tamir | FinTelegram News

Author: tamir

FinTelegram

June 6, 2023

Binance Fires Accusations Against U.S. Regulator SEC In Response To The Charges!

In a blog post, Binance expressed its disappointment about the SEC complaint, which includes a request for emergency relief. Binance said it has actively cooperated with the SEC's investigations and aimed to reach a negotiated settlement and resolve its investigations. The SEC would have chosen to regulate the digital asset space through enforcement and litigation rather than establishing a regulatory framework for the crypto industry.

June 6, 2023

Crypto Doom! U.S. SEC Files 13 Charges Binance And Founder Changpeng Zhao!

It was expected, but still, Bitcoin slipped to below $26,000 after the U.S. Securities and Exchange Commission (SEC) charged Binance, which operates the world's largest crypto asset trading platform. The charges name several entities and their founder, Changpeng Zhao (CZ), as defendants. They are charged with various securities law violations. in 136 pages, the SEC describes in great detail the Binance structure and has also identified CZ as the beneficial owner behind the Legal Entities.

June 5, 2023

Brazilian Crypto Exchange Mercado Bitcoin Receives Payment Institution License

Mercado Bitcoin (website), the largest crypto exchange in Brazil, has obtained a payment institution license from the country's central bank. This license allows the crypto exchange to operate as a payment institution and issue electronic money. The crypto exchange plans to offer its payment services through MB Pay. This will enable the exchange to provide Brazilian users with digital banking services using their held crypto assets.

June 4, 2023

Disappointed Whistleblowers Appeal Against The $279 Million SEC Whistleblower Case!

Two whistleblowers who provided tips to the U.S. Securities and Exchange Commission (SEC) and the Justice Department (DOJ) in a bribery case against Ericsson appealed the SEC's decision to reject their claims while awarding another informant a record-setting $279 million. One of the claimants is Liss-Olof Nenzell, a former Ericsson executive; the other remains anonymous to adhere to whistleblower protection rules.

Bankruptcies

June 2, 2023

U.S. FED Orders Collapsed Silvergate Bank To Wind Down

Silvergate Bank is currently under scrutiny by the U.S. Federal Reserve Board (FED) and the California Department of Financial Protection and Innovation as it undergoes the process of winding down its business operations. In a collaborative enforcement action, the Fed and DFPI jointly issued a consent order last week, which mandates the La Jolla, California-based bank to present a self-liquidation plan to state and federal regulators within 10 days.

June 2, 2023

International Law Enforcement Actions Against Human Trafficking

From 8 to 15 May 2023, an international law enforcement action was undertaken to against human trafficking for sexual exploitation, forced begging, and forced criminal activities. This Operation Global Chain encompassed 44 countries, consisting of 25 EU member states and 19 non-EU countries coordinated by Europol, Frontex, and INTERPOL. Law enforcement agents arrested 212 individuals and identified 138 suspected traffickers identified.

June 1, 2023

UK Regulator FCA Informed That Payment Institution Monneo Was Put Under Special Administration

On 30 May 2023, the UK Court made a special administration order concerning Monneo Ltd under the Payment and Electronic Money Institution Insolvency Regulations 2021. Daniel Conway, David Hudson, and Paul Allen of FRP Advisory have been appointed joint special administrators (JSAs). Monneo is an FCA-authorized payments institution and was founded in 2016. The Directors of the firm applied to court as they concluded that the firm was insolvent.

May 29, 2023

Convicted Israeli Binary Options Fraudster Lee Elbaz Fights Against The United States!

Lee Elbaz, 42, is a former CEO of the Israeli binary options scam scheme Yukom Communications, which defrauded investors worldwide of at least $140 million. In 2019, a U.S. jury found Elbaz guilty, including bank wire fraud. She was sentenced to 22 years in prison and $28 million in restitution payments. Elbaz was working from Israel and portrayed herself as a mere middle manager following the directions of the scheme's owners, Yossi Herzog and Kobi Cohen. She still fights her U.S. conviction.

Fintech

May 29, 2023

Klarna Reduced Its Loss By 50% in Q1 2023 And Expects Profitability

Swedish fintech Klarna, known for its buy now, pay later services (BNPL), has reduced its net loss by 50% in Q1 2023, substantially improving its financial performance following significant cost-cutting efforts. The company reported a net loss of 1.3 billion Swedish krona ($120.7 million), down from the 2.6 billion krona loss in the same period the previous year. Klarna's total net operating income increased by 22% year-over-year, reaching 5 billion Swedish krona.

May 27, 2023

Former Startup CFO Pleads Not Guilty To $35 Million Embezzlement Charges!

On 25 May 2017, Nevin Shetty, 39, was arraigned in U.S. District Court on the indictment of wire fraud and misusing funds and pleaded not guilty. He was the former CFO of Seattle-based startup Fabric when he allegedly diverted approximately $35 million to his crypto side business, HighTower. Fabric raised $140 million in a Series C funding round led by SoftBank and attained a valuation of $1.5 billion last year.

Law Enforcement

May 24, 2023

Interesting: Europol Explains The Nature Of Criminal Assets And Asset Recovery!

The main motive for organized crime is financial gain. Identifying and confiscating the profits of international criminal networks is a top priority for law enforcement. Europol has provided significant support in asset recovery in recent years. Law enforcement agencies worldwide invest more resources into asset recovery than ever before. This led to the establishment of Europol’s European Economic and Financial Crime Centre (EFECC) in 2020.

May 19, 2023

Worthwhile Read: The OCCRP Report On The Maltese Healthcare Corruption Affair!

FinTelegram brought the Maltese scandal surrounding the privatization of three hospitals and Vitals Global Healthcare (VGH) in early March 2023. Now OCCRP has picked up the story, reporting on the misuse of millions and the personal enrichment of the people behind VGH, including its former CEO, Sri Ram Tumuluri. Funds were also funneled to Joseph Muscat, the former Prime Minister of Malta. The Maltese corruption seems to know hardly borders.