Crypto companies can rely on the credibility provided by a seasoned and powerful CCO to fight off the increased regulatory scrutiny of the previous year. Investigators are examining these companies’ compliance policies and processes to make sure they adhere to all necessary regulations. So doing this might entail getting rid of the subject that is onContinue reading “Messaging History Is Damaging in the CFTC Lawsuit Against the Former CCO of Binance”
Author Archives: Yaren Ay
Uncertainty Pervades as the Fed Weighs Raising Interest Rates
The Federal Reserve’s decision to increase its benchmark policy rate is still uncertain among traders and economists after new moves by the world’s leading central banks to ease banking pressures and the repercussions from the acquisition of Credit Suisse left markets on alert. March marks the start of the U.S. central bank’s two-day policy conference, during which decision-makersContinue reading “Uncertainty Pervades as the Fed Weighs Raising Interest Rates”
More Than $1 Billion Is Lost on a Credit Suisse Investment by Saudi National Bank
Saudi National Bank is suffering significant losses as a result of UBS’s forced acquisition of Credit Suisse for $3.2 billion. The biggest shareholder in Credit Suisse, Saudi National Bank, said CNBC had suffered a capital loss of over 80%. The bank with headquarters in Riyadh currently owns 9.9% of Credit Suisse after investing $1.5 billionContinue reading “More Than $1 Billion Is Lost on a Credit Suisse Investment by Saudi National Bank”
Following the FTX Crash, Britain Announces Steps to Control the Cryptocurrency Business
The government is attempting to control some of the negligent corporate practices that have developed in the last year and are linked to the downfall of FTX. The U.K. officially unveiled intentions to oversee the cryptocurrency industry. The government put forth an array of recommendations in a much-awaited industry discussion that was opened with the objectiveContinue reading “Following the FTX Crash, Britain Announces Steps to Control the Cryptocurrency Business”
President of the United States Signs NDAA, Which Forbids the Use of Chinese Semiconductor Products
President Biden ratified the National Defense Authorization Act for Fiscal Year 2023 (also known as the “FY2023 NDAA”) on December 23, 2022. The FY2023 NDAA’s Section 5949 (“Section 5949”) might well forbid executive agencies from working with enterprises to acquire any electronic components, goods, or services, including covered semiconductor goods or services, from specific ChineseContinue reading “President of the United States Signs NDAA, Which Forbids the Use of Chinese Semiconductor Products”
The Conundrum of Electronic Communications: Regulatory Duties vs. Hazards
Every compliance professional must be cognizant of the dual-settled disciplinary actions confirmed in late 2021 by the SEC and the CFTC against an enrolled broker-dealer and associated entities for allegations that included failing to oversee communications in addition to record-keeping infringements resulting from the utilization of devices by firm employees for corporate communications and theContinue reading “The Conundrum of Electronic Communications: Regulatory Duties vs. Hazards”
With the Fed’s Consumer-Focused Probe Report, Goldman’s Shares Decline
The Federal Reserve is closely monitoring Goldman Sachs’ consumer activities, as evidenced by a recent report that caused the bank’s shares to decline on Friday. According to the Wall Street Journal, the Fed is looking into whether Goldman’s Marcus subsidiary, the company’s now-reduced attempt to engage American customers, had put in place sufficient controls priorContinue reading “With the Fed’s Consumer-Focused Probe Report, Goldman’s Shares Decline”
Wall Street Activities Linked to the 2008 Financial Crisis Are Banned by the SEC
A Wall Street practice that lawmakers claimed contributed to the 2008 financial disaster was suggested for restriction by regulators. By a vote of 5-0 on Wednesday, the Securities and Exchange Commission decided to reintroduce a rule that would forbid companies that produce asset-backed securities, such as mortgage bonds, from having conflicts of interest. In theContinue reading “Wall Street Activities Linked to the 2008 Financial Crisis Are Banned by the SEC”
Secret Financial Records from Blockfi Reveal a $1.2 Billion Connection to Sam Bankman-Cryptocurrency Fried’s Business
The sensitivity of BlockFi to FTX was higher than what had previously been disclosed. As FTX, which had committed to help the ailing lender before its own fall, failed in late November, the company turned to bankruptcy protection. Assets connected to FTX are valued at $415.9 million while loans to Alameda are valued at $831.3Continue reading “Secret Financial Records from Blockfi Reveal a $1.2 Billion Connection to Sam Bankman-Cryptocurrency Fried’s Business”
New York Banking Regulator Provides Crypto Advice
For New York-regulated financial organizations that desire to participate in virtual currency-related operations, the New York Department of Financial Services has established guidelines. The advice directs protected institutions to get permission earlier before starting any crypto-related work, even if some of it will be handled by a third party. All New York-regulated financial institutions asContinue reading “New York Banking Regulator Provides Crypto Advice”