FinTech
SEC charges 11 people in alleged $300 million crypto Ponzi scheme
A flag outside the U.S. Securities and Exchange Commission headquarters in Washington, D.C., U.S., on Wednesday, Feb. 23, 2022. Al Drago | Bloomberg | Getty Images On Monday, the Securities and Exchange Commission said it charged 11 people for their roles in creating and promoting an allegedly fraudulent crypto pyramid and Ponzi scheme that raised […]
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The death of easy money: Why 20% annual returns are over in crypto lending
PARIS — Celsius and Voyager Digital were once two of the biggest names in the crypto lending space, because they offered retail investors outrageous annual returns, sometimes approaching 20%. Now, both are bankrupt, as a crash in token prices — coupled with an erosion of liquidity following a series of rate hikes by the Federal […]
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PayPal veteran Jim Magats is named CEO of MX, the startup that connects banks and fintech players
Jim Magats, former PayPal executive who is being named CEO of the startup MX Photo: Tom Cook MX, the startup competing against Plaid to help connect financial institutions and fintech players, is naming PayPal executive Jim Magats its new CEO, CNBC has learned. Magats, a nearly two-decade PayPal veteran who was most recently senior vice […]
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JPMorgan hires scientist Charles Lim to help protect financial system from quantum-supremacy threat
Dr. Charles Lim, Global Head of Quantum Communications and Cryptography, JP Morgan Chase Courtesy: JP Morgan Chase JPMorgan Chase has hired a Singapore-based quantum-computing expert to be the bank’s global head for quantum communications and cryptography, according to a memo obtained by CNBC. Charles Lim, an assistant professor at the National University of Singapore, will […]
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Coinbase shares tumble after report that it’s facing SEC probe
People watch as the logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. Shannon Stapleton | Reuters Shares of Coinbase dropped more than 15% Tuesday on reports that it’s facing an SEC probe into whether the platform […]
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Coinbase blasts SEC over insider trading case, says none of the tokens it lists are securities
Coinbase signage in New York’s Times Square during the company’s initial public offering on the Nasdaq on April 14, 2021. Robert Nickelsberg | Getty Images Coinbase pushed back on claims from the Securities and Exchange Commission that it offers unregistered securities, following fraud charges against a former employee of the company. An ex-Coinbase product manager […]
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Minecraft creator rejects NFTs, citing a lack of inclusivity
Minecraft is the best-selling game of all time, with lifetime sales of more than 238 million units. Igor Golovniov | Sopa Images | Lightrocket | Getty Images Mojang, the developer behind Minecraft, is not a fan of nonfungible tokens. The Microsoft-owned company said Wednesday that it won’t support NFTs in Minecraft because they’re “not inclusive […]
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Coinbase says it has no exposure to collapsed crypto firms Celsius, 3AC and Voyager
Coinbase reported a 27% decline in revenues in the first quarter as usage of the platform dipped. Chesnot | Getty Images Coinbase on Wednesday said it had no counterparty exposure to collapsed crypto firms Celsius, Three Arrows Capital and Voyager Digital, seeking to allay fears about the impact of a liquidity crisis on its business. […]
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Federal consumer finance watchdog to tighten bank rules around money-transfer scams, report says
The Consumer Financial Protection Bureau headquarters in Washington, D.C. Joshua Roberts/Bloomberg via Getty Images A CFPB spokesperson declined to comment on the specifics of the report. “Reports and consumer complaints of payments scams have risen sharply, and financial fraud can be devastating for victims,” the spokesperson said in an e-mailed statement. “The CFPB is working […]
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Bitcoin climbs past $23,000 as hopes of softer Fed action fuel crypto relief rally
The world’s largest cryptocurrency is down roughly 50% since the start of 2021. CFOTO | Future Publishing | Getty Images Bitcoin broke the $23,000 threshold for the first time in more than a month, as hopes of a rate hike less aggressive than feared from the Federal Reserve triggered a relief rally in cryptocurrencies. The […]
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