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☆ Coinbase is planning a pivotal acquisition that will allow it to launch crypto derivatives in the EU
▼ + stars: | 2024-01-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The U.S. cryptocurrency exchange told CNBC exclusively that it entered into an agreement to buy an unnamed holding company which owns a MiFID II license. The EU updated the legislation in 2017 to address criticism that it was too focused on stocks and didn't consider other asset classes, like fixed income, derivatives and currencies. If and when Coinbase completes the deal, the move would mark the first launch of derivatives trading by the company in the EU. With a MiFID II license, Coinbase will be able to begin offering regulated derivatives, like futures and options, in the EU. "This license would help expand access to our derivatives products by allowing Coinbase to offer them to eligible European customers in select countries across the EU," Coinbase said in a blog post, which was shared exclusively with CNBC on Friday.

Persons: Leon Neal, Getty, MiFID, Coinbase Organizations: European Union, CNBC, EU Locations: ENGLAND, London, England, U.S, EU, bitcoin

Meanwhile, there is growing excitement that the U.S. Securities and Exchange Commission will approve the first ever bitcoin ETF, after years of opposition. With all of this excitement comes some quite bold predictions about bitcoin's price. "No rationale for that prediction," Mobius said, except that a bitcoin ETF looks likely and "that has heightened interest" in the cryptocurrency. Yang attributes the anticipated price rise to a bitcoin ETF being approved, leading to higher institutional investment in bitcoin, as well as May 2024's bitcoin halving, which would result in the bitcoin supply being constrained. Alexander told CNBC that during the first quarter of 2024, bitcoin will trade within the $40,000 to $55,000 range, owing to "professional traders creating volatility."

Persons: Filip Radwanski, Bitcoin, bitcoin, FTX, Sam Bankman, Fried, Binance's Changpeng Zhao, Mark Mobius, Mobius, Yang, Luna, James Butterfill, Butterfill, Antoni Trenchev, Trenchev, Carol Alexander, Alexander, Coinbase, Matrixport Organizations: Getty, CNBC, Department of Justice, U.S, U.S . Securities, Exchange, Chartered, University of Sussex, Exchange Commission, SEC, Fidelity, Blackrock, Federal Reserve Locations: U.S, bitcoin, Blackrock

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

☆ Coinbase secures crypto license in France, pushing deeper in Europe amid rift with the SEC
▼ + stars: | 2023-12-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

POLAND - 2023/08/01: In this photo illustration, a Coinbase logo displayed on a smartphone with stock server lights in the background. France's AMF watchdog gave Coinbase a virtual asset service provider (VASP) approval, which is effectively a green light for the company to operate digital currency services in France. The VASP registration will allow Coinbase to offer custody of digital assets, buying or selling digital assets in legal tender, trading of digital assets against other digital assets, and operating a digital asset trading platform, the company said in a statement Thursday. The European Union has been working to introduce its Markets in Crypto Assets (MiCA) regulation, which would create a harmonized framework for crypto companies to operate in a regulated way in the bloc. Under MiCA, rather than having to secure registration in every EU market, crypto companies will eventually be able to use their VASP license in one country and "passport" into other countries to offer their services across the EU.

Persons: Omar Marques, Coinbase Organizations: Getty, France's AMF, European, Crypto Locations: POLAND, France, Europe, European Union

☆ Pleo appoints new CFO as it looks to get in shape for IPO
▼ + stars: | 2023-12-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Danish fintech firm Pleo has appointed a new chief financial officer, the company told CNBC exclusively, beefing up its executive team — a sign the company is readying itself for an eventual initial public offering. Most notably, Lonning had experience as CFO at Danish food enzyme maker Chr Hansen. Chr Hansen, which is listed on the Danish stock exchange, is one of Denmark's most valuable publicly listed firms, with a market cap of more than $10 billion. The European Union recently approved a $22 billion merger between Chr Hansen and competitor Novozymes. That's a dilemma for companies, but even more so for the lifestyle of Pleo and tech companies."

Persons: Pleo, Soren Westh Lonning, Chr Hansen, Lonning, Novozymes Organizations: CNBC, Danish bioscience, WS Audiology, Danish, European Union

☆ SumUp, a rival to Jack Dorsey's Block, defies fintech funding slump with $307 million cash injection
▼ + stars: | 2023-12-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

SumUp Chief Financial Officer Hermione McKee said the fresh capital gives the company "more firepower to act on opportunities," including acquisitions and new country launches. British payments startup SumUp, known for its small card readers, on Monday announced it has raised 285 million euros ($306.6 million) in a bumper round of funding that values the company north of $8.6 billion. The round predominantly consisted of equity, though a small portion of the funds was raised as debt. Then we look at Asia, how do we think about that region, and then obviously opportunities across Africa. A SumUp spokesperson confirmed the deal is an up round, meaning its valuation is higher than it was previously.

