Denying Financial Service Providers To Hide Behind Arbitration Clauses
The traditional financial ecosystem has been on the brink of collapsing for quite some time. To put one more nail in the coffin of traditional finance, it will become much easier for consumers to sue their credit card company in the near future. Right now, credit card companies are protected by an arbitration clause, but that layer of protection could possible fade away in front of their eyes. Suing a credit card company is a daunting task these days, as all of these institutions are protected by an “arbitration clause”. Every individual credit card owner has signed and agreed to this....
Related News
A class-action lawsuit accusing MakerDAO of misrepresenting the risks associated with its DAI stablecoin has been stayed pending arbitration proceedings. A court has agreed with the Maker Ecosystem Growth Foundation that a class-action lawsuit over its ‘Black Thursday’ meltdown should enter into arbitration proceedings.The Maker Foundation filed this motion to compel arbitration in response a lawsuit filed by MakerDAO user Peter Johnson in April after he suffered six-figure losses as a result of the protocol becoming undercollateralized in March.In a September 25 order, Judge Maxine....
Authorities in Belgium have obliged providers of some crypto exchange and wallet services to register with the country’s financial watchdog. Targeted platforms that fail to comply with the new regulations will face fines, among other penalties, including prohibition to carry out their respective activities.
Financial Regulator Imposes Mandatory Registration for Crypto Exchange Service Providers in Belgium
Starting from May 1, 2022, any legal entities established and operating in Belgium that want to provide exchange services between “virtual currencies and legal....
The UN organization is urging countries with emerging economies to implement regulation to head off the potentially destabilizing influence of cryptocurrency. The United Nations Conference on Trade and Development (UNCTAD) released a policy brief Wednesday on cryptocurrency. It is the third brief in a row the agency has dedicated to crypto, and together they represent a detailed assessment of the risks crypto presents for developing economies and options for resolving those risks.UNCTAD Policy Brief No. 102, dated July but newly released, argues that although cryptocurrency can facilitate....
The Financial Superintendence of Colombia presented a project that seeks to bring clarity to how links between banks and virtual asset service providers (VASPs) will be handled in the future. The document defines certain key concepts and determines a set of prerequisites that banks need to verify before accepting virtual asset service providers as customers.
Virtual Asset Service Providers to Be Regulated in Colombia
Regulation is becoming a key goal for countries in Latam, where cryptocurrency adoption is growing at significant rates. Now, the Financial Superintendence of....
Regardless of which email provider a consumer uses today, all of these services are centralized in their very own way. Let’s take internet service provider mailboxes, for example, which are complementary when signing a contract with one of these companies. They offer a handful of free mailboxes to the customer, but there are strings attached that are not....