Credit Suisse handed biggest fine in PRA’s history

Credit Suisse handed biggest fine in PRA’s history

Happy Wednesday FinTech Fanatic,

The Bank of England’s regulatory arm has handed out the biggest fine in its history to Credit Suisse for its ties to a collapsed fund whose founder has been accused of fraud and racketeering in the US.

The Prudential Regulation Authority (PRA) said the bank would have to pay £87 million, after the first investigation to establish breaches of its “fundamental rules”.

It found that Credit Suisse International and Credit Suisse Securities (Europe) had “an unsound risk culture” and failed to balance the risks and rewards of its actions appropriately.

Credit Suisse’s failures to manage risks effectively were extremely serious, and created a major threat to the safety and soundness of the firms,” said PRA chief executive Sam Woods.

“The seriousness and widespread nature of those failures has led to today’s fine, which is the largest ever imposed by the PRA.”

The fine is part of international action taken by regulators in the US, the UK and Switzerland.

SEC Accuses Binance.US of Inflating Crypto Trading Volumes

The U.S. Securities and Exchange Commission (SEC) has accused Binance.US, the American arm of the global crypto exchange Binance, of inflating trading volumes through the illegal practice of wash trading, the Wall Street Journal reports.

This practice involves an entity trading with itself to create an illusion of market activity.

Despite Binance.US vehemently denying the allegations, the SEC lawsuit and ongoing investigation by the Justice Department have reportedly led to several senior officials' resignations and a significant drop in the platform's market share.

A new chapter in the Binance saga, and most likely not the last one... I'll keep an eye on it for you! Please find the other FinTech news listed below👇


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Last week we saw 8 FinTech Funding Deals in Europe for a total amount of 134m€ raised: 4 deals in the UK🇬🇧, 2 in France🇫🇷, and one in Lithuania🇱🇹 and Portugal🇵🇹. Check out the complete BlackFin Tech overview article here

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Jeeves hits over $40M in annualized revenue as it expands beyond corporate credit cards. Jeeves began offering corporate credit cards as its primary product — with a primary focus on LatAm, in September of 2021. In 2022, the startup seemed to have hit its stride. And now it is announcing that it’s expanding further to now offer businesses prepaid cards and cross-border payments. Read more

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Alex Bank plots second, late 2023 capital raising. The bank is set to go cap in hand to investors for a second multi-million dollar capital raising in under a year.

Verestro unveils Banking-as-a-Service platform. This comprehensive product is designed to empower banks worldwide with the ability to offer BaaS solutionsto their customers and partners, revolutionizing the way digital financial services are delivered.

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