Crypto Bank Silvergate Pays $63m to Settle Regulator Charges

?? NEWS HIGHLIGHT

• Crypto bank Silvergate pays $63m to settle regulator charges.

The parent company of crypto-focused bank Silvergate has agreed to pay $63 million to settle US regulatory charges about its anti-money laundering programme and the losses sustained during the collapse of FTX.

Silvergate Capital Corp., former CEO Alan Lane and former chief risk officer Kathleen Fraher, were charged by the Securities and Exchange Commission with misleading investors about the strength of its bank secrecy act and AML compliance programme and the monitoring of crypto customers.

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NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS

???? NATIONAL HIGHLIGHTS

?? Wise says some customers affected by Evolve Bank data breach.

?? New York BNPL bill is dead, for now.

?? CCG Catalyst’s released a research report on Open Banking 2024 in the US.

?? Chime to buy Salt Labs for as much as $173 million in push to expand ahead of possible IPO.

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FINTECH

FinTech Company Clair Partners With Check to Seamlessly Offer On-Demand Pay, Empowering Employers to Offer Free, Compliant Wage Advances to Their Workforces.

US start-up Arrow emerges from stealth aiming to streamline healthcare payments. Founded in 2020 and headquartered in New York, Arrow says its payments solutions feature advanced error detection, predictive analytics, denial management, and comprehensive visibility into revenue cycles.

With Google Wallet replacing Fitbit Pay in July, the newer service is rolling out support for American Express cards, and adds support for Hotel keys: As Fitbit owners made the switch to Google Wallet, they noticed a lack of American Express support.

PAYMENTS

Australia Outpaces US in Online BNPL Adoption Nearly 3 to 1. The results revealed that only a small fraction of consumers paid for their most recent eCommerce purchase using BNPL roughly 1% in most countries surveyed.

OPEN BANKING

Trovata, the global leader in corporate banking APIs, announces the launch of its new Multibank Connector which includes the most extensive library of direct-to-bank APIs to power financial services worldwide.

DIGITAL BANKING

BlueVine rolls out cashback credit card for SMEs. In addition to earning unlimited 1.5% cash back on all business purchases with no annual fee,2 Bluevine Business Cashback Mastercard.

CRYPTO

SpacePay Accelerates Global Crypto Adoption, Aiming To Be Number One Crypto Payments Provider. One need only look at the proliferation of crypto cards by giants such as Visa or MasterCard.

Coinbase + Stripe team up to expand global adoption of crypto. The partnership will launch with three key integrations designed to increase onchain adoption and provide faster, cheaper financial infrastructure

DONEDEAL

US RegTech Norm Ai raises $27 million. The company has developed a proprietary language to represent government regulations and corporate policies as decision trees that become executable computer programs through the use of large language models.

M&As

Investment app Robinhood is adding more AI features for investors with its acquisition of AI-powered research platform Pluto Capital, Inc. The company says that Pluto will allow Robinhood to add tools for quicker identification of trends and investment opportunities, help guide users with their investment strategies, and offer real-time portfolio optimization.