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United States
Crypto / Digital Assets
NYAG Fines Crypto Wallet Provider for Misleading Investors
By Editors | 21/05/2023
Coin Cafe had advertised free wallet storage for Bitcoin, but then routinely charged and increased its fees “without properly informing investors”.
Sanctions
Price Cap Policy for Russian Oil is Working: US Treasury Report
By Editors | 20/05/2023
Oil revenues now account for 23 percent of the total Russian budget, compared to 30-35 percent before the war in Ukraine.
Crypto / Digital Assets
US DOJ Charges Another for Role in ‘CoinDeal’ Fraud
By Mark Johnston | 20/05/2023
Bryan Lee allegedly conspired with others to defraud investors in companies that claimed to be developing metaverse-related technologies.
Fintech / Regtech
34 FIs Have Joined Swift Service for Addressing Settlement Fails
By Editors | 19/05/2023
The service leverages the UTI to link all Swift messages related to the same securities settlement flow in a transaction chain.
Enforcement
UK Lawmaker Alleges State Cover-up in LIBOR Rigging Scandal
By Mark Johnston | 19/05/2023
Member of Parliament David Davis calls for investigation into perjury and false convictions in LIBOR rigging case.
Crypto / Digital Assets
NY Fed, MAS Publish Results from Cross-Border Payments Study
By Editors | 19/05/2023
Each simulated payment scenario achieved end-to-end settlement in under thirty seconds on average using wholesale CBDCs.
Enforcement
Deutsche Bank to Settle Jeffrey Epstein Lawsuit for $75m
By Editors | 19/05/2023
The lawsuit brought by an unnamed woman in November claimed Deutsche Bank missed red flags in Epstein’s accounts and chose profit over following the law.
Enforcement
Wells Fargo Agrees to Pay $1bn to Settle Class Action
By Editors | 18/05/2023
Shareholders accused Wells Fargo of overstating how well it was complying with 2018 consent orders from financial regulators.
Capital / Liquidity
US Banks Rethink Social Media Strategy Following Recent Collapses
By Mark Johnston | 18/05/2023
US banks are working on updating their emergency response and risk capabilities, along with business continuity plans, to tackle the social media threat.
Capital / Liquidity
US SEC Proposes Measures to Enhance Clearing House Resilience
By Mark Johnston | 18/05/2023
The proposal would require clearinghouses to monitor margin exposures more closely and make intraday margin calls as frequently as needed.
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