A Nebraska-based investment advisor faces up to 30 years in prison after admitting he’s behind an attempted $45.65 million fraud against financial institutions.

Jesse Hill, 35, has pleaded guilty to conspiracy to commit bank fraud and will be sentenced in September, according to the U.S. Attorney’s Office for the District of Nebraska.

Hill and an unnamed individual who worked in the real estate industry partnered up in 2020 and attempted to secure loans from financial institutions throughout Nebraska and western Iowa. The loans were pursued in the name of the unnamed individual, who died in 2022, as well as that person’s business entities.

The U.S. Attorney says Hill falsely claimed that the unnamed individual was a client of his and provided fake information about funds the individual held in his investment vehicles.

“Hill would falsely represent that no other financial institution had a security interest in these fictitious accounts. Throughout the process of obtaining or attempting to obtain the loans, Hill and Individual 1 would engage with each financial institution to facilitate the loan process to include meeting with the financial institution in person, communicating by telephone, communicating by text message, or communicating by email. Hill knew that the representations being made to the financial institutions in order to obtain loans by Individual 1 and/or Individual 1’s entity were false and were being done with the intent to defraud.”

Hill and the individual attempted to secure $45.65 million in loans from at least 19 different financial institutions.

Most of the defrauded funds were directed into a failed investment scheme, as well as a property in Puerto Rico and an ownership stake in a private plane.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Former Binance CEO Changpeng Zhao has reportedly been appointed to advise Pakistan on Web3 and blockchain technology.

Local media in Pakistan is reporting that CZ has joined the Pakistan Crypto Council as a strategic advisor for the country of 247 million.

Says Senator Muhammad Aurangzeb, Finance Minister of Pakistan, of CZ’s involvement,

“This is a landmark moment for Pakistan.

We are sending a clear message to the world: Pakistan is open for innovation.

With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”

Bilal Bin Saqib, CEO of the Pakistan Crypto Council said,

“Pakistan is opening its doors to the future of finance.

And who better to guide us on this journey than CZ — a pioneer who built the world’s largest crypto exchange and changed the way billions think about financial freedom.”

According to CZ, Pakistan offers “limitless” potential to crypto.

Last week, the Binance founder also inked a deal to advance crypto technologies in the Central Asian nation of Kyrgyzstan.

Said CZ at the time,

“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading. I find this work extremely meaningful.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The European Securities and Markets Authority (ESMA) launched a public consultation on guidelines to assess the knowledge and competence of professionals providing crypto-asset services under the Markets in Crypto-Assets Regulation (MiCA).

The consultation, published on Feb. 17, aims to standardize the qualifications and experience required for individuals advising on or informing clients about digital assets.

Minimum competency standards

The draft guidelines establish clear criteria for professional qualifications, work experience, and continuous education for staff employed by crypto-asset service providers (CASPs).

Under the proposal, individuals providing investment advice on crypto-assets must meet stricter competency requirements than those offering basic informational services.

ESMA outlined that advisors must hold a tertiary education degree or equivalent, undergo at least 160 hours of professional training, and have at least one year of relevant experience. Those providing general information on crypto-assets would require a professional qualification of at least 80 hours and six months of supervised experience.

All professionals must undergo an assessment exam and complete ongoing training — a minimum of 10 hours annually for information providers and 20 hours for advisors — to ensure their knowledge remains up to date.

The guidelines also emphasize the importance of understanding crypto-specific risks, including market volatility, cybersecurity threats, blockchain governance, and liquidity risks associated with major asset holders.

Additionally, ESMA proposes that firms conduct annual internal reviews to assess staff compliance with these standards.

Regulatory implications

The consultation comes as MiCA’s provisions governing crypto-asset services take effect across the EU, with full implementation expected in 2025. The regulation seeks to establish a harmonized legal framework for digital assets, covering transparency, investor protection, and prudential oversight.

ESMA noted that the growth of the crypto industry warrants higher standards of operation to ensure investors remain protected.

According to the regulator:

“The rapid expansion of crypto markets has increased risks, particularly for retail investors. Ensuring that service providers maintain a baseline level of expertise is crucial for investor protection and market integrity.”

The guidelines closely align with existing MiFID II rules for financial markets but introduce crypto-specific considerations, reflecting the unique nature of blockchain-based assets.

Market participants, including CASPs, investors, financial institutions, and industry associations, are invited to provide feedback on the proposed standards.

ESMA will accept comments until April 22, 2025, and expects to publish the final guidelines in the third quarter of the year.