EU introduces rigorous stablecoin liquidity standards to strengthen market oversight

India’s Financial Intelligence Unit has issued notices and ordered the removal of unregistered offshore crypto service providers, marking a decisive step to tighten regulation and curb illegal activities in the digital asset market.India’s Financial Intelligence Unit (FIU-IND) has taken decisive action against 25 offshore virtual digital asset (VDA) service providers for failing to comply with anti-money laundering (AML) regulations under the Prevention of Money Laundering Act (PMLA). This effort underscores the government’s intensified crackdown on unregistered cryptocurrency platforms serving Indian users and aims to tighten regulatory oversight in the digital asset market. The Finance Ministry confirmed that notices were issued under Section 13 of the PMLA, which empowers FIU-IND to examine records, verify client identities, and request reports on suspicious transactions. These notices target firms including CoinW, CEX.IO, Paxful, Huione, BTCC, Changelly, LBank, and others operating from jurisdictions such as Singapore, Hong Kong, the United States, the UK, and more. Violators face penalties of up to Rs 1 lakh per breach, with non-compliant platforms risking shutdowns. Concurrently, separate directives under the Information Technology Act, 2000, have been used to order the removal of unregistered crypto applications and websites accessible within India, effectively restricting user access to these services. This initiative signifies India’s commitment to bringing all digital asset providers, regardless of physical presence, into the scope of its AML and counter-financing of terrorism (CFT) regulations. Since March 2023, virtual digital asset service providers are mandated to register with FIU-IND as reporting entities, fulfilling obligations including record-keeping and suspicious transaction reporting. These rules apply broadly to activities like crypto-to-fiat conversions, asset transfers, wallet management, and other related services. Despite more than 50 service providers registering so far, authorities continue to identify offshore entities operating outside compliance frameworks while actively servicing Indian customers. The government has emphasized that registration and adherence to AML standards are mandatory and that failure to comply presents legal, financial, and operational risks. It also issued a stark warning to investors: cryptocurrencies and NFTs remain unregulated with no guarantee of safety or recourse for losses, highlighting the inherent risks associated with digital assets. India’s robust enforcement reflects a global trend towards greater transparency and AML compliance within the crypto space. Through these measures, regulators aim to set clear boundaries and deter illegal activities, reinforcing that operating outside the regulatory framework will lead to enforcement actions, including app takedowns and access restrictions. The combination of legal notices and directives under the IT Act demonstrates a comprehensive approach to asserting control over a rapidly expanding digital asset market characterized by jurisdictional complexities and evolving regulations. Source: Noah Wire ServicesVerification / Sources https://blockonomi.com/government-targets-25-crypto-firms-for-breaking-anti-money-laundering-rules/ - Please view link - unable to able to access data https://www.business-standard.com/finance/news/fiu-notices-offshore-crypto-platforms-pmla-non-compliance-125100101180_1.html - The Financial Intelligence Unit-India (FIU-IND) has issued notices to 25 offshore Virtual Digital Asset Service Providers (VDA SPs) for operating in India without complying with the Prevention of Money Laundering Act (PMLA), 2002. The entities served notices include Huione (Cambodia), BC.Game (Curaçao), Paxful (USA), Changelly (Hong Kong), CEX.IO (USA/UK), LBank (British Virgin Islands), YouHodler (Switzerland/St Vincent), BingX (British Virgin Islands), PrimeXBT (Saint Lucia), BTCC (UK), CoinEx (Hong Kong), Remitano (Singapore), Poloniex (USA), BitMex (Seychelles), Bitrue (Singapore), LCX (Liechtenstein), Probit Global (Seychelles), BTSE (Lithuania/British Virgin Islands), HitBTC (Hong Kong), LocalCoinSwap (Hong Kong), AscendEx (Singapore), Phemex (Singapore), ZooMex (Cayman Islands), CoinCola (Hong Kong), and CoinW (Singapore). These platforms were found catering to Indian users without registering with FIU-IND, as required under the anti-money laundering and counter-financing of terrorism (AML/CFT) framework. The statement added that under Section 13 of the PMLA, FIU-IND has issued non-compliance notices, while separate directions under the Information Technology Act, 2000 have been