Big Banks Threaten To Sue OCC Over Crypto Rules, Citing Threats To Financial ...

Federal Reserve Chairman Jerome Powell emphasized on Wednesday that technology transformation is here to stay in the financial sector and that new regulations will be required. Powell revealed some insight into how the United States would govern the market during a presentation at the Bank of International Settlements Innovation Summit on central bank digital currencies. The digital age was not taken into consideration when establishing our current regulatory structures, the Fed official said. “There will be revisions to current laws and regulations, as well as the creation of wholly....

With many crypto exchanges in South Korea now on a precipice as a new regulatory framework kicks in, some are threatening to sue the government over its alleged shirking of key responsibilities. With the implementation of new rules from South Korea’s Financial Services Commission (FSC), many smaller cryptocurrency exchanges in the country fear they will be forced to shut down. These rules require each exchange to prove that it has a real-name account held at a Korean bank by Sept. 24, 2021 — the hitch being that domestic banks are refraining from engaging in any risk assessment for....

US Regulators are scrutinizing the Swift payment network in light of the recent heists which have taken place. That is not a complete surprise, as there is plenty of cause for concern. Things have gotten so dire; the US regulators have warned banks about more imminent threats to their cyber security. Ever since the various Swift breaches became public knowledge, there has been a lot of concern among financial regulators. Albeit the hackers used smaller banks to gain access to the Swift network, regulators feel the interbank protocol is no longer safe. Swift Is Not Adequately Protecting Its....

The crypto industry is always subject to different kinds of security threats, with hackers and scammers developing new methods every now and then. As crypto adoption grows, so do the threats facing digital asset owners.  While recent data have shown that crypto hacks regarding Web3 and DeFi platforms have been falling in the first half […]

Five banks in Russia have undergone a DDoS-attack according to Artyom Sychev, Deputy Director of the General Directorate of Security and Information Protection of Russia’s Central Bank. However, the regulator had warned banks in advance about the cyber attack planned for September26. "Last Saturday monitoring channels received information that, obviously, several major financial institutions will be attacked,” said Sychev. “We contacted with banks and gave them the possible details of how the attack will take place.” Banks were able to escape harm as the attack did not affect banking....