Lyft has been fined $2.1M by the US Federal Trade Commission (FTC) for allegedly misleading drivers about potential earnings. The settlement requires the rideshare company to adjust how it advertises driver pay, after it was found that earnings claims were exaggerated, often highlighting what only the top fifth of drivers made, and including tips in those figures.
The FTC stated that some Lyft ads claimed drivers could make ‘up to $33’ per hour in certain cities in the US, such as Atlanta, but these figures did not reflect average earnings. Instead, most drivers earned significantly less, with advertised pay inflated by as much as 30%. As part of the settlement, Lyft must now base earnings estimates on what typical drivers make, excluding tips from hourly pay claims.
In addition, Lyft’s guarantees, such as a $975 payout for completing 45 rides over a weekend, were found to be misleading. Drivers believed the amount would be a bonus, but it was actually a conditional minimum guarantee. The FTC stressed the need for accurate representation of driver pay, with Chair Lina M. Khan emphasising the agency’s commitment to protecting workers from deceptive claims.
The United States and Nigeria have launched the Bilateral Liaison Group on Illicit Finance and Cryptocurrencies to counter cybercrime and misuse of digital assets. Led by the US Department of Justice and Nigerian authorities, this new initiative aims to strengthen both countries’ capabilities in investigating and prosecuting cyber and crypto-related financial crimes as digital finance expands globally.
The group’s formation comes soon after the release of Tigran Gambaryan, Binance’s head of financial crime compliance, who was detained in Nigeria since February on money laundering charges. His release due to health concerns follows rising tensions, and this new collaboration may help ease strained relations as both nations work toward secure cyberspace operations.
Aligned with US goals for global cyber enforcement, this liaison group aims to streamline coordination between the two countries’ enforcement bodies. This joint effort underscores the importance of cross-border cooperation to address the unique challenges posed by digital assets in the fight against financial crime.
The Commerce Department’s IoT Advisory Board has recommended that car dealers display privacy disclosures on vehicle windshields, urging government agencies and Congress to mandate this requirement. The report, developed with the officials from the National Institute of Standards and Technology (NIST), suggests including easy-to-understand privacy information on vehicle windshields, such as whether vehicles collect personal data and options for universal opt-outs.
This initiative aims to enhance consumer protection amid growing concerns over data privacy in connected cars. The board noted automakers often need to inform consumers about data practices adequately. Despite opposition from the Alliance for Automotive Innovation, the recommendation was adopted after a briefing highlighted the potential benefits of such labelling for consumer awareness.
“So many consumers tell us they had no idea their car is ‘a smartphone on wheels’ that can transmit data to the manufacturer and other companies,” said Amico, who runs Privacy4Cars, a privacy technology company which helps consumers and businesses better understand data privacy concerns related to connected cars.
The report will be considered by a federal working group tasked with determining whether legislation or executive action is needed to implement the recommendations, including regulating third-party data sharing and simplifying privacy policies. The advisory board emphasised that this initiative could set a global standard for IoT device privacy. A few countries, e.g. Singapore, have created comprehensive standards around consumer Internet of Things devices, such as cybersecurity labelling schemes.
Chinese e-commerce giant Alibaba has agreed to a $433.5 M settlement to resolve a US class-action lawsuit accusing the company of monopolistic practices. The lawsuit, filed in 2020, claimed that Alibaba misled investors by denying any anti-monopoly or unfair competition violations while allegedly pressuring merchants to stick to a single platform.
Although Alibaba denies any wrongdoing, the company opted for the settlement to avoid the costs and potential disruptions associated with prolonged legal battles. The settlement, which covers investors in Alibaba’s American depositary shares between 13 November 2019, and 23 December 2020, is pending approval from US District Judge George Daniels in Manhattan.
Lawyers for the plaintiffs have praised the deal, describing it as “an exceptional result” considering the potential damages in the case. Had the investors continued litigating, they could have sought up to $11.63 B in damages, far beyond the settlement amount. Approval of the settlement would mark the end of a major legal challenge for Alibaba, as it seeks to move forward from a period of regulatory scrutiny.
South Korea has unveiled plans to regulate cross-border cryptocurrency transactions, set to take effect in the latter half of 2025. The forthcoming regulations will mandate that businesses engaged in virtual asset trading across international borders register with relevant authorities and provide monthly transaction reports to the Bank of Korea. This initiative aims to enhance transparency and oversight in a rapidly evolving market that has seen explosive growth in recent years.
The move comes in response to alarming statistics from the customs agency, which revealed that since 2020, foreign exchange-related crimes have amounted to 11 trillion won (approximately $7.97 billion). Notably, over 80% of these crimes have involved virtual assets, highlighting the need for stricter controls. The South Korean government is prioritising legislative measures to ensure the successful implementation of these regulations within the next 18 months, reflecting its commitment to combating financial crime and protecting investors.
By introducing these regulations, South Korea aims to create a safer environment for cryptocurrency transactions, aligning with global efforts to establish clearer frameworks for digital asset trading. As countries worldwide grapple with the implications of cryptocurrency, South Korea’s proactive stance may serve as a model for other nations looking to regulate the digital asset space effectively.
