The U.K.’s financial watchdog is warning social media influencers against making misleading financial services promotions. The Financial Conduct Authority (FCA) on Tuesday (March 26) issued guidelines aimed at social media advertising, telling influencers they could be breaking the law by promoting financial products without regulatory approval. “Any marketing for...
Sigue Corp. has stopped its money transmission activities after being ordered to do so by financial regulatory agencies from 39 states, Puerto Rico and the District of Columbia. “We are no longer processing new money transfers, money orders or bill payment transactions through agents, branches or...
The European Commission (EC) is reportedly set to launch full-scale investigations of tech giants Apple and Google, looking into their compliance with the EU’s new Digital Markets Act (DMA). The probes are expected to be announced within days, Bloomberg reported Thursday (March 21). The investigations will primarily focus on the new fees, terms...
House Financial Services Committee (HFSC) Chairman Patrick McHenry (R-N.C.) said Thursday (March 21) that the Basel III Endgame proposal and other projects threaten to give global governance bodies authority over American financial regulation. This threatens to weaken the country’s standing on the global stage, McHenry said in opening...
The Federal Trade Commission (FTC) will hold a virtual hearing on April 24, allowing interested organizations to provide oral statements on the agency’s proposed rule to prohibit junk fees. The hearing will address the FTC’s proposed Rule on Unfair or Deceptive Fees, which was announced...
The Ethereum Foundation, a Swiss nonprofit at the heart of the Ethereum ecosystem, is reportedly under investigation by an undisclosed “state authority.” The investigation was disclosed Feb. 26 on the group’s GitHub repository, CoinDesk reported Wednesday (March 20). A commit on the Ethereum Foundation’s GitHub repository, showing a change made...
Under the EU’s Digital Market Act (DMA), which is intended to increase competition in the digital economy, Big Tech innovations — coming from both the U.S. and abroad — are finding themselves reshaped as companies scramble to comply with the new set of regulations which...
Social media platforms like TikTok have transformed into vital sources of financial information, particularly for millennials and Gen Zs, with nearly 80% of these demographics seeking advice through these channels. This shift toward these platforms has democratized access to financial knowledge, breaking down traditional barriers and fostering...
A top federal prosecutor is reportedly targeting startups that defraud investors ahead of going public. Ismail Ramsey, U.S. attorney for the Northern District of California, told Reuters in an interview published Tuesday (March 19) that his office’s proximity to Silicon Valley and its investor community...
