The Swiss financial regulator, Finma, has attributed the downfall of Credit Suisse to its compensation systems. According to a report by Finma, the bank’s bonus system failed to prevent losses or encourage good behavior. The report also highlighted governance issues as a major factor in the bank’s collapse.Finma stated that it had utilized all available […]
Ripple and Metaco, two companies driving the adoption of the XRPL (XRP Ledger), are joining forces to offer tokenization and digital custody solutions to global banks. The recent appointment of Adrien Treccani, former CEO of Metaco, as Senior Vice President of Product at Ripple suggests a possible evolution in the operational strategy between the two […]
Hex Trust, an institutional-grade digital asset custodian, has integrated MetaMask Institutional (MMI) into its platform to provide users with direct access to over 17,000 decentralized finance (DeFi) applications. This integration aims to simplify DeFi portfolio management for clients while ensuring compliance with regulatory standards.MMI offers various advanced features, including comprehensive portfolio management, robust transaction reporting […]
The UBS, a Swiss bank, aims to establish a stronger presence in the US investment banking sector, but it currently plays second fiddle to Wall Street giants. Despite its ambitions, the UBS acknowledges that it will likely remain behind the market leaders in the near future. The bank has taken steps to expand its investment […]
Major financial firms such as JPMorgan and HSBC are increasing their involvement in blockchain technology, signaling a growing acceptance of distributed ledger technology (DLT) in traditional finance. In November, both JPMorgan and HSBC made significant moves in the blockchain space.JPMorgan executed its first decentralized finance (DeFi) trade on a public blockchain on November 3, demonstrating […]
Major applicants for a spot Bitcoin exchange-traded fund (ETF) in the United States are amending their filings to comply with the cash redemption model demanded by securities regulators. Investment manager BlackRock and Cathie Wood’s ARK Invest have updated their S-1 registration statements for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).The […]
The Swiss Financial Market Supervisory Authority (FINMA) has released its report on the Credit Suisse crisis, calling for more sanctioning powers, stricter regulatory standards, and the ability to impose additional capital requirements.In its report on the collapse of Credit Suisse in March 2023, FINMA assesses the events at the bank and the strategic errors that […]
The world’s largest asset manager, BlackRock, has filed an updated proposal for a spot Bitcoin exchange-traded fund (ETF) in the hopes of securing approval from the Securities and Exchange Commission (SEC). The revised proposal includes cash creation and redemption mechanisms favored by the SEC, addressing concerns about investor safety and market manipulation.BlackRock is among several […]
BlackRock, the world’s largest asset manager, has filed a revised proposal for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The update includes the introduction of cash creation and redemption mechanisms, which aligns with the SEC’s preference for safer and more accessible options for investors. This adjustment addresses regulatory […]
The Commodity Futures Trading Commission (CFTC) has reached a settlement with CZ Zhao, the former CEO of Binance, and Binance itself, following a legal action against the cryptocurrency exchange. The US District Court for the Northern District of Illinois has authorized the settlement, which requires CZ Zhao to pay $150 million and Binance to pay […]
