Gemini will work with Nasdaq on compliance and fraud monitoring; there is a new draft framework for the U.S. Faster Payments Council; cryptocurrencies are increasingly being used for criminal activities; Barclays and PayPal partnered; and Revolut raised $250M, getting a $1.7B valuation.
The SEC subpoenaed dozens of firms over ICOs; Coinbase will divulge info on 13,000 customers to the IRS; Equifax identified an additional 2.4 million people affected by last year’s hack; the FDIC is a gatekeeper to fintech ILCs; and what’s the Big Idea with Bitcoin mining?
Telegram raised $850M; Coinbase won’t allow new credit cards; the FCA wants to expand its sandbox; Australia went live with its RTP system; Monzo may try to enter the U.S.; and CNBC looks into Riot Blockchain.
U.S. Fed governor talks banks and fintech; Synchrony buys $6B in PayPal loans; U.S. banks set up a vendor management JV; U.S. banks finally get real-time payments; Coinbase rolls out custodial services; and Kabbage gets $200M from Credit Suisse. Plus, what’s the Big Idea with global regulators and ICOs?
The FSB has a report on AI and machine learning in financial services; Visa brings real-time payments to Europe; the U.S. will get bitcoin futures contracts; the SEC told celebrities to cool it on their ICO endorsements; and Quartz has a great report on how Amazon’s cloud is changing the economics of financial services entrepreneurship.
Fed Governor Lael Brainard spoke about banks’ place in the fintech ecosystem; Juniper Research projected that the total value of digital payments will reach $3.9 trillion in 2017; the American credit unions are studying how to leverage DLT; the Center for a New American Security examined the risk that virtual currencies may be used to finance terrorism on a wide scale; and White & Case examined the ability of AI to improve bank compliance functions.