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“# Cred officially confirms suspension of fund inflows and outflows ” Cred, a United States-based cryptocurrency lending service, has officially announced the temporary suspension of operations due to an ongoing investigation. On Oct. 29, Cred executives tweeted that the company is now cooperating with law enforcement authorities to investigate a “recent fraudulent incident.” As part…
“#Ex-Trump advisor Gary Cohn silent on Goldman’s 1MBD clawback efforts” It’s been a week since Goldman Sachs asked current and former top executives to cough up millions for their roles in the 1MDB Malaysian corruption scandal — and the silence from former Trump advisor Gary Cohn is deafening. Current and ex luminaries at the Wall…
“# Loan refinancer and BitLicensee SoFi is clear to launch a national bank in the US ” In an announcement on Wednesday, the Office of the Comptroller of the Currency (OCC) granted SoFi a conditional license to operate as a national bank in the United States. The OCC is the office of the U.S. Treasury…
“# Partisan dunks eclipse Section 230 in Senate hearing on social media giants ” In a hearing before the Senate Commerce Committee on Friday, the CEOs of Facebook, Twitter, and Google’s parent company Alphabet faced a veritable firing squad, in what has become bipartisan hatred based on partisan reasons. But while Republicans and Democrats have…
“# Researchers question what ‘trustless’ actually means for blockchain ” Crypto community members will likely be familiar with mantras such as “Don’t trust, verify!” or the “law of code.” Both refer to the promises of greater transparency and audibility and to a technology that offers to replace fallible, corruptible powerful actors with an actually functional rules-based…
“# How US authorities are using old AML tools to crack down on crypto ” The ease of laundering money in the U.S. before 1970 boggles the mind. Prior to the Bank Secrecy Act (BSA) of that year, there were no federal standards for banks to keep records on activity that fell under the category…
“# Cybercrime task force monitoring the global digital financial system ” The United States faces a growing threat of transnational cybercrime, particularly against its financial system. In what may be the largest prosecution of its kind in U.S. history, the U.S. Department of Justice has charged Texas tech billionaire Bob Brockman in a 39-count indictment…
“# US AML watchdog wants info on all international crypto transactions over $250 ” The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller transactions than ever before. According to a notice of proposed rulemaking published on Friday, the agencies want to lower the $3,000 threshold established in 1995 to…
“# Russian officials must now declare crypto holdings ” Russia’s public officials will be mandated to declare all private crypto assets holdings from New Year’s Day, 2021. The requirements were announced on Oct. 20 by the office of Russian prosecutor general, Igor Krasnov, following a meeting with 15 fellow prosecutor generals representing member states of…
“# US crypto derivatives merchants need to leave customer funds alone, says CFTC ” Per guidance released Wednesday evening, the Commodity Futures Trading Commission (CFTC) is advising businesses trading in crypto derivatives to hold customer funds very carefully. The new guidance continues the CFTC’s interest in carving out rules for custodianship of virtual currencies — an area obviously…