Fraud Loss Prompts Lender Cred To File Chapter 11

Dubai International Finance Centre (DIFC) has announced that Ripple has set up its new headquarters in the Centre, a press release says.

According to the release, Ripple chose DIFC for its “innovative regulations, expansive network and reputation as a leading global financial centre,” according to the release, with the two companies “aligned” in their visions for the future.

Arif Amiri, chief executive officer of DIFC Authority, said the addition of Ripple would help both organizations “advance the use of blockchain in Dubai, UAE and the region, and accelerate the Emirates Blockchain Strategy 2021,” according to the release.

Cred, a crypto lender, has filed for bankruptcy after reporting fraudulent activity earlier this year, CoinDesk reports.

The lender published a letter with little information in October, saying that it had experienced “irregularities” through the handling of some funds by a “perpetrator of fraudulent activity.” The report says Cred was advised by counsel to suspend inflows and outflows for now from its CredEarn program.

Trading platform Uphold would later say it had discontinued its relationship with Cred.

South Korea’s Financial Services Commission (FSC) has begun seeking amendments to make it legal for virtual asset service providers (VASPs) to report their customers’ names in that country, a report from CoinDesk says.

The move, a proposed update to the Act on Reporting and Using Specified Financial Transaction Information, is an attempt to fight against money laundering.

If the changes go through, VASPs will be required to use real-name accounts with their financial transactions with customers, along with provisions requiring VASPs to open real-name accounts with financial institutions, to keep customer data apart from their own and get data security certifications from the Korea Information Security Agency.

Tyler Winklevoss, the co-founder of crypto exchange Gemini, said recently that the tweet from U.S. Federal Reserve Chair Jerome Powell advising more money printing meant that purchasing Bitcoin was a good idea.

According to Cointelgraph, Powell had been responding to a news conference after the Fed’s Nov. 5 meeting, in which Powell said again that the resources to support the economy weren’t expended yet. He said it would be more positive with more financial aid. Bitcoin proponents have warned before about the impact of short-term tinkering with the economy represented by the large public debt increase.



New forms of alternative credit and point-of-sale (POS) lending options like ‘buy now, pay later’ (BNPL) leverage the growing influence of payments choice on customer loyalty. Nearly 60 percent of consumers say such digital options now influence where and how they shop—especially touchless payments and robust, well-crafted ecommerce checkouts—so, merchants have a clear mandate: understand what has changed and adjust accordingly. Join PYMNTS CEO Karen Webster together with PayPal’s Greg Lisiewski, BigCommerce’s Mark Rosales, and Adore Me’s Camille Kress as they spotlight key findings from the new PYMNTS-PayPal study, “How We Shop” and map out faster, better pathways to a stronger recovery.

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