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The Securities and Exchange Commission (SEC) is the primary regulatory body responsible for overseeing and regulating the securities industry in the United States. As technology continues to advance, so too do the risks and threats associated with cybersecurity. In response to these evolving risks, the SEC is expected to finalize new cybersecurity oversight regulations later this year.

The Financial Stability Board (FSB) has intensified its scrutiny of Decentralised Finance (DeFi), expressing apprehension over the potential spill-over risks it poses to traditional finance. DeFi refers to a set of services in crypto-asset markets that aim to replicate some functions of the conventional financial system without the intervention of intermediaries.

The United States and United Kingdom have made a significant move in the fight against cybercrime by imposing sanctions on seven members of the notorious Russian hacking group Trickbot. With a history dating back to 2016, Trickbot began its operations as a trojan virus aimed at stealing financial data and has since transformed into a sophisticated malware suite used for various malicious purposes, including ransomware attacks.

The financial world is currently facing major disruption with the increasing presence of Big Tech firms such as Amazon, Apple and Google in the industry. As these companies push further into financial services with their data-driven business models, there is growing concern that the current regulatory approach is not equipped to handle the related policy challenges.

Source: SteelEye

The number of fines issued by global financial services regulators reached staggering levels in 2022, according to SteelEye’s inaugural Fine Tracker.

Coinbase will pay a $50 million penalty and invest another $50 million in its compliance programme to settle a New York State regulatory investigation into its anti-money laundering practices.

Sam Bankman-Fried, the disgraced founder of collapsed cryptocurrency exchange FTX, has been arrested in the Bahamas.

Source: FCA

The FCA has fined Metro Bank PLC £10,002,300 for breaching the Listing Rules by publishing incorrect information to investors.

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