Australia’s competition regulator, the ACCC, has filed a lawsuit against Optus, owned by Singapore Telecommunications, for alleged ‘unconscionable’ conduct in selling mobile phones and plans to vulnerable consumers. The ACCC claims that the company’s actions impacted around 429 customers, with a significant portion of these sales conducted at three stores in Darwin and Mount Isa. According to the ACCC, Optus financially benefited from these practices, which were reinforced by sales staff incentives.
ACCC Chair Gina Cass-Gottlieb stated that Optus allegedly prioritised its own financial interests by clawing back commissions from sales staff but failed to remedy affected customers. The regulator seeks penalties, consumer redress, compliance measures, and court costs in the case.
Optus Interim CEO Michael Venter responded, confirming that disciplinary measures, including terminations, had been taken against implicated staff. Optus is also refunding affected customers, waiving outstanding debts, and allowing them to keep the devices they received.
Microsoft took the unusual step of publicly accusing Google of conducting ‘shadow campaigns’ in Europe to undermine Microsoft’s reputation with regulators. According to a blog post by Microsoft lawyer Rima Alaily, Google allegedly hired the advisory firm DGA Group to organise the Open Cloud Coalition, enlisting European cloud companies to act as a front while Google finances and directs its operations. The coalition, recently launched, purports to advocate for a ‘fair, competitive, and open cloud industry’ across Europe.
Alaily claims this is part of Google’s pattern of targeting Microsoft, citing Google’s involvement in the Coalition for Fair Software Licensing and a separate effort to sway Cloud Infrastructure Services Providers in Europe with significant financial offers to oppose Microsoft’s proposed antitrust settlement. The conflict adds fuel to the rivalry between the two tech giants, who already compete intensely across cloud infrastructure, online advertising, AI, and productivity software.
In response, a Google spokesperson noted that Microsoft’s cloud licensing practices create vendor lock-in, potentially stifling competition, cybersecurity, and innovation. Hours after Microsoft published accusations, the Open Cloud Coalition formally announced its formation, listing Google as a member and calling on European authorities to intensify scrutiny on cloud competition issues. In September, Google said it was filing a complaint against Microsoft with the European Commission over what Google considers unfair practices for licensing the Windows Server operating system.
De Nederlandsche Bank (DNB), the Netherlands’ central bank, has fined crypto exchange Bybit €2.2 million ($2.4 million) for operating in the country without the required registration. Bybit’s non-compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act triggered the fine, as the exchange had not registered to support oversight and prevent illicit financial flows. The legislation, enacted in 2020, mandates that crypto providers register to reduce risks tied to anonymous transactions.
DNB stated that Bybit’s non-compliance hindered its ability to report suspicious transactions to Dutch authorities, a critical component of financial oversight. Although DNB acknowledged the severity and duration of the breach, it reduced the fine due to Bybit’s efforts to resolve the issue by transferring Dutch customers to local partner SATOS B.V., which holds a compliant operating licence.
Acknowledging the fine, Bybit underscored its commitment to regulatory adherence. CEO Ben Zhou highlighted Bybit’s actions in 2022 to mitigate potential risks, affirming the company’s goal of responsible growth through close cooperation with European regulators.
The European Commission is preparing to investigate Chinese online retail giant Temu for possibly breaching rules designed to curb illegal product sales, according to sources cited by Bloomberg News. The inquiry follows an initial request from the Commission on 11 October for Temu to outline its efforts to prevent illegal items from being sold on its platform under the EU’s Digital Services Act (DSA).
Temu, a unit of PDD Holdings, has been classified as a ‘very large online platform’ (VLOP) by the EU, a designation that requires strict compliance with measures to counteract illegal content and counterfeit goods. While Temu submitted its response to the EU’s information request by the 21 October deadline, the Commission will determine its next steps after reviewing the data provided. Neither the European Commission nor Temu has commented on the impending investigation.
The Digital Services Act mandates platforms with more than 45 million users to ensure they are taking adequate steps to combat illegal content. The outcome of this investigation could have significant implications for both Chinese, Temu and other online marketplaces operating within the EU.
Coinbase users in the UK and US can now fund their accounts instantly using eligible Visa debit cards, following a recent partnership with Visa. This integration, announced on 29 October, allows customers to deposit funds in real-time through the Visa Direct network, providing flexibility for those looking to quickly respond to crypto market changes.
The new feature is set to simplify access to trading funds by reducing traditional wait times associated with crypto funding. With Visa Direct, Coinbase users can now top up their accounts or make crypto purchases almost instantly, while also benefiting from instant cash-outs to bank accounts, minimising delays on major transactions.
The partnership further underscores Visa’s growing involvement in the crypto sector. Earlier in October, Visa also launched its Tokenized Asset Platform, enabling banks to manage fiat-backed tokens, including stablecoins. BBVA, a major Spanish bank, is set to trial this platform on the Ethereum blockchain in 2025, marking a significant step in Visa’s broader blockchain strategy.
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.
