SEC Adopts Proposal for Regulating Use of AI
The U.S. Securities and Exchange Commission (SEC) has enacted a new set of regulations for financial services that use artificial intelligence. The SEC’s proposal is intended to address possible conflicts of interest that may arise due to businesses using AI, predictive data analytics, and related technologies. Although the SEC accepted that AI and predictive technology […]
Canada Unveils New Bank Capital Rules for Crypto Holdings
Canada’s financial watchdog recommends adjusting its capital and liquidity approach to crypto assets. The Office of the Superintendent of Financial Institutions (OSFI) claims that the proposed guidelines, which define four kinds of cryptocurrency assets and their capital classification, will simplify institutions’ approaches to perceived crypto risks. Up to September 20, OSFI allows public comment on […]
Australian Court Orders Meta to Pay $14M for Privacy Breach
A court in Australia fined Meta Platforms 20 million Australian dollars ($14 million) for gathering user data through the smartphone app Onavo. According to a report from Reuters, the Australian Federal Court has ordered Meta, through its subsidiaries Facebook Israel and the abandoned app Onavo, to pay the Australian Competition and Consumer Commission (ACCC) AU$400,000 […]
Binance Withdraws German Crypto License Application
Binance has chosen to withdraw its cryptocurrency license from BaFin’s application in Germany because of the rising regulatory friction in Europe. Binance, the most active cryptocurrency exchange, has withdrawn its application for a license from the BaFin, a German financial authority. This comes after German authorities told it they would not issue it a license […]
Binance Expected to Launch Crypto Services in Japan
Crypto exchange Binance will begin offering full services for Japanese users in August, said its CEO Changpeng Zhao. Following its November 2022 acquisition of Sakura Exchange BitCoin, Binance will reenter the Japanese market for the first time since 2018.After being compelled to leave Japan in 2018 owing to regulatory concerns, the world’s largest cryptocurrency exchange […]