Mark Branson, the head of Germany's financial regulator BaFin has warned of risks to financial stability. Specifically, shadow banks are a thorn in his side because of their rapid growth - and crypto markets, as he explained to journalists in Frankfurt. He is worried about so-called shadow banks and points to the extraordinarily dynamic growth of the financial sector outside traditional banks.
The U.S. Securities and Exchange Commission charged Nader Pourhassan, the former CEO of CytoDyn Inc., with fraud and insider trading for misleading shareholders about the progress of a clinical research treatment for COVID-19 and HIV. According to the SEC complaint, Pourhassan repeatedly issued press releases exaggerating CytoDyn's progress on leronlimab, an antibody administered to patients in clinical trials to treat various diseases.
Last week, the French auditor Mazars causes new doubts about the liquitity of ifs crypto clients such as Binance or Crypto.com. It surprising deleted Binance's PoR audit report from its website and announced the pausing of all activities for all its crypto clients. Mazars also prepared the POR report for Crypto.com, one of the main sponsors of the 2022 FIFA World Cup, and worked with KuCoin. However, the author may have gotten cold feet in light of the massive public criticism of the reports.
A proposed overhaul of U.S. equity trading rules was met with skepticism by some financial firms, who said, "If it ain't broke, don't fix it." However, other traders welcomed the proposed changes and their promise of greater transparency and improved market access for investors.
U.S. authorities have charged disgraced former FTX CEO Sam Bankman-Fried (SBF) with fraud a month after the crypto exchange he founded filed for bankruptcy. Moreover, the U.S. CFTC and the U.S. SEC have filed fraud complaints against SBF and his companies FTX and Alameda Research. The complaints charge them with fraud and material misrepresentations in connection with the sale of digital assets. The CFTC complaint asserts that their actions caused the loss of over $8 billion in FTX customer deposits.
Due to "significant concerns for investor protection", the financial supervisory authority BaFin reprimands a product of the investment platform Econos, behind which Alexander Samwer stands. Starting at €100, small investors could invest in the green World Fund. The financial regulator Bafin prohibits an investment product of the Munich-based fintech Econos.
The UK entity of crypto payment processor MoonPay has received the UK's Financial Conduct Authority (FCA) license. Moonpay (UK) Limited appeared on the Registered Cryptoasset Firms list on 9 December 2022 and is the 40th cryptocurrency service provider authorized by the UK watchdog. It joins the likes of crypto ventures Bitpanda, Revolut, and Skrill.
The survey of 1,200 financial institutions launched at the beginning of December is intended to help assess the impact of the interest rate turnaround on the institutions. The financial supervisory authority Bafin and the Bundesbank launched a survey of around 1,200 financial institutions at the beginning of December to assess the impact of the interest rate turnaround on the institutions. For most banks, net interest income remains the central source of earnings, a Bafin spokesman said, explaining the move.
