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Industry

Buy Now, Pay Later Company Agrees to Cease Illegal Loans, Pay Refunds in Settlement

“The DFPI has entered a settlement with Florida-based point-of-sale lender Four Technologies, Inc., in which the company has agreed to stop making loans, pay $2,500 in penalties, get a license, and refund $13,065 in illegal fees.  These refunds represent the fees Four Technologies collected from consumers in transactions the DFPI concluded were illegal loans. Under the settlement, […]
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Industry

What the Federal Government Is Doing About Stablecoins

“Over the weekend of May 7–8, 2022, Terraform Lab’s TerraUSD stablecoin (aka “UST”)—which was one of the top-three largest stablecoins by market share—plummeted to mere pennies from its previous $1 peg.  The damage was done by the following Monday.  Investors had lost over $18 billion invested (aka “locked”) into TerraUSD.  Make that over $40 billion […]
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Industry

Stablecoin Regulatory Gaps Should be Filled as Market Evolves, Coinbase Legal Chief Says

“Stablecoins, which are designed to be pegged to the value of a more “stable” asset, are subject to a string of regulatory gaps that should be filled as the market keeps evolving, Paul Grewal, the chief legal officer of cryptocurrecy exchange Coinbase Global (COIN), said Wednesday during the Philadelphia Federal Reserve Bank’s 2022 fintech conference… For […]
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Industry

Crypto Fraud on the Rise as Consumers Fall for Fake Celebrity Endorsements

“Over the last few months, crypto markets have crumbled. Bitcoin has lost two-thirds of its value since last November, Ethereum’s fallen by three quarters, and others have collapsed altogether. You might think that their plummeting value would make cryptocurrencies less attractive to criminals. However, according to reports from both the UK and the US, the […]
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Industry

Payments Trends: Faster, Larger, and More Secure

“Across all of finance, one of the areas that’s changing most rapidly is settlement of payments. “Banks and startups alike are investing a lot of time and money [into] rethinking payments services and infrastructure, in an effort to improve the efficiency and speed of the network,” says Corning Inc. director of liquidity and investment management […]
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Industry

Kadmos, a Salary Payments Platform for Migrant Workers, Raises $29.5M

“Companies from across the industrial spectrum often rely on a migrant workforce, with data from the International Labour Organization indicating that some 169 million workers travel abroad for employment. But being away from their domestic jurisdiction and financial infrastructure presents a host of challenges, including what is probably the most important part for the worker themselves — […]
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Industry

First of Its Kind: Digital Check Functionality Launched by Bank Shot

“Bank Shot (getbankshot.com) continues to establish itself as the leading innovator in mobile payments by being the first and only solution on the real-estate market that offers digital checks as a payment option. This feature is added to the arsenal of its other fast, safe, and compliant payment methods that the customers are using to […]
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Industry

Bank of America’s Active Crypto Users Drop More Than 50% in Bear Market

“Bank of America has revealed that the number of its customers who are active crypto users has declined more than 50% from its peak in November last year. In addition, the bank said its data “shows that outflows to crypto platforms have fallen sharply,” indicating that “consumers are pulling back on their net investment into […]
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Domains

Paxos Leads Digital Asset Industry by Becoming First Issuer to Disclose Full Monthly Reserve Holdings Backing USDP and BUSD Regulated Stablecoins

“Paxos, the leading regulated blockchain infrastructure platform, has disclosed the specific financial instruments backing its regulated stablecoins USDP and BUSD. Moving forward, Paxos will provide these detailed disclosures on a monthly basis in addition to its attestations. These reports provide the CUSIP of all instruments backing USDP and BUSD, showing that Paxos only backs its […]