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Fed withdraws guidance on crypto-asset and dollar token activities
The Federal Reserve Board has announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities. These actions ensure the Board's expectations remain aligned with evolving risks and further support innovation in the banking system.
Also, the Board and the FDIC are joining the Office of the Comptroller of the Currency in withdrawing from two 2023 statements jointly issued by the federal bank regulatory agencies regarding banks' crypto-asset activities and exposures. The Board will work with the agencies to consider whether additional guidance to support innovation, including crypto-asset activities, is appropriate.
For details on, and links to, the guidance and joint statements being withdrawn, click HERE to read more on this story.
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Exception Cost Calculator (Free Spreadsheet)
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— Alogent
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SEC charges PGI founder in $198M crypto and FX fraud scheme
The Securities and Exchange Commission has announced charges against Ramil Palafox for orchestrating a fraudulent scheme that raised approximately $198 million from investors worldwide and for misappropriating more than $57 million of investor funds.
According to the SEC's complaint, Palafox's company, known as PGI Global, claimed to be a crypto asset and foreign exchange trading company. From January 2020 through October 2021, Palafox offered and sold PGI Global "membership" packages, which he claimed guaranteed investors high returns from PGI Global's supposed crypto asset and foreign exchange trading and offered members multi-level-marketing-like referral incentives to encourage them to recruit new investors. However, as the complaint alleges, Palafox misappropriated more than $57 million in investor funds to buy Lamborghinis, items from luxury retailers, and for other personal expenses. He also used the majority of the remaining investor funds to pay other investors their purported returns and referral rewards in a Ponzi-like scheme until its collapse in late 2021.
Click HERE for the rest of this story.
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