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Category: HKMA

July 8, 2024

The Hong Kong Monetary Authority Fines DBS Bank (Hong Kong) Over AML Violations!

On July 5, 2024, the Hong Kong Monetary Authority (HKMA) announced that it had imposed a pecuniary penalty of HK$10,000,000 ($1.3 million) on DBS Bank (Hong Kong) for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The fine was issued following an investigation that revealed several control deficiencies at DBS Bank:

HKMA

June 15, 2023

Interesting: Hong Kong Regulator Presses Banks To Accept Crypto Clients To Become A Crypto Hub!

According to a Financial Times report, Hong Kong's banking regulator is exerting pressure on major lenders such as HSBC and Standard Chartered to accept crypto exchanges as clients, despite regulatory crackdowns on the industry in the U.S. In a meeting last month, the Hong Kong Monetary Authority (HKMA) questioned these UK-based banks and the Bank of China about their reluctance to work with crypto exchanges, according to three sources familiar with the matter.

January 14, 2022

Hong Kong regulator imposed $875,000 penalty on 33 Finance!

The Hong Kong Monetary Authority (HKMA) announced that it had completed an investigation and disciplinary proceedings for 33 Financial Services Limited (33 Finance) under the Payment Systems and Stored Value Facilities Ordinance. HKMA has reprimanded and ordered the company to pay a pecuniary penalty of $875,000 as it failed to fulfil the minimum criterion relating to anti-money laundering and counter-terrorist financing measures.

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.

Prison Update: Sam Bankman-Fried Transferred to Low-Security Federal Prison in Los Angeles!

Sam Bankman-Fried (SBF), the founder of the now-defunct cryptocurrency exchange FTX, has been transferred to the Federal Correctional Institution (FCI) Terminal Island in Los Angeles, California. This low-security facility is known for housing non-violent offenders and has previously held notable inmates such as Ramesh "Sunny" Balwani, former COO of Theranos.

Startup on Trial: Celsius Network and Alex Mashinsky – When Deception Dressed Up as DeFi Innovation!

Celsius Network promised financial freedom through crypto, only to collapse into one of the most catastrophic failures in the DeFi sector. Founder Alex Mashinsky portrayed himself as the champion of the unbanked—yet behind the scenes, Celsius engaged in reckless trading strategies, misled customers, and operated more like a hedge fund than a lending platform.