DOJ, SEC charge Sam Bankman-Fried with defrauding investors

The former FTX CEO, who was arrested Monday in the Bahamas, was supposed to appear in front of the House Financial Services Committee on Tuesday. FTX’s current CEO will testify instead.

By Gabrielle Saulsbery • Dec. 13, 2022

Bank of America wants a human bridge for its AI help

The bank aims to allow a human agent to pick up from where a customer leaves a chat with digital assistant Erica, but to let the chatbot finish the interaction, an executive said last week.

By Suman Bhattacharyya • Dec. 12, 2022

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Northern Trust predicts a ‘pause’ in the mainstreaming of crypto

The FTX crisis will prompt "reflection" regarding crypto, an executive said. But Northern Trust still predicts 5% and 10% of its assets under custody will be digital by 2030.

By Lynne Marek • Dec. 12, 2022

SEC wants public companies to disclose crypto risks

Meanwhile, former FTX CEO Sam Bankman-Fried said Friday he would testify Tuesday in front of the House Financial Services Committee.

By Gabrielle Saulsbery • Dec. 9, 2022

Lawmakers to subpoena Bankman-Fried if he doesn’t testify on FTX collapse

Sens. Elizabeth Warren, D-MA, and Tina Smith, D-MN, penned a letter to regulators concerning bank-crypto connections, as another FTX investigation begins.

By Gabrielle Saulsbery • Dec. 8, 2022

Nexo to exit US market after regulator talks hit dead end

The U.K. crypto lender was reportedly in talks with regulators for 18 months to comply with U.S. financial laws.

By Gabrielle Saulsbery • Dec. 6, 2022

International crypto exchanges Bybit, Swyftx see steep staff cuts

The Dubai- and Australia-based companies lack direct exposure to FTX but are feeling the effect of broader market challenges, slashing 30% and 40% of their workforces, respectively.

By Gabrielle Saulsbery • Dec. 6, 2022

Wells Fargo launches new commercial banking platform

Vantage replaces the bank’s two-decade-old Commercial Electronic Office Portal and aims to bring a "consumer-like experience" to Wells' commercial and corporate clients, an executive said.

By Anna Hrushka • Dec. 5, 2022

10 top reads from Banking Dive

If you're new, welcome. Here's a chance to catch up on some of our best work.

By Dan Ennis • Dec. 4, 2022

NYDFS proposes charging crypto businesses for supervision

The fees, up for two comment periods, would help the agency “continue adding top talent to its virtual currency regulatory team,” NYDFS said Thursday.

By Rajashree Chakravarty • Dec. 2, 2022

FTX ex-CEO says he ‘unknowingly commingled funds’

In his first public appearance since his former company's collapse, Sam Bankman-Fried said he doesn’t think he has criminal liability, but what happens with him is “not the important part.”

By Gabrielle Saulsbery • Dec. 1, 2022

Kraken cuts workforce by 1,100 people

Thousands of crypto jobs have vanished in 2022 as a result of the ongoing crypto winter, and the Kraken team is back to the size it was a year ago.

By Gabrielle Saulsbery • Nov. 30, 2022

Novo grows customizable small-business banking platform, eyes lending

The fintech, which raised $35 million from GGV Capital last week, announced a new partnership Wednesday with LegalZoom to provide entity formation services to Novo customers.

By Anna Hrushka • Nov. 30, 2022

BlockFi sues Bankman-Fried’s holding company

The lawsuit, to recover shares in Robinhood, came the same day BlockFi filed for Chapter 11 bankruptcy protection, in part because of its exposure to FTX, which Bankman-Fried founded.

By Gabrielle Saulsbery • Nov. 29, 2022

Kraken settles with Treasury Department for $362K

The platform avoided the maximum penalty of $272 million because it self-reported, the Office of Foreign Assets Control said.

By Gabrielle Saulsbery • Nov. 29, 2022

BlockFi files for bankruptcy amid FTX contagion

The crypto lender has initiated a cost-cutting plan that involves “major layoffs,” according to Decrypt. Monday’s announcement follows earlier rumors that the company had been mulling bankruptcy.

By Gabrielle Saulsbery • Nov. 28, 2022

State regulators probe Genesis for securities violations

Regulators are investigating whether the company influenced residents to invest in crypto securities through its platform without having the right registrations, an Alabama official said.

By Gabrielle Saulsbery • Nov. 28, 2022

Why banks need hyperautomation now more than ever

Worries about recession, the need to drive cost down and a desire to accelerate risk initiatives has many banks thinking hard about how to seize the benefits of hyperautomation quickly and efficiently.

Nov. 28, 2022

Regulatory challenges more prominent in eyes of fintech industry leaders this year

Private firms are adopting a more defensive posture, delaying new funding rounds, planning for modest growth and addressing regulatory risks, according to a report.

By Gabrielle Saulsbery • Nov. 23, 2022

Payitoff CEO, spouse became ‘walking testimonial’ for student debt management

“If I'm in a bank, I would want to learn everything I could from these fintechs, whether it's partnering with them, buying them ... because everything's on discount,” CEO Bobby Matson said.

By Rajashree Chakravarty • Nov. 23, 2022

JPMorgan’s crypto wallet trademark is approved

The green light comes more than two years after the bank submitted paperwork to the U.S. Patent and Trademark Office, and runs counter to CEO Jamie Dimon’s opinion on virtual currencies.

By Dan Ennis • Nov. 22, 2022

Neobank GloriFi shuts down following turbulent launch

The Dallas-based fintech attributed the shutdown to “startup mistakes, reputation attacks, the declining economy, and multiple negative media stories.”  

By Anna Hrushka • Nov. 22, 2022

FTX owes more than $3 billion to its top 50 creditors

The bankrupt crypto exchange has launched a strategic review of global assets to prepare for the sale or reorganization of some businesses.

By Gabrielle Saulsbery • Nov. 21, 2022

BM Technologies’ acquisition of Seattle community bank pushed to 2023

The deal would, over time, create a $2 billion-plus institution, and regulators want more details on the infrastructure that would support that growth, CEO Luvleen Sidhu said.

By Anna Hrushka • Nov. 21, 2022

Can Congress come together on crypto?

Perhaps even a divided Congress can make bipartisan headway in crafting a regulatory framework for crypto following FTX’s failure.

By Lynne Marek • Nov. 18, 2022