UK, Colombia crypto exchanges linked in TD Bank record fine

Telegram founder Pavel Durov said he rejected pressure from a European Union (EU) country to censor political content on the social media platform ahead of the May 18 presidential elections in Romania.According to Durov, a Western European government, which he hinted at with a baguette emoji, approached the platform and requested it censor conservative voices, which he flatly denied. Durov wrote in a May 18 Telegram post:”You can’t ‘defend democracy’ by destroying democracy. You can’t ‘fight election interference’ by interfering with elections. You either have freedom of speech and fair elections — or you don’t. And the Romanian people deserve both.”The Telegram founder is an ardent defender of free speech, who is highly regarded in the crypto community for his stances on freedom of expression, autonomy, privacy, and individual liberty.Source: Pavel DurovRelated: Pavel Durov says Telegram would exit markets before betraying usersDurov thrust into the spotlight following arrest in FrancePavel Durov was arrested in France in August 2024, sparking widespread condemnation from the crypto community and free speech advocates worldwide, who accused the French government of orchestrating a politically-motivated arrest.French President Emmanuel Macron denied the arrest was political while claiming the French government was “committed to freedom of expression and communication” in an August 26 X post.”You can’t keep founders personally liable, and charge them up to 20 years, for not moderating speech, and at the same time claim you are deeply committed to freedom of expression,” Helius Labs CEO Mert Mumtaz wrote in response to Macron.Shortly after Durov’s arrest, Chris Pavlovski, the CEO of Rumble — a free speech online video platform — announced that he safely departed the European Union after France threatened Rumble.The CEO also criticized the French government for the arrest of the Telegram co-founder, characterizing it as an attempt to pressure him into censoring speech on the platform.Durov maintains that Telegram complies with lawful information requests made by law enforcement officials and said that the company has a legal representative in France who handles such requests.The Telegram co-founder also criticized the French government for bypassing the legal representative and choosing to issue an arrest warrant instead.Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in

Retired artist Ed Suman lost over $2 million in cryptocurrency earlier this year after falling victim to a scam involving someone posing as a Coinbase support representative.Suman, 67, spent nearly two decades as a fabricator in the art world, helping build high-profile works such as Jeff Koons’ Balloon Dog sculptures, according to a May 17 report by Bloomberg.After retiring, he turned to cryptocurrency investing, eventually accumulating 17.5 Bitcoin (BTC) and 225 Ether (ETH) — a portfolio that comprised most of his retirement savings.He stored the funds in a Trezor Model One, a hardware wallet commonly used by crypto holders to avoid the risks of exchange hacks. But in March, Suman received a text message appearing to be from Coinbase, warning him of unauthorized account access.After responding, he got a phone call from a man identifying himself as a Coinbase security staffer named Brett Miller. The caller appeared knowledgeable, correctly stating that Suman’s funds were stored in a hardware wallet.He then convinced Suman that his wallet could still be vulnerable and walked him through a “security procedure” that involved entering his seed phrase into a website mimicking Coinbase’s interface.Nine days later, a second caller claiming to be from Coinbase repeated the process. By the end of that call, all of Suman’s crypto holdings were gone.Crypto scammers impersonate Coinbase support. Source: NanoBaiter Related: Bitcoin breaks out while Coinbase breaks down: Finance RedefinedCoinbase suffers major data breachThe scam followed a data breach at Coinbase disclosed this week, in which attackers bribed customer support staff in India to access sensitive user information.Stolen data included customer names, account balances, and transaction histories. Coinbase confirmed the breach impacted roughly 1% of its monthly transacting users.Among those affected was venture capitalist Roelof Botha, managing partner at Sequoia Capital. There is no indication that his funds were accessed, and Botha declined to comment.Coinbase’s chief security officer, Philip Martin, reportedly said the contracted customer service agents at the center of the controversy were based in India and had been fired following the breach.The exchange has also said it plans to pay between $180 million and $400 million in remediation and reimbursement to affected users.Magazine: Arthur Hayes $1M Bitcoin tip, altcoins’ powerful rally’ looms: Hodler’s Digest, May 11 – 17

United Kingdom crypto companies will need to collect and report data from every customer trade and transfer beginning Jan. 1, 2026 as part of a broader effort to improve crypto tax reporting, the UK government said.Everything from the user’s full name, home address and tax identification number will need to be collected and reported for every transaction, including the cryptocurrency used and the amount moved, the UK Revenue and Customs department said in a May 14 statement.Details of companies, trusts and charities transacting on crypto platforms will also need to be reported.Failure to comply or inaccurate reporting may incur penalties of up to 300 British pounds ($398.4) per user. The UK Revenue and Customs department said it would inform companies on how to comply with the incoming measures in due course.However, UK authorities are encouraging crypto firms to start collecting data now to ensure compliance readiness.The new rule is part of the UK’s integration of the Organisation for Economic Development’s Cryptoasset Reporting Framework to improve transparency in crypto tax reporting.The changes reflect the UK government’s aim to establish a more robust regulatory framework that supports industry growth while ensuring consumer protection.Related: Bitwise lists four crypto ETPs on London Stock ExchangeUK Chancellor Rachel Reeves also introduced a draft bill in late April to bring crypto exchanges, custodians and broker-dealers within its regulatory reach to combat scams and fraud.“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” Reeves said at the time.A study from the UK’s Financial Conduct Authority last November found that 12% of UK adults owned crypto in 2024 — a significant increase from the 4% reported in 2021.UK’s approach contrasts with EU’s MiCAThe UK’s move to integrate the crypto rules into its existing financial framework contrasts with the European Union’s approach, which introduced the new Markets in Crypto-Assets Regulation framework last year.According to the MiCA Crypto Alliance, one key difference is that the UK will allow foreign stablecoin issuers to operate in the UK without needing to register.There will also be no cap on stablecoin volumes, unlike the EU’s approach, which may impose controls on stablecoin issuers to manage systemic risks.Source: MiCA Crypto AllianceMagazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight