Today in Crypto: Brazil Tops 1M Crypto Users

Some Celsius Network borrowers want a bankruptcy court to get an independent examiner to look into the lender’s financials – though not one working for the U.S. Trustee office, Coindesk wrote.

Celsius had filed for bankruptcy protection this summer, and the attorneys for the company think it can recover if it gets help from a mining operation still being built.

The U.S. Trustee’s office, which works within the Department of Justice, petitioned the Bankruptcy Court for the Southern District of New York this year, saying Celsius hadn’t been transparent about its finances and so there should be an independent examiner.

Zaryn Dentzel, Gregory Kieser, Joseph Eduardo and Michael Conlan were the four Celsius borrowers, and they said they had concerns that the process would just be dragged out if there were a U.S. Trustee examination.

Meanwhile, the U.S. SEC chair thinks companies that help facilitate transactions in the crypto market should register with the SEC, Reuters wrote.

Gary Gensler, the SEC chair, said intermediaries in the crypto market provide several functions regulated by the SEC, such as operating as an exchange, broker dealer, clearing agent and custodian – and should be regulated as such.

“If you fall into any of these buckets, come in, talk to us, and register,” he said, adding that most crypto tokens count as securities and fall under the relevant laws.

Finally, Brazil now has over 1 million registered crypto users as of July, according to Receita Federal, the country’s tax authority, a Coindesk report notes.

Receita Federal said there were 1.33 million Brazilians that made crypto purchases in July, a 68% increase from June this year.

The report only dealt with crypto purchases made on Brazilian exchanges, as foreign platforms aren’t obligated to comply with local regulations making it so crypto companies have to report Brazilian users’ transactions to the authority.

aml / kyc

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