U.S. regulators are encouraging banks to explore innovative compliance tools; the SEC fined CoinAlpha Investors failures related to an unregistered securities sale; Abu Dhabi’s financial regulator found blockchain “radically simplified” the traditional KYC process; Signature Bank won NYDFS approval to offer blockchain-based RTP; and Monzo raised £20M in new funding through crowdfunding.
The WSJ profiled the increasing use of “alternative data” to track people and their financial choices; the world marked the ten-year anniversary of the invention of bitcoin; the NAC revealed a scam involving California ATMs; Monzo achieved unicorn status after raising an additional £85M; Coinbase raised $300M in new funding and is now valued at $8B; and Quartz commemorated the tenth anniversary of the invention of bitcoin with an investigation into its mysterious creator, Satoshi Nakamoto.
Square withdrew its ILC application to the FDIC; SIX is building an end-to-end DLT platform to manage trading and settlement; the FCA welcomed new firms into its regulatory sandbox; PayPal completed the multi-billion dollar sale of its consumer credit portfolio; and the EBA published new fintech reports.
SEC reaffirms Ethereum is not a security; House committee calls for study on crypto use in illicit activities; Singapore is developing a code of ethics for AI; Bitcoin price fell sharply after South Korean crypto exchange hack; Wells Fargo limited cryptocurrency purchases on credit cards; a study found rampant price manipulation in crypto markets; and Apple banned cryptocurrency mining on iPhones.
The DOJ is investigating crypto price manipulation; U.S. and Canadian regulators are investigating nearly 70 ICOs; BOX and T0 are working on an SEC-compliant, blockchain-based securities exchange; SoFi plans to expand into crypto investing by 2019; and 2018 VC funding for blockchain firms has already surpassed 2017 totals.