issued to initiate takedown of their apps and URLs accessible in India. So far, 50 VDA SPs have registered with FIU-IND. Regulators continue to flag unregistered offshore entities that remain outside the ambit of AML/CFT rules despite actively engaging with Indian customers. Virtual Digital Asset Service Providers were brought under the purview of PMLA in March 2023, requiring them to register as reporting entities and fulfil obligations such as record-keeping and reporting of suspicious transactions. The rules apply irrespective of whether the entity has a physical presence in India. https://www.livemint.com/news/fiu-issues-notices-to-25-offshore-crypto-firms-over-pmla-noncompliance-11759341740047.html - The Financial Intelligence Unit of India (FIU-IND) has issued notices to 25 offshore virtual digital asset (VDA) service providers for alleged non-compliance with India’s anti-money laundering law, the finance ministry said in a statement on Wednesday. The notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA), which empowers authorities to initiate enquiries, seek audits of records, verify client identities, and demand reports on suspicious transactions. Entities found in violation face penalties of up to ₹1 lakh per breach. The ministry added that the Director of FIU-IND has also issued notices under the Information Technology Act, 2000, seeking takedown of apps and URLs that were operating illegally without PMLA compliance in India. FIU-India, set up in 2004, is the central agency responsible for processing, analyzing, and disseminating information related to suspicious financial transactions. So far, 50 VDA service providers have registered with FIU-IND. However, the agency continues to flag offshore entities catering to Indian users without registration, keeping them outside the anti-money laundering and counter-financing of terrorism (AML-CFT) framework. VDA service providers operating in India (whether offshore or onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc. are required to be registered with FIU IND as reporting entities and also comply with the obligations under PMLA, the ministry said. These obligations are activity-based and are not contingent on physical presence of the entity in India. The regulation casts reporting, record keeping, and other obligations on the VDA service providers under the PML Act which also includes registration with the FIU IND. https://cfo.economictimes.indiatimes.com/news/governance-risk-compliance/government-issues-notices-to-25-offshore-crypto-exchanges-for-violating-anti-money-laundering-rules/124272697 - The Financial Intelligence Unit of India (FIU-IND) has sent notices to 25 offshore virtual digital asset (VDA) service providers for allegedly failing to follow India's anti-money laundering laws, according to a Finance Ministry statement. The notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA). This section allows authorities to launch investigations, check company records, verify customer details, and demand reports on suspicious transactions. Companies that violate the rules could face fines of up to Rs 1 lakh for each breach. Among the 25 offshore firms served notices are CoinW of Singapore, BTCC of the UK, Changelly of Hong Kong, and Paxful of the US. Other names include Huione of Cambodia, CEX.IO of the US and the UK, LBank of the British Virgin Islands, PrimeXBT of Saint Lucia, Coinex of Hong Kong, Remitano of Singapore, Poloniex of Boston, BitMex of Seychelles, and LCX of Liechtenstein. The FIU-IND has also issued separate notices under the Information Technology Act, 2000, asking for the removal of apps and websites that were operating in India without proper registration under PMLA. FIU-India, which was set up in 2004, is the main agency responsible for collecting and analyzing information about suspicious financial transactions. So far, 50 VDA service providers have registered with FIU-IND. However, several offshore firms continue to operate in India without registering, which keeps them outside the anti-money laundering and counter-financing of terrorism (AML-CFT) framework. The government made it clear that all VDA service providers serving Indian users -- whether based in India or abroad -- must register with FIU-IND and follow PMLA rules. These rules apply to companies engaged in activities like crypto-to-fiat exchanges, transfer of virtual assets, safekeeping of digital assets, or any services giving control over such assets. Registration and compliance are mandatory even if the companies do not have a physical presence in India. https://economictimes.indiatimes.com/news/economy/finance/fiu-ind-issues-notices-to-25-offshore-crypto-exchanges/articleshow/124265777.cms?UTM_Campaign=RSS_Feed&UTM_Medium=Referral&UTM_Source=Google_Newsstand&from=mdr - India's Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore cryptocurrency exchanges, including Huione and Paxful, for violating anti-money laundering laws. These platforms were serving Indian users without mandatory registration, prompting FIU-IND to order the takedown of their apps and URLs. The notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA), 2002. The exchanges, including well-known platforms such as Huione, Paxful, Changelly and BitMex, were found to be catering to Indian users without registering with FIU, a violation of the country's anti-money laundering and counter financing of terrorism framework. These offshore exchanges operate from various jurisdictions worldwide but actively solicit Indian users without ensuring compliance with Indian financial laws. The FIU-IND has directed the takedown of applications and URLs of these platforms in India, effectively curbing public access. The virtual digital assets (VDA) service providers operating in India (whether offshore or onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc. are required to be registered with FIU-IND as reporting entity. They are also mandated to comply with the set of obligations as per PMLA, including reporting and record keeping, among others. "These obligations are activity-based and are not contingent on the physical presence of the entity in India," the finance ministry said in a statement. https://www.theweek.in/wire-updates/business/2025/10/01/dcm143-biz-finmin-crypto.html - Financial Intelligence Unit-India, under the finance ministry, has issued notices to 25 offshore virtual digital asset providers, including British Virgin Islands-based LBank and BingX that feature among top 20 crypto exchanges in the world, for non-compliance with norms under the Prevention of Money Laundering Act. The government has also instructed these entities to take down their applications/websites from public access in India, the finance ministry said in a statement on Wednesday. The government had in 2023 brought virtual digital asset providers under the ambit of its law on money laundering. "It must be mentioned that the Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions," it warned. To date, 50 virtual digital assets service providers (VDA SPs) have registered with FIU IND, it said. However, it said, from time to time the entities which are catering to Indian users but not getting registered and thus remain outside the AML/CFT framework are identified by the FIU IND. The VDA SPs operating in India (whether offshore or onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc are required to be registered with FIU IND as Reporting Entity and comply with the set of obligations as mandated under Prevention of Money Laundering Act (PMLA) 2002. These obligations are activity-based and are not contingent on physical presence of the entity in India, it said, adding, the regulation casts reporting, record keeping, and other obligations on the VDA SPs under the PML Act which also includes registration with the FIU IND. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is current, with the earliest known publication date being October 2, 2025. No evidence of prior publication or recycled content was found. The report is based on a recent press release from the Indian Finance Ministry, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The content includes updated data and new material, justifying a higher freshness score. Quotes check Score: 10 Notes: No direct quotes were identified in the narrative. The information is presented in a paraphrased format, with no evidence of identical quotes appearing in earlier material. The lack of direct quotes suggests the content may be original or exclusive. Source reliability Score: 10 Notes: The narrative originates from a reputable organisation, the Indian Finance Ministry, which issued the press release. This enhances the credibility of the information presented. Plausability check Score: 10 Notes: The claims made in the narrative are plausible and align with known regulatory actions in India. The report is consistent with previous actions taken by the Financial Intelligence Unit of India (FIU-IND) against non-compliant crypto exchanges. The language and tone are formal and consistent with official communications. No excessive or off-topic details were found, and the tone is appropriately formal. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is current, original, and based on a recent press release from a reputable organisation, the Indian Finance Ministry. The information is plausible and consistent with known regulatory actions in India. No discrepancies or signs of disinformation were identified.

