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Asian currencies have reached their lowest levels in over 19 months as the U.S. dollar strengthens, driven by expectations of prolonged elevated U.S. interest rates. The Bloomberg Asia Dollar Index fell by 0.1% on Thursday, marking its lowest point since November 2022. Significant declines in the Philippine peso, Indian rupee, and South Korean won are … Read more
The U.S. Securities and Exchange Commission (SEC) instituted administrative proceedings against Lufkin Advisors LLC on Wednesday. This follows an offer of settlement from Lufkin Advisors, which the SEC has accepted. The SEC found that Lufkin Advisors engaged in fraudulent activities, including the mismanagement of crypto assets, undisclosed investments with an employer related to the spouse … Read more
The Federal Reserve Board’s annual stress test results reveal that large banks are expected to face nearly $685 billion in projected losses during a severe recession scenario. These losses are significantly higher than last year due to increased risks in bank balance sheets and higher expenses. The aggregate common equity tier 1 (CET1) capital ratio … Read more
The Supreme Court ruled on Thursday that the U.S. Securities and Exchange Commission (SEC)’s use of in-house proceedings to impose civil penalties for securities fraud violates the Seventh Amendment’s right to a jury trial. The case arose from the SEC’s action against George Jarkesy Jr. and his firm, Patriot28 LLC, for alleged securities fraud. The … Read more
Cryptocurrency entrepreneur Erik Voorhees has publicly criticized Revolut, claiming the fintech company shut down his account due to his interactions with cryptocurrencies. Despite not using Revolut’s crypto service and funding his account via fiat from an exchange, Voorhees experienced a freeze on his account for three weeks, followed by termination. This incident occurred even after … Read more
Pyypl, a fintech company operating in the Middle East and Africa (MEA), has partnered with Visa to introduce virtual and physical prepaid Visa cards via its mobile app. This strategic collaboration aims to enhance financial inclusion across the region, providing underserved populations with greater access to financial services. The integration of Visa virtual cards will … Read more
Evolve Bank & Trust has recently confirmed a cybersecurity incident. The cybercrime group Lockbit 3.0 reportedly released customers’ personal identification data on the dark web. The bank, known for its fintech partnerships and facilitation of customer accounts for firms with significant crypto user bases, is now under scrutiny. The incident has raised concerns about the … Read more
Strike has announced its expansion into the United Kingdom. This move allows individuals and businesses in the UK to access Strike’s suite of Bitcoin and Lightning Network services. The features include buying, selling, sending, and withdrawing bitcoin, global payments, and more. The company’s founder, Jack Mallers, believes that bitcoin can solve some of the world’s … Read more
Julian Assange, the founder of Wikileaks, has finally embarked on his journey to freedom. The actual flight, however, comes with a hefty price tag of $520,000, which Assange is obligated to repay to the Australian government for the charter flight to Saipan and onward to Australia. After enduring 14 years of detention, including five years … Read more
India’s central bank digital currency (CBDC), the digital rupee, has experienced a significant decline in usage, decreasing to a tenth of its peak in December 2023, according to sources involved in the pilot project. The Reserve Bank of India (RBI) initially reached 1 million daily retail transactions with the digital rupee by incentivizing banks and … Read more