Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes the latest figures about Amazon’s holiday season and reason for optimism about cross-border sales in 2019. Victims of crypto scams are in for bad news, Morgan Stanley is fined and India sets strict eCommerce rules.
Amazon Has Record-Breaking Holiday Season
The eCommerce giant said customers shopped at record levels for an array of products across every department. Some of the best-selling products of the season were the Echo Dot, L.O.L Surprise! Glam Glitter Series Doll, fashion items from Carhartt and Bose QuietComfort Wireless Headphones.
Local China Merchants Upbeat About 2019 Cross-Border Sales
Despite a trade war between the U.S. and China, local Chinese vendors operating in Yiwu International Trade City are upbeat about 2019.
Crypto Scam Victims Unlikely To Get Their Money Back
The Securities and Exchange Commission and various state regulators have been investigating more than 90 cryptocurrency cases in which investors lost money.
Morgan Stanley Fined By FINRA For Compliance Lapses
The firm agreed to pay $10 million after FINRA contended it had lapses in compliance for more than five years from January of 2001 until April of 2016.
India Targets eCommerce Sites With New Rules
Under the new rules, which go into effect on Feb. 1, India will not allow eCommerce companies to sell products from businesses in which they have an equity interest.
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