Fintech Rundown (08/04) - Binance, FDIC, Capital One, Brex

Crypto exchange Binance is reportedly losing its chief compliance officer. Noah Perlman was hired after the company settled a criminal case with the U.S. government in 2023 and is now hoping to depart sometime this year or in 2027, according to Bloomberg News. The news added that several other senior compliance staff have left Binance as well. Bloomberg cited an internal organization chart—viewed by the news outlet—which shows that those leaving include employees handling sanctions, investigations and financial crime monitoring.

The FDIC is moving forward with discussions on implementing the GENIUS Act and has outlined regulatory standards for stablecoin issuers, including capital and liquidity requirements. The FDIC said stablecoins would not receive depositor protection comparable to traditional bank deposits, and it plans to finalize the 144-item framework after a 60-day public comment period.

Capital One today announced that it has completed its acquisition of Brex in a combination of stock and cash transaction. Brex is a modern, AI-native software platform offering intelligent finance solutions that enable businesses to issue corporate cards, automate expense management and make secure, real-time payments. The company also leverages AI agents to help customers automate complex workflows to reduce manual review and control spend.

That’s your fintech rundown. Stay tuned for more updates.