The Federal Reserve Board has announced the termination of an enforcement action involving Lake Shore MHC and Lake Shore Bancorp Inc., both based in Dunkirk, New York.
South Korea's Financial Intelligence Unit (FIU) has imposed a three-month business suspension on Upbit due to violations concerning transactions with unregistered virtual asset service providers.
French authorities have intensified their investigation into Binance, a global cryptocurrency exchange, over allegations of money laundering and tax fraud.
A monetary policy analyst at the Cato Institute said the people in the crypto industry have been undermined through “de-banking” efforts in what has become known as “Operation Choke Point 2.0.”
In a letter released ahead of the February 28-29 G20 Finance Ministers and Central Bank Governors meeting, Financial Stability Board (FSB) Chair Klaas Knot expressed concerns over the challenges in maintaining global financial stability. Despite modest economic growth and indications of easing financial conditions, Knot's outlook remains tumultuous.
Layah Heilpern, a prominent figure in the cryptocurrency community and host of The Layah Heilpern Show, stated her belief that Nigeria's prohibition on cryptocurrency will not impede the rising popularity of digital currencies in the African nation. Nigerians have increasingly turned to crypto as a means to protect their money from severe inflation.
In a bid to bolster financial cooperation between Hong Kong and Mainland China, the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) have reached an agreement to implement six policy measures. Both parties have expressed their willingness to explore further collaborative opportunities in the future.
The U.S. Department of the Treasury announced that this week it co-hosted the EU–U.S. Joint Financial Regulatory Forum. While the forum provided participants with the opportunity to engage in financial regulatory dialogue on topics of mutual interest, it emphasized areas of ongoing EU and U.S. cooperation.
Richard Teng, recently appointed CEO of Binance, the world's largest cryptocurrency exchange, emphasized the transformative potential of cryptocurrency during an X Spaces event on December 1. He highlighted its capacity to provide access to financial services that may be inaccessible through traditional financial institutions. A summary of Teng's remarks was shared by Binance in a post on its website dated December 4.
For the first time since the September 11 attacks, the U.S. Department of Treasury is pursuing significant reforms to thwart malevolent parties such as terrorist groups, transnational criminals, and rogue nations. This move is instigated by changes in platforms where these entities conduct their operations requiring more authority and tools, shared Wally Adeyemo, Deputy Secretary of the Treasury at the Blockchain Association's Policy Summit held in 2023.
US Senators have expressed concerns over China's expanding role in the American financial system, citing potential risks to personal identifiable information (PII). Led by Senators Tim Scott and Mike Crapo, a group of lawmakers sent a letter to Treasury Secretary Janet Yellen and United States Trade Representative Katherine Tai, outlining their concerns about the Chinese Communist Party's (CCP) increasing influence in the US financial system and global payments market. (
The Senate Committee on Banking, Housing, and Urban Affairs has passed the Secure And Fair Enforcement Regulation Banking Act (SAFER Banking Act) with a vote of 14-9 on September 27. This bipartisan bill, formally known as S. 2860, aims to offer financial institutions protection when servicing state-sanctioned cannabis businesses and their providers.
Republicans on the House Financial Services Committee have publicly criticized SEC Chair Gary Gensler for what they deem to be a flawed regulatory approach. In a letter led by Committee Chairman Patrick McHenry, they express direct concerns to Gensler. They are troubled by the Commission's reluctance to consider stakeholder feedback and its failure to conduct thorough economic analysis.