Another Regulator Talks ‘Gatekeepers’

gatekeepers

We’ve seen a lot of mess in the cryptocurrency world lately. Last week a leading voice on the Commodity Futures and Trading Commission called for one specific group to step up and do better with this bedraggled bit of the finance industry: gatekeepers. CFTC commissioner Christy Goldsmith Romero, a Democratic appointee and head of the…

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Lessons From Coinbase’s Compliance Flop

Coinbase

Another week, another scandal in the cryptocurrency world that offers lessons in corporate compliance for the rest of us. This time around the culprit is trading platform Coinbase, which just agreed to pay $50 million to New York state regulators and to spend another $50 million over the next two years to improve  its compliance…

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The One Super-Big Lesson of FTX

FTX

People keep asking me what lessons the compliance and audit community might learn from the spectacular collapse of cryptocurrency platform FTX Corp. The more I contemplate FTX’s shortcomings, however, the more I believe the answer to that question is simply “all of them.”  Just read the bankruptcy petition filed on Nov. 17 by newly named…

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A GRC Analysis of FTX Implosion

FTX

I try to avoid writing about the cryptocurrency business because it’s such an isolated field, led by oddballs and filled with esoteric operations not really relevant to compliance professionals here in the non-crypto world. The bankruptcy of crypto exchange FTX, however, is an exception — a story that’s flat-out crazy, with compliance lessons galore. For…

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The Bittrex Sanctions Settlement

bittrex

Before we all rush into the weekend, compliance officers should take a look at that enforcement action against cryptocurrency platform Bittrex that was announced earlier this week. It offers some valuable lessons about building a sanctions compliance program on the fly and what regulators expect crypto firms to do for sanctions risk. The enforcement action…

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Robinhood Crypto Compliance Meltdown

robinhood

New York financial regulators have issued a scorcher of an enforcement action against Robinhood, hitting the online trading app with a $30 million for allowing a weak compliance program that, in turn, allowed a wide range of other compliance failures. The New York Department of Financial Services (DFS) announced the sanction on Tuesday. The precise…

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SEC Launches Crypto Push

crypto

The Securities and Exchange Commission made three notable enforcement moves in the cryptocurrency world last week, clearly sending a signal to this Wild West part of the capital markets that the SEC wants to bring some law and order to town. First, the agency announced that it is adding 20 enforcement agents to its cyber…

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Binance Compliance Hiring Spree

Binance

The chief executive of cryptocurrency exchange Binance just published an interesting statement, promising to double the size of the firm’s compliance team by the end of this year and to invest in various other compliance program efforts — all while regulators around the world are putting Binance and its operations under a microscope. Changpeng Zhao,…

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