Fintech regulation isundergoing major changes, so companies need to stay up-to-date. The expansion of technologies like embedded finance has led federal regulators to take a stronger stance on fintech-bank partnerships, releasing aset of guidelines. In addition, the CFPB is seeking tosupervise Big...
Centralization should be considered an inevitability: decentralization is the very ethos of crypto. Most rollups have not fully enabled fraud, validity proofs, or fully decentralized sequencers. When Metis fully decentralizes, it may achieve everything it seeks to remedy. Only then will the benefits...
This has also caused many Crypto lenders such as Celsius and FTX to file for bankruptcy. CriminalityThe anonymous nature of Cryptocurrency has made it a powerful tool for financing crime. Criminal organizations suddenly have access to a new means of laundering money and committing fraud. The ...
(iv) hiring reliable auditors and financial officers. The total lack of corporate governance within FTX is a warning to all companies in the crypto space that effective corporate compliance is more important than ever. Additionally, ensuring that investors are tax-compliant with regard to their ...
In addition to allowing internet users to differentiate between real people and AI bots, the Worldcoin team hopes the platform could eventually help users profit from the economic boom AI will create. For example, Altman has said World IDs could be used to reduce fraud when distributing universal...
The exchange’s creditors haven’t been made whole yet despite a judge approving a plan and sentencing for former executives is nearing an end. On Nov. 11, 2022, then-FTX CEO Sam Bankman-Fried resigned, handing the company’s reins to John Ray, who filed for Chapter 11 bankruptcy protecti...
FTX founder Sam Bankman-Fried speaks out after sentencing: 'I'm haunted, every day, by what was lost' Former crypto entrepreneur Sam Bankman-Fried told ABC News in an exclusive interview that he is remorseful for his actions that last week resulted in a25-y...
While crypto wallets are essential and critically important forWeb 3.0 and cryptocurrency, there is some risk to custodial and noncustodial types of wallets. The greatest risk for all types of wallet is the potential fortheft, fraud or cyber attack. ...
Former FTX CEOSam Bankman-Friedon Nov. 2, 2023 was convicted on criminal charges of fraud, conspiracy, and money laundering in a New York federal court. Bankman-Fried could face up to 110 years in jail.He is set for a second trial in March 2024 on more charges of fraud and bribery....
Inside the U.S. In the U.S., cryptocurrencies are largely an unregulated market, and few regulations explicitly target the asset class by name. Instead, AML enforcement actions, such as those against crypto exchanges Binance and FTX, have been prosecuted under existing laws and statutes, such ...