Politics, Legal & Regulation

April 6, 2023 @ 6:14 pm By JD Alois  |  

Earlier today, the US Department of Treasury posted a report on DeFi entitled “2023 DeFi Illicit Finance Risk Assessment.”  For the first time, Treasury addressed the concept of DeFi  – a sector of digital assets that engenders challenges for regulators. Treasury noted that DeFi is… Read More

April 6, 2023 @ 1:29 pm By JD Alois  |  

DeFi, or decentralized finance, took fire from the US Department of Treasury today as part of an ongoing policy attack targeting the crypto industry. Treasury published the “2023 DeFi Illicit Finance Risk Assessment,” the first report on DeFi that outlines the risk of the popular… Read More

April 6, 2023 @ 11:33 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) and Advertising Standards Authority (ASA) have posted a notice putting influencers on notice not to promote “get rich quick” schemes or pursue “illegal financial promotions.” The FCA recently reported they pursued interventions 8582 times in 2022, more than 14X… Read More

April 6, 2023 @ 10:56 am By JD Alois  |  

Announced today, the Australian Securities and Investments Commission (ASIC) has revoked the Australian financial services (AFS) license held by Oztures Trading Pty Ltd, trading as Binance Australia Derivatives. ASIC states that the cancellation took effect as Binance had requested the move. Binance will cease providing… Read More

April 6, 2023 @ 10:18 am By JD Alois  |  

The JOBS Act of 2012 was signed into law eleven years ago, on April 5, 2012. While it took some time for the various acts to become actionable – with Title III Reg CF not going into effect until 2016, the bipartisan act of legislation… Read More

April 5, 2023 @ 2:32 pm By JD Alois  |  

Operation Cookie Monster Genesis Market, a dark web operation that catered to criminals looking for stolen identities to pilfer bank accounts or pursue ransomware operations, has been taken down in a coordinated operation that involved many different enforcement agencies around the world. The Federal Bureau… Read More

April 5, 2023 @ 1:35 pm By JD Alois  |  

European Crowdfunding Service Providers Regulation (ECSPR) has been active for some time now. The new rules allow for securities platforms to solicit investors across all EU member states. Firms may raise up to €5 million in an online offering, thus improving upon the previous national… Read More

April 5, 2023 @ 9:13 am By Omar Faridi  |  

The second largest neobank in the European Union is reportedly launching in all 50 US states. bunq, a neobank in the EU, has filed an application for a US banking license with the FDIC in the state of New York. By applying for a bank… Read More

April 5, 2023 @ 8:16 am By Omar Faridi  |  

The Securities and Exchange Commission has charged Charlie Javice, the founder of the defunct student loan assistance company previously known as Frank, “with fraud in connection with the $175 million sale of the company to JP Morgan Chase Bank, N.A. (JPMC) in 2021.” The SEC’s… Read More

April 4, 2023 @ 10:30 pm By Omar Faridi  |  

The US Federal Reserve has reportedly selected AutoRek, a global end-to-end financial data control platform, to feature in its FedNow Service Provider Showcase, which connects financial institutions with providers offering real-time payment solutions. Launching in July this year, the FedNow Service – an instant payments… Read More

April 4, 2023 @ 8:01 pm By JD Alois  |  

  Crypto Con: “Sha Zhu Pan” or pig butchering in Chinese Fraudsters and crooks tend to rehash their scams over time; the only thing that changes is the technology and tools utilized to separate money from the unsuspecting. Yesterday, the US Department of Justice (DOJ)… Read More

April 3, 2023 @ 9:56 pm By Omar Faridi  |  

The Central Bank of Bahrain has issued amendments to its Crypto-assets (“CRA”) Module in March 2023, “following a consultation process with the industry stakeholders.” The amendments aim “to cater to the ongoing developments in the crypto-assets markets and comply with the industry best practices while… Read More

April 3, 2023 @ 4:26 pm By JD Alois  |  

Last week, the Securities and Exchange Commission (SEC) charged beaxy with operating as a national securities exchange minus the authorization to do so. The SEC filed charges against founder beaxy Artak Hamazaspyan, and his company Beaxy Digital, Ltd., for raising $8 million in an unregistered… Read More

April 3, 2023 @ 2:50 pm By Omar Faridi  |  

Surging oil prices are likely to mean higher interest rates “for longer as the price rally adds to inflationary pressures,” warns the CEO of an independent financial advisory, asset management and fintech organization. The warning from deVere Group’s Nigel Green comes as the price of… Read More

April 3, 2023 @ 9:15 am By JD Alois  |  

The spectacular collapse of Wirecard, once Germany’s largest Fintech, still reverberates within the country. While different pieces and parts have been sold off to various firms, the collateral damage continues, and new information continues to emerge. Today, EY – once the auditor of Wirecard, has… Read More

April 3, 2023 @ 1:33 am By Omar Faridi  |  

The Commonwealth of Massachusetts recently became the 43rd state to pass legislation authorizing remote online notarization (RON). Signed into law by Governor Maura Healey and effective on January 1, 2024, the legislation expands access “to online notarization — and the Notarize platform — to all… Read More

April 2, 2023 @ 6:30 pm By JD Alois  |  

Beginning on April 6, 2023, early-stage private firms will be able to tap into an improved Seed Enterprise Investment Scheme (SEIS), one of several tax policies aimed at supporting entrepreneurship and early-stage firms in the UK. The popular program is a positive for both investors… Read More

March 30, 2023 @ 5:55 pm By JD Alois  |  

The Office of the Comptroller of the Currency (OCC) has created the Office of Financial Technology (Fintech). At the same time, the OCC has appointed Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer. This is not the first time… Read More

March 30, 2023 @ 5:40 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has posted a notice that on March 15, 2023, the U.S. District Court for the Southern District of New York entered a final judgment against Defendants John and sister JonAtina (Tina) Barksdale ordering permanent injunctions, disgorgement with interest, and… Read More

March 30, 2023 @ 11:11 am By JD Alois  |  

Do Kwon is expected to stand trial in Montenegro before facing charges in other interested jurisdictions. Kwon is the founder and CEO of Terraform Labs, the crypto company that created TerraUSD and LUNA. TerraUSD was an aspiring algorithmic stablecoin pegged to the US dollar. The… Read More