Persons: Hermione McKee, McKee, SumUp Organizations: Monday, Sixth, Bain Capital Tech, Fin, CNBC Locations: SumUp, Australia, America, Asia, Africa

☆ Robinhood launches crypto trading service in the EU
▼ + stars: | 2023-12-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Robinhood said its new crypto product would allow customers to buy, sell, and hold from a range of more than 25 tokens, including bitcoin, ether, ripple, cardano, solana, and polkadot. The company hopes to offer more tokens, as well as the ability to transfer and "stake," or earn rewards from, crypto in 2024. Robinhood is looking to tempt EU users into using its service with the ability to earn free bitcoin for users who trade lots and refer the app to their friends. The U.S. Securities and Exchange Commission has targeted several crypto firms, including Coinbase and Binance, with lawsuits alleging they violated securities laws. The EU, meanwhile, has proposed a comprehensive set of regulation, called the Markets in Crypto-Assets regulation, that would bring in stricter rules for crypto trading platforms and issuers of so-called stablecoins — tokens pegged to real-world assets like the U.S. dollar or euro .

Persons: Jakub Porzycki, Robinhood Organizations: Getty, European Union, U.S . Securities, Exchange Commission, U.S . Locations: Krakow, Poland, United States, solana, U.S, U.K, EU, Crypto

☆ Spotify to lay off 17% of employees — read the full memo CEO Daniel Ek sent to staff
▼ + stars: | 2023-12-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Spotify raised prices of its subscription plans earlier this year and has been expanding into podcasts and audio books. Spotify cut 6% of its workforce, or about 600 employees, at the start of the year. For the team that will remain at Spotify, I know this decision will be difficult for many. Looking AheadThe decision to reduce our team size is a hard but crucial step towards forging a stronger, more efficient Spotify for the future. As we've grown, we've moved too far away from this core principle of resourcefulness.

Persons: Ek, we've, I've, we're, Katarina, Severance, We're, – Daniel Organizations: Spotify

☆ Oil and gas are 'part of the solution,' not the problem, former BP chief says
▼ + stars: | 2023-12-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil and gas are 'part of the solution,' not the problem, former BP chief saysOil and gas are "part of the solution," not the problem, BeyondNetZero Chairman John Browne, who once led BP, tells CNBC's Steve Sedgwick at COP28 in Dubai.

Persons: John Browne, Steve Sedgwick Organizations: Email, BP Locations: COP28, Dubai

☆ Robinhood CEO defends payment for order flow, says practice is 'here to stay'
▼ + stars: | 2023-12-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Vlad Tenev, co-founder and CEO of Robinhood, rings the opening bell at the Nasdaq on July 29, 2021. Robinhood CEO Vlad Tenev says he doesn't believe that the payment for order flow (PFOF) model of market-maker routing that the company incorporates in the U.S. is under threat. Speaking with CNBC, Tenev defended the practice of PFOF, saying that it's "inherently here to stay." PFOF is the practice of routing trades through market-makers like Citadel Securities in return for a slice of the profits. Critics say that brokers have an incentive to direct order flow to market makers offering PFOF arrangements over the interests of their clients.

Persons: Vlad Tenev, Tenev, Robinhood, we've, Ameritrade, Charles Schwab, Morgan Stanley Organizations: Nasdaq, CNBC, Citadel Securities, U.S . Securities, Exchange Commission, European Union Locations: U.S

☆ Stock trading platform Robinhood to launch in UK after two failed attempts
▼ + stars: | 2023-11-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Features include the ability to choose from 6,000 U.S. stocks and 24-hour trading five days a week. Robinhood currently offers 24-hour trading in the U.S., allowing trades to happen outside 9:30 a.m. Robinhood won't offer U.K. stocks to begin with but will look to add them as it brings more products into the platform. Jordan Sinclair, Robinhood's U.K. chief, said he expects 24-hour trading to be popular, as it will let users trade on market-moving news. Dan Moczulski, U.K. managing director of EToro, a rival stock trading platform, said the arrival of more competition in the retail trading market marks "an exciting time for the industry."

