Binance names new CEO after taking $4.3B in penalties

“I made mistakes, and I must take responsibility," the crypto exchange's founder Changpeng Zhao tweeted. "This is best for our community, for Binance, and for myself."

By Gabrielle Saulsbery • Nov. 22, 2023

Binance CEO to step down: reports

Changpeng Zhao, the founder and CEO of the world's largest crypto exchange, will step down and plead guilty to AML charges, Forbes and WSJ reported.

By Gabrielle Saulsbery • Nov. 21, 2023

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Customer service

Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.

By Banking Dive staff

SEC sues Kraken for commingling funds, failing to register

The Securities and Exchange Commission has added another suit to its list of ongoing legal complaints against cryptocurrency firms.

By Gabrielle Saulsbery • Nov. 21, 2023

5 takeaways from Michael Barr’s remarks at The Clearing House conference

The Fed's vice chair for supervision expressed optimism about FedNow’s benefits while making the case for the central bank's contentious capital-requirements proposal.

By Suman Bhattacharyya • Nov. 20, 2023

Neobank HMBradley to wind down retail operations in B2B pivot

After failing to hit growth targets, the fintech is shutting down its consumer operations and looking to sell its technology to banks.

By Anna Hrushka • Nov. 16, 2023

Refine Intelligence raises $13M with novel approach to AML

Wayne, New Jersey-based Valley Bank took a chance on Refine as its first customer. What it saw inspired an investment from Valley Ventures, the bank’s VC arm.

By Gabrielle Saulsbery • Nov. 15, 2023

The Clearing House nabs top Fed official

The hire is tasked with boosting adoption of The Clearing House’s RTP real-time payments system, as the central bank's rival FedNow system seeks to attract users.

By Tatiana Walk-Morris • Nov. 14, 2023

FTX sues Bybit for $953M

The bankrupt crypto exchange accused Bybit of holding hundreds of millions of dollars in assets “hostage” after they were transferred off FTX by Bybit affiliate Mirana shortly before FTX’s collapse.

By Gabrielle Saulsbery • Nov. 14, 2023

Celsius bankruptcy plan approved

At its peak, Celsius purported to hold $25 billion in assets, and its failure was one of crypto's biggest before the fall of FTX four months later. It expects to emerge from Chapter 11 in early 2024.

By Gabrielle Saulsbery • Nov. 10, 2023

A year after ChatGPT’s launch, how do banks stack up?

JPMorgan is showing its controls to regulators but is reluctant to label anything a "product." Goldman, meanwhile, is working on a dozen projects incorporating generative AI.

By Dan Ennis • Nov. 10, 2023

HSBC eyes non-crypto digital asset custody in 2024

The British bank will use technology from Metaco — which Ripple has agreed to buy — to store bonds and other securities in a move meant to complement HSBC’s Orion platform, which will issue digital assets.

By Dan Ennis • Nov. 8, 2023

Half of CFTC’s 2023 enforcement actions had crypto ties

Of the Commodity Futures Trading Commission's 96 enforcement actions charging fraud, manipulation, and other violations in fiscal 2023, 47 were against players in the digital asset space.

By Gabrielle Saulsbery • Nov. 8, 2023

Regions Bank partners with credit-building fintech

Through a new partnership with Self Financial, Regions customers can have their rent, cell phone and utility payments reported to the three major credit bureaus.

By Anna Hrushka • Nov. 7, 2023

Truist CFO: Structure reorg is key to $750M cost-cutting plan

CFO Mike Maguire says the bank is making good progress, as it grapples with a string of high-profile executive departures.

By Suman Bhattacharyya • Nov. 7, 2023

Former FTX CEO found guilty on 7 counts

Nearly a year after FTX's collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28.

By Gabrielle Saulsbery • Nov. 2, 2023

PayPal’s new CEO promises improvements

Alex Chriss, who took the top post in September, tapped a new chief financial officer Wednesday and pledged to better focus the digital payment company's strategy.

By Lynne Marek • Nov. 2, 2023

Funding Circle gets long-awaited shot at SBA lending

Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first nondepository institutions to be granted new Small Business Lending Company licenses in 40 years.

By Anna Hrushka • Nov. 1, 2023

Do Kwon wants SEC suit tossed

Attorneys for Kwon, the once-fugitive founder of Terraform Labs, said that the Securities and Exchange Commission has yet to prove he did anything wrong.

By Gabrielle Saulsbery • Oct. 31, 2023

What bank, fintech execs are saying about AI

Ahead of the Biden administration’s landmark executive order unveiled on Monday, banks and fintech executives discussed AI use cases and implications at Money20/20 last week.

By Anna Hrushka , Gabrielle Saulsbery • Oct. 30, 2023

Digital Twins: Catalyzing AI for financial risk management

As banks look to the future, the strategic integration of AI and Digital Twin models will provide banks with the accuracy and foresight needed to navigate the ever-evolving financial landscape. 

Oct. 30, 2023

A look at Week 4 of the Sam Bankman-Fried trial

Bankman-Fried admitted that FTX didn't turn out how he expected: "A lot of people got hurt," he said. But he said he didn't defraud anyone.

By Gabrielle Saulsbery • Oct. 27, 2023

On the stand, Bankman-Fried blames FTX counsel

The founder of the collapsed crypto exchange said his use of funds at the core of fraud charges against him was cleared by lawyers.

By Robert Freedman • Oct. 27, 2023

Capital One leapfrogs Citi in small-biz banking satisfaction

A J.D. Power study found that the small-business owner satisfaction index has jumped due to improved digital experience and in-person support channels.

By Rajashree Chakravarty • Oct. 26, 2023

Payments infrastructure fintech Finzly raises $10M Series A

CEO Booshan Rengachari built Finzly out of inspiration he found from watching banks struggle with the inefficiencies of old technology.

By Gabrielle Saulsbery • Oct. 25, 2023

Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024

While elevated interest rates continue to hammer traditional firms, banking-as-a-service remains a strong business model for tech-savvy firms who have fostered partnerships with fintechs, Gilles Gade said at Money20/20.

By Anna Hrushka • Oct. 25, 2023