Bank North is to initiate a solvent wind-down of its operations; & more!

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Key News:

Bank North is to initiate a solvent wind-down of its operation as regulatory capital requirements were unlikely to be met. In a letter to shareholders chairman Ron Emerson said the bank had not been able to close critical capital in time to meet the Bank of England requirements. Bank North is currently in talks with a third party to sell its £17m loan book as well as transfer its lending team, who make up a third of its 60-strong staff. Link here. 

The SEC charged Kim Kardashian 1.26 million for crypto touting. Kim Kardashian has been charged with a $1.26 million fine by the Securities and Exchange Commission for touting a crypto asset security without disclosing the $250,000 fee she was paid for the promotion. The post on her Instagram account was about Emax tokens, the crypto asset security being offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase the tokens. Link here. 

Visa and Mastercard face a class action lawsuit that claims that Visa and Mastercard have forced banks to agree to a level of Multilateral Interchange Fees (MIFs), which are “anti-competitive and unlawful.” Link here

Celsius founder took out $10 million before pausing withdrawals and filing for bankruptcy. The crypto lender has been called a Ponzi scheme. Celsius advertised high yields to clients that invested their crypto funds with the company. Link here