RBI India | FinTelegram News

Category: RBI India

April 13, 2024

Revolut Secures PPI License in India, Expanding Its Financial Services Reach

Revolut, a fintech founded in 2015 by the then-Russian nationals Nik Storonsky and Vlad Yatsenko in the UK, has successfully secured an in-principal authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) in India. This milestone allows Revolut to offer prepaid cards and wallets, bolstering its position as a significant player in the Indian financial market. Meanwhile, Revolut is still waiting for the desired banking license in its home market UK.

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.

November 27, 2023

Attention: Reserve Bank of India Updates Its Forex Broker Alert List.

The Reserve Bank of India (RBI) has recently updated its alert list to include organizations that are prohibited from engaging in foreign exchange trading. This latest iteration of the list also includes entities that may be authorized in other jurisdictions, do not hold authorization in India. Notably, the list includes prominent names such as eToro and other notorious offshore brokers like Alpari, Pocket Option, and OctaFX.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.