HSBC, Nationwide Building Society, and other banking heavyweights in the UK are reportedly implementing a new set of restricting rules aimed at purchasing cryptocurrency. The move comes amid a chaotic year for the crypto industry, which witnessed the failure of several industry giants. Same Old Song According to a Bloomberg coverage, the biggest banking institution...Read More
A recent report by the Bank of International Settlements (BIS) revealed that the crypto industry lost over $650 billion after two major scandals that rocked the market last year. The report titled “Crypto Shocks and Retail Losses” explained investors’ trading behavior during and after the scandals, their profits and losses, and the effects of the...Read More
DZ Bank – the second-largest German bank by assets – is all set to offer digital asset custody services. The BaFin-regulated financial institution and custody provider has joined forces with Swiss firm Metaco and orchestration platform Harmonize for its upcoming digital currencies to its institutional clients offering. According to the official press release, Harmonize is...Read More
The EU is working hard to push through tough capital rules for banks that hold crypto assets. The global Basel Committee of banking regulators from the world’s leading financial centers has set a January 2025 deadline. The rules are for capital requirements for banks that have exposure to cryptocurrencies and stablecoins. According to a Feb....Read More
Lee Reiners, policy director at the Duke Financial Economics Center, recommended that banking agenices restrict the crypto industry from accessing the banking system while testifying to the Senate Banking Committee on Tuesday. The professor claimed that crypto has produced nothing of benefit during the 14 years since Bitcoin’s whitepaper was published. What to Do About...Read More
Michael Demissie, the head of digital assets at Wall Street powerhouse Bank of New York Mellon (BNY Mellon), has disclosed that investors are still very interested in the digital asset space amid the bear market. According to a Reuters report, Demissie believes cryptocurrencies are here to stay as investors have not lost interest in the...Read More
Crypto markets have been showing strong signs of recovery – but not everyone is convinced, and financial institutions are understandably on their guard. According to the Federal Deposit Insurance Corporation (FDIC), offering crypto products and services should be considered a high-risk activity by traditional banks. “Business models that are concentrated in crypto-asset-related activities or have...Read More
American banking watchdogs warned domestic financial institutions that delving into the world of crypto could carry various risks, such as fraud. The warning comes as a result of a catalytic 2022, which saw the demise of multiple cryptocurrency giants, including FTX, Terraform Labs, Three Arrows Capital, Celsius Network, and more. The collapse of those firms...Read More
In a report on Jan. 2, the international non-governmental and lobbying organization said that crypto will continue to be an integral part of the “modern economic toolkit.” The WEF acknowledged the calamitous previous year, labeling it as “terrible,” with more than $2 trillion getting wiped out. Additionally, the Switzerland-based political and economic forum fingered regulators...Read More
The world’s largest financial watchdog, the FSB, plans to roll out regulatory guidelines for crypto in 2023. According to the Financial Times, the FSB intends to set out a timeline for global regulators in the coming months. It will enable them to implement its first recommendations on global crypto regulation, it added. The move is...Read More
The latest bank to clamp down on crypto in the UK is Santander. Over the weekend, it was reported that the retail bank is planning to block real-time payments to crypto exchanges in 2023. The bank is claiming to be protecting customers from scams. The crypto blockade will include in-branch, mobile, and internet banking for...Read More
The Berlin-based neobank – N26 – established a cryptocurrency service that will enable customers to buy and sell 100 cryptocurrencies. The largest fintech bank in Latin America – Nubank – also hopped on the bandwagon, launching its own cryptocurrency in Brazil. Interestingly, Berkshire Hathaway – the conglomerate holding company spearheaded by the famed investor and...Read More
Metamask continues to push for leadership in the cryptocurrency wallet industry, offering new tools that make it easier for its users to purchase crypto. On October 13, Sardine, a financial platform offering instant ACH settlements, confirmed a partnership with ConsenSys to allow Metamask users in the U.S. to purchase cryptocurrencies with their bank accounts from...Read More
The Bank of New York Mellon (BNY Mellon) now allows customers to deposit their cryptocurrency holdings. As such, the banking institution now operates as a custodian for both digital and other types of investment assets. As previously reported, BNY Mellon received the necessary approval from New York’s financial watchdog earlier this year. The WSJ report...Read More
The Bank for International Settlements (BIS) on Tuesday announced that a multi-jurisdiction CBDC pilot spearheaded by BIS Innovation Hub has been successful. The project saw 164 transactions worth nearly $22 million in real-value cross-border payments through a purpose-built multi-CBDC platform – mBridge. Apart from the central banks of Hong Kong, China, Thailand, and the United...Read More
Leading cryptocurrency lender Nexo has acquired a stake in Hulett Bancorp (DBA Mode Eleven) and its subsidiary federally chartered bank Summit National Bank, regulated under the US Office of