Sam Bankman-Fried has been arrested by The Royal Bahamas Police Force following reports that the United States filed criminal charges against the founder and former CEO of cryptocurrency exchange FTX, and is likely to request his extradition.
The Office of the Attorney General of the Bahamas issued a statement today, which was reported by BNO and other news outlets, that it would hold Bankman-Fried in custody until a formal request for extradition is made.
Bahamian Prime Minister Philip Davis says the Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.

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Pan-African cross-border payment app Chipper Cash is set to acquire Zambian fintech company Zoona Transactions International.
This acquisition will allow Chipper Cash, which has a self-reported user count of 5 million, to add new online services and a new agent network to its offerings. This move is also an expansion strategy by the company into Zambia.
Chipper Cash’s VP of Corporate Development, Laura Kennedy, says Zoona’s acquisition will offer it incredible innovation, a great partner network, complementary products and services, and talented in-country teams.
Zoona’s co-founder and CEO, Brett Magrath, says this acquisition allows the two companies to combine their expertise to connect consumers and businesses across the continent while positioning themselves as the first choice provider of financial services for the people of Africa.

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Kandon Technologies, a Nigerian tech company, has been cleared of money laundering and card fraud allegations laid against it by Kenyan authorities earlier in July.
The ARA linked Kandon Technologies to seven other Nigerian firms—Flutterwave Ltd, Elivalat Fintech Ltd, Hupesi Solutions, Adguru Technology Limited, Boxtrip Travels and Tours, Bagtrip Travels Ltd, Cruz Ride Auto Ltd; and a Kenyan businessman, Simon Karanja—whose combined 56 bank accounts holding over $59.2 million (Sh6 billion) were frozen in July over similar allegations.
Kenya’s National Police Service investigation arm, the Directorate of Criminal Investigation 11 revealed that the allegations leveled at Kandon technologies were not established.

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South African accounting firm Mazars stated that crypto exchange Binance.com is fully collateralized. Binance had commissioned the report to assure customers that it had enough reserve funds to cover customers’ assets on the exchange at a ratio of at least 1:1.
Binance’s bitcoin asset balance (Binance’s bitcoins) was 582,486 bitcoins and its customer liability balance (customers’ bitcoins) was 597,602 bitcoins. Comparing these two figures, Binance’s bitcoin holdings are under-collateralized by 3% (or $245 million, per the bitcoin price on the reporting date) against its customers’ bitcoin assets.
According to a July report by the Financial Reporting Council, Mazars has been growing too fast, picking up higher-risk audits being dropped by their peers, without adequate controls to ensure high-quality audits.

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Uber has agreed to a $10 million settlement with the City of Chicago for listing local restaurants in the Uber Eats and Postmates food delivery apps without the restaurants’ consent, as well as for charging excess commission fees.
Cohen Milstein Sellers & Toll, a law firm representing the city says over $5 million will go toward paying damages back to Chicago restaurants that were affected, and $1.5 million will go to Chicago for the costs incurred during the city’s two-year investigation into the matterChicago’s, not the first city to deal with food delivery apps listing restaurants without their permission, and this isn’t Postmates’ first offense.
Several apps, including Seamless, Grubhub, and DoorDash, have been accused of pulling restaurant menus listed online and putting them on their own platforms.
Mayor Lori Lightfoot says the settlement reflects the City’s commitment to creating a fair and honest marketplace that protects both consumers and businesses from unlawful conduct.

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The Indian arm of SBM Bank, one of the banks that has aggressively worked with fintech startups in the South Asian market, is engaging with investors to raise capital and pitching the vision of becoming one of the top banking-as-a-service providers in the country, according to a source familiar with the matter.
The Indian arm is in the advanced stages of deliberations to raise between $50 million to $75 million at a pre-money valuation of about $200 million, the source said, requesting anonymity discussing private matters. The round hasn’t closed, so the terms of the deal may change.
The firm sees its deep partnerships with fintech startups such as Bengaluru-headquartered fintechs Razorpay and Slice as a key growth pillar, according to an investor presentation seen by TechCrunch.

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Berlin-based Onomotion has come up with a scalable way to do micromobility-powered urban logistics cargo e-bikes with built-in cover from the elements and attachable containers.
Onomotion has a couple hundred vehicles on the road in Germany with logistics partners like UPS, DPD and Hermes. Over the next few years, the company wants to expand to several thousands of vehicles across Europe and North America.
Onomotion will pay GLS back after seven years, including a yearly interest rate of 5.5%, according to Beres Seelbach, co-founder, and CEO. The executive said Onomotion will use the debt to build more vehicles so it can scale operations.
The funding comes as more cities and logistics companies move towards finding both more sustainable and efficient solutions for delivering packages in dense urban centers.
Seelbach says they want to go to international markets in Europe like Paris or Brussels and then to North America, the United States, and Canada.

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Amazon is inching closer to launching Prime Gaming, its subscription service that offers free access to a number of titles and which ships bundled with Amazon Prime and Video plans, to its members in India.
The company says that Prime Gaming unlocks instant access to tons of exclusive content for your favorite games and a rotating collection of PC games…each and every month.
A support page on the Prime Gaming website also mentions India as an operational market for the service, however, users who’re currently attempting to access Prime Gaming are being redirected to a blank page.

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Nigerian food tech platform, Orda, has raised a $3.4 million seed round to digitize food businesses across the continent.
The company provides a cloud-based operating system to small and medium-sized restaurants across Nigeria and Kenya.
The startup offers kitchen display systems, order and inventory management, integration with the top food aggregators, accounting software, microsites, and mobile apps, to African restaurants.
The majority of restaurants in Africa are small and medium-sized, and according to Orda, it now processes more than 500% more weekly orders for these types of restaurants and has expanded its customer base to over 600 restaurants in Nigeria and Kenya.

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SafeBoda, the Ugandan bike-hailing startup, is leaving Nigeria to focus on bringing the company to profitability by deepening its core transportation offering” in Uganda, its largest market.
The company says it exited Kenya due to the negative effects of COVID-19 on its business.
A company spokesperson says that the Nigerian market for its operations was unprofitable adding that leaving Nigeria because the okada industry in its current state is not economically viable and unfortunately requires significant investment at this challenging time in the global economic landscape.

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