White House Releases Framework for Digital Assets
The pieces of the puzzle are coming together on President Biden’s initiative to foster digital asset innovation yet mitigate risk.
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Robinhood’s Crypto Unit Fined for Major Compliance Issues
Last week, the New York State Department of Financial Services (“NYDFS”) fined Robinhood’s crypto trading unit $30 million. The crypto retail trading platform failed to implement controls reasonably designed to prevent cybersecurity and money-laundering violations. In addition to the penalty, Robinhood must retain an independent… Read More »Robinhood’s Crypto Unit Fined for Major Compliance Issues
Flutterwave Denies Kenyan Regulator’s AML Claims
There are numerous potential downsides once regulators suspect AML infractions – operational, reputational, financial, and more. Flutterwave, a digital payments start-up with headquarters in Nigeria and San Francisco, was recently accused by Kenya’s High Court of AML improprieties. In court papers, the regulators said it… Read More »Flutterwave Denies Kenyan Regulator’s AML Claims
Crowdfunding Sites Under Regulatory Pressure
The regulatory pressure is ramping up for crowdfunding portals. On May 4, 2022, FINRA fined two funding portals (Wefunder and StartEngine Capital) a combined $1.75 million for failing to comply with securities laws. Wefunder raised more than was allowed under crowdfunding rules, which it did… Read More »Crowdfunding Sites Under Regulatory Pressure
SEC Doubles Size of Crypto Unit
SEC Chair Gary Gensler continues to turn up the heat on the crypto market. On May 3, 2022 the Securities and Exchange Commission announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed… Read More »SEC Doubles Size of Crypto Unit
CFPB Plans To Target FinTechs
The Consumer Financial Protection Bureau (CFPB) announced earlier this week that it intends to leverage a largely unused legal provision to examine nonbank financial companies and seeks comments on updated procedures. The CFPB believes using this inactive authority will enable them to hold nonbanks to the same… Read More »CFPB Plans To Target FinTechs
