Financial Regulation Must Respond to Big Tech's Incursions in Financial Services
The financial world is currently facing major disruption with the increasing presence of Big Tech firms such as Amazon, Apple and Google in the industry. As these companies push further into financial services with their data-driven business models, there is growing concern that the current regulatory approach is not equipped to handle the related policy challenges.
FCA tripled the number of fines in 2022, while SEC doled out a record $6.4 billion in penalties
Source: SteelEye
The number of fines issued by global financial services regulators reached staggering levels in 2022, according to SteelEye’s inaugural Fine Tracker.
New York regulator hits Coinbase with $50m fine
Coinbase will pay a $50 million penalty and invest another $50 million in its compliance programme to settle a New York State regulatory investigation into its anti-money laundering practices.
FTX founder Sam Bankman-Fried arrested in the Bahamas
Sam Bankman-Fried, the disgraced founder of collapsed cryptocurrency exchange FTX, has been arrested in the Bahamas.
Metro Bank and two former directors fined for financial reporting breach
Source: FCA
The FCA has fined Metro Bank PLC £10,002,300 for breaching the Listing Rules by publishing incorrect information to investors.
Queen Máxima launches the CCAF Regulator Knowledge Exchange
The Cambridge Centre for Alternative Finance (CCAF) has launched a new digital hub designed to bring together regulators from across the globe, to collaborate and enhance their efforts to evolve financial services regulation.
FTX implosion shows need for crypto regulation - BofE's Cunliffe
The collapse of FTX, and the fact that its failures were more organisational than technological, highlights the importance of properly regulating the crypto sector, says Bank of England deputy governor Jon Cunliffe.
Web3 companies collaborate to create Ethereum Climate Platform
Source: Consensys
This afternoon at COP27, the world’s largest gathering on climate action, a group of Web3 companies convened by ConsenSys and Allinfra, joined civil society leaders and the UNFCCC Climate Innovation Hub, to announce the creation of the Ethereum Climate Platform (ECP).
