Bankman-Fried hit with 4 new charges in FTX debacle

The charges are conspiracy to commit bank fraud, conspiracy to operate an unlicensed money transmitting business, securities fraud, and fraud with the purpose or sale of a derivative, according to unsealed filings.

By Gabrielle Saulsbery • Feb. 23, 2023

Fed, FDIC, OCC give banks ‘reminder’ on crypto liquidity risk

Thursday's statement offers no new guidance but appears to elevate stablecoin-linked deposits to a heightened risk category.

By Dan Ennis • Feb. 23, 2023

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

SEC, NYDFS oppose Binance.US bid for Voyager assets

The regulators are asking for proof that the $1.02 billion deal wouldn’t violate securities laws.

By Gabrielle Saulsbery • Feb. 23, 2023

Cannabis banking fintech Dama Financial taps new CEO

Patrick O'Boyle will be responsible for overseeing Dama Financial's strategic direction, growth initiatives and the launch of new products, the firm said.

By Anna Hrushka • Feb. 22, 2023

Fintech suffered steep market cap declines last year

Although 2022 was “sobering,” there’s plenty to be optimistic about, fintech venture capitalist Abdul Abdirahman said.

By Gabrielle Saulsbery • Feb. 22, 2023

Cross River exec named CEO of American Fintech Council

Phil Goldfeder will head the group at a pivotal time for fintech, as nonbank entities are coming under increased scrutiny from regulators and lawmakers, ranging from their involvement in the PPP to their partnerships with banks.

By Anna Hrushka • Feb. 22, 2023

Custodia accuses Fed of ‘pulling the strings’ in master account denial

The Kansas City Fed reported the rejection “in a coordinated maneuver orchestrated by the [Fed] Board in consultation with the White House and leaked to reporters” a day earlier, Custodia said.

By Anna Hrushka • Feb. 21, 2023

NY regulator orders Paxos to stop minting Binance stablecoin

The order stems from "several unresolved issues” related to the relationship between the companies, NYDFS said. The SEC has threatened to sue Paxos over the token, The Wall Street Journal reported.

By Dan Ennis • Feb. 13, 2023

Crypto regulation shouldn’t smother innovation: Fed’s Waller

The Fed governor highlighted the benefits of smart contracts, as well as the potential for tokenization as a privacy tool, in a speech Friday.

By Rajashree Chakravarty • Feb. 13, 2023

Key merger metric doesn’t account for online banking, nonbanks: OCC

The Herfindahl-Hirschman Index, which measures a bank’s market presence based on deposit share, is becoming a less effective predictor of competition across product lines, the agency’s chief counsel said.

By Anna Hrushka • Feb. 13, 2023

The future of financial services: Continuous disruption, transformation and reinvention

VMware’s Financial Services Industry Solutions lead explores disruptions and innovations in banking.

Feb. 13, 2023

Kraken ends its crypto staking program, will pay SEC $30M

SEC Commissioner Hester Peirce dissented on the agency's enforcement, calling it something a “paternalistic and lazy regulator” would do.

By Gabrielle Saulsbery • Feb. 10, 2023

Former NYSE CIO launches an app to make you feel good about your finances

He called Fierce “kind of like the Ted Lasso of finance.”

By Gabrielle Saulsbery • Feb. 8, 2023

Bank mobile app use reaches 87%: Chase survey

Card replacement and peer-to-peer payment access rank among features with the greatest uptick in use, the bank’s research found.

By Gabrielle Saulsbery • Feb. 6, 2023

Silvergate’s FTX ties probed by DOJ fraud unit: report

The investigation is looking into the bank’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried. Silvergate has not been accused of wrongdoing, sources told Bloomberg.

By Gabrielle Saulsbery • Feb. 3, 2023

Small banks, fintechs ask CFPB for more time to phase out screen scraping

A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

By Anna Hrushka • Feb. 1, 2023

Lawmakers press Silvergate harder, say due diligence failed ‘miserably’

Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.

By Gabrielle Saulsbery • Feb. 1, 2023

JPMorgan plans to launch digital bank in Germany by 2025: report

The bank has been hiring in Berlin to support the effort and plans to make the city its base of EU consumer operations, Bloomberg reported.

By Dan Ennis • Feb. 1, 2023

BM Technologies to cut 25% of staff

BM Technologies’ effort to reduce expenses follows the dissolution of the fintech’s planned acquisition of First Sound Bank, a $23 million deal the two parties called off in December.

By Anna Hrushka • Jan. 31, 2023

Crypto bank Anchorage Digital names execs to compliance, BSA posts

The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

By Dan Ennis • Jan. 31, 2023

Varo slows burn rate, shifts marketing strategy

The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

By Anna Hrushka • Jan. 31, 2023

Crypto firm Gemini picks new finance chief

Tyler Skelton joins Gemini from small-business payment service provider Till Payments. He also held finance roles at crypto insurance marketplace Nayms and financial services provider Bakkt.

By Grace Noto • Jan. 30, 2023

Marqeta names new CEO, makes $275M deal

The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.

By Gabrielle Saulsbery • Jan. 30, 2023

Crypto firm Dinara takes proactive stance on compliance, general counsel says

The company's work to meet Banking Secrecy Act standards serves as a key differentiator in the industry amid FTX's bankruptcy, Yanire Martes says.

By Lyle Moran • Jan. 27, 2023

The crypto world is sending mixed signals

Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.

By Gabrielle Saulsbery • Jan. 27, 2023