August 16, 2023 @ 8:59 am By JD Alois  |  

BAM Trading Services Inc. and BAM Management US Holdings Inc. have filed a motion for a protective order in the ongoing legal battle with the Securities and Exchange Commission (SEC). BAM is the corporate name for Binance.US. This past June, the SEC filed charges against… Read More

August 15, 2023 @ 2:50 pm By JD Alois  |  

The Chair of the House Financial Services Committee, Representative Patrick McHenry, along with other Committee Republicans, have sent a letter to the Chair of the SEC, Gary Gensler, as well as the FINRA President Robert Cook, questioning the relationship with Prometheum and the approval for… Read More

August 15, 2023 @ 11:29 am By JD Alois  |  

Amazon (NASDAQ:AMZN) is now offering a more – loan-like product for its credit cardholders, according to the company. In a release, Amazon said that Prime Visa and Amazon Visa holders may pay in equal monthly payments when checking out online using Amazon Pay. Importantly, Amazon… Read More

August 15, 2023 @ 11:14 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) has revealed the regulatory framework for compliant stablecoins. Singapore is the top Fintech hub in Asia. MAS is a key collaborator in enabling Fintech innovation. In 2022, MAS kicked off a public consultation on stablecoins, asset-backed digital assets typically… Read More

August 15, 2023 @ 9:31 am By JD Alois  |  

Global credit card management firm Marqeta (NASDAQ: MQ) has revealed its “Docs AI,” described as an AI-powered external-facing question and answer tool, which seeks to reduce the amount of time spent on coding and testing tasks by up to 75%. Marqeta Docs AI is a… Read More

August 15, 2023 @ 9:22 am By JD Alois  |  

EstateGuru, an online marketplace for property-backed loans, has partnered with Moody’s to rate the securities offerings listed on the crowdfunding platform. Mihkel Stamm, CEO of Estateguru, said it is very important that investors on crowdfunded offerings have access to the best possible information. He shared… Read More

August 14, 2023 @ 9:16 pm By JD Alois  |  

Prime Trust, once one of the most successful Fintechs in its sector, has filed for Chapter 11 Bankruptcy protection as it seeks to maximize the value of the firm. According to a corporate release, Prime Trust and certain affiliates have filed voluntarily in the Eighth… Read More

August 14, 2023 @ 4:06 pm By JD Alois  |  

Special Purpose Acquisition Company (SPAC) Aurora Acquisition Corp (NASDAQ:AURC) is moving forward to acquire Fintech Better. On Friday, Aurora announced that shareholders had voted to approve the merger, with the closing expected to take place on August 22, 2023. In April 2021, Aurora announced that… Read More

August 14, 2023 @ 3:41 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed charges against four individuals as well as an unincorporated entity called Fundsz. The complaint charges them with fraudulent solicitation from clients to purportedly trade in cryptocurrencies and precious metals. Filed in District Court in Florida, the following… Read More

August 14, 2023 @ 11:56 am By JD Alois  |  

DTCC is currently testing T +1 – the new standard for settling trades.  Currently, trades are settled T+2. The last change was in 2017 when traders had three days to settle their securities transactions. CI received a comment from DTCC Managing Director and General Manager,… Read More

August 14, 2023 @ 9:21 am By JD Alois  |  

PayPal (NASDAQ:PYPL) has named Alex Chriss as its new Chief Executive Officer following an extended search to replace Dan Schulman. This is according to a report by CNBC. Chriss is currently GM of the Small Business & Self-Employed Group for Intuit which also includes MailChimp…. Read More

August 13, 2023 @ 10:09 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) revealed an enforcement action against Coinbase (NASDAQ:COIN) back in June. Among other allegations, the SEC claims that Coinbase is operating as an unregistered securities exchange. The SEC targeted Coinbase even though it had clearly approved the firm to become… Read More

August 12, 2023 @ 12:01 pm By JD Alois  |  

This week the Securities and Exchange Commission (SEC) announced a settlement in its enforcement action against Bittrex as well as a foreign affiliate. Bittrex agreed to a total penalty of $24 million. As part of the settlement, Bittrex neither admitted nor denied the SEC’s allegations,… Read More

August 11, 2023 @ 3:56 pm By JD Alois  |  

Reports are indicating that Sam Bankman-Fried, the founder and former CEO of failed crypto exchange FTX, is back in jail as Judge Lewis Kaplan has revoked his bail. Bankman-Fried has been out on bail almost since his arrest. Apparently, the prosecutors involved in the case… Read More

August 11, 2023 @ 3:07 pm By JD Alois  |  

Top UK-based digital bank, Starling Bank, is looking to expand its footprint beyond the borders of the UK, according to a report. Starling is preparing to launch operations in Asia, but apparently not with its own brand but by partnering with an Asian bank that… Read More

August 11, 2023 @ 11:37 am By JD Alois  |  

One of the largest securities crowdfunding operators in the world, Seedrs, says investors today are just as interested in backing firms that align with their beliefs as seeking big returns. Seedrs is based in London but operates across Europe. It is a subsidiary of US-based… Read More

August 11, 2023 @ 10:37 am By JD Alois  |  

Private equity deals have declined by 36% during the month of July when compared to the same month last year. This is according to S&P Global Market Intelligence which reports 828 private equity deals in July 2023 versus 1290 deals July 2022. The global economy… Read More

August 11, 2023 @ 9:46 am By JD Alois  |  

ASIC (Australia Securities and Investments Commission) has filed suit against Active Super (LGSS Pty Limited), alleging “misleading conduct and misrepresentations to the market relating to claims it was an ethical and responsible superannuation fund.” According to ASIC, Active Super claimed to invest in assets that… Read More

August 10, 2023 @ 9:26 pm By JD Alois  |  

The US Federal Reserve has announced the creation of the Novel Activities Supervision Program that will be “risk-focused” and in addition to current regulatory processes. The Fed said the Program will focus on “crypto-assets, distributed ledger technology (DLT), and complex, technology-driven partnerships with nonbanks to… Read More

August 10, 2023 @ 9:15 pm By JD Alois  |  

Bittrex has settled with the Securities and Exchange Commission (SEC) regarding charges that it operated an unregistered securities exchange. Bittrex’s foreign operation, Bittrex Global GmbH has also agreed to settle similar charges. Bittrex has agreed to pay a total penalty of $24 million. As part… Read More