Global regulators to target crypto platforms after FTX crash

LONDON, Nov 24 (Reuters) – The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such ‘conglomerate’ platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview. Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors … Read more

Exclusive: China set to fine Ant Group over $1 billion, signaling revamp nears end-sources

HONG KONG, Nov 22 (Reuters) – Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma’s Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company’s two-year long regulatory overhaul. The People’s Bank of China (PBOC), which has been driving … Read more

Tesla safety at center of South Korean trial over fiery, fatal crash

SEOUL, Nov 21 (Reuters) – In an upscale Seoul neighborhood two years ago, a white Tesla Model X smashed into a parking lot wall. The fiery crash killed a prominent lawyer – a close friend of South Korea’s president. Prosecutors have charged the driver with involuntary manslaughter. He blames Tesla. Choi Woan-jong, who had eked … Read more

ECB begins great cash mop-up as banks repay 296 bln euros of loans

Repayment much lower than expected Key money-market rate falls after announcement Move seen as first step towards bond unwind FRANKFURT, Nov 18 (Reuters) – Euro zone banks are set to repay nearly 300 billion euros ($310 billion) in loans to the European Central Bank next week, the ECB said on Friday, the biggest cash withdrawal … Read more

Exclusive: How FTX bought its way to become the ‘most regulated’ crypto exchange

FTX bought a 10% stake in IEX with an option to acquire 100% FTX spent $2 billion on ‘acquisitions for regulatory purposes’ Documents show FTX saw its regulatory status as a way of luring new capital from major investors Nov 18 (Reuters) – Before it collapsed this month, FTX stood apart from many rivals in … Read more

FTX fallout hits crypto lender Genesis; Bankman-Fried, celebs sued

Nov 16 (Reuters) – Crypto lender Genesis Global Capital suspended customer redemptions on Wednesday, citing the sudden failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action. FTX filed for bankruptcy protection in the United States on Friday in the highest-profile crypto blowup to date, after traders pulled $6 … Read more

FTX’s Bankman-Fried, Tom Brady and other celebrity promoters sued by crypto investors

Nov 16 (Reuters) – US crypto investors sued FTX founder Sam Bankman-Fried and several celebrities who promoted his exchange including NFL quarterback Tom Brady and comedian Larry David, claiming they engaged in deceptive practices to sell FTX yield-bearing digital currency accounts. The proposed class action filed on Tuesday night in Miami alleges that FTX yield-bearing … Read more

Fed’s Barr: Concerned about blowback to financial system from crypto

Nov 15 (Reuters) – Michael Barr, the Federal Reserve’s top financial regulatory official, said on Tuesday he is concerned about risks from the non-bank sector, including cryptocurrencies, for which the US central bank and other regulators have poor visibility. “We’re concerned about the risks that we don’t know about in the non-bank sector,” Barr said … Read more

FTX in talks with regulators, may have 1 mln creditors- bankruptcy filings

FTX in contact with federal, state, international regulators More than one hundred thousand creditors involved in the bankruptcy case, maybe over one million Bahamas regulator appoints provisional liquidators French cent. bank governor urges global regulatory response WSJ says former CEO Bankman-Fried tried to raise funds Nov 15 (Reuters) – Collapsed-crypto exchange FTX outlined a “severe … Read more

As regulators scrutinize FTX, rival exchanges try to reassure investors

Crypto.com CEO says it will publish proof of reserves Bitcoin steady around $16,700 Binance CEO plans “industry recovery fund” Smaller exchange AAX holds withdrawals SINGAPORE/LONDON, Nov 14 (Reuters) – Bitcoin and other cryptocurrencies remained under pressure on Monday following last week’s collapse of crypto exchange FTX while rival exchanges sought to reassure jittery investors of … Read more