Persons: Rafael Henrique, Robinhood, Jordan Sinclair, Sinclair, Tenev, Dan Moczulski, Moczulski, Vlad Tenev, We've Organizations: Getty, Robinhood's, CNBC Locations: U.S, British, England

☆ Zepz, a $5 billion fintech unicorn, is laying off more staff
▼ + stars: | 2023-11-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Zepz, the money transfer group that owns WorldRemit, made a fresh round of layoffs. "Zepz has entered a redundancy consultation which will could affect less than 2% of its global headcount," a Zepz company spokesperson said in an exclusive statement to CNBC. "Zepz values the contributions these colleagues have made to our company," the spokesperson added. "To fully realise our mission to unlock the prosperity of cross-border communities, we sometimes need to make tough decisions," Zepz told CNBC. The business was last valued at $5 billion, making it one of the largest and most valuable fintech companies in Europe.

Persons: Zepz, Zepz hasn't Organizations: TCV, CNBC, Sendwave Locations: British, Europe

☆ Look of the Week: Timothée Chalamet wears shirtless suit at ‘Wonka’ premiere
▼ + stars: | 2023-11-29 | by ( Leah Dolan | ) edition.cnn.com time to read: +3 min

“I don’t know what the hell I was doing wearing this.”But Chalamet has long relied on the wow factor of a shirtless suit for red carpet engagements. Chalamet's magenta velvet suit was from Tom Ford's latest collection. Jean-Paul Gaultier's "Pin Up Boys" from the 1996 season were early examples of the shirtless suit on the runway. In Gaultier’s infamous Spring-Summer 1996 collection, titled “Pin-Up Boys,” the shirtless suit was gauche, cheesy and even funny. For Chalamet, shirtlessness is fast becoming a state of mind.

Persons: CNN —, Wonka, Tom Ford’s, “, ”, Chalamet, Louis, Timothée Chalamet, Luca, Haider Ackerman, Tom Ford's, Jeff Spicer, photocall, Hugh Grant, Rowan Aktinson, Olivia Coleman, Alexander McQueen pinstripe, Lil Nas, Jonah Hill, Donald Glover, Jay, Harry Styles, Dior, Van Noten, Thom Browne, Paul Smith, Zegna, Porter, Jean, Paul Gaultier's, Jean Paul Gaultier, Vivienne Westwood, Raf Simons Organizations: CNN, Venice Film Locations: Venice, London

☆ Watch CNBC's full interview with SoFi's Liz Young and PIMCO's Erin Browne
▼ + stars: | 2023-11-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with SoFi's Liz Young and PIMCO's Erin BrowneLiz Young, SoFi head of investment strategy, and Erin Browne, PIMCO portfolio manager, join 'Closing Bell' to discuss markets, labor trends, and their market outlook for 2024.

Persons: SoFi's Liz Young, PIMCO's Erin Browne Liz Young, Erin Browne

☆ European tech funding halves to $45 billion, back to pre-Covid levels — but AI is a bright spot
▼ + stars: | 2023-11-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Venture capital investment into Europe's tech industry plunged by half in 2023 as investors continued to reel from the effects of high interest rates, according to data from venture capital firm Atomico. Atomico's "State of European Tech" report, published Tuesday, showed that overall funding for European venture-backed companies is projected to decline 45% in 2023 from a year ago. Total venture funding for European tech companies will reach $45 billion this year, Atomico expects. That's down from $82 billion in 2022, which is itself down from $100 billion the previous year. "There has been this reset after an overheated and unsustainable period of growth in 2021 and early 2022," Wehmeier told CNBC.

Persons: Atomico, Tom Wehmeier, Wehmeier Organizations: European Tech, CNBC Locations: Atomico, Europe

☆ Finnish startup Varjo launches new $3,990 mixed-reality headset to take on Apple, Microsoft
▼ + stars: | 2023-11-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Finnish mixed-reality startup Varjo on Monday launched its latest headset, the XR-4, a product it hopes to sell to large enterprise firms. The headset, which starts at a price of $3,990, is similar to those from Meta , Microsoft and Apple . Unlike consumer offerings from companies such as Meta, Varjo's headset is intended for enterprise use cases. For example, a pilot working for a major defense contractor could use it to train in a virtual reality simulation. The XR-4 headset has two 4K displays and a 50% wider field of view compared with previous-generation devices.