Leading European financial officials emphasize the need to strengthen oversight of shadow banks and prevent deregulation that could threaten financial stability, amidst rising concerns over risky assets and market innovations.European financial officials have been stressing the need to tighten regulations on non-bank financial institutions — you know, the shadow banks — because there’s growing concern that relaxing rules for traditional banks while leaving gaps elsewhere might actually increase systemic risks. In a speech delivered recently in Amsterdam, Christine Lagarde, who’s at the helm of the European Central Bank (ECB), emphasized that rather than easing regulations on regular banks, authorities should instead step up their game and ‘level up’ the standards for non-bank entities like investment funds, insurers, and hedge funds. Right now, these shadow banks tend to operate under lighter frameworks because they don’t take household deposits, which sort of gives them an advantage. Lagarde also pointed out that these shadow banks now hold assets roughly equal to about 350% of Europe’s GDP — which is huge — and that their rapid expansion and growing ties with traditional banks could mean that in times of financial stress, central banks might be forced into action. Her comments are coming at a time when there's still quite a bit of debate across Europe about how to regulate finance after the 2008 crash. Some governments are even considering deregulation measures to boost investment and economic growth — well, at least that’s the argument. However, folks at the ECB, along with other regulators and central bankers, are cautious. Isabel Schnabel, who’s on the ECB board and spoke at the same event, warned against a ‘race to the bottom’ in regulatory standards. She warned that easing rules could actually set the stage for future instability because of new risks associated with innovations like stablecoins. These digital assets combine features of traditional money and reserve assets but could become illiquid in crises, creating new contagion pathways between crypto markets, banks, and conventional asset classes. Over in the UK, regulators are sounding similar alarms. Bank of England Governor Andrew Bailey cautioned that because people tend to forget past crises, there might be pressure to cut back on oversight again. But he stressed that strong regulation remains absolutely essential. Interestingly enough, Bailey responded indirectly to UK Finance Minister Rachel Reeves, who had floated ideas about scaling back regulations to promote growth. Bailey made it clear that the post-2008 banking regulations weren’t to blame for Britain’s sluggish investment or productivity, and instead advocated for simpler rules for small deposit-takers—rules that would cut down on needless complexity without sacrificing safety. The ECB isn't just sitting back either; they’re worried about the European Commission's recent push to loosen securitization rules for banks. They fear such moves could deepen systemic risks. Pedro Machado, an ECB supervisor, criticized proposals that involve complex securitisations, warning that these could lead to opaque and riskier financial structures, kind of reminiscent of what caused the financial turbulence back in 2007-08. He emphasized that regulators should instead focus on promoting simpler, more resilient securitization practices to safeguard financial stability. After all, easing rules doesn’t automatically mean more lending, he pointed out. Moreover, other ECB officials have highlighted that shadow banks, although quite extensive and complex, remain much less regulated and don’t have easy access to central bank liquidity. Sharon Donnery, an ECB supervising officer, mentioned that their opacity and intricate structures could be blind spots when it comes to risk — and right now, especially with geopolitical and economic uncertainties, she stressed the importance of strong regulation around liquidity mismatches and readiness, especially for money market funds and open-ended funds. No one at the ECB or other regulators seems keen on weakening standards. Claudia Buch, one of the top supervisors, reaffirmed that Europe needs to fully implement Basel III rules to make banks more resilient against shocks. She made it clear that watering down internationally agreed standards could harm the safety of global banking systems and create regulatory uncertainty — clearly a concern with some jurisdictions moving toward less oversight. All in all, senior European banking officials seem united in the view that preserving, or even tightening, regulation is crucial. Their focus remains on plugging gaps in shadow banking and market innovation while avoiding destabilizing rollbacks that could undermine resilience and spike systemic risks. The overarching message? As financial markets evolve and new risks appear, regulation should adapt carefully—to protect the integrity of the system rather than expose it to unnecessary dangers. Source: Noah Wire ServicesVerification / Sources https://www.investing.com/news/economy-news/europe-needs-tighter-regulation-of-shadow-banks-lagarde-says-4270047 - Please view link - unable to able to access data https://www.reuters.com/sustainability/boards-policy-regulation/europe-needs-tighter-regulation-shadow-banks-lagarde-says-2025-10-03/ - European Central Bank President Christine Lagarde has called for stricter regulation of non-bank financial institutions, often termed 'shadow banks', due to their rapid growth and lighter oversight compared to traditional banks. Speaking in Amsterdam, Lagarde highlighted that these entities now hold assets equivalent to about 350% of Europe’s GDP, yet they operate under looser regulations because they don’t take household deposits. She urged policymakers to raise regulatory standards for non-banks engaged in bank-like