All Cryptocurrency articles – Page 4
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PremiumReport faults FDIC for poor supervisory guidance on crypto assets
Uncertainty created by the Federal Deposit Insurance Corporation’s lack of clarity on risks posed by crypto assets has left member banks with the impression the agency wants banks to avoid them, according to a new report from the Office of Inspector General.
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News BriefFinCEN alert flags Hamas terrorist financing indicators
The Financial Crimes Enforcement Network issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.
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News BriefFinCEN rule proposal labels CVC mixing a primary money laundering concern
The Financial Crimes Enforcement Network might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency mixing under a proposed rule.
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News BriefCybersecurity, AML risks among SEC 2024 exam priorities
SEC examiners will be asking tough questions of registered firms regarding how they handle risks related to operational security, interact with financial technology companies and crypto assets, and the maturity of their anti-money laundering programs.
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PremiumQ&A: Paxos CCO on defying stereotype of lax controls in digital asset industry
Carolina Ceballos, the first full-time chief compliance officer at Paxos, shares with Compliance Week what the blockchain infrastructure platform does, its culture, and how it uses compliance as a competitive advantage.
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News BriefLinus Financial avoids penalty in SEC crypto securities case
Linus Financial avoided a civil penalty in reaching settlement with the Securities and Exchange Commission over its alleged failure to register the offer and sale of its crypto lending product.
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PremiumCFTC commissioner floats pilot program for digital asset markets
Commissioner Caroline Pham of the Commodity Futures Trading Commission proposed the agency develop a regulatory pilot program for digital asset markets where new initiatives could be introduced and refined.
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News BriefFintech to pay $1M in first violation of SEC’s amended marketing rule
The Securities and Exchange Commission ordered Titan Global Capital Management USA to pay more than $1 million for allegedly misleading investors with hypothetical performance metrics in its advertising.
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News BriefFed raps FTX-linked bank for unapproved switch to digital banking
The Federal Reserve Board placed restrictions on Washington-based Farmington State Bank after taking issue with how the liquidating financial institution changed its business plan without seeking proper approvals.
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News BriefBittrex, foreign affiliate to pay $24M over unregistered sale of securities
The Securities and Exchange Commission ordered cryptocurrency trading platform Bittrex and its foreign affiliate Bittrex Global to pay $24 million for running an unregistered national securities exchange, broker, and clearing agency.
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News BriefRobinhood discloses New York AG probe into brokerage execution
Online brokerage Robinhood Markets disclosed in a quarterly filing it is under investigation regarding the quality of its brokerage execution.
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PremiumCommon sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
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Blog
Binance promotes head of legal to general counsel
Cryptocurrency exchange Binance announced the promotion of Head of Legal Eleanor Hughes to general counsel.
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PremiumSurvey: Financial institutions doing more with less by outsourcing compliance
Respondents to a recent survey conducted by Compliance Week and Guidehouse largely indicated outsourcing improved the effectiveness of their compliance program in fighting financial crime, though limits remain on how much can be outsourced.
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PremiumExperts: XRP ruling offers little clarity on crypto regulation
A judge’s ruling the token XRP does not intrinsically possess the characteristics of a security that must be registered with the Securities and Exchange Commission has not cleared the uncertainty that remains around the regulation of digital assets, according to experts.
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News BriefSEC orders Future FinTech Group to pay $1.65M over accounting lapses
Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.
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News BriefLawsuit: Ex-FTX CCO bribed whistleblowers into silence
The former chief compliance officer at cryptocurrency exchange FTX paid off whistleblowers and their lawyers trying to expose the company’s fraud, according to a lawsuit filed in bankruptcy court by FTX and its debtors.
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PremiumKroll survey: Firms rapidly adopting AI tools for financial crime compliance
A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.
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PremiumOCC’s Hsu: FIs wise to include risk, compliance in tech product development
As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.
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News BriefSEC continues crusade against crypto with Coinbase charges
The Securities and Exchange Commission continued its crackdown on the digital asset industry, charging cryptocurrency exchange Coinbase with violating federal securities laws.