Banks create guide to manage fintech due diligence

The framework isn’t meant to replace existing regulatory guidance, but rather help banks better implement it, said Alloy Labs Alliance CEO Jason Henrichs.

By Anna Hrushka • Nov. 9, 2022

Brex co-CEO: Fintech took ‘reputation hit’ after dropping customers

Co-CEO and co-founder Henrique Dubugras said he regrets how the company handled its refocus on larger startups. Ultimately, though, the shift cost Brex just 2% of its total revenue from all businesses.

By Caitlin Mullen • Nov. 9, 2022

Explore the Trendline➔

Artificial intelligence

Banks’ focus on AI has shifted from a “cool-toys” mentality to one that sees the technology as a foundational pillar underlying finance and society itself.

By Banking Dive staff

Binance to acquire rival FTX amid ‘liquidity crunch’

FTX founder Sam Bankman-Fried announced the deal two days after Binance CEO Changpeng Zhao said he’d dump his holdings of FTX native coin FTT.

By Gabrielle Saulsbery • Nov. 8, 2022

Goldman launches digital asset classification system

Datonomy is intended to help institutional investors make sense of the new asset class.

By Gabrielle Saulsbery • Nov. 4, 2022

Digital bank Chime cuts 12% of workforce

Chime co-founder and CEO Chris Britt said the move would allow the company to flourish “regardless of market conditions," according to an internal memo.

By Gabrielle Saulsbery • Nov. 2, 2022

Here’s what Brett Harrison expects in the crypto market

The "decade of free money" is ending, but the future is bright, said the former president of FTX US. 

By Gabrielle Saulsbery • Oct. 27, 2022

Warren wants regulators to answer for crypto ‘revolving door’

Five Democrats wrote the SEC, CFTC, CFPB, OCC, FDIC, Fed and Treasury to see how the agencies’ policies keep employees who jump to crypto lobbying roles from exerting undue influence.

By Rajashree Chakravarty • Oct. 27, 2022

Marqeta launches demand deposit accounts in banking push

The company's suite of seven banking products includes early wage access, bill pay and instant funding. The latter two will be available in beta next year.

By Gabrielle Saulsbery • Oct. 25, 2022

Fed disputes allegations of favoritism over BNY Mellon crypto move

The central bank asserts Custodia’s complaint ignores "substantial differences" between the two banks’ business models.

By Anna Hrushka • Oct. 21, 2022

JPMorgan taps ex-Celsius exec for crypto legal post

The bank appears to be expanding its digital assets legal team despite CEO Jamie Dimon’s well-known skepticism. Aaron Iovine began the year at Cross River Bank before an eight-month stint at Celsius.

By Gabrielle Saulsbery • Oct. 19, 2022

Texas securities regulators investigate FTX, Sam Bankman-Fried

FTX shouldn't be allowed to buy Voyager's digital assets while the regulator is looking into whether the company is illegally offering interest-bearing accounts, an enforcement official asserted.

By Gabrielle Saulsbery • Oct. 18, 2022

Climate-conscious neobank Aspiration names new CEO

The leadership transition comes a year after the company announced plans to go public through a merger with special-purpose acquisition company InterPrivate III Financial Partners Inc.

By Anna Hrushka • Oct. 18, 2022

Custodia Bank accuses Fed of favoritism toward BNY Mellon

The Wyoming-based bank said the Fed’s warning last week on crypto is counter to allowing BNY Mellon to hold and transfer digital assets.

By Anna Hrushka • Oct. 13, 2022

4 takeaways from Michael Barr’s DC Fintech Week speech

The Federal Reserve’s vice chair for supervision stressed caution with banks’ ties to crypto and spotlighted what sets stablecoins apart from other digital assets.

By Dan Ennis • Oct. 13, 2022

Gen Z neobank Step launches crypto investing, rewards

The fintech, which claims to have more than 3 million customer accounts, said it is partnering with digital assets infrastructure and regulatory platform Zero Hash to offer transaction and custody services.

By Anna Hrushka • Oct. 12, 2022

Crypto exchange Bittrex to pay $29M to settle AML, sanctions charges

The exchange failed to file any suspicious activity reports for more than three years and allowed customers in Syria, Sudan, Iran, Cuba and the Crimea to make tens of thousands of transactions, two Treasury offices said Tuesday.

By Dan Ennis • Oct. 12, 2022

BNY Mellon set to take clients’ crypto

The move comes more than a year and a half after the bank laid out its intention to hold, transfer and issue digital assets. It received NYDFS approval within the past month.

By Dan Ennis • Oct. 11, 2022

OCC wants more data on banks’ crypto-related activities

Banks are already required to seek the OCC’s non-objection before engaging in crypto activity. But further enhancements may be needed “to track the risk of cross-contagion,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 11, 2022

Celsius co-founder Leon follows Mashinsky out

The crypto lending firm’s chief strategy officer, Shlomi Daniel Leon, has left the company, shortly after fellow co-founder Alex Mashinsky, joining a growing list of recently departed crypto executives.

By Gabrielle Saulsbery • Oct. 5, 2022

Inside Stash’s crypto-winter gamble

The investment app expands access to digital assets, spotlighting a long-term view of the currencies, in the platform's first offering on a new core system.

By Suman Bhattacharyya • Oct. 5, 2022

Crypto bank Anchorage pushes into Asia

Anchorage Digital, valued over $3 billion, established six partnerships across Asia, including in Singapore and Thailand.

By Gabrielle Saulsbery • Oct. 5, 2022

FSOC wants legislation to fill crypto sector oversight gaps

The panel wants regulators to work in tandem to issue rules that would help prevent regulatory arbitrage in the sector.

By Anna Hrushka • Oct. 4, 2022

Digital banks, credit unions should factor into merger reviews: Fed’s Bowman

Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.

By Dan Ennis • Sept. 29, 2022

Celsius CEO, FTX US president resign

Mashinsky’s departure comes amid bankruptcy proceedings his company initiated in July. Harrison’s resignation comes one day after FTX US won the bid to buy Voyager Digital’s assets for $1.4 billion.

By Gabrielle Saulsbery • Sept. 28, 2022

FTX wins bid to buy Voyager’s assets for $1.42B

The deal comes two months after the crypto brokerage accused FTX’s billionaire owner of trying to subvert its bankruptcy process by offering early liquidity to Voyager customers.

By Gabrielle Saulsbery • Sept. 27, 2022