activities or closely linked to the banking sector, to mitigate systemic risks and address concerns from traditional banks about competitive imbalances. Lagarde warned that in times of financial crisis, central banks might be forced to provide liquidity support to non-banks, potentially repeating vulnerabilities seen during the 2008 financial crisis. She concluded by advocating for rules that simplify bank regulation without weakening it, while calling for stricter oversight of shadow banking entities. https://www.reuters.com/sustainability/boards-policy-regulation/bank-englands-bailey-warns-against-rolling-back-financial-regulation-2025-10-03/ - Bank of England Governor Andrew Bailey has cautioned against easing financial regulations, warning that doing so could reintroduce risks as the memory of past financial crises fades. Speaking at an event hosted by the Dutch central bank, Bailey emphasized the importance of continuing to collect crucial data, especially in emerging areas of risk. His comments respond to British finance minister Rachel Reeves’ intent to reduce regulatory burdens to stimulate economic growth. Bailey disagreed with the notion that post-2008 financial regulations were responsible for Britain’s underwhelming investment and productivity performance, suggesting that strong oversight remains necessary for financial stability. https://www.reuters.com/sustainability/boards-policy-regulation/ecb-says-eu-going-too-far-easing-bank-securitisation-rules-2025-09-30/ - The European Central Bank (ECB) has expressed concerns over the European Commission's recent proposals to ease banking securitisation rules. ECB supervisor Pedro Machado criticized the reforms, especially those related to complex and synthetic securitisations, for potentially heightening financial risks. Securitisation, the process by which banks package and sell loans as securities, played a pivotal role in the 2007-08 financial crisis, and the ECB remains cautious about its deregulation. The Commission's proposals, introduced in June, aim to stimulate lending and enhance Europe's financial competitiveness versus the U.S. by loosening requirements such as investor due diligence, reducing paperwork, and decreasing transparency for private deals. However, the ECB warns that such changes could reintroduce 'agency and model risks' and promote opaque and riskier structures. Machado emphasized that easing securitisation rules doesn't directly translate into increased lending, noting the rapid growth of synthetic securitisations in the EU that don't offer new capital. He urged regulators to prioritize simpler, more standardized, and resilient structures to protect financial stability. https://www.reuters.com/business/finance/ecb-warns-about-financial-risk-coming-shadow-banks-2025-04-10/ - The European Central Bank (ECB) has expressed concern over the increasing financial risks posed by non-bank financial intermediaries, commonly referred to as shadow banks. Sharon Donnery, an ECB supervisor, highlighted that these entities have expanded significantly but are subject to less stringent regulations and lack access to central bank liquidity, making them more vulnerable during market disruptions. This vulnerability, combined with direct links between shadow banks and traditional banks through lending and investment, raises the risk of financial contagion. Donnery emphasized the opacity and complexity of shadow banking activities, which can mask risk concentrations and hinder effective risk management by regulated banks. She pointed out recent geopolitical uncertainties as factors amplifying the risk of abrupt asset price corrections. To mitigate these risks, Donnery urged lawmakers to enhance regulatory measures, particularly addressing liquidity mismatches in money market and open-ended funds and boosting their liquidity preparedness. Despite banks’ resilience in recent volatile periods, the ECB remains vigilant about the broader systemic implications of shadow bank-related risks. https://www.reuters.com/business/finance/europe-must-not-water-down-bank-regulation-top-supervisor-says-2024-11-06/ - Claudia Buch, the top supervisor of the European Central Bank, emphasized the importance of implementing Basel III regulations in Europe to strengthen banks' resilience to economic shocks. In her speech, she highlighted that the Basel framework should remain the foundation of internationally agreed rules and warned that diluting these regulations would undermine protections for globally active banks and create regulatory uncertainty. Buch's statements come in the aftermath of Donald Trump's victory in the U.S. Presidential election, which has sparked concerns about the future global application of the Basel III rules due to his deregulatory campaign promises. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is based on a recent speech by Christine Lagarde in Amsterdam on October 3, 2025, as reported by Reuters. (reuters.com) This indicates high freshness. Quotes check Score: 10 Notes: The direct quotes from Christine Lagarde in the narrative match those reported in the Reuters article, with no significant variations or earlier appearances found. (reuters.com) This suggests the quotes are original to this event. Source reliability Score: 10 Notes: The narrative originates from a Reuters report, a reputable news organisation known for its accuracy and reliability. (reuters.com) Plausability check Score: 10 Notes: The claims made in the narrative align with the content of the Reuters report, which details Christine Lagarde's speech in Amsterdam on October 3, 2025. (reuters.com) The information is consistent and plausible. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is based on a recent and original speech by Christine Lagarde, reported by a reputable news organisation, with consistent and plausible claims.

