The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board have jointly proposed amendments to the recordkeeping and travel rule regulations. They propose to slash the threshold at which financial institutions must collect, retain, and transmit certain information related to international funds transfers and transmittals of funds.
Messaging startup Kik Interactive reached a $5 million settlement with the U.S. Securities and Exchange Commission to resolve charges of running an unregistered offering of digital "Kin" tokens in 2017 that violated the federal securities laws. The SEC had filed a complaint with the U.S. District Court for the Southern District of New York on June 4, 2019.
Cryptocurrency exchange Bitstamp announced the appointment of Gemini executive Julian Sawyer as its new chief executive officer. Sawyer is succeeding co-founder Nejc Kodric, who is transitioning into a new non-executive role as a member of the Bitstamp board. Sawyer brings more than 20 years of banking and fintech experience to Bitstamp.
PayPal has launched a new service that will allow customers to buy, hold and sell cryptocurrency directly from their PayPal account. The move is part of payments firm's plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its merchants worldwide.