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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-11-15T21:02:00
The collapse and bankruptcy of digital asset exchange FTX offers stark lessons into why rules that apply to traditional investments—overseen by government regulation—ought to apply to digital investments as well.
As recently as Nov. 6, FTX, founded in 2019 by Sam Bankman-Fried, was one of the world’s largest digital asset exchanges, with $16 billion in assets under its control. By Nov. 11, the company filed for bankruptcy following a week in which investors and customers demanded to cash out their investments and sell their FTX tokens (FTT), all at once.
Even for the cryptocurrency industry, which has become accustomed to wild swings in value, the speed of FTX’s fall was stunning. What happened?
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News and analysis for the well-informed compliance or audit exec.
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2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
2023-01-20T20:39:00Z By Aaron Nicodemus
Christy Goldsmith Romero of the Commodity Futures Trading Commission called out gatekeepers—lawyers, accountants, auditors, compliance professionals, and others—for failing customers in the unregulated cryptocurrency market.
2023-01-13T17:21:00Z By Aaron Nicodemus
The Securities and Exchange Commission accused two cryptocurrency firms, Genesis Global Capital and Gemini Trust Company, with selling a crypto lending product to investors as an unregistered security.
2024-06-17T21:11:00Z By Jeff Dale
Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.
2024-05-22T16:29:00Z By Aly McDevitt
Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.
2024-05-16T13:43:00Z By Kyle Brasseur
Regulators and government agencies often speak to the value of empowered corporate compliance programs to advancing their mission. Why not practice what they preach by empowering compliance among their own ranks?
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