BNP Paribas, a European lending institution, is currently engaged in discussions with US regulators to resolve investigations regarding the use of messaging applications by its employees.

Violating regulations

These applications may have violated regulations pertaining to record keeping.

The bank’s latest earnings report reveals that BNP Paribas Securities Corp, its US-registered broker-dealer, is under investigation by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for potential breaches of record-keeping provisions.

In addition, the CFTC is also investigating BNP Paribas itself for the same issue. US regulators are examining whether the financial institutions’ personnel used unauthorized messaging platforms for business communication, which could result in penalties.

The bank has reported that it has proposed resolutions with the SEC and CFTC to close investigations. However, these proposals still need approval from the regulators.

US regulators crack down Wall Street

US regulators have been cracking down on Wall Street for using banned messaging apps for electronic communications.

In the past year, the SEC charged 16 Wall Street firms for not preserving digital communications, resulting in fines worth $1.1 billion.

As stated by SEC Chair Gary Gensler, at its core, finance relies on trust. However, the individuals we have charged today have failed to honor their obligations to maintain accurate records and keep proper books, thus breaking that trust.

Preserving market integrity has relied on proper recordkeeping since the 1930s, and this responsibility is even more crucial in an age of advancing technology.

All business communications must be conducted through official channels, and it is essential to maintain and preserve these communications.

This factor could boost BTC

Yusko notes that BlackRock, the largest asset manager worldwide, has had almost a 100% success rate in obtaining ETF approvals and is likely to continue the trend with its Bitcoin application.

“Of course it’s a good thing. Because it will be approved. BlackRock is 475 and 1. They’ve made 476 applications for ETFs, they’ve had 475 approved. This one’s going to get approved. Now, does Bitwise’s… or Amun’s…”

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