The U.S. Commodity Futures Trading Commission (CFTC) reports it has “filed a civil enforcement action charging [Binance founder] Changpeng Zhao [CZ] and three entities that operate the Binance platform with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.” The CFTC complaint, filed in the U.S. District Court for the Northern District of… Read More >>
Crypto Crash Fugitive Arrested in Montenegro
Do Hyeong Kwon, the alleged mastermind of a cryptocurrency fraud, has been arrested by authorities in Montenegro, a Balkan country, far from Terraform Labs, the company Kwon co-founded in Singapore. “One of the world’s most wanted fugitives was arrested in Podgorica,” according to Filip Adzic, the interior minister for Montenegro, who posted an update via… Read More >>
New York’s Attorney General Takes On CoinEx
‘Oops!’ isn’t good enough. There are consequences if you don’t follow the rules. That goes for crypto too. The Empire State’s Attorney General has sued a cryptocurrency platform “for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange.” A.G. Letitia James alleges CoinEx, the cryptocurrency exchange… Read More >>
FTF & the VX Launch the FTF Research Institute!
FTF officially launched the FTF News service on Valentine’s Day 2011, and I’m happy to say that 12 years later, we are still going strong. Perhaps for the sake of inviting good luck, on Valentine’s Day 2023, FTF and the ValueExchange (the VX) officially launched the FTF Research Institute, formed through a new partnership with… Read More >>
Life After the Crypto Winter
As the winter of our discontent with cryptocurrencies continues, it’s clear that changes have to be made and that the next crypto spring will either not happen at all or it will be a radical rejection of the Wild West status quo. One path is an outright ban. Some like Charlie Munger, the vice chairman… Read More >>
Coinbase Europe Fined $3.6M by Dutch Central Bank
It’s been a tough year for Coinbase and we haven’t even reached Valentine’s Day yet. If you’re so inclined, you can trace the troubles of the present-day cryptography movement back to Japan in 2010 and the rise of Mount Gox, the original bitcoin power. It was a quick rise and a fast fall: by 2014,… Read More >>
BNY Mellon Adds RTP to Pershing Platform & Other News
Pershing’s NetXInvestor Supports RTP An investor portal used by broker-dealers and registered investment advisors (RIAs), NetXInvestor from BNY Mellon Pershing, will be integrating real-time payments (RTP) technology to assist clients as they manage their portfolios, officials say. “RTP is a new form of electronic money transfer that enables real-time deposits and withdrawals, giving broker-dealers and… Read More >>
Nominations Are Open for the 2023 FTF Awards!
We are thrilled to launch the nomination process for the 2023 FTF News Technology Innovation Awards — an industry-wide competition now in its 13th year — presented by Financial Technologies Forum (FTF) and the FTF News service. In addition to our classic securities operations and related categories, we have four new categories that reflect industry… Read More >>
Coinbase Pays $50M Penalty for Alleged Compliance Failures
Another day, another crypto failure? Seems that way, doesn’t it? Consider Coinbase, a cryptocurrency exchange. Coinbase, Inc. has agreed to pay a $50 million penalty and shell out another $50 million to bulk up its compliance program. The alleged compliance failures at Coinbase Inc. were wide-ranging and longstanding — so says the New York Department… Read More >>
The Fed Issues a Crypto Warning & Other News
The Fed, FDIC & OCC Want More Crypto Controls Key U.S. regulatory agencies for financial services are creating processes that will require banking organizations to “engage in robust supervisory discussions” about proposed and current crypto-asset-related activities, according to a recently issued joint statement on risky crypto-assets. “By ‘crypto-asset,’ the agencies refer generally to any digital… Read More >>
