Payment Contributor | FinTelegram News

Author: Payment Contributor

PSR UK

May 24, 2024

Visa and Mastercard Under Regulatory Scrutiny in the UK Over High Merchant Fees

The UK’s Payment Systems Regulator (PSR) is intensifying its oversight of Visa and Mastercard, aiming to reduce their overwhelming market dominance and address the issue of soaring merchant fees. With both companies controlling 95% of card transactions in the UK, their recent 30% fee hike, unaccompanied by any service improvements, has prompted a regulatory crackdown aimed at restoring transparency and fairness in the market.

Crypto Compliance

May 20, 2024

Crypto Compliance: Stage Set For Return Of Binance, Kucoin To India!

Crypto giants Binance and KuCoin, which left India after a regulatory blockade, are set for a comeback after the global exchanges applied for registration and compliance in the country. In December, India's Financial Intelligence Unit (FIU) called to block web addresses of a number of global crypto firms that were not registered in the country over concerns that some of them may be misused for money laundering.

Money Laundering

May 19, 2024

More Names Exposed in the Dubai Unlocked Reports Showing the Real Nature of the Desert Capital!

The Dubai Unlocked investigation involves hundreds of thousands of Dubai property records. Several people linked to Singapore’s biggest case of money laundering have been named in international reports related to the Dubai Unlocked project. They were identified as having purchased millions of dollars worth of property in Dubai alongside terrorist financiers, drug lords, and kleptocrats.

May 8, 2024

Go West: Monzo Ramps Up Funding to $610 Million Amid Plans for U.S. Expansion and Pensions Launch

Monzo, the UK-based neobank and major Revolut competitor, has substantially increased its funding to $610 million this year, following a recent investment round that drew an additional $190 million from notable investors such as Hedosophia, CapitalG (Alphabet’s growth fund), and the Singaporean Sovereign Wealth Fund GIC. This significant boost in funding has propelled the company's valuation to approximately $5.2 billion.

CyberFinance

April 24, 2024

Crypto Finance: Jack Dorsey’s Block Boosts Bitcoin Mining with New System Development!

Block, the fintech company led by Jack Dorsey, formerly known as Square, has expanded its bitcoin mining initiatives from chip design to complete system development. Recently, Block announced the completion of its three-nanometer bitcoin mining chip and is currently refining the design in partnership with a top global semiconductor foundry. This advancement is part of a broader strategy to enhance the Bitcoin mining ecosystem.

Fintech

March 13, 2024

PPRO Secures €85 Million Funding to Fuel Its Future Growth

PPRO, an FCA-regulated E-Money Institution, has successfully concluded a funding round, securing €85 million. This financial boost is set to propel the fintech's growth initiatives in crucial markets and expand its extensive network of local payment methods worldwide. With the latest funding, PPRO is set to enhance its partnerships and extend its market reach further, reinforcing its position in the rapidly evolving payments landscape.

February 14, 2024

Indian FinTech Paytm Faces Mounting Regulatory Challenges!

Paytm Payments Bank, a branch of the leading Indian fintech giant Paytm, finds itself in the throes of regulatory scrutiny as a case under the Foreign Exchange Management Act (FEMA) has been initiated against it. This development comes amidst allegations of violations related to foreign exchange rules, marking yet another hurdle for Paytm in a series of regulatory challenges. Paytm is part of the public-listed Indian fintech group One97 Communications Ltd.

Fintech

February 12, 2024

Embattled Revolut Blazes a Trail with Innovative Travel eSIM Plans, Eyeing Super App Status

In a move that blurs the lines between financial services and telecommunications, Revolut has unveiled its latest innovation: travel eSIM plans for UK users, signaling a bold leap towards becoming a ubiquitous "super app." This pioneering step, a rarity among financial institutions, positions Revolut at the forefront of a digital revolution, offering seamless data connectivity for globetrotters without the dread of roaming charges.

December 22, 2023

MENA FinTech Tabby Secured $700 Million Asset-Backed Debt Facility From JP Morgan!

Tabby, a leading MENA fintech specializing in Buy Now, Pay Later (BNPL) services, has secured a substantial $700 million debt facility from JP Morgan, a move strategically aligned with its Initial Public Offering (IPO) plans. This deal represents the largest asset-backed facility a fintech firm in the Middle East and North Africa (MENA) region has ever received. Tabby raised a $250 million Series D equity round a month ago.

FinTelegram

December 4, 2023

Merchant Alert: Please Be Aware Of The Risk Of Termination Fees And Its Implications!

In the complex world of high-risk payment processing, merchants face the murky waters of termination fees. Recent cases, such as T1 Payments LLC v. New U Life Corp., have shed light on a concerning trend where some high-risk payment processors employ termination fees to unjustly profit at the expense of merchants. We strongly caution merchants against accepting termination fees, as this is a motivation for payment processors to collect them.

November 8, 2023

Whistleblower Request: What Are Your Experiences With Payment Processor ZEN.com?

ZEN.com is a financial institution regulated by the Bank of Lithuania that specializes as a payment processor in high-risk segments such as online casinos. The operator is UAB ZEN.COM, which is managed by Dawid Kamil Rozek as CEO. We have recently received complaints that ZEN.com is freezing customers' funds without providing sufficient justification. We would like to know whether other customers of the financial institution are also experiencing similar problems.

Crypto

October 25, 2023

Binance UK CEO Resigns Amid Regulatory Scrutiny

Binance UK CEO Jonathan Farnell has stepped down amidst increasing scrutiny from the UK's Financial Conduct Authority (FCA). Hired in 2021 for a compliance-centric role and later elevated to oversee Binance's UK operations, Farnell's exit leaves Ilir Ergis Laro as the sole representative of Binance in the UK. Before the FCA's recent regulatory changes, Farnell was instrumental in aligning Binance with the UK's regulatory framework.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.