Sergey Nazarov, co-founder of Chainlink Labs, recently spoke with CNBC Crypto World about a collaborative pilot program involving DTCC, Chainlink, and ten financial institutions. The initiative aims to bring Net Asset Value (NAV) data on-chain. Nazarov also discussed the tokenization of real-world assets and the financial and political developments in the crypto sector.

Source Credits: CNBC

Telegram has announced the introduction of stricter Know Your Customer (KYC) measures for its wallet service. This enhancement comes in partnership with a new provider, underscoring Telegram’s commitment to aligning with global financial regulations.

The updated KYC protocols will require users to provide more detailed personal information before accessing wallet services, including cryptocurrency transactions. This step is intended to curb illicit activities such as money laundering and fraud, ensuring a safer environment for all users.

The decision to enhance KYC measures follows increasing regulatory pressure on cryptocurrency platforms to adhere to stricter compliance standards. By adopting these new protocols, Telegram aims to foster greater trust and transparency within its ecosystem.

Telegram’s new KYC provider has been selected for its robust verification processes and advanced technology, which will facilitate the seamless and secure collection of user information. This collaboration is expected to enhance the overall user experience while maintaining high standards of security and compliance.

The implementation of stricter KYC measures is also seen as a proactive step towards future-proofing Telegram’s wallet services against evolving regulatory landscapes. As governments worldwide continue to refine their approaches to cryptocurrency regulation, platforms like Telegram are adapting to ensure ongoing compliance and user protection.

Users will be notified of the changes and guided through the updated KYC process, which will involve submitting additional identification documents and undergoing more rigorous verification checks. Telegram has assured users that the process will be streamlined to minimize inconvenience while maximizing security.

This move aligns with broader industry trends as more cryptocurrency services adopt comprehensive KYC protocols. By doing so, Telegram not only enhances security but also positions itself as a responsible player in the rapidly evolving digital finance space.

As Telegram continues to expand its wallet services, these enhanced KYC measures will play a crucial role in maintaining the integrity and security of its platform. The company remains dedicated to providing a secure and compliant service that meets the needs of its global user base.

Trading platform Robinhood is working to finalize a settlement with investors who sued it for halting the trading of certain meme stocks in 2021, including GameStop.

In a May 28 filing to a Miami federal court, Robinhood’s lawyers said it is “in the process of finalizing the settlement” with the group of investors and expects settlement and dismissal in the next two weeks.

The filing did not include the settlement’s details. Robinhood, its counsel and the investor group’s counsel did not immediately respond to requests for comment.

The investors, including lead Plaintiff Blue Laine-Beveridge, alleged Robinhood “unlawfully manipulated market prices” and “wiped out tens of billions of dollars of investors’ equity” by “picking and choosing” what stocks its users could buy between Jan. 28 and Feb. 4, 2021.

The investors claimed they held shares in GameStop, AMC , Bed Bath & Beyond, BlackBerry, Nokia, trivago, Koss, Express Inc. and Tootsie Roll, which were affected by Robinhood’s action.

The investor suit focused on Robinhood’s alleged securities law violations and is part of a wider lawsuit in multiple U.S. jurisdictions over the firm’s meme stock-related actions.

The settlement follows United States District Judge Cecilia Altonaga denying a bid from the investors to file a new motion for class certification on April 19. Judge Altonaga also knocked back a similar request in November last year.

Stocks such as GameStop and AMC are referred to by some as meme stocks as many retail investors trade them based on social media hype. GameStop stocks went meteoric in January 2021 after a “short squeeze” of the stock, causing major losses for hedge funds and other short sellers while some retail traders made significant returns.

Many credited this movement to Keith Gill, also known as “Roaring Kitty,” who recently made a return to X in May. The return to X after a nearly three-year hiatus to post a series of cryptic memes excited traders and saw GME Close May 14 at $48.75 — its highest since late 2021, according to Google Finance.