FinTech news in regulation category

Alameda Research, a crypto trading firm run by FTX chief Sam Bankman-Fried, was caught in the eye of the storm this week when its leaked balance sheet financials revealed unusually close ties with FTX through the exchange’s native FTT token. In addition to the liquidity crisis itself, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are investigating FTX’s relationship with its sister entity Alameda Research as well as with FTX US. Crypto trading behemoth FTX fell from grace this week after the exchange experienced a liquidity crunch and agreed to give its rival, Binance, the option to purchase the company non-U.S. operations in what appears to be a bailout. Binance and FTX both revealed yesterday that the former had signed a non-binding letter of intent that gives it the option to purchase FTX pending due diligence.

These will likely become more acute as customers begin to use BNPL for routine expenses, the agency said — the CFPB found that BNPL customers are increasingly paying for purchases like groceries and gas, spurred by macroeconomic pressures including inflation.

HR workers can use the platform to open employer and tax accounts automatically — Mosey shows the requirements in each location across payroll, registration and taxes.

Ozark less-than-satisfactory experience with existing financial compliance software led him and Madhu G. Nadig to co-launch Flagright. Ozkan is the founder of Flagright, a startup that aims to prevent financial crime, like money laundering or terrorist financing, with an API-first product.

It also announced today its intent to register a new, compliant lending product, called BlockFi Yield, which it says would be the first SEC-registered crypto interest-bearing security.