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US Justice Department Disbands Crypto Crime Task Force: Impacts on the Digital Currency Landscape
The US Department of Justice (DOJ) has disbanded its specialized cryptocurrency enforcement team, signaling a shift away from rigorous prosecution in the digital asset space. Deputy Attorney General Todd Blanche stated that the DOJ does not aim to be a digital assets regulator, focusing instead on targeting fraud and criminal activities involving cryptocurrencies. This decision aligns with the Trump administration’s efforts to support the crypto industry, reversing some Biden-era initiatives. The National Cryptocurrency Enforcement Team will be dissolved, and the Market Integrity and Major Frauds Unit will also decrease its focus on cryptocurrency, prioritizing other issues like immigration fraud.
Lendo Secures $690M Financing from J.P. Morgan: Revolutionizing Saudi Debt Crowdfunding
Saudi Arabia’s fintech sector is gaining momentum with Lendo, a leading debt crowdfunding platform, securing a $690 million (SAR 2.6 billion) warehouse facility led by J.P. Morgan. Lendo specializes in Shariah-compliant crowdlending for small and medium-sized enterprises (SMEs), connecting businesses with investors seeking short-term returns. With over SAR 2.5 billion ($667 million) facilitated in more than 5,000 transactions, Lendo plans to expand its lending capacity and introduce new products, aligning with Saudi Vision 2030’s goal of increasing SME lending from 4% in 2018 to 20% by 2030. Lendo’s CEO sees this funding as a transformative moment for the fintech ecosystem.
OCC Affirms Legality of Cryptocurrency Operations for U.S. Banks: A New Era for Digital Finance
The Office of the Comptroller of the Currency (OCC) has updated regulations for cryptocurrency activities in the US banking system through Interpretive Letter 1183. It allows national banks and federal savings associations to participate in crypto-asset custody and certain stablecoin activities without needing prior supervisory non-objection. Acting Comptroller Rodney E. Hood emphasized the importance of strong risk management while reducing burdens on banks engaged in crypto. The OCC also retracted previous statements about crypto-related risks, marking a significant shift in the regulatory landscape for cryptocurrency within the banking sector. For further details, visit the OCC’s official website.
Boosting UK Cybersecurity: Capslock’s Nationwide Training Initiative Launches
Nationwide Building Society has teamed up with Capslock to enhance cyber security in the UK through a new training program integrated into its graduate scheme. This 16-week initiative aims to equip participants, regardless of technical background, with essential skills to combat cyber threats, culminating in the Certified Cyber Security Practitioner (Ce-CSP) certification. Andrea Cullen, CEO of Capslock, emphasizes the importance of understanding cyber criminals’ mindsets. Nationwide’s Chief Security Officer, David Boda, highlights the dual benefits of enhancing organizational defenses and contributing to the UK’s cyber security workforce, fostering inclusivity and resilience against evolving threats.
Revolut Faces Record Fine in Lithuania for Compliance Violations: A Major Regulatory Setback
Revolut, a leading London-based FinTech firm, has been fined €3.5 million by Lithuania’s central bank, marking the largest penalty ever imposed by the authority. The fine follows a routine inspection revealing serious deficiencies in Revolut’s anti-money laundering (AML) controls, including inadequate monitoring of business relationships and failures in identifying suspicious transactions. However, no confirmed cases of money laundering were found. Revolut announced its commitment to regulatory compliance and has begun addressing these issues. This fine reflects increasing scrutiny in the FinTech sector, especially regarding compliance practices, as Revolut’s market valuation recently reached $45 billion.
Taulia and Cornèr Group Join Forces to Launch Virtual Cards for Seamless B2B Payments in Switzerland and Liechtenstein
Taulia, a subsidiary of SAP, has partnered with Cornèr Group to introduce Virtual Cards for B2B customers in Switzerland and Liechtenstein. This collaboration aims to enhance payment solutions within the SAP ecosystem by improving spending visibility, streamlining operations, and bolstering spend control. The Virtual Cards will offer businesses increased security, better spend management, and improved working capital efficiency. The launch is expected in the second half of 2025. Executives from both companies expressed enthusiasm for the partnership, emphasizing its potential to modernize B2B payment processes and deliver significant benefits to customers in the region.