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Nov27 - 23

November 2023 Monthly Recap

SEC Charges Crypto Company SafeMoon and its Executive Team for Fraud and Unregistered Offering of Crypto Securities

Washington D.C., Nov. 1, 2023 — The SEC charged SafeMoon LLC, creator Kyle Nagy, SafeMoon US LLC, CEO John Karony, and CTO Thomas Smith for a major fraud involving the unregistered sale of SafeMoon. The Defendants, promising gains, instead caused losses, withdrew over $200 million in crypto assets, and misused investor funds for personal gain. Learn more here.

Governor Hochul Announces Updates to New York’s Nation-Leading Cybersecurity Regulations as Part of Sweeping Effort to Protect Businesses and Consumers from Cyber Threats

Governor Hochul announced amendments to New York’s cybersecurity regulations, enhancing governance and protecting businesses from cyber threats. These changes build on the original regulations’ impact, contributing to a comprehensive effort to improve safeguards for businesses and consumers statewide. Learn more here.

Crypto Fraud Remains Focus of CFTC Whistleblower Program

For the second consecutive year, the majority of whistleblower tips received by the Commodity Futures Trading Commission (CFTC) were related to cryptocurrency fraud. In its Annual Report for the 2023 Fiscal Year, released on October 31, the CFTC disclosed that it received a record 1,530 whistleblower tips. Learn more here.

Enova International, Inc.

On November 15, 2023, the Bureau issued an order against Enova International, Inc., a Chicago-based online lender, for violating the Consumer Financial Protection Act. This involved unauthorized debits from consumers’ bank accounts and failure to honor granted loan extensions. It was the second such action by the Bureau, following a 2019 order against Enova for similar violations. Learn more here.

OFAC Violations & AML Program Deficiencies at MTRA 2023

Bates engages in an on-site conversation at MTRA 2023 with Joseph Cutler, a compliance attorney and Firmwide Chair of the Fintech Industry Group at Perkins Coie LLP. The discussion centers on OFAC violations and typical deficiencies in Anti-Money Laundering (AML) programs. Watch the video here.

NYSDFS Enforcement Action

Payoneer, Inc. is confronted with a $1.25 million penalty and a consent order from NYDFS following concerns related to their sanctions program. Learn more here.

Consumer Financial Protection Bureau’s (CFPB) Proposal

The CFPB’s proposal suggests subjecting companies like Alphabet, Apple, PayPal, and Block’s CashApp to bank-like supervision. CFPB examiners would then assess their privacy protections, executive conduct, and compliance with laws against unfair and deceptive practices. Learn more here.

Cease and Desist Order

The bank has been involved in unsafe or unsound practices, spanning capital, strategic planning, liquidity risk management, project management, books and records, interest rate risk management, IT controls, risk management for new products, and custody account controls. Learn more here.




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