Regulation

Some of the largest United States banks are not able to facilitate customers deposits after one of the Federal Reserve’s payment systems suffered an outage on Nov. 3. The Federal Reserve said the bug was caused by a “processing issue” in the Automated Clearing House — a payment processing network widely used by banks and

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. A trader managed to exploit the brief opening of the Multichain cross-chain bridge, which was frozen since its exploit in July 2023, allowing the trader to turn

The Joint Chiefs of Global Tax Enforcement (J5), a global anti-tax fraud group, hosted investigators, cryptocurrency experts and data scientists in “The Cyber Challenge” event to track down individuals and organizations committing tax fraud. The J5 members comprise the criminal intelligence communities from Australia, Canada, the Netherlands, the United Kingdom and the United States, which

Visa completes Hong Kong digital currency trial with HSBC and Hang Seng Hong Kong is one step closer to a central bank digital currency (CBDC) with the release of its successful phase 1 results in collaboration with Visa, HSBC and Hang Seng Bank. According to a Nov. 1 announcement, Visa said that it achieved “near

Closing arguments for the criminal trial of Sam Bankman Fried (SBF), the disgraced founder of crypto exchange FTX, have officially concluded with U.S. Southern District of New York Judge Lewis Kaplan moving to jury instructions. As per the indictment from last December, Bankman-Fried faces a total of seven charges, including two counts of wire fraud

The Securities and Futures Commission (SFC) of Hong Kong has issued two circulars to regulate digital asset tokenization. The circulars offer instructions to intermediaries participating in tokenized securities activities and outline the criteria for tokenizing investment products authorized by the SFC. The SFC considers tokenized securities as traditional securities with a tokenization layer. As a result, the

The United Kingdom’s global summit on artificial intelligence (AI) safety, “AI Safety Summit” began on Nov. 1 and will carry on through Nov. 2 with government officials and leading AI companies from the world in attendance, including from the United States and China.  U.K. Prime Minister Rishi Sunak is hosting the event, which is taking

The United States Securities and Exchange Commission (SEC) announced Nov. 1 that it was charging SafeMoon and three of its executives with fraud and unregistered securities sales in connection with its SafeMoon token. The Justice Department unsealed charges against the men at the same time.  According to SEC allegations, SafeMoon creator Kyle Nagy, CEO John Karony and

Turkey is reportedly drafting fresh regulations to govern crypto assets in an effort to convince the Financial Action Task Force (FATF) — an international organization responsible for combating financial crimes — to remove it from a “grey list” of nations that have not done enough to combat money laundering and terrorist financing. The FATF placed

Amir Bruno Elmaani, the 31-year-old founder of the now-defunct cryptocurrency scheme Oyster Protocol has been handed the maximum sentence of four years in prison for tax evasion. The United States Attorney’s Office said on Oct. 31 that Elmaani — also known by the alias “Bruno Block” — was sentenced to prison following his April 6

From his childhood living in a ghetto on the east bank of the Yamuna river in Dehli to launching the $6-billion Polygon blockchain, Sandeep Nailwal has an incredible rags-to-riches tale. Now happily ensconced in the futuristic, air-conditioned cityscape of Dubai, he tells Magazine he was born in a farming village in 1987 with no electricity

The Dubai Virtual Assets Regulatory Authority (VARA) has issued a Virtual Asset Service Provider (VASP) license to the crypto wallet Backpack, resulting in the launch of Backpack Exchange.  Backpack’s VARA license is limited to crypto exchange services in Dubai and does not allow the company to offer any other of its virtual asset products and

Crypto exchange-traded products (ETPs) saw their largest weekly inflows in more than a year, according to an Oct. 30 report from asset management platform CoinShares. Inflows were $326 million for the week ending Oct. 27, dwarfing the $66 million recorded over the previous week.  Digital asset investment products saw inflows of US$326m, the largest single

United States President Joe Biden issued an executive order on Oct. 30 establishing new standards for artificial intelligence (AI) safety and security.  Biden’s order stated it is building off previous actions taken, including AI safety commitments from 15 leading companies in the industry. The new standards have six primary points, along with plans for the

United States-based cryptocurrency exchange Kraken said it will share the data of 42,000 users with the U.S. Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.  On its support page, Kraken specifies that the summons to produce “a wide range of records and

The United Kingdom’s government is in danger of regulating nonfungible tokens (NFTs) in a way that doesn’t suit the true nature of the nascent technology, says Mintable CEO and founder Zach Burks.   In an interview with Cointelegraph, Burks said he believes a recent report from a U.K. parliamentary committee significantly exaggerates the role NFTs play in