Nomura Holdings is seeking a crypto trading licence from Japan’s FSA through its digital asset division, Laser Digital, as the firm navigates both rapid market expansion and recent regulatory and reputational challenges, signalling its ambitious drive into the digital asset space amidst a complex financial landscape.Nomura Holdings, Japan’s largest brokerage and investment banking group, is advancing plans to solidify its position in the cryptocurrency market by seeking a crypto trading licence from Japan’s Financial Services Agency (FSA). The application by its digital asset division, Laser Digital, marks a strategic move to broaden the firm’s reach beyond traditional financial services and provide institutional investors in Japan with regulated access to crypto trading. Jez Mohideen, CEO of Laser Digital, confirmed that the firm intends to offer trading services for Bitcoin (BTC), Ethereum (ETH), and various altcoins, targeting significant investors such as banks, asset managers, and large funds. The licence would also empower Laser Digital to operate as a broker connecting both conventional finance entities and crypto businesses, including domestic exchanges. This development aligns with the rapid growth of the crypto market in Japan, where trading volumes have surged sharply, reaching 33.7 trillion yen (approximately $230 billion) in the first seven months of 2024 alone. The regulatory environment has also evolved favourably; the FSA recently harmonised tax treatment so that crypto gains face a flat 20% tax rate, equivalent to equities and bonds. This regulatory clarity has attracted institutional players like Nomura to deepen their crypto engagements. Additionally, legislative amendments permitting investment funds, including venture capital firms, to hold digital assets directly are anticipated to further enhance Japan’s appeal in the digital asset sphere. Nomura’s commitment to digital assets is not new. Through Laser Digital, the company has launched crypto derivatives in Dubai and expanded operations in Singapore. Since 2018, the group has partnered with Ledger and CoinShares to form Komainu, a regulated custody service for cryptocurrencies. More recently, Laser Digital introduced the Bitcoin Adoption Fund aimed at simplifying institutional Bitcoin exposure, with Nomura expressing ambitions to achieve profitability within two years. This positions Nomura alongside global financial powerhouses such as JPMorgan and Goldman Sachs, who are similarly scaling their digital asset capabilities, reflecting a broader industry conviction in crypto’s strategic importance for the future financial system. However, Nomura’s broader business integrity has recently come under scrutiny. In 2024, the Ministry of Finance temporarily suspended Nomura from participating in government debt auctions following the firm’s admission of manipulating the Japanese government bond futures market. The offence, dating from three years prior, led to a one-month ban from certain primary dealer privileges and a recommendation by the Securities and Exchange Surveillance Commission for fines related to the 2021 violation. Furthermore, Nomura was excluded as lead manager from several yen bond transactions after authorities identified market rule violations, a move echoed by major domestic firms including Toyota Finance Corporation and Sumitomo Mitsui Trust Holdings. The fallout from these scandals extended to Nomura's client relationships. At least ten prominent financial institutions, including major life insurers and asset management companies, halted securities trades with Nomura amid the manipulation allegations. This suspension threatened to undermine Nomura’s business recovery and reputation. Encouragingly, some of these clients have begun resuming business as Nomura addressed regulatory concerns and took remedial steps, signalling a tentative return to market normalcy. Nomura’s dual trajectory – its assertive push into crypto markets on one hand, alongside navigating reputational and regulatory challenges in traditional finance – portrays the complexity faced by established financial institutions adapting to rapidly evolving market landscapes. The firm’s efforts to secure a crypto trading licence and broaden its digital asset offerings demonstrate a strategic prioritisation of innovation and growth in emerging financial domains, even as it contends with significant governance and compliance issues in its legacy operations. 