Persons: Patrick Wyatt, Apple's, Varjo Organizations: Monday, Meta, Microsoft, Apple, CNBC, Vision, Volvo Locations: Helsinki, Atomico

☆ Flying taxi firm Lilium receives EU approval for its electric jets
▼ + stars: | 2023-11-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Lilium, a German air taxi firm, has received regulatory approval to design and operate its electric vertical takeoff and landing vehicles, the company said Monday. Alastair McIntosh, Lilium's chief technology officer and head of design organization, said the approval is effectively a "license to operate" for the firm. "Receiving Design Organization Approval from EASA further motivates us on our path to commercialize the revolutionary Lilium Jet," McIntosh said in a statement Monday. I would like to congratulate Lilium on achieving this Design Organization Approval, which advances Europe's electric aviation activity," he added. It's a key milestone for the industry, which has been working for several years to get such vehicles ready for commercialization.

Persons: Lilium, Alastair McIntosh, McIntosh, Luc Tytgat Organizations: European Union Aviation Safety Agency, EU, Lilium Locations: German

☆ Coinbase CEO says crypto industry can turn the page after historic Binance settlement
▼ + stars: | 2023-11-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023. The crypto industry can finally close the chapter on a litany of scandals and problems after Binance was hit with a historic settlement by the U.S. Department of Justice, Coinbase CEO Brian Armstrong said Monday. "There are many crypto companies that are helping build the crypto economy and change our financial system globally. Binance was hit by the U.S. Department of Justice with a $4 billion settlement last week, which saw its founder and CEO Changpeng Zhao step down and plead guilty to charges of money laundering violations. "It's true that there have been some small amount of illicit activity in crypto but it's actually less than 1% from what we've seen.

Persons: Brian Armstrong, Binance, Armstrong, CNBC's Joumanna, Changpeng Zhao, we've Organizations: Coinbase Global Inc, U.S . Department of Justice, U.S, Bank, CNBC Locations: New York, Iran

☆ 3 reasons why electric cars will soon get a lot cheaper
▼ + stars: | 2023-11-23 | by ( Tom Carter | ) www.businessinsider.com time to read: +7 min

Some automakers are slowing down EV production, saying electric vehicles are too expensive. Auto execs have pointed to high prices as a big reason why demand for electric cars has slumped this year. AdvertisementHere's three reasons why electric cars are getting more affordable. Cheaper battery packsBy far the most expensive part of any EV is the battery, and spiking battery prices have hit automakers hard. "You have to get to a certain scale to really start to make money on electric cars and for the costs to go down," Valdez Streaty said.

Persons: —, Kelley, Tesla, Goldman Sachs, EVs, David Browne, Patrick T, Fallon, Browne, Matthias Preindl, Stephanie Valdez Streaty, it's, Valdez Streaty, Elon, you've Organizations: Service, Ford, General Motors, EV, Atlas Public, EVs, Bloomberg, Department of Energy, Smart, Toyota, Manufacturers, ICE, Columbia University, Smith, Cox, Chicago Tribune, Getty Locations: China, Germany, Los Angeles

The plea deals end a years-long investigation into the crypto exchange. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year. "This, combined with the likely imminent approval of an ETF based on bitcoin quotes, could positively impact the crypto market in the long term," said Drozdz. Binance has agreed to forfeit $2.5 billion to the government and to pay a fine of $1.8 billion.

Persons: Binance's, Changpeng Zhao, Ben Mcshane, Sportsfile, Nansen, Binance, Grzegorz Drozdz, Bitcoin, Drozdz, Zhao, Yesha Yadav, Milton R, Underwood, General Merrick Garland, Garland, Richard Teng, Teng, Janet Yellen, Al, Yellen Organizations: Getty, Department of Justice, ., SEC, Conotoxia, CNBC, DOJ, Vanderbilt University, Justice Department, U.S, Monetary Authority of Singapore, Binance, Futures Trading Commission, Treasury Department, The Securities, Exchange Commission, ISIS Locations: Lisbon, Portugal, Binance, Nansen, U.S, Abu Dhabi

Binance founder and CEO Changpeng Zhao pleads guilty to felony charges Tuesday related to his failure to prevent money laundering on the crypto exchange platform. Former Binance CEO Changpeng Zhao on Tuesday named a new CEO of the cryptocurrency exchange he founded, after pleading guilty to federal money laundering charges and stepping down as the company's chief. Zhao named Richard Teng, a former CEO of Abu Dhabi Global Market, the UAE capital's financial services regulator, as Binance's new CEO. "He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth," Zhao added. Zhao appeared before Judge Brian Tsuchida for a hearing in a Seattle courtroom at 10:00 a.m. Pacific Time (1:00 p.m.

