electronic communication.
We may disclose information:
Important note: We do not sell, rent, or otherwise share personal information that reasonably identifies you or your organisation with unaffiliated entities for their independent use except as expressly described in this Privacy Notice or with your prior separate consent. We may share information that does not reasonably identify you or your organisation as permitted by applicable law.
When you voluntarily make your personal information available online in our environment shared by third parties (for example, on messaging applications, social media, message boards, web logs, or emails), that personal information may be viewed, saved, collected, heard, used and/or shared by third parties outside of Hector Network. We are not responsible for any unauthorised third party using such information. Please be mindful whenever you share any information in such environments.
Our Site may include integrated content or links to third parties’ content (for example, social media content, plug-ins and applications, video materials, etc.) which are governed by the third parties’ privacy settings and policies, which may differ from this Privacy Notice. This Privacy Notice does not address, and we are not responsible for or able to control, the privacy, security, or other practices of such third parties.
We deploy organisational, technical and physical safeguards designed to protect the information that we collect. This includes, when required or appropriate and feasible, obtaining written assurances from third parties that may access your personal information that they will protect the information with safeguards designed to provide a level of protection equivalent to that adopted by Hector Network.
We may store the information we collect on our servers both cloud-based or in servers located in countries where we or our service providers have facilities. Therefore, we may transfer information to countries outside of your country of residence which may include countries outside the EU member states.
Please note that if you are the EU citizen and provide us with your personal information, it may then be transferred for the purposes stated herein to third countries outside the EU/EEA under conditions set in this Privacy Notice and you consent to this by using our Site or Services.
You have the right to withdraw your consent at any time, without affecting the lawfulness of processing based on consent before its withdrawal. Therefore, the marketing e-mails we send to you include the opt-out link for you to unsubscribe from receiving such communication (as well as update your contact information). We will honour your choice and without delay refrain from sending you such e-mails.
Under local law, you may have certain rights regarding processing of your personal information, in particular, you have the right to request: (i) access to your personal information, (ii) rectification or erasure of your personal information, (iii) restriction of processing concerning you, (iv) objection to processing that is based upon our legitimate interests (as already stated above), and (v) data portability to other service providers.
We are committed to working with you to obtain a fair resolution of any complaint or concern about your privacy. If, however, you believe that we have not been able to assist with your complaint or concern, you may have the right to lodge a complaint with a respective supervisory data protection authority, as applicable, in your jurisdiction.
If you would like to contact us, please use the methods stated above.
Your ability to exercise these rights will depend on a number of factors and, in some instances, we will not be able to comply with your request, for example because we have legitimate grounds for not doing so or where the right doesn’t apply to the particular information we hold on you. Where so entitled to access to your personal information, you will not have to pay a fee unless your request is clearly unfounded, repetitive or excessive (upon which we may charge a reasonable fee or refuse to comply with your request). If you would like to discuss or exercise the rights you may have, you can contact us through the methods stated above.
Please keep us informed if your personal information changes whilst we continue to retain such information. We encourage you to contact us to update or correct your information if it changes or if you believe that any information that we have collected about you is inaccurate or out of date.
We may update this Privacy Notice from time to time and we encourage you to periodically review this Privacy Notice. If we make any material changes to this Privacy Notice regarding the way we collect, use, and/or share the personal information that you have provided, we will notify you by posting notice of the changes on the Site or, if we hold your email address, by email.
The use of certain of our Services may also be governed by other applicable terms and policies regarding privacy and the sharing of personal information, which supplement, and should be reviewed alongside, this Privacy Notice.
Unless otherwise defined in this Privacy Notice, terms used have the same meaning as in the Terms and Conditions.
Effective Date: 10 May 2022
This disclaimer (the “Disclaimer”) explains the terms and conditions governing your access to the https://hector.network/ website (the “Site”) and/or our services as described on the Site (the “Services”; unless the context provides otherwise, the Services shall be deemed to include the Site). This Disclaimer, together with the Terms and Conditions (the “Terms”), forms a binding legal agreement between you and Hector Enterprise Inc., with its registered office at Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands (“Hector Network” or “we” or “our” and its derivatives).
You must read this Disclaimer carefully. By accessing the Site and/or using the Services, you signify that you have read, understand and agree to be bound by this Disclaimer in its entirety and understand the risks related to the Services and crypto-assets in general. You agree to comply with this Disclaimer even if our methods to prevent the use of the Services are not effective or can be bypassed. If you do not agree with anything in this Disclaimer, you may not use the Services. We may implement controls to restrict access to the Services from any jurisdiction or persons prohibited pursuant to this Disclaimer.
You agree to indemnify and hold Hector Network harmless from any losses, costs, liabilities and expenses (including legal fees) relating to or arising out of: (a) your use of, or inability to use, the Services; (b) your violation of this Disclaimer or the Terms; (c) your violation of any rights of another party, including but not limited to any other users of the Services; or (d) your violation of any applicable laws.
Hector Network may, at its own discretion, assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you shall fully cooperate with Hector Network in asserting any available defenses. This provision does not require you to indemnify Hector Network for any fraud, gross negligence, or willful misconduct of Hector Network.
You confirm that you fully understand that (i) our crypto products and related services are unregulated and can be highly risky; (ii) there may be no regulatory recourse for any loss from crypto-related transactions; (iii) investment in crypto-assets or similar products carries a high risk, may not be suitable for retail investors and the entire amount invested may be lost.
Hector Network is not a bank, securities firm, financial institution, financial services provider or provider of similar services and does not provide investment, tax or financial advice, financial services or consulting services to users of the Services. We are solely the provider of the Services. Your logged digital assets are not covered by insurance against losses or subject to any deposit insurance schemes or protections.
You understand that you are solely responsible for any tax reporting and payment, levies or similar duties applying to you in relation to your use of the Services (including but not limited to your purchase and/or sale of any digital assets) and you agree to hold us harmless and indemnify us for any tax-related obligations applicable to you in relation to your use of the Services.
You may not use the Services if you are located in, or are a citizen or resident of any state, country, territory or other jurisdiction where your use of the Services would be illegal or where your use of the Services would amount to any violation of any applicable law either by you or by Hector Network, which is your obligation to check before using the Services, including but not limited to:
any jurisdiction for which the Services, or any offer or solicitation in respect of the Services, would require registration or licensing or otherwise would be unlawful.
The Services are also not available to any person who is the subject of economic or financial sanctions or trade embargoes administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control (OFAC) or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom; or (c) any other relevant sanctions authority (“Sanctions”) or is organized or resident in a country or territory that is the subject of country-wide or territory-wide Sanctions.
The information on this page and all other pages owned, operated by, or related to Hector are for educational purposes only and do not constitute any sort of advice. Cryptocurrencies, NFTs and other blockchain offerings are unregulated assets and users should do extensive research into how they work, the potential risks and the tax liability of owning them in their native regions. Users should carefully read all the documents above before accepting.