The world's largest crypto exchange, Coinbase, is facing a Federal Class Action lawsuit over allegations that it failed to secure user accounts from hackers and thieves.
The UK's Financial Conduct Authority (FCA) has levied a £12.5m fine against Citigroup Global Markets over past failures to police its trading activity.
If an open and decentralised metaverse grows, the risks from cryptoassets may scale to have systemic financial stability consequences, say a pair of Bank of England wonks.
Source: Aveni
UK Regtech company Aveni.ai has promised to help financial services firms meet new Consumer Duty regulation with the development of its game-changing Aveni Detect product.
US RegTech software firm Compliance.ai has raised $6 million in funding and appointed a new CEO to replace co-founder Kayvan Alikhani. The new funding comes from existing investor Cota Capital and new investment partner Jam Fintop.
Source: Smartsearch
Almost half (45 per cent) of finance and banking firms are failing to carry out crucial “ghost-buster” checks on new business clients, newly released data shows.
The US Securities and Exchange Commission (SEC) has launched an investigation into whether Coinbase let customers trade digital assets that should have been registered as securities, according to Bloomberg.
A discussion paper from the Bank of England (BofE), Financial Conduct Authority (FCA), and Prudential Regulation Authority (PRA) proposes new standards for monitoring services provided by critical third parties (CTP) to strengthen operational resilience in the UK.
