Regulatory Updates
US Judge finds New California Election Deepfake Law Unconstitutional and imposed Preliminary Injuction against Assembly Bill 2839
On 2 October 2024, U.S. District Judge John A. Mendez by its order issued a preliminary injunction against California’s newly enacted law, Assembly...
U.S. SEC Announces Departure of Enforcement Director Gurbir S. Grewal, Names Acting Leadership
On 2 October 2024, the U.S. Securities and Exchange Commission (US SEC) announced the resignation of Gurbir S. Grewal, Director of the Division of...
Barclays Bank Settles with US CFTC Over Five Million Misreported Swap Transactions, Agrees to US$4 Million Penalty
On 30 September 2024, the United States’ Commodity Futures Trading Commission (US CFTC) announced that Barclays Bank PLC had reached a settlement in response to charges of violating several key reporting regulations under the United States Commodity Exchange Act. These violations occurred between 2018 and 2023 and involved Barclays’ failure to accurately and timely report over five million swap transactions. These errors, which resulted from systemic deficiencies in Barclays’ reporting systems, impacted the US CFTC’s ability to assess market exposure, monitor compliance, and maintain market integrity.
Singapore High Court Grants Zettai Pte. Ltd. Four-Month Moratorium Amidst Cryptocurrency-Related Financial Crisis
On 27 September 2024, the High Court of the Republic of Singapore issued an order in the ongoing case of Zettai Pte. Ltd., a company undergoing...
Crypto ATM Operator Pleads Guilty to Unregistered Network and Money Laundering Offences
On 30 September 2024, the UK Financial Conduct Authority (UK FCA) made a landmark announcement regarding the conviction of Olumide Osunkoya, who...
UK FCA & BoE unveils Digital Securities Sandbox: Opens Applications for Innovation and Real-World Testing
On 30 September 2024, the Bank of England and the UK Financial Conduct Authority (UK FCA) launched the Digital Securities Sandbox (DSS) and...
US CFTC Charges Fake Commodity Trading Platform with Fraud and Misappropriation in Scheme Targeting Asian Americans
On 27 September 2024, the United States’ Commodity Futures Trading Commission (US CFTC) filed a civil enforcement action in the U.S. District Court...
US CFTC’s Division of Clearing and Risk to Hold Roundtable on New and Emerging Clearing Issues
On 27 September 2024, the United States’ Commodity Futures Trading Commission (US CFTC)'s Division of Clearing and Risk announced a public...
US FinCEN & US Treasury Takes Coordinated Actions Against Illicit Russian Virtual Currency Exchanges and Cybercrime Facilitators
On 26 September 2024, the United States’ Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury, passed an...
Singapore High Court Orders WazirX & Zettai Pte. Ltd. to Address Creditors’ Queries Amid Ongoing Moratorium Dispute
On 25 September 2024, in moratorium hearing before the High Court of Singapore, Zettai Pte. Ltd. was enquired with several questions. The...
UK FCA Proposes Consultation Paper to Safeguard Customer Funds in Payments and E-Money Firms
On 26 September 2024, the United Kingdom’s Financial Conduct Authority (FCA), published a consultation paper (CP24/20), to address the existing...
MAS Establishes International Advisory Panel to Strengthen Cyber and Technology Resilience
On 25 September 2024, the Monetary Authority of Singapore (MAS) announced the formation of Singapore’s new Cyber and Technology Resilience Experts...