Court Receives Evidence Against Bitfinex, Tether; ShapeShift Launches Crypto Platform

The top daily news from the cryptocurrency and blockchain space:

  • Bitfinex, Tether served New Yorkers longer than claimed, NYAG alleges.
  • ShapeShift unveils new hardware-secured, web-based platform.
  • Singapore tax agency proposes to rid cryptocurrency transactions of GST.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $12,672.6 (+10.5%) and $315.4 (+3.5%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,832.0 (+1.7%).

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Bitfinex, Tether Served New Yorkers Longer Than Claimed, NYAG Alleges

The New York Attorney General’s Office (NYAG) submitted new evidence aimed at proving iFinex, along with its Bitfinex and Tether subsidiaries, served customers based in the state of New York for longer than had previously been claimed.

In the submission, the NYAG explained it had “obtained additional evidence that the Bitfinex trading platform has been available to New York-based traders as late as 2019.” This is, of course, despite Bitfinex previously saying it would cease serving New York customers in the year 2015.

ShapeShift Unveils Hardware-Secured, Web-Based Platform

Global cryptocurrency trading platform ShapeShift launched its non-custodial cryptocurrency management platform out of private beta. The new solution allows users to buy, sell, trade, and tracks multiple cryptocurrencies at once. In order to access it, users must own a connected cryptocurrency hardware wallet, such as those provided by Trezor or ShapeShift-owned KeepKey.

In a promotional video outlining the company’s revised product offering, ShapeShift chief executive Erik Voorhees explained how “crypto enables financial sovereignty, but it’s not automatic. It depends on the tools you use. The new ShapeShift gathers these tools into one hardware-secured, web-based UI. It’s a platform for controlling your cryptoassets. It’s multi-chain and non-custodial.”

Singapore Tax Agency Proposes to Rid Cryptocurrency Transactions of GST

The government of Singapore submitted a proposal to remove goods and services tax (GST) from cryptocurrency transactions. In its e-Tax draft guide published last Friday, the Inland Revenue Authority of Singapore (IRAS) called for so-called “digital payment tokens” to be exempted from GST in instances whereby it functions as a medium of exchange.

If the IRAS’ draft guide is ratified, Singaporeans and Singapore-based entities will, as of January 1, 2020, be able transact in cryptocurrencies without incurring GST. Currently, the IRAS is “seeking feedback” on the proposed change of GST treatment “from businesses dealing in digital payment tokens.” The tax agency will consider any comments submitted to it before July 26, 2019.