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In a landmark decision, the U.S. District Court for the Northern District of Illinois has made a significant ruling against global cryptocurrency exchange Binance and its former CEO, Changpeng Zhao. This follows a comprehensive case presented by the U.S. Commodity Futures Trading Commission (CFTC).
The court has ordered Zhao to pay a hefty sum of $150 million, while Binance faces a dual financial repercussion: a disgorgement of $1.35 billion in illegitimate transaction fees and an equal penalty amount, totaling an unprecedented $2.7 billion.
In another intriguing update, Revolut has filed accounts for its Revolut Trading and Revolut Travel subsidiaries. This move prompts speculation about the potential disclosure of full group holding accounts in the near future.
To be continued...
POST OF THE DAY
If there's one place you might 𝗡𝗢𝗧 want to see a year in review, it's a banking app...🤣 Check out some examples👇
🇫🇷 Mangopay partners with Effy, the first online specialist in energy renovation in France, to create seamless payment experiences for service providers and consumers. Effy has streamlined digital payments on its platform with Mangopay's modular technology, offering quick and secure solutions for invoicing, deposits, and bill payments.
Fintech market in Uzbekistan. This study will familiarize you with the fast-growing financial technology market of Uzbekistan, its development history, state of affairs and perspectives. Link here
🇬🇧 Volt and ekko partner to help shoppers remove plastic from the ocean. Customers see a real-time counter for how many bottles have been removed so far. The counter increases once a payment is completed, highlighting the real-time impact of their payment.
Marketforce CEO says Pezesha’s liquidation suit is premature. Tesh Mbaabu stated that the company has been proactively holding debt restructuring discussions with creditors through constructive dialogue. He added, ‘Regrettably, Pezesha chose to prematurely file court proceedings.’
🇭🇷 American fintech Mbanq, which has offices across the world, has now opened its Osijek office. Numerous members of the business community from Osijek and the surrounding area were invited to the opening of the new Osijek office, with an emphasis primarily placed on Osijek companies with a significant presence on the American market.
🇱🇻 Mintos launches personalised ETF portfolios for retail investors. Introducing personalized ETF portfolios with zero commissions is a major milestone, allowing investors to align strategies with their financial goals and risk tolerance. Read more
🇬🇧 Yonder extends partnership with GoCardless. The solution comes as an addition to the Direct Debit functionality that Yonder already implemented and allows the company’s cardholders to leverage VRPs, through GoCardless’ Instant Bank Pay, to instantly pay off their credit card balance.
🇨🇳 China gets tough on non-bank payment providers. China's State Council has released new measures for heightened oversight of non-banking payment firms. These rules include stricter licensing requirements and increased risk management to prevent fund misappropriation and financial crimes.
🇦🇪 Metric launches integration with banks in the UAE. This integration will enable Metric users to connect their bank accounts to the app and automate their finances, saving them time, and eliminating the hassle of manual data entry. More here
🇸🇪 Klarna CEO Siemiatkowski says buy now, pay later is used by shoppers who otherwise avoid credit. Siemiatkowski spoke to the AP about how popular buy now, pay later has gotten since the pandemic, why consumers are choosing it and how the company is using artificial intelligence software in how it hires. Read full interview
OPEN BANKING NEWS
🇬🇧 Key UK open banking oversight decision now delayed until 2024. While 2023 was intended to be “the year of delivery” for open banking, in a recent progress update the Joint Regulatory Oversight Committee (JROC) revealed a host of delays.
DIGITAL BANKING NEWS
🇬🇧 Revolut filed accounts for the Revolut Trading and Revolut Travel subsidiaries. Will we see full group holding accounts soon? Read full article here
🇳🇱 Will Bunq's Ali Niknam bring his AI-powered bank to the US? Approval from US regulators would give Bunq bragging rights over other European neobanks that have tried but have not yet gotten their own license in the US—Germany’s N26 and the UK’s Monzo and Revolut among them—along with access to the roughly 5 million European expats and businesses operating in the US.
🇵🇭 Tale as old as Tyme: how a successful African digital bank landed in the Philippines. Tyme's move into the Philippines aims to address the low banking penetration rate, particularly among SMEs, rural households, and self-employed gig workers, leveraging its cloud-based approach.
🇰🇭 Cambodia chalks up 10m Bakong digital currency accounts. That means about 60% of the country's population is likely able to use the Bakong, as the digital currency is called, to make payments or transfer money. Read on
🇺🇸 A U.S. court entered an order against Binance and its former CEO: Changpeng Zhao will pay $150 million and Binance will pay $2.7 billion to the CFTC as a result, according to a statement from the agency. Read complete article
FTX files plan to end bankruptcy, pay crypto creditors billions. FTX Trading Ltd. unveiled its latest proposal for returning billions of dollars to customers and creditors, kicking off a final round of potential squabbles about how best to end the bankruptcy case of the fraud-tainted crypto firm.
DONEDEAL FUNDING NEWS
🇬🇧 London-based Vitt adds €1 million to launch product that helps startups diversify and earn a return on their idle cash. Vitt’s new product allows customers to earn up to 5.07%*. Assets are held solely with an FCA-regulated custodian, meaning the assets are safely held by an established third party.
Fiat Republic, the specialist BaaS platform that bridges the gap between web3 and traditional banks, raises $7 million in seed extension: The company also announces it has been granted a full electronic money institution (EMI) licence by De Nederlandsche Bank (DNB), enabling it to provide regulated financial services across the European Economic Area.
🇬🇧 Christmas cheer as Updraft raises £272m debt and equity round. Updraft says this combined raise will let it build on the momentum of 2023 into next year, having grown to now over 500,000 users who have collectively borrowed to pay off more than £225m in credit card and overdraft debt.
🇮🇳 Unicorn Slice eyes $100 million to fuel its banking dreams. The Fintech is in talks for a $100 million equity funding round, according to three people in the know. Early conversations have happened with existing backers, but the leadership is looking to get an external investor to lead the round.
🇸🇦 Nearpay secures USD 14 mln in Series A funding. The funds will be instrumental in supporting the company’s global expansion plans, advancing technological capabilities, and solidifying Nearpay’s commitment to driving excellence in payments infrastructure with a focus on card present payments.
🇦🇺 Payble banks $3.5 million investment. The new funding will be used to continue to capitalise on strong demand for Payble’s citizen-centric payment solution in its beachhead segment of local government payments, as well as explore opportunities for global expansion.
MOVERS & SHAKERS
🇬🇧 Unlimit hires ex-Burberry, ex-Adyen sales chief Colin Neil. As Global Chief Sales Officer, Mr Neil will be responsible for building and leading sales teams across EMEA, LATAM, North America and APAC, and implementing strategic initiatives that will contribute to the continued growth of Unlimit.
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