Author: Luis Acosta

Visa and Mastercard face a fresh legal battle in the UK after a London tribunal allowed lawsuits from merchants alleging overcharges on interchange fees, Reuters reported. The Competition Appeal Tribunal’s decision permits collective lawsuits against Visa and MasterCard to proceed. This ruling is significant as it enables a wide range of merchants to unite in seeking damages. The lawsuits challenge the multilateral interchange fees that the two payment giants impose when consumers use their cards for purchases. This is not the first time Visa and Mastercard have faced legal issues over these fees. Both companies have previously been involved in…

The Securities and Futures Commission (SFC) of Hong Kong has intensified its enforcement actions over the past year to tackle insider trading, market manipulation, corporate fraud, and other financial crimes, as highlighted in the agency’s latest annual report. This publication coincided with the celebration of the regulator’s 35th anniversary as the “guardian of Hong Kong’s capital markets.” During the 2023-2024 fiscal year, Hong Kong’s financial regulator pursued a record number of criminal charges and civil proceedings against individuals and corporations involved in serious misconduct in the city’s financial markets. The SFC initiated 183 investigations and filed 50 criminal charges against…

B2BrokerB2Broker has recently opened a new office in Dubai, UAE, marking its third location in a global hub renowned for finance, digitalisation, and innovation. This new office is situated in the Emirates Financial Towers, providing exceptional access to investors and potential customers, thereby creating significant opportunities for growth and collaboration. Arthur Azizov, the co-founder and CEO of B2Broker, led the inauguration with a detailed tour of the new office. He highlighted the technologically advanced surfaces and top-notch design features that distinguish the space. “Our new office space is designed to offer a unique and distinguished experience,” said Azizov. The new…

Nasdaq recently unveiled an AI-powered feature embedded within its market surveillance technology system, revolutionizing the landscape of market abuse investigations. This innovative integration of generative AI promises to revolutionize the detection and handling of suspected market manipulation and insider trading, bolstering the efforts of regulators and marketplace clients to maintain the integrity of financial systems. Senior Vice President and Head of Regulatory Technology at Nasdaq, Ed Probst, emphasized the paramount importance of trust in capital markets for sustained long-term growth and prosperity. He underscored the significance of addressing the pervasive global challenge of market abuse with increasingly sophisticated solutions, leveraging…

The adoption of crypto staking services by exchanges in South Korea has significantly heated the competitive landscape, as reported by The Korea Times. These services, which have now escalated to handle transactions worth trillions of dollars, also generate a new revenue stream through service brokerage fees for the exchanges involved. Crypto staking involves investors depositing their digital coins to support the operation of blockchain networks. In return, they earn rewards based on the amount of cryptocurrency they stake. Unlike traditional banking where funds are managed directly by the institution, in crypto staking, the exchanges merely serve as intermediaries and earn…

The Financial Intelligence Unit (FIU) of India has registered the cryptocurrency exchanges Binance and KuCoin, after initially banning them for operating without authorization, as reported by Coindesk. KuCoin has already paid a penalty of $41,000 to resume operations. Meanwhile, Binance is still awaiting a decision on its penalty after participating in a hearing with the FIU. Vivek Aggarwal, the Head of FIU-IND, highlighted the significance of these registrations, stating that they enhance the credibility of the sector. This development marks India’s ongoing efforts to regulate the cryptocurrency market and protect its economy from financial crimes. Despite these exchanges being previously…

The U.S. Department of Justice (DOJ) has chosen Forensic Risk Alliance (FRA) to monitor Binance’s compliance with anti-money laundering laws and trade sanctions, as part of a plea deal following allegations against the cryptocurrency exchange for breaching financial regulations. FRA was selected over other prominent candidates, including the well-known Wall Street law firm Sullivan & Cromwell, according to Bloomberg. Under the terms of the plea agreement, Binance must undergo a three-year monitorship period. This requires allowing FRA unrestricted access to its internal records, facilities, and personnel to verify compliance with regulatory standards. FRA’s selection reflects its reputation and experience in…

Western Union has resumed its remittance services from the United States to Cuba in cooperation with Orbit S.A., its processing partner. This restoration is effective immediately, enabling Western Union’s customers to send funds from any US retail location, the company’s website, or its mobile app to their close relatives in Cuba. The recipients must have bank or debit card accounts with Banco Popular de Ahorro, Banco Metropolitano S.A., or Banco de Credito y Comercio (Bandec). The service is tailored specifically for consumer money transfers into bank accounts and debit cards, with a cap of USD 2,000 per transaction. A valid…

Capital.comCapital.com, a renowned global trading platform and fintech group, recently revealed that its total client trading volumes exceeded $1.2 trillion in 2023, marking a 53% increase from the previous year. This achievement is noteworthy as it is the first time the company’s trading volumes have crossed the trillion-dollar threshold since its inception in 2016. The first quarter of 2024 continued this upward trajectory with trading volumes on the platform hitting $337 billion. This period also saw a 17% rise in the number of active traders from the previous quarter. Notably, the bulk of these trading volumes came from the Middle…

Binance aided Dutch authorities in an inquiry that culminated in the confiscation of millions of euros in assets and the detention of a 26-year-old man suspected of online fraud, as reported by the Fiscal Information and Investigation Service (FIOD). The investigation, conducted jointly by Dutch authorities and the tax investigation service FIOD, resulted in the seizure of assets worth 11.4 million euros, including a luxury car and cryptocurrency holdings. This operation was linked to a multi-million euro scam perpetrated through the online platform ZKasino. The suspect allegedly solicited monetary deposits through ZKasino, promising investors significant returns within a 30-day period.…