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Monitoring meme coins related to Elon Musk news should be a full-time job. Plus, is a $686 million bill coming for big banks?

Author

Sebastian Soran
January 30, 2024

Happy Tuesday, Zingernation! Elon Musk has once again made headlines. And, believe it or not, it’s not because of a tweet. His company Neuralink recently implanted a device in a person’s brain. Coincidentally, a crypto token called NEURALINK also surged 3,400% in value. If you don’t hear from me tomorrow, it’s because I quit my day job to monitor Elon Musk headlines and related meme coins full-time.

Today, big banks need big bucks for new anti-money laundering systems, Binance makes a big change and more.

Plus, here are some tips & tricks to save more money.

And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.

MARKET SNAPSHOT

FINTECH FOCUS

Briefly: The U.S. Treasury projects the banking industry must allocate hundreds of millions of dollars to establish protocols for accessing the new corporate ownership database.

What Happened: The Financial Crimes Enforcement Network (FinCEN) estimated financial institutions would need approximately 6.5 million hours of work in the first year to set up procedures and implement security and confidentiality measures to access the database.

Specifically: According to FinCEN’s Monday filing, at a rate of $106 per hour, this translates to over $686 million.

Back Up: FinCEN had previously announced that banks and law-enforcement officials would gain access to the new database in phases starting in February.

Why It Matters: This process is a crucial aspect of FinCEN’s rule-making designed to enforce the Corporate Transparency Act, which aims to prevent criminals and terrorists from using anonymous shell companies to launder money.

What Next: Read more here.

PRESENTED BY FINANCE BUZZ

You want to save money. Maybe for a vacation. Or a new car. But … saving money is tough. And many struggle to do it well. So here’s what to do: Read our list of money-saving strategies below, and try to implement at least one today. Even doing just one could help you save money!

FIVE ZINGERS

Tackling Compliance: The Floki team implemented specific measures aimed at Hong Kong.

PYUSD: PayPal invested approximately $5 million in crypto payments startup Mesh using its own stablecoin.

DeFi Hater? Mark Cuban reveals which cryptocurrencies he holds, why he is bearish on DeFi and what he likes and does not like about crypto.

Stay Schemin: The Justice Department charged two individuals and accepted a guilty plea from a third in a $1.89 billion cryptocurrency fraud scheme.

Account Takeovers: New York's Attorney General is suing Citibank for failing to protect customers from fraud and scams.

CRYPTO CORNER

Briefly: Binance has started allowing some of its larger traders to store their assets with independent banks.

What Happened: The world’s largest cryptocurrency exchange, Binance, has begun offering its clients the option to keep their assets with independent banks, including Sygnum Bank and Flow Bank in Switzerland.

Back Up: Previously, Binance clients could only store their assets on the exchange or with custodian Ceffu, a “mysterious Binance-related entity,” according to U.S. regulators.

Why Now: This move comes in the wake of the exchange’s legal issues with U.S. authorities.

What Else: Traders’ concerns about the safety of their assets on the exchange have increased following the collapse of Binance’s rival, FTX, in 2022. This has led to a growing demand for independent custodians.

Why It Matters: This development comes after a series of significant events for Binance. In 2023, Binance was fined $4.3 billion by U.S. authorities for money laundering and breaching international financial sanctions.

What Next: Read more here.

PRESENTED BY FINANCE BUZZ

Feeling lazy but still want to earn some extra cash? We've done our research and found some unusual (but legit) ways that people can stack their bank accounts without having to leave their house. Some will help you save. Others will help you pad your wallet right away. If your bank account could use a boost but you don't want to start a second job, then these could be right for you.