June 2026 – FinTech and Blockchain Law Watch

Customer Identification Requirements Proposed for Payment Stablecoin Issuers

Jun 25 2026

By: John ReVeal and Jeremy M. McLaughlin

On 22 June 2026, the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a proposed rule to impose customer identification procedures (CIP) requirements on permitted payment stablecoin issuers (PPSI) (the Proposal). Prospective PPSIs and their partners will want to review the proposed scope of the CIP obligations and consider whether to submit comments to FinCEN. Comments on the Proposal must be submitted by 21 August 2026.

Australia: An AFS Licensee First: Receiving an Order to Pay AU$2.5 Million for Cybersecurity Failures

Jun 22 2026

By: Cameron Abbott, Daniel Knight, Rob Pulham, Alex Parker, Madison Jeffreys, Emre Cakmakcioglu and Annaliese Filippis

In a key decision against an Australian financial services licence (AFSL) holder, the Federal Court of Australia has ordered the AFSL holder to pay AU$2.5 million in penalties for inadequate cybersecurity measures. The Australian Securities and Investments Commission (ASIC) took action following a cyberattack on the AFSL holder’s IT systems, resulting in approximately 385GB of data being downloaded from its servers.

Compensating Victims of Deep Fake Fraud: Global Responses

Jun 02 2026

By: Judith Rinearson, Daniel Knight, Lucas Nicolet-Serra, and Kai Zhang

Our firm has a pro bono client who lost thousands of dollars trusting someone she met online. Over two years, the fraudster convinced her to move her funds to a US “bank” that would help her pay for her daughter’s expensive hospital stays. The sophistication of this ongoing fraud was incredible. When we researched the transactions on the blockchain, however, we discovered that her funds had been moved to an Eastern European digital wallet holding more than a billion dollars.

Archive:June 2026