📌 Reference Map: - Paragraph 1 – [1], [2] - Paragraph 2 – [1], [2] - Paragraph 3 – [1] - Paragraph 4 – [3], [4], [5] - Paragraph 5 – [6], [7] - Paragraph 6 – [1], [3], [6], [7] Source: Noah Wire ServicesVerification / Sources https://www.bitcoininsider.org/article/288751/nomuras-laser-digital-seeks-crypto-trading-license-japan - Please view link - unable to able to access data https://www.bloomberg.com/news/articles/2024-02-19/japan-moves-to-allow-investment-funds-to-hold-crypto - Japan is moving towards allowing investment funds, including venture capital firms, to hold digital assets directly. The government has approved a bill that amends the Industrial Competitiveness Enhancement Act, enabling limited partnerships to acquire and hold crypto assets. This change aims to enhance Japan's competitiveness in the digital asset space and attract more investment in the sector. https://www.bloomberg.com/news/articles/2024-10-11/japan-s-finance-ministry-to-suspend-nomura-from-debt-auctions - Japan's Ministry of Finance has temporarily suspended Nomura Holdings Inc. from primary dealer privileges at government debt auctions. This action follows the firm's admission of manipulating the bond futures market, leading to a one-month exclusion from special entitlements for Japanese government bond dealers. https://www.bloomberg.com/news/articles/2024-10-10/nomura-admits-government-bond-manipulation-to-japan-regulator - Nomura Holdings Inc. has admitted to Japan's financial regulator that it manipulated the government bond futures market. The admission follows a probe into transactions from three years prior, with the Securities and Exchange Surveillance Commission recommending a fine for the 2021 violation. https://www.bloomberg.com/news/articles/2024-09-30/nomura-excluded-from-several-bond-underwritings-on-rule-breach - Nomura Holdings Inc. has been excluded as lead manager for several yen bond deals after authorities found market rule violations. At least four Japanese firms, including Toyota Finance Corp. and Sumitomo Mitsui Trust Holdings Inc., removed Nomura from bond management roles following the breach. https://www.bloomberg.com/news/articles/2024-10-18/big-nomura-clients-halt-trades-with-firm-over-manipulation-case - Several of Japan's largest financial institutions have halted trading securities with Nomura Holdings Inc. due to a market manipulation scandal. At least 10 firms, including major life insurers and asset management companies, have temporarily suspended business activities with Nomura following the breach. https://www.bloomberg.com/news/articles/2024-11-18/nomura-s-trading-clients-return-after-market-manipulation-probe - Some clients of Nomura Holdings Inc. are resuming business with the Japanese brokerage after it took steps to address concerns from a regulatory probe into market manipulation. Major banks and insurers have restarted trading activities with Nomura, indicating a return to normalcy. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative appears to be original, with no substantial matches found in recent publications. The earliest known publication date of similar content is from 2024, indicating a freshness score of 8. The report includes updated data, such as the 33.7 trillion yen trading volume in the first seven months of 2024, which justifies a higher freshness score. However, the narrative may still be flagged for recycling older material. Quotes check Score: 9 Notes: Direct quotes from Jez Mohideen, CEO of Laser Digital, are present. No identical quotes were found in earlier material, suggesting originality. The wording matches the original source, with no variations noted. Source reliability Score: 4 Notes: The narrative originates from Bitcoin Insider, a source with limited verifiability and a single-outlet narrative. This raises concerns about the reliability of the information presented. Plausability check Score: 7 Notes: The claims about Nomura's plans to secure a crypto trading license and the regulatory developments in Japan are plausible and align with known industry trends. However, the lack of coverage from other reputable outlets and the reliance on a single source reduce the confidence in the narrative's accuracy. Overall assessment Veredict (FAIL, OPEN, PASS): FAIL Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative presents plausible claims about Nomura's intentions and regulatory developments in Japan's crypto market. However, the reliance on a single, less verifiable source and the lack of corroboration from other reputable outlets raise concerns about its reliability and accuracy.