Latest News
By Federal Newswire | May 14, 2024
The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action in the U.S. District Court for the Northern District of Texas against Agridime LLC, a Texas corporation, and its co-founders, Joshua Link of Gilbert, Arizona and Jed Wood of Ft. Worth, Texas. The defendants are accused of defrauding thousands of customers across at least 14 states by soliciting, accepting, and using customer funds to pay undisclosed commissions and using later customers' funds to pay profits to earlier customers.
By Federal Newswire | May 13, 2024
Commissioner Christy Goldsmith Romero is set to participate on an AI panel at the Asian Pacific American Institute for Congressional Studies (APAICS) at the 2024 Legislative Leadership Summit. The panel, titled "How AI is Changing the World," will take place on Monday, May 13, 2024, from 11:15 am to 12:00 pm (EDT) at the Walter E. Washington Convention Center, 801 Allen Y. Lew Place, NW, Washington, DC 20001.Romero's insights on the topic will be shared alongside other experts in the field during the summit, providing valuable perspectives on the impact of artificial...
By Federal Newswire | May 13, 2024
The Commodity Futures Trading Commission (CFTC) has issued an order filing and settling charges against Falcon Labs, Ltd., a Seychelles-based entity. The firm is accused of failing to register as a futures commission merchant (FCM), marking the CFTC's first action against an unregistered FCM that facilitated access to digital asset exchanges.
By Federal Newswire | May 13, 2024
Today, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal aims to prevent illicit finance activity involving the customers of investment advisers by bolstering the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser...
By Federal Newswire | May 13, 2024
The Commodity Futures Trading Commission’s Office of Customer Education and Outreach (OCEO) has issued an advisory warning students and job seekers about the risks associated with "money mule" scams. These scams involve individuals transferring money into their bank accounts, digital wallets, or spot-market crypto trading accounts as part of their job duties or at the behest of others.
By Federal Newswire | May 13, 2024
Richard Teng, Chief Executive Officer of the cryptocurrency exchange Binance, has announced that nearly 355,000 users have been removed from its platform in an effort to maintain compliance and market fairness. Teng made this statement in a post on the Binance website dated May 9.
By Federal Newswire | May 13, 2024
The U.S. Government Accountability Office (GAO) has issued a report indicating that the risk assessment processes of the U.S. Agency for International Development (USAID) for countries affected by violent conflict, including Nigeria, are insufficient. This deficiency leads to a "heightened risk of corruption, fraud, mismanagement or unauthorized use of U.S. aid funds" and "fraudulent financial reporting." The GAO released its report on April 30 after examining USAID's risk management in Nigeria, Somalia, and Ukraine at the behest of the House Foreign Affairs Committee.
By Donna Rolando | May 8, 2024
The clamor for U.S. intervention in the suspected Nigerian kidnapping of a California-raised Binance crypto executive is escalating in a case wrought with irony.
By Federal Newswire | May 8, 2024
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has released an Advisory to aid financial institutions in identifying potentially illicit transactions linked to terrorist organizations backed by the Islamic Republic of Iran. The Advisory outlines the methods through which these groups receive support from Iran and details various strategies they utilize to illegitimately access or bypass the global financial system in order to raise, transfer, and utilize funds. It also presents warning signs that can help financial institutions in...
By Federal Newswire | May 8, 2024
Commissioner Christy Goldsmith Romero has been confirmed as a speaker at the World Economic Forum’s Industry Strategy Meeting 2024. The event is scheduled to take place on Wednesday, May 8, 2024, from 8:15 a.m. to 11:15 a.m. (EDT) at the Deutsche Bank Center in New York, NY. The announcement of Commissioner Goldsmith Romero's participation in the prestigious event was made recently, generating anticipation and interest among attendees and industry professionals. The Industry Strategy Meeting organized by the World Economic Forum is known for bringing together key figures...
By Federal Newswire | May 7, 2024
Commissioner Christy Goldsmith Romero will participate on a Responsible AI panel at the North American Securities Administrators Association’s (NASAA) 2024 Public Policy Symposium that explores the opportunities and challenges faced by policy makers, regulators, regulated financial institutions, investors, and customers. The panel discussion is scheduled to take place on Tuesday, May 7, 2024, from 2:00 p.m. to 3:00 p.m. (EDT) at the InterContinental Washington, D.C. - The Wharf located at 801 Wharf Street, SW, Washington, DC 20024.This event aims to delve into the growing...
