Politics, Legal & Regulation

March 6, 2023 @ 1:58 am By Omar Faridi  |  

Finoa are pleased to announce that they received three license approvals from BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) for crypto custody, crypto brokerage, and proprietary trading of crypto. The licenses mean that Finoa is now “a fully regulated financial institution, and will be able to offer a… Read More

March 4, 2023 @ 12:11 pm By JD Alois  |  

Silvergate (NYSE:SI) has halted its Silvergate Exchange Network (SEN), an API service for banking customers to allow 24/7/365 real-time transfers for institutional investors active in the digital asset sector. Silvergate said it was making a “risk-based decision to discontinue the SEN,” adding that all other… Read More

March 2, 2023 @ 7:43 pm By JD Alois  |  

Congressman Patrick McHenry, Chair of the House Financial Services Committee, and Senator Cynthia Lummis, have co-authored a letter addressed to federal regulators demanding regulatory clarity on digital assets. Both elected officials are known for their support of Fintech innovation. Lummis has co-authored legislation aiming to… Read More

March 2, 2023 @ 3:31 pm By JD Alois  |  

The House Financial Services Committee burst out of the gates earlier this year with hearings on issues that impact investment crowdfunding and other Fintech-related topics. Today, the Committee is announcing more hearings of interest taking place on various Subcommittees. A week from today, on Thursday,… Read More

March 2, 2023 @ 3:20 pm By JD Alois  |  

Senators Elizabeth  Warren, Chris Van Hollen, and Roger Marshall have joined in sending a letter to Changpeng “CZ” Zhou, demanding information pertaining to the operations of Binance, the crypto exchange he founded. The three Senators request that CZ provide “information regarding growing concerns over the finances,… Read More

March 2, 2023 @ 9:35 am By JD Alois  |  

The French Autorité des marchés financiers (AMF) is cautioning the public on trading bots in the Forex sector. The AMF states these are not authorized platforms and they frequently target French overseas departments and territories. The AMF states that it has recently seen an uptick… Read More

March 1, 2023 @ 8:47 am By Omar Faridi  |  

The Bank of Israel has issued a framework providing international payment service providers access to regulated payment systems in Israel. Effective immediately, this framework “enables such entities to provide services to the public in Israel, relying on a license issued in a foreign country.” The… Read More

February 28, 2023 @ 5:56 pm By JD Alois  |  

  The SEC Small Business Capital Formation Advisory Committee (SBCFAC) was created by Congress in recognition that smaller firms too frequently did not garner the support they need. The Committee formally provides feedback to the Commission and, ostensibly, the SEC should be reviewing and pursuing… Read More

February 28, 2023 @ 3:08 pm By JD Alois  |  

Nishad Singh, the former co-lead Engineer at failed crypto exchange FTX, has been charged by both the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) with fraud. Both agencies revealed the charges following the news that Singh had pleaded guilty to criminal… Read More

February 28, 2023 @ 9:27 am By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) recently issued a Notice imposing mandatory baseline standards of due diligence and conduct requirements “for corporate finance (CF) advisers.” These requirements aim to “raise the standards of conduct of CF advisers, improve the quality of disclosures and allow investors… Read More

February 28, 2023 @ 8:45 am By JD Alois  |  

In a speech on regulations and international competition, Victoria Saporta, Executive Director of Prudential Policy, commented on PRA’s new secondary objective – enabling international competitiveness and growth. PRA, or the Prudential Regulation Authority, is part of the Bank of England and oversees 1500 banks and… Read More

February 27, 2023 @ 10:53 pm By JD Alois  |  

Robinhood (NASDAQ:HOOD) received a subpoena from the Securities and Exchange Commission (SEC) this past December, according to the firm’s 10-K that was filed today. According to the document, the SEC’s request arrived following the collapse of FTX: “And in December 2022, shortly after FTX filed for… Read More

February 27, 2023 @ 10:47 pm By Omar Faridi  |  

Northern Ireland (NI) Office Minister of State Steve Baker has announced £18.9 million investment in NI’s cyber security industry at Queen’s University Belfast’s (QUB) Centre for Secure Information Technologies (CSIT). This includes £11 million funding from the New Deal for NI. The investment will “see… Read More

February 27, 2023 @ 12:28 pm By JD Alois  |  

Coinbase (NASDAQ:COIN) has announced via Twitter that it will cease trading in Binance USD (BUSD) on March 13, 2023. We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Binance… Read More

February 27, 2023 @ 11:10 am By JD Alois  |  

In recent weeks, the Securities and Exchange Commission (SEC) has stepped up its enforcement activities in regard to the digital asset ecosystem. In the past, SEC Chairman Gary Gensler has asserted that all digital assets are securities, with the exception of Bitcoin. At one point,… Read More

February 26, 2023 @ 9:34 pm By JD Alois  |  

The Financial Action Task Force or FATF, the global AML/CFT group, has announced the outcomes of its most recent plenary. Included in the announcement are several items of note. Filed under “improving implementation of FATF requirements for virtual assets and virtual asset service providers,” the… Read More

February 26, 2023 @ 4:43 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) announced the licensing of Mani, a finance debt collection company to provide debt collection service for finance institutions. The license was granted to the company after completing all requirements stipulated in the “Rules of Licensing Finance Support Activities” issued by… Read More

February 24, 2023 @ 7:32 pm By JD Alois  |  

Congressman Patrick McHenry, the Chairman of the House Financial Services Committee, has introduced the Data Privacy Act of 2023.  This bill aims to update financial data privacy laws, providing consumers with more control over how their personal information is collected and used. The movement to… Read More

February 24, 2023 @ 8:54 am By Omar Faridi  |  

The role of AI in EU securities markets is becoming more significant. A widespread use of artificial intelligence (AI) comes with “risks,” according to an update from European Securities and Markets Authority (ESMA). In particular, increased uptake may “lead to the concentration of systems and… Read More

February 23, 2023 @ 4:53 pm By JD Alois  |  

The Chairman of the House Financial Services Committee, Patrick McHenry, and the Chairman of the Subcommittee on Oversight and Investigations, Bill Huizenga, along with Senator Tim Scott, the ranking member on the Senate Banking Committee, have joined in sending a letter to SEC Chairman Gary… Read More