Issue #394 - Very Important People & Scandals December 15th, 2022

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Sam Bankman-Fried and Changpeng Zhao made headlines the past week: both founders were involved in some “scandals” – even if in different ways.

After the dramatic collapse of FTX, Bankman-Fried was arrested in the Bahamas and has to face US regulators. Nevertheless, he keeps saying that Zhao played him and that the collapse was mainly due to a lack of concentration. In the meantime, the founder and CEO of Binance, Changpeng Zhao, has to defend Binance – the largest crypto exchange in the world: after a recent audit, investors discovered that the platform does not have enough reserves to cover people’s investments.

Also Elon Musk could be in trouble: after the announcement that he wants to turn Twitter into a payment platform, US regulators are working on an act that can reduce the freedom of companies that want to offer banking services without being banks.

Scandals in the crypto space continue, with many companies facing the tough financial situation of the market.

Fintech is still strong, with many companies and startups looking for solutions that can mitigate the strong effects of a global economic crisis and high inflation.

This and much more in this number of FinTech Weekly, the free newsletter that help you stay on top of fintech business solutions and conferences.

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