By Federal Newswire | May 7, 2024
Commissioner Caroline D. Pham is set to participate in a panel discussion as part of the AANHPI Heritage Month celebrations. The event, titled “A Conversation with AANHPI Financial Regulatory Leaders on Their Inspirational Career Journey,” will be hosted by the National Credit Union Administration on May 7, 2024, at 1:00 p.m. (EDT).The panel discussion, which will be held as a virtual event, aims to highlight the career journeys and experiences of AANHPI financial regulatory leaders. Commissioner Pham's participation underscores the importance of recognizing and...
By Federal Newswire | May 6, 2024
Chairman Rostin Behnam is set to take part in a Fireside Chat at the 27th Annual Milken Institute Global Conference. The event is scheduled for Monday, May 6, 2024, from 11:30 a.m. to 11:50 a.m. (PT) and 2:30 p.m. to 2:50 p.m. (ET) at The Beverly Hilton in Beverly Hills, CA.Expressing his anticipation for the event, Chairman Behnam stated, "I am honored to participate in this Fireside Chat at the 27th Annual Milken Institute Global Conference."The conference, under the theme "Milken Institute Global Conference 2024: Shaping a Shared Future," is expected to bring...
By Federal Newswire | May 3, 2024
Calvin Cheng, a former nominated member of Singapore's parliament, has expressed his views on the sentencing of Changpeng Zhao (CZ), the ex-CEO of Binance. He drew parallels between Zhao's case and those of CEOs from BNP Paribas and UBS, stating that they were fined "for the exact same charge of compliance failures" as CZ. However, he pointed out that these executives "were not charged, much less sentenced to prison." Cheng made this statement in a post dated May 1, following CZ's four-month prison sentence for anti-money laundering compliance failures.
By Federal Newswire | May 3, 2024
Benjamin Naftalis, a legal representative for former Binance CEO Changpeng Zhao (CZ), stated that there is no precedent of a defendant in a case related to the Bank Secrecy Act (BSA) that is "remotely similar" being sentenced to prison. This statement was shared by Naftalis in a court filing ahead of CZ's sentencing on April 30.
By Federal Newswire | May 3, 2024
U.S. Rep. Drew Ferguson (R-GA), alongside Rep. Wiley Nickel (D-NC), introduced new legislation intended to address confusion within the tax code regarding how digital assets rewards can be collected at the point of sale.
By Federal Newswire | May 3, 2024
Washington, D.C. — Commodity Futures Trading Commission Chairman Rostin Behnam has revealed that the Commission is scheduled to convene an open meeting on Friday, May 10 at 10:00 a.m. (EDT) at the CFTC’s headquarters in Washington, D.C.The meeting, set to take place at the CFTC Headquarters Conference Center, located at Three Lafayette Centre, 1155 21st Street N.W., Washington, D.C. 20581, will focus on the consideration of the Proposed Rule regarding Event Contracts.Individuals interested in participating in the meeting have the option to attend in person, listen by...
By Federal Newswire | May 3, 2024
Commissioner Caroline D. Pham is set to deliver a keynote address at the upcoming Fintech and Blockchain Symposium hosted by Rutgers Law School’s Blockchain and Fintech Program and Sidley Austin LLP. The event is scheduled for Friday, May 3, 2024, at 1:30 p.m. (EDT) at the Sidley Austin LLP office located at 787 7th Ave, New York, NY 10019.The symposium aims to bring together experts and professionals in the fintech and blockchain industries to discuss the latest trends, challenges, and opportunities in the field. Commissioner Pham's participation as a keynote speaker...
By Federal Newswire | May 3, 2024
Commissioner Kristin N. Johnson is set to give remarks and participate in a fireside chat at the 2024 Fintech and Blockchain Symposium. The event is being co-hosted by Rutgers Law School’s Center for Blockchain and Fintech and Sidley Austin LLP.The symposium will take place on May 3, 2024, starting at 10:45 a.m. (ET) at Sidley Austin LLP, located at 787 Seventh Avenue, New York, New York 10019.This event provides an opportunity for industry professionals, academics, and enthusiasts to gather and discuss the latest trends and developments in the fintech and blockchain...
By Federal Newswire | May 2, 2024
Washington, D.C. — The Commodity Futures Trading Commission’s Technology Advisory Committee (TAC), sponsored by Commissioner Christy Goldsmith Romero, recently released a Report on Responsible AI in Financial Markets. The TAC, comprised of esteemed experts in AI, made five recommendations to the Commission on how to approach the evolving landscape of AI in financial markets.Commissioner Goldsmith Romero praised the Committee's approach and emphasized the importance of responsible AI practices in safeguarding financial markets. She highlighted the significance of...
