Fintech Brief

Daily brief · Sunday, 25 October 2026

Tokenized stock pushback grows; FCA restricts six lenders

Summary

1.Wells Fargo, Cisco and Marvell are among six more companies objecting to tokenized listings on OKXICE, bringing the total to 22.
2.The FCA restricted six unregulated Annex 1 lenders over anti-money laundering concerns raised while assessing their applications.
3.The FCA banned former Vector Wealth CEO Jeffrey Dawkins and fined him nearly £270,000 over misconduct tied to high-risk bond sales.
4.An FCA review found private market firms vary in how well they identify and manage conflicts of interest.
5.Hong Kong's banking regulator issued an AI framework built on accountability, resilience and trust.
6.An Argentine judge cleared President Milei and 10 others in the LIBRA memecoin case, finding no criminally relevant deception.
7.ECB board member Piero Cipollone said the digital euro fills the online gap left by cash, and gave a legislative update.

Crypto & Stablecoins

22 companies now object to tokenized stock listings on OKXICE

Six more companies, including Wells Fargo, Cisco and Marvell, have objected to listing tokenized versions of their stock on OKXICE, Reuters reported. That brings the total to 22. The venue is the first tokenized securities trading venue under the SEC's innovation exemption. McDonald's, Microsoft and Google were among earlier objectors, and the pushback may reflect issuer caution more than rejection of tokenization itself.

CoinDesk

Argentine judge clears Milei in LIBRA memecoin case

A judge dropped the criminal probe into President Javier Milei and 10 others over the LIBRA token. The 60-page ruling concluded that Milei's post promoting the token did not, by itself, establish fraud and found no criminally relevant deception.

The Block, CoinDesk

Enforcement

FCA restricts six unregulated lenders over AML controls

The FCA has placed restrictions on six unregulated lenders, known as Annex 1 firms, after raising concerns about their anti-money laundering policies, controls and procedures while assessing their applications. The restrictions were imposed at each firm's own request. They limit the firms' ability to take on new customers or do new business with existing customers, including extending existing credit.

FCA

FCA bans ex-Vector Wealth CEO and fines him nearly £270,000

The FCA has banned Jeffrey Dawkins, former chief executive of Vector Wealth Ltd, and fined him nearly £270,000. The regulator says he dishonestly acted as a front for a disqualified director who used the company to sell high-risk bonds. Dawkins sold the firm to that director in 2019. The misconduct led to £4m in losses.

FCA

Regulation & Policy

FCA review finds uneven conflicts management in private markets

An FCA review found private market firms vary in how well they identify and manage conflicts of interest. The regulator is calling on firms to manage conflicts in line with the sector's rapid growth. The UK is a leading international centre for private markets, which cover assets, companies and debt not traded on public exchanges.

FCA

Hong Kong banking regulator sets AI framework for banks

Hong Kong's banking regulator has unveiled an AI framework focused on accountability, resilience and trust. It applies to financial institutions as they expand their use of artificial intelligence.

Compliance Week

Payments

Cipollone: digital euro fills the online gap left by cash

ECB executive board member Piero Cipollone said in an interview that the digital euro would give people a cash-like payment instrument, with privacy and full coverage of payment needs, that works online. He gave Italian bankers an update on the legislative debate in Brussels and on Eurosystem preparations. Tokenisation was the main topic at the meeting.

ECB

From the regulators

FCA on AI and agentic finance
An FCA executive pointed to the Mills Review, published in July, which looks at how AI could reshape retail financial services by 2030, and to the shift toward agentic finance.
FCA deputy CEO says rulemaking has peaked
Sarah Pritchard told the Investment Association the sector is just past peak rulemaking, with more reform to come and a focus on retail investment culture.

Also today

Apex CEO says Clarity Act failure favours Asia
Apex Group CEO Peter Hughes warned that the failure of the U.S. Clarity Act will push digital asset businesses toward faster-moving jurisdictions in Asia and the Middle East.
Strategy and Strive preferred stock funds bitcoin buying
Preferred securities have financed purchases of nearly 136,000 bitcoin, a funding channel analysts expect to complement the larger ETF market, though dividends must be balanced against buying.
Block's voice AI draws scam concerns
Block's new voice AI sounds strikingly human, prompting reactions split between admiration and fears it could fuel scams and deception.
Xapo CEO: bitcoin holders turn to loans and yield
Xapo Bank CEO Seamus Rocca said long-term bitcoin investors increasingly borrow against holdings and seek income to grow their BTC.
Show HN invites attempts to steal bitcoin via PHP RCE
A Show HN project challenges others to exploit a PHP remote code execution flaw to take bitcoin, following days of concern over the vulnerability.

Read from 35 items posted in the last day.