Persons: Changpeng Zhao, Zhao, Richard Teng, Teng, Binance, Sam Bankman, Fried, CNBC they'd, Brian Tsuchida Organizations: Abu, Abu Dhabi Global Market, Monetary Authority of, U.S, Bank, Emergency Economic, DOJ, CNBC, U.S . Department of Justice Locations: Abu Dhabi, UAE, Binance, Monetary Authority of Singapore, Seattle

Zhao Changpeng, founder and chief executive officer of Binance, speaks at the Blockchain Week Summit in Paris, France, on Wednesday, April 13, 2022. Binance chief Changpeng Zhao will plead guilty to criminal charges and step down as the company's CEO as part of a $4.3 billion settlement with the Department of Justice, according to court documents. The plea arrangement with the government resolves a multi-year investigation into the world's largest crypto exchange. The Securities and Exchange Commission targeted the company with an expansive lawsuit in June, alleging that Binance was running an illegal securities exchange and mishandling customer funds. To this day, Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year.

Persons: Zhao Changpeng, Changpeng Zhao, Zhao, Brian Tsuchida, Binance, Kraken, Gary Gensler, wasn't, Samuel Lim, —, ada, Kevin Breuninger Organizations: Department of Justice, Justice Department, DOJ, Emergency Economic, U.S, CNBC, Securities and Exchange Commission, Commodity Futures Trading Commission, Securities, Exchange Commission, SEC, Binance, Authority Locations: Paris, France, U.S, Seattle, Iran, Cayman Islands

☆ Plaid taps Adyen executive to lead its European operations
▼ + stars: | 2023-11-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

U.S. financial technology firm Plaid has hired former Adyen executive Brian Dammeir as its new head of Europe, the company told CNBC exclusively. Plaid, which was last valued by investors at $13.4 billion in a funding round, offers technology that enables financial technology apps to retrieve data from people's bank accounts and initiate payments on their behalf. Dammeir told CNBC. Bandourian, a former Booking.com executive, was appointed the company's first head of Europe last year. Payments has been a big focus for Plaid beyond financial data, with payment volumes on the platform having climbed more than 90% in 2023.

Persons: Plaid, Brian Dammeir, Dammeir, Ripsy Bandourian, Keith Grose, Dammeir didn't Organizations: CNBC, San, Plaid Locations: Europe, San Francisco, fintech, Adyen, North America

☆ Who is new interim OpenAI CEO Emmett Shear? All you need to know about the man replacing Sam Altman
▼ + stars: | 2023-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

After a weekend of rumor and speculation, Emmett Shear — former co-founder and CEO of Twitch — confirmed he will take the top job at probably the most high-profile AI company in the world. watch nowTwitch was acquired by Amazon for $1 billion in 2014 and Shear stepped down as CEO of Twitch last year. Before Shear started Twitch, he was the co-founder of Kiko Calendar, a calendar app he worked on through the 2005 Y Combinator program. As head of OpenAI, Shear will likely face pressure from regulators who have been heavily scrutinizing AI model companies given the risks the technology poses around misinformation and potential displacement of jobs. Earlier this month, the U.K. held a pivotal summit on AI safety, attended by major foundational AI companies, to discuss some of the most pressing issues in the field.

Persons: Emmett Shear, Eoin Noonan, It's, Sam Altman, Twitch —, Shear, Altman, ChatGPT, Emmett, Justin Kan, Michael Seibel, Kyle Vogt, Kan, Twitch, Y, Kiko Organizations: Web, Getty, Amazon, YouTube Locations: LISBON, PORTUGAL, Lisbon, Portugal, Silicon

☆ Mastercard doubles down on effort to detect and tackle crypto fraud with AI tie-up
▼ + stars: | 2023-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

(Photo by Joan Cros Garcia/Corbis via Getty Images)Mastercard is doubling down on its efforts to detect and prevent fraud that's routed through cryptocurrency exchanges. The company told CNBC exclusively that it's partnered with Feedzai, a regulatory technology platform that aims to combat money laundering and financial scams online using artificial intelligence. "This will increase fraud detection by protecting unwary consumers, but will also detect potential money laundering activity and mule accounts," Feedzai CEO and co-founder Nuno Sebastio told CNBC. An estimated 40% of scam transactions exit directly from a bank account to a crypto exchange today, according to Feedzai data. Feedzai says its software can identify and block suspicious transactions in a matter of nanoseconds — but also recognize transactions that are legitimate.

Persons: Joan Cros Garcia, Corbis, it's, Feedzai, Mastercard's, Nuno Sebastio, Sebastio Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Feedzai Locations: BARCELONA, SPAIN, Barcelona, Spain, Coimbra, Portugal, San Mateo , California, Silicon Valley

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