The Dutch government has invited public input on a new law proposal aimed at increasing transparency around cryptocurrency ownership. The legislation would require crypto service providers to collect and share user data with the local tax authority, aligning with the European Union’s reporting requirements to reduce tax evasion. According to the Netherlands’ Ministry of Finance, the law will not change current tax obligations for Dutch crypto owners, who are already required to declare their assets.
Under these new rules, the Dutch tax authority would share collected data on EU residents with other member states, as per the EU’s DAC8 crypto tax reporting framework. Additionally, non-EU countries that adhere to the OECD’s Crypto-Asset Reporting Framework, such as the United States and the United Kingdom, would receive relevant data through international cooperation agreements.
The United States has fined Apple and Goldman Sachs $89 million for allegedly misleading customers of their co-branded Apple Card and mishandling customer service. The Consumer Financial Protection Bureau (CFPB) accused both companies of failing to address user complaints properly and causing confusion over interest-free payment plans, impacting hundreds of thousands of Apple Card holders since its launch in 2019.
According to the CFPB, Apple did not forward thousands of customer disputes to Goldman Sachs, who also failed to follow federal guidelines in investigating the claims. Furthermore, the companies were found to have misled customers into believing that purchases of Apple products made with the Apple Card would qualify for automatic interest-free payments, resulting in unexpected charges for many.
CFPB Director Rohit Chopra stated that big tech and Wall Street firms are not exempt from federal laws, banning Goldman Sachs from issuing new consumer credit cards until it complies with regulatory standards. The bureau also criticised both companies for launching the Apple Card despite early technological issues, which led to delayed refunds and even damaged some users’ credit scores.
In response, Goldman Sachs and Apple said they had worked to address the issues, while Apple disputed the CFPB’s interpretation of events. Goldman Sachs has been ordered to pay $19.8 million in compensation and a $45 million fine, with Apple receiving a $25 million penalty.
Garanti BBVA, Ripple, and IBM have joined forces to significantly enhance Garanti BBVA Kripto’s digital asset platform, addressing the rapidly growing demand for secure, reliable trading and storage solutions for over 14,000 users in Turkey. By leveraging Ripple’s transaction services alongside IBM’s advanced custody solutions, Garanti BBVA Kripto provides a secure environment for digital assets, including BTC, ETH, and USDC.
Furthermore, the Ripple-IBM partnership delivers an institutional-grade infrastructure incorporating essential security features, such as data encryption, isolated customer environments, and hardware security modules. Consequently, this setup ensures compliance with regulatory standards and establishes a robust governance framework to protect customer data and mitigate risks from potentially malicious actors. In addition, IBM’s sustainable infrastructure, powered by IBM LinuxONE, enables Garanti BBVA Kripto to maintain a high-performance and eco-friendly platform.
As a result of this partnership, Garanti BBVA, Ripple, and IBM are now better positioned to support Turkey’s burgeoning crypto asset market. Their combined focus on security, performance, and regulatory compliance enables Garanti BBVA Kripto to expand its digital asset offerings and strengthen its presence in the digital economy.
As demand continues to rise, collaboration provides the essential technological backbone for Garanti BBVA Kripto to innovate further and develop a secure, trustworthy, and scalable digital asset management ecosystem.
Five individuals in Austria have received prison sentences for their roles in a $21.6 million cryptocurrency scam that deceived around 40,000 investors. The fraud, linked to EXW Wallet and EXW token, involved charges of commercial fraud, money laundering, and operating pyramid schemes, marking one of Austria’s largest financial crime cases. The trial, held at the Klagenfurt Regional Court, lasted over 300 hours, with Judge Claudia Bandion-Ortner delivering the sentences.
Two of the defendants were sentenced to five years, while others received shorter terms, with additional perpetrators still on the run. Investigations revealed extravagant spending from the stolen funds, including luxury cars, private jets, and parties in Dubai, as well as a shark tank in a Bali villa. Prosecutors stated that the operation’s scale could reach between €14 million and €120 million, far exceeding original estimates.
Although the defence argued the scheme began with genuine investment intentions, the prosecution maintained it was fraudulent from the start. With appeals expected, the defendants face additional compensation and legal costs, while related investigations continue.
Britain’s Competition and Markets Authority (CMA) is investigating the partnership between Alphabet, Google’s parent company, and AI startup Anthropic due to concerns about competition. Regulators have grown increasingly cautious about agreements between major tech firms and smaller startups, especially after Microsoft-backed OpenAI sparked an AI boom with ChatGPT’s launch.
Anthropic, founded by former OpenAI executives Dario and Daniela Amodei, received a $500 million investment from Alphabet last year, with another $1.5 billion promised. The AI startup also relies on Google Cloud services to support its operations, raising concerns over the competitive impact of their collaboration.
The CMA began assessing the partnership in July and has set 19 December as the deadline for its Phase 1 decision. The regulator will determine whether the investigation should proceed to the next stage. Anthropic has pledged full cooperation, insisting that its strategic alliances do not compromise its independence or partnerships with other firms.
Alphabet has emphasised its commitment to fostering an open AI ecosystem. A spokesperson clarified that Anthropic is not restricted to using only Google Cloud services and is free to explore partnerships with multiple providers.
