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NEW YORK— BitMEX, one of the world's largest cryptocurrency exchanges, deliberately designed its trading platform to force customer liquidations and seize their bitcoin, according to a proposed class-action lawsuit filed Thursday in the U.S. District Court for the Southern District of New York.

NEW YORK—Federal prosecutors have charged two Chinese nationals with operating a sophisticated money laundering network that allegedly funneled at least $43 million in proceeds from "pig butchering" investment scams through dozens of shell companies and bank accounts before transferring the money overseas, the Department of Justice reported.

WASHINGTON—Eliminating the annual renewal requirement for financial institutions that share information under Section 314(b) of the USA PATRIOT Act would make it easier for eligible institutions to participate, America's Credit Unions said in a letter to the Financial Crimes Enforcement Network (FinCEN) on Thursday urging the agency to begin a rulemaking process.

WASHINGTON--Revity Credit Union, headquartered in Granite City, Ill., has joined the Defense Credit Union Council as its newest member.

SAN FRANCISCO— AI startup Skyfall AI plans to test one of the industry's boldest ideas by purchasing a small software-as-a-service or e-commerce company for up to $1 million and attempting to run it with artificial intelligence serving as the chief executive officer, according to Forbes.

NEW YORK--Banks and other financial institutions are increasingly being judged not just on how quickly they process payments, but on how effectively they use data to make real-time decisions that reduce fraud, improve approvals and enhance the customer experience, according to a new PYMNTS Intelligence report produced in collaboration with FIS.

MIAMI--Americans are projected to add another $100 billion in credit card debt during 2026, pushing total outstanding balances to nearly $1.4 trillion, according to a new analysis from WalletHub that examined how long it would take borrowers in each state to repay median credit card balances.