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☆ Elon Musk's everything app could include Twitter. But industry experts can't make sense of the strategy.
▼ + stars: | 2023-04-26 | by ( Paige Hagy | ) www.businessinsider.com time to read: +8 min

Elon Musk wants to create a US super app, but industry experts have some concerns. And while he's never publically detailed specific plans for a super app, recent changes at Twitter offer some clues. He first teased his intentions to transform Twitter into a super app called "X" prior to acquiring it in October 2022. It 'makes no sense' to build on TwitterFor starters, Twitter is a peculiar place to build a super app, some experts said. A super app in the US is difficultPerhaps a bigger issue not specific to Musk's plans for Twitter is whether a super app in the US is even possible.

☆ Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges
▼ + stars: | 2023-03-27 | by ( Rohan Goswami | ) www.cnbc.com time to read: +4 min

Beyond disgorgement and any monetary costs, the CFTC filing asked the court to impose further relief, including trading and registration bans. Just days prior to the CFTC filing, CNBC reported on how Binance employees worked to subvert the exchange's compliance controls in China, using some of the same techniques that the CFTC alleges Binance to solicit U.S. users. "Do not directly tell the user to run," Binance instructed its VIP team, the filing alleged. The CFTC filing alleges that Binance engaged in similar activity for its U.S. users. But, Zhao posted a tweet that said "4" in an apparent response to the CFTC filing.

☆ Crypto is banned in China, but Binance employees and support volunteers tell people how to bypass the ban
▼ + stars: | 2023-03-23 | by ( Rohan Goswami | ) www.cnbc.com time to read: +18 min

The messages CNBC reviewed come from accounts identified as Binance employees or Binance-trained volunteers known as "Angels." Whatever the method, Binance's Chinese users take on a significant risk: In China, crypto exchanges have been outlawed since 2017, while crypto itself was outlawed in 2021. But Chinese customers have continued to seek ways to trade on Binance, which include using instructions provided by employees and volunteers. "'Binance does not offer a 'Binance Chinese Android app," a spokesperson said. In addition, hours after Binance responded to CNBC, messages apeared on Twitter suggesting that some customers' Binance debit cards had been frozen.

"Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping," the short seller said in its report. Up to 35% of Cash App's revenue is derived from interchange fees, Hindenburg alleged. But Block avoids that regulatory cap imposed on large financial institutions by routing the revenue through a small bank, Hindenburg alleged. The small-bank routing method is one employed by Block rival PayPal , the short seller claimed, and which prompted a Securities and Exchange Commission probe. Hindenburg took issue with Cash App's practices during the pandemic, when the government issued stimulus checks to qualified American adults.

"You're going to see every board member tell people to keep your money in multiple bank accounts," said Wesley Chan, cofounder and managing partner at FPV Ventures. "I'm not concerned about Bank of America," one business owner said as they left a Bank of America branch on Monday. Big banks can be less competitive, for example, on interest rates because of the security they offer. I think you'll see startups, in particular, questioning moving to the big banks given just how much more expensive it is," Matheson added. "The big banks are in very good shape, and so it probably is a stabilizing decision to move those deposits.

☆ India cenbank imposes penalty on Amazon Pay for non-compliance
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, March 3 (Reuters) - The Reserve Bank of India said on Friday it imposed a penalty of 30.7 million rupees ($374,770) on Amazon Pay Private Ltd for non-compliance with directions on prepaid payment instruments and Know Your Customer (KYC) rules. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers," the RBI said in a statement. Amazon Pay is an online payments processing service owned by Amazon.com Inc (AMZN.O). ($1 = 81.9170 Indian rupees)Reporting by Chris Thomas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Plaid views identity verification as key to its 2023 growth plans. Here's how the fintech is using it to become a one-stop shop for customers.
▼ + stars: | 2023-02-28 | by ( Paige Hagy | ) www.businessinsider.com time to read: +5 min

Plaid views identity verification as key to linking together different parts of its business. The company is using ID verification to streamline the onboarding process for fintechs. Plaid wants to create a seamless onboarding experience for fintech users with its new product Plaid Identity Verification (IDV). Plaid IDV launched in July 2022 and has 200 customers. In the fourth quarter of 2022, one in three new deals included Plaid IDV.

The U.S. has arrested a Russian national and founder of a cryptocurrency exchange on charges of allegedly laundering more than $700 million, the Department of Justice said Wednesday. Anatoly Legkodymov, the founder of Bitzlato, a Hong Kong-registered cryptocurrency exchange that touted its lax approach to verifying customers’ identity, was arrested in Miami Tuesday night. The Treasury Department also declared Bitzlato a “Primary Money Laundering Concern,” an extreme measure rarely used against financial institutions. “If the U.S. Treasury Department designates a financial institution as a ‘Primary Money Laundering Concern,’ the goal is to isolate them,” Redbord said. “Being cut off from the U.S. financial system, not being able to transact in U.S. dollars, is essentially a death sentence.”

Parafin, launched in 2020, works with so-called platform partners, or companies that other small businesses sell their products through. All the cofounders knew was that they wanted to build technology that would help small businesses. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO, told Insider. Helping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping. HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.

☆ US senators have unveiled a new bipartisan bill to crack down on crypto money laundering
▼ + stars: | 2022-12-14 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

US Senators are cracking down on money laundering via cryptocurrency in a new bill on Wednesday. Senators Elizabeth Warren and Roger Marshall proposed the bill titled "Digital Asset Anti-Money Laundering Act of 2022." The bill, titled "Digital Asset Anti-Money Laundering Act of 2022," could amp up know-your-customer (KYC) requirements in an effort to deter bad actors in the nascent space. If it becomes a law, wallet providers, cryptocurrency miners, validators, and mixers could be classified as money service businesses. Warren, who has been a long-time outspoken critic of digital assets, says that she wants the industry to comply with the same money laundering rules as traditional financial institutions.

☆ Elizabeth Warren unveils bipartisan bill to crack down on crypto money laundering
▼ + stars: | 2022-12-14 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry. Due to time constraints, the Warren-Marshall crypto legislation has little chance of getting through this Congress. The new bill, called the Digital Asset Anti-Money Laundering Act, would attack money laundering by attempting to bring the digital asset ecosystem into compliance with the existing system of anti-money laundering in the worldwide financial system. The Treasury Department warned earlier this year that ransomware hackers, drug traffickers and fraudsters are using digital assets to launder illicit proceeds. - Cracking down on digital asset ATMs by making sure operators and administrators submit and update the physical addresses of their kiosks.

☆ Bitcoin Family is moving more than $1 million into decentralized exchanges after Sam Bankman-Fried's FTX disaster
▼ + stars: | 2022-11-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

The Taihuttu family in November, days after moving back to Phuket. Didi TaihuttuZoom In Icon Arrows pointing outwards The Taihuttu family in Lagos, Portugal on the day they adopted Teddy, their Pomeranian puppy. Thumb drive-size devices like a Trezor or Ledger offer a way to secure crypto tokens "cold." When asked why he is going all in on DEXs instead of keeping his crypto cold, Didi pointed to ease of access. Under it all, the Bitcoin Family still believes that the original cryptocurrency is a solid bet.

☆ Crypto CEO warns his industry faces 2008-style crisis
▼ + stars: | 2022-11-11 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —The reeling crypto industry faces a 2008-style crisis that will lead to a much-needed regulatory crackdown, crypto CEO Changpeng Zhao warned on Friday. We’ve been set back a few years,” Zhao, the CEO of cryptocurrency exchange Binance, said during a conference in Indonesia. “Regulators, rightfully, will scrutinize this industry much, much harder, which is probably a good thing to be honest,” Zhao said. The Binance CEO accused FTX of “misappropriating” user funds. Bankman-Fried, the 30-year-old crypto wunderkind behind FTX, said on Friday he’s “really sorry” about what happened at his firm.

☆ I make up to $15,000 a month as a freelance locksmith. It only took 6 months to get trained and I use an app to find all my clients.
▼ + stars: | 2022-10-28 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +8 min

Dakota Crownover is a locksmith who makes up to $15,000 a month working on the Jobox app. I'm an independent locksmith who works on the Jobox app, a marketplace for vetted home-service professionals around the US. On average, I make $10,000 a month solely using the Jobox app. Typically, my fee for a locked car is $80, however, being an emergency locksmith means that people will pay premium prices in dire situations. I've learned a lot from using the Jobox app since it helps me manage my income and balance my finances.

