Jack J. Kelly, Author at Compliancex

What does the CFTC lawsuit against Binance mean for Coinbase? Analysts weigh in

Jack J. Kelly CFTC, Cryptocurrency, Securities and Exchange Commission April 3, 2023

The Commodity Futures Trading Commission on Monday hit out at the world’s largest cryptocurrency exchange with an explosive lawsuit alleging, among other things, that Binance knew it was facilitating trading for criminals. “Like come on. They are here for crime,” Samuel Lim, Binance’s former ...Read More

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SEC’s Gensler Seeks $2.4 Billion In Funding To Chase Down Crypto ‘Misconduct’

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission March 31, 2023

United States Securities and Exchange Commission Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.” United States Securities and Exchange Commission Chair Gary Gensler has thrown his support behind U.S. ...Read More

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Two former Fed officials warn regulators’ supervision of banks is like a ‘SciFi’ movie: ‘It is mostly special effects’

Jack J. Kelly Bank Failure, Banks, Congress March 30, 2023

Regulators have taken a lot of heat from both sides of the political aisle after the rapid failure of three U.S. banks—Silicon Valley Bank, Signature Bank and Silvergate Bank—this month. Massachusetts Sen. Elizabeth Warren, a democrat, argued regulators “clearly fell down on the job” at Silicon ...Read More

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Crypto Crackdown: Here Are All The Major Crypto Firms Facing Charges From Regulators This Year

Jack J. Kelly CFTC, Cryptocurrency, SEC, Securities and Exchange Commission March 30, 2023

The cryptocurrency trading platform Beaxy announced Wednesday it will shut down due to a lawsuit from the Securities and Exchange Commission accusing it of skirting federal law, becoming the latest firm to be ensnared in a wide-ranging crackdown on allegedly illegal crypto activity. TIMELINE ...Read More

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Biden calls for stronger banking safeguards

Jack J. Kelly Bailout, Bank Failure, Banks, Regulation March 30, 2023

President Biden on Thursday called on federal regulators to consider imposing stronger safeguards on the banking industry in the wake of the failure of Silicon Valley Bank, in part by reversing Trump-era rollbacks. Biden urged federal banking agencies, in consultation with the Treasury Department, to consider a ...Read More

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Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges

Jack J. Kelly CFTC, Compliance, Cryptocurrency, Money Laundering March 30, 2023

The Commodity Futures and Trading Commission filed a complaint against crypto exchange Binance, its co-founder, Changpeng Zhao, and its former chief compliance officer, Samuel Lim, alleging that Binance actively solicited U.S. users and subverted the exchanges own “ineffective compliance program,” according to a filing in ...Read More

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Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans dodge U.S. taxes for years

Jack J. Kelly Bailout, Bank Failure, Banks March 30, 2023

Credit Suisse, the collapsed Swiss bank taken over by UBS Group in a hastily arranged bailout earlier this month, may bring with it a fresh set of regulatory and legal problems for its new owner. For years, the bank has provided a safe haven for wealthy ...Read More

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An SEC Watchdog’s Take on Crypto Rules: Everyone Would Be Better Off

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission, Wall Street March 29, 2023

Crypto has become a divisive issue in Washington, and the Securities and Exchange Commission is at the heart of it. The SEC recently notified the big crypto exchange Coinbase Global that it’s likely to sue the company over several business practices. Regulators are also bringing enforcement against other ...Read More

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Factbox: the Biggest Financial Crises of the Last Four Decades

Jack J. Kelly Bank Failure, Banks, Debt, Federal Reserve, Financial Crisis, International Monetary Fund, Loan, LTCM, World Bank March 29, 2023

Markets have experienced massive upheaval in the last month, prompted in part by two of the three largest banking failures in U.S. history while Swiss lender Credit Suisse was bought by rival UBS Group AG in a merger engineered by Swiss regulators. Fears of ...Read More

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Ex-Morgan Stanley Adviser Stole Millions From NBA Players

Jack J. Kelly Fraud March 29, 2023

Ex-Morgan Stanley investment advisor Darryl Cohen and three accomplices were charged with allegedly defrauding current and former NBA players out of millions of dollars. In the indictment, which was unsealed on Thursday, Damian Williams, the United States Attorney for the Southern District of New York, and ...Read More

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