China Signals Crypto Crackdown, Flags Stablecoins
China’s central bank has restated its hard line on cryptocurrencies, warning that a renewed wave of speculation is testing regulators and vowing tougher action against illegal activities involving stablecoins, according to Reuters.
How the Trumps Struck Crypto Gold from Questionable Sources
Eric and Donald Trump Jr. have turned a family-branded cryptocurrency venture into a cash machine that eclipses the Trump Organization’s traditional businesses, according to a Reuters investigation that traces opaque token purchases by overseas investors and a wave of U.S. policy shifts friendly to digital assets.
After Years of Compliance Curbs, JPMorgan to Resume Dollar-Clearing in Angola
JPMorgan Chase will provide U.S.-dollar clearing services in Angola, becoming the first major American lender to reengage with the African nation following major corruption scandals and years of anti-money laundering (AML) compliance restrictions, Bloomberg reported.
Lego Products Still Reach Russia via Europe Despite Company Exit
Lego toys manufactured in the Czech Republic continue to enter Russia through European trading companies more than two years after the Danish group halted direct sales, according to customs data cited in a new investigation by the Czech outlet Page Not Found and reporting by the Kyiv Independent.
Fraudsters Used Melania Trump as ‘Window Dressing’ in Memecoin Scam: Lawsuit
A new legal filing alleges that a cryptocurrency promoted in January by U.S. First Lady Melania Trump was part of a sophisticated scheme that used celebrity association to lend legitimacy to token launches, according to Wired.
Mexican Cartel Turns to ‘Dark Fleet’ to Smuggle Fuel from U.S. and Canada
One of Mexico’s most powerful drug cartels is smuggling gasoline and diesel into the Port of Ensenada with the aid of a “dark fleet” tanker and a Houston-based company, according to an investigation by Reuters.
France Steps Up Scrutiny of AML Compliance at Crypto Firms
France’s banking supervisor is intensifying on-site anti–money laundering (AML) checks at cryptocurrency firms as it decides which of the country’s more than 100 registered platforms will qualify for EU–wide authorization in the coming months, Bloomberg reported.
With OCC Approval, Billionaire-Backed Erebor Sets Sights on Tech Sector
U.S. regulators have granted preliminary and conditional approval for Erebor, a new national bank founded this year by technologists Palmer Luckey and Joe Lonsdale in a move pitched as filling the void left by Silicon Valley Bank’s 2023 collapse, the Financial Times reported.
The Hold-Up on Revolut’s UK Banking License: Risk-Control Worries
UK regulators are holding up Revolut’s full banking license amid concerns that the fintech firm’s risk controls are not scaling fast enough with its rapid overseas growth, the Financial Times reported.
Microsoft Warns “Payroll Pirate” Scam is Rerouting Paychecks via HR Portals
Microsoft is warning organizations about an active campaign dubbed “Payroll Pirate” that hijacks employee accounts on cloud HR platforms and diverts direct-deposit paychecks, Ars Technica reported.