The Consumer Financial Protection Bureau (CFPB) has unexpectedly dropped its lawsuit against JPMorgan Chase, Wells Fargo, Bank of America, and Zelle, which accused them of failing to protect consumers from $870 million in losses over seven years. The dismissal, made with prejudice and without explanation, follows efforts by the Trump administration to weaken the agency. This lawsuit stemmed from a Senate investigation led by Senator Richard Blumenthal, highlighting inadequate protections for Zelle users.
about CFPB Drops Lawsuit Against Banks Over Zelle Fraud Protection FailuresRichard
0 posts last weekRecord Growth in Crypto Mobile Wallet Users and Stablecoin Adoption
The number of crypto mobile wallet users reached a record 36 million in Q4 2024, reflecting a shift towards active engagement in decentralized finance (DeFi), NFTs, and blockchain applications. Global cryptocurrency ownership hit 560 million, with stablecoin supply increasing by 18% to nearly $200 billion, and trading volume surging to $30 trillion. As regulations for stablecoins expand, the demand for mobile wallets and DeFi services continues to grow, despite ongoing security threats targeting users.
about Record Growth in Crypto Mobile Wallet Users and Stablecoin AdoptionBinance Faces Legal Challenges Over Money Laundering Allegations in France
Binance faces a new legal challenge in France, where authorities have opened an investigation into allegations of money laundering and tax fraud linked to drug trafficking, covering the period from 2019 to 2024 across the EU. The exchange, which has been scrutinized globally, denies the allegations and plans to contest any charges. Following a settlement with the US government in 2023, Binance has increased its compliance team significantly, aiming to enhance regulatory adherence.
about Binance Faces Legal Challenges Over Money Laundering Allegations in FranceBinance CEO Predicts Bitcoin All-Time High in 2025 Amid Regulatory Changes
Binance CEO Richard Teng predicts that bitcoin will reach a new all-time high in 2025, driven by regulatory changes under President Trump. He highlights the administration’s focus on digital finance innovation and the formation of a task force by the SEC to clarify crypto regulations.Teng notes a growing pro-crypto sentiment among U.S. lawmakers and mentions Trump’s pledge for a U.S. strategic bitcoin reserve, suggesting these developments will provide the industry with the certainty needed for sustainable growth.
about Binance CEO Predicts Bitcoin All-Time High in 2025 Amid Regulatory ChangesBinance Facilitates 26 Billion Dollars in Remittances Saving Users 1.75 Billion Dollars
Binance facilitated $26 billion in peer-to-peer remittances from 2022 to 2024, saving users $1.75 billion in fees through its fee-free Binance Pay feature. This initiative has empowered over 500,000 women and highlights the growing adoption of crypto as a solution to the inefficiencies of traditional finance. With global remittance volumes projected at $913 billion in 2024, Binance’s approach offers a cost-effective alternative for migrant workers, enabling them to send money home without the high fees and delays associated with conventional methods.
about Binance Facilitates 26 Billion Dollars in Remittances Saving Users 1.75 Billion DollarsLykke Business Bankrupt Richard Olsen Faces Legal and Financial Troubles
Lykke Business, the crypto trading platform, was declared bankrupt on December 16, with founder Richard Olsen facing accusations of misappropriating customer funds and delaying the company’s closure. Despite claiming financial strength, Olsen’s assets reportedly stand at zero, raising questions about his financial management and intentions to save the company. Legal actions are being considered by affected customers, while the authorities must navigate this complex case in Switzerland’s first major crypto scandal.
about Lykke Business Bankrupt Richard Olsen Faces Legal and Financial TroublesFinnish Police Seize 2.6 Million Dollars in Watches from Hex Founder
Finnish police seized luxury watches valued at $2.6 million from Richard Schueler, founder of Hex, who is wanted for tax fraud and assault. The confiscation included 20 Rolexes found in Espoo, with allegations of unpaid taxes reaching several hundred million euros. Schueler also faces a lawsuit from the SEC for issuing unregistered securities and misusing investor funds.
about Finnish Police Seize 2.6 Million Dollars in Watches from Hex FounderFinnish Police Seize Luxury Watches from Hex Founder Richard Heart
Finnish police seized luxury watches valued at $2.6 million from Hex founder Richard Schueler, also known as Richard Heart, who is wanted for tax evasion. Interpol issued a red notice for Schueler over tax fraud and assault allegations, while the SEC has charged him with conducting unregistered securities offerings exceeding $1 billion. The investigation revealed misuse of funds for luxury goods, including a rare black diamond.
about Finnish Police Seize Luxury Watches from Hex Founder Richard Heart