Regulators continue to ramp up the pressure on cryptocurrency firms. On October 6, the Department of Justice (DOJ) announced the creation of the National Cryptocurrency Enforcement Team (NCET). While the formation of a dedicated investigative crypto team is new to the DOJ, DOJ cases involving cryptocurrency criminal… Read More »DOJ Creates Cryptocurrency Task Force
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) are cracking down on false or misleading advertising activities and marketing strategies by cryptocurrency trading platforms (CTPs) operating in Canada or who have Canadian clients. In a Notice issued on September 23, the… Read More »Canada Cracks Down On Crypto Marketing
As part of the government-wide effort to counter ransomware, on September 21st the Treasury Department’s Office of Foreign Assets Control (“OFAC”) sanctioned SUEX OTC, S.R.O, a cryptocurrency exchange, for facilitating payments involving the illicit proceeds from multiple ransomware attacks. This marks the first time OFAC… Read More »OFAC Sanctions Virtual Currency Platform
Ever since she was a teenager, Stacy knew she wanted to work in banking, determined to avoid a sales-like job. Ironically, for over two decades, Stacy Bjornstad has had a successful career in financial service sales – leading her to become Chief Revenue Officer at DigiPli. Through sales… Read More »Stacy Bjornstad Featured in FinTech Female Fridays
On September 9, the Conference of State Bank Supervisors (CSBS) released the Uniform Money Transmission Modernization Act as part of states’ “broader effort to modernize the state financial regulatory system.” The Act seeks to replace 50 sets of state-specific money transmitter laws and rules with one single… Read More »CSBS proposes state-wide licensing for MSBs
As Canada’s most active seed fintech investor, The Holt Xchange tracks over 10,000 early-stage FinTechs globally. It then actively solicits companies that present a best match with their Advisory network representing over 500 individuals from financial institutions, venture firms and industry experts. Today The Holt Xchange announced that DigiPli… Read More »DigiPli Selected by The Holt Xchange
In their drive to adapt to an increasingly digital financial system, many community banks are beginning to both bank and enter into other relationships with FinTechs. However, banking a FinTech raises unique issues. Given this growing trend, the federal banking regulators jointly published a guide for community… Read More »Banking Regulators Offer Guidance to Community Banks
The pressure for legislative action regarding cryptocurrency regulation continues to increase. SEC Chair Gary Gensler sent a letter to Senator Elizabeth Warren earlier in August, responding to her letter requesting information on the SEC’s authority to regulate cryptocurrency exchanges. The Senator, a long-time critic of cryptocurrencies, expressed her concerns… Read More »SEC Wants More Authority to Regulate Cryptocurrency
Opening the Aspen Security Forum, SEC Commissioner Gensler discussed his views on crypto currency, SEC involvement, and crypto’s regulatory future. The Commissioner began his discussion with an overview of the creation of crypto, and how the market has grown. He mentions his tenure at MIT… Read More »SEC Commissioner Recognizes The Need For Additional Regulatory Scrutiny of Crypto
Beginning in 1950 with the founding of the Office of Foreign Assets Control (“OFAC”) and continuing to the present with the recent passage of the Anti-Money Laundering Act of 2020, the US enacted a complex set of overlapping laws, rules and regulations that require financial… Read More »What FinTechs Need to Know About AML – Part 4