☆ I help foreigners get settled in Dubai. There's been a surge in interest from Russians to move to the city — here's what they're looking for.
▼ + stars: | 2022-03-21 | by ( Mark Ellwood | ) www.businessinsider.com time to read: +9 min

We offer all the services that come with starting up in Dubai: visas, taxes, accounting, relocation, real estate. Dubai has been working on its image for many years, and now it's up there with London or Monaco, in my opinion. Russian clients usually speak English, but they'll prefer to deal with Russian speakers. There's a feeling about Dubai that shady people can come here, set up, and get away with itIt's a real process here. In general, Russians prefer villas to apartmentsSince COVID-19, there's been a boom in villas — everyone wants them.

☆ I just tried to buy altcoins in the UK and it was a nightmare. Here's how I ended up with $10 locked in an eToro account — and why I think it's a sign that crypto needs a bear market.
▼ + stars: | 2022-01-31 | by ( Kari Mcmahon | ) www.businessinsider.com time to read: +13 min

The crypto market has dominated headlines as the currency generated stellar returns. Since I was buying crypto in the UK, the process is slightly different than in the US. "eToro Wallet acts as the gateway between the eToro investment platform and the blockchain," said an eToro spokesperson in an email. Crypto needs a bear marketSo with $9.94 of hard-earned cash still sitting in my eToro account, I am left with a bitter taste in my mouth. Some of the most well-regarded crypto products in today's market, such as the FTX exchange and solana, were built in the last crypto winter.

☆ Cadrul legal pentru companiile Fintech. Vezi ce pași trebuie să urmeze pentru a activa în conformitate cu legea
▼ + stars: | 2021-06-04 | by ( Onixmedia Srl | ) diez.md time to read: +7 min

Din acest motiv, dar și pentru a constitui punți de conexiune dintre cele două industrii, Fintech Moldova alături de partenerii săi Bivol Soțchi & Partners organizează o serie de evenimente dedicate sectorului fintech. Ana Chirița, Directoarea Proiectului TEKWILL: „Digitalizarea afacerilor și a serviciilor în cadrul întreprinderilor mici și mijlocii va permite companiilor să se alinieze la schimbările care au loc la nivel global. Industria Fintech reprezintă punctul de legătură dintre instituțiile financiare cu tehnologiile informaționale. În Republica Moldova, autoritățile cu funcții de supraveghere sunt Banca Națională a Moldovei, Comisia Națională a Pieții Financiare și Serviciul Prevenirea și Combaterea Spălării Banilor. Lista webinarilor viitoare poate fi văzută pe site-ul Fintech Moldova (fintech.md) și pot fi urmărite pe pagina de Facebook Fintech Moldova.

Persons: Bivol, Ana Chirița, Ștefan Nistor, Andrei Bivol, Inna Organizations: Bivol, Open, Banca Națională a Moldovei, Națională, Facebook Locations: Moldova, Suediei, Republica Moldova

☆ «Цена биткоина станет шестизначной». Прогнозы на криптовалюту в 2021 году
▼ + stars: | 2021-01-01 | by ( Super User | ) mybusiness.md time to read: +11 min

Что касается ожиданий от 2021 года — биткоин «на луну» уже отправили, теперь очередь за другими монетами. После общественных обсуждений ЦБ России примет решение о методике и функционале цифрового рубля, направлениях его разработки, внедрения и информирования граждан о возможностях его использования. Что касается остальных потерь — то 2021 год однозначно станет годом переосмысления и внедрения дополнительных мер безопасности и кастодиальных сервисов. «Важное новшество 2021 года — появление цифровых аналогов фиатных валют в ряде стран»Руководитель аналитического департамента AMarkets Артем ДеевОдним из главных событий наступающего 2021 года на рынке криптовалют станет динамика биткоина. И третье важное новшество 2021 года — появление цифровых аналогов фиатных валют в ряде стран, в том числе и в России.

Persons: rbc.ru, Федор АнащенковЕсли, Глеб КостаревУходящий, Александр БражниковПредстоящий, Никита ЗуборевОсобенности, Джей Клейтон, Мария СтанкевичЕсли, Артем ДеевОдним Organizations: United Traders, Paypal, SEC, ERC, ETH, BTC, РБККрипто, ЦБ, РАКИБ, РБК Крипто, Чикагская товарная биржа, Центральный Банк Locations: Россия, РФ, ЕС

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