Latest Legal News: Finextra Research

Crypto-crime revenue drops by 65% - report

Revenue derived from cryptocurrency-related crime is down by 65% in the first half of 2022 compared to the corresponding period in 2021.

22 August 2022

News/regulation

FCA fines Citi £12.5m for trading oversight failings

The UK's Financial Conduct Authority (FCA) has levied a £12.5m fine against Citigroup Global Markets over past failures to police its trading activity

22 August 2022

News/regulation

Banks to pay $1bn over traders' use of WhatsApp

A handful of Wall Street banks are preparing to pay up to $200m each to settle a case with the Securities and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the use of WhatsApp messages.

22 August 2022

News/regulation

UN urges curbs on crypto uptake in developing countries

The United Nation’s Conference on Trade and Development, UNCTAD, has released three policy briefs on the dangers of cryptocurrency in light of the rising use of digital assets in developing countries.

12 August 2022

Company update/markets

Jury convicts two former JPMorgan traders of widespread market manipulation

A federal jury in the Northern District of Illinois convicted two former precious metals traders at JPMorgan Chase & Co. (JPMorgan) today of fraud, attempted price manipulation, and spoofing in a multi-year market manipulation scheme of precious metals futures contracts that spanned over eight years and involved thousands of unlawful trading sequences.

11 August 2022

News/payments

Mastercard and Visa stop processing payments for Pornhub advertising arm

Visa and Mastercard will stop processing payments for the advertising arm of Pornhub's parent company after developments in a lawsuit relating to child pornography.

05 August 2022

News/markets

UK legal taskforce probes rules underpinning securities issuance on blockchain

Legal experts in the UK have opened a public consultation on the legislative changes required to support the issuance and transfer of digital securities on blockchain and DLT systems.

03 August 2022

News/crypto

Standard Chartered-backed Zodia Market secures FCA registration

The Financial Conduct Authority (FCA) has approved crypto brokerage Zodia Market’s registration application on the UK Financial Services Register, allowing the Standard Chartered-backed business to officially launch.

28 July 2022

News/crypto

Ex-Coinbase product manager charged in crypto insider trading scheme

A former Coinbase product manager is one of three people to be charged in the first ever cryptocurrency insider trading tipping scheme.

21 July 2022

News/regulation

UK to regulate stablecoins as part of Finance bill

Fintechs and crypto asset providers have welcomed the UK government’s decision to bring stablecoins into regulatory scope as part of the recently published Financial Services and Markets Bill.

21 July 2022

News/regulation

UK proposes new AI rulebook

The UK government has published its plans to regulate the use of artificial intelligence (AI) which would see it depart from the EU's strategy to establish a centralised body to oversee the use of technology.

20 July 2022

News/payments

Apple faces US antitrust suit over Apple Pay

Apple is facing an antitrust class-action lawsuit in the US accusing it of illegally profiting from card issuers through policies that prevent competition to its Apple Pay wallet.

19 July 2022

News/retail

Starling abandons plans to launch in Ireland

UK challenger bank Starling has decided not to pursue an Irish banking licence as it changes its plans for international expansion.

19 July 2022

News/crime

Bank of America fined $225 million for unlawfully freezing accounts during Covid-19 pandemic

The Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) have fined the Bank of America (BofA) for their deficient disbursement of state unemployment benefits during the Covid-19 pandemic.

15 July 2022

News/crypto

Bank of England to announce crypto regulation

The Bank of England’s Financial Policy Committee has called for widespread crypto regulation, reported Coindesk on Wednesday.

07 July 2022

News/payments

Bolt settles suit with customer Authentic Brands Group

Bolt has reached a settlement with one of its largest customers, which sued the check-out payments company over claims of faulty technology.

06 July 2022

Company update/startups

Nstart secures credit institution license

Swedish fintech Nstart has been granted a license to operate as a credit institution by the Swedish Financial Services Authority. The license will allow Nstart to offer both deposits and lending and give more Europeans the opportunity to free themselves from over-indebtedness.

06 July 2022

News/regulation

Landmark Digital Services Package passed by European Parliament

The European Parliament has approved the Digital Services Package, comprising the Digital Services Act (DSA) and Digital Marketing Act (DMA), originally put forward by the European Commission in December 2020.

06 July 2022

News/regulation

Plaid proposes prioritisation of TPPs for PSD2 review

Open banking platform Plaid has made clear their position around PSD2 in a blog outlining their proposal to the Payments Service Directive (PSD2) review.

06 July 2022

News/regulation

ECB to issue eurozone warning over crypto regulation – FT

The European Central Bank (ECB) is expected to issue a strong warning to eurozone countries around the pressing need to harmonise regulation across the crypto industry, the FT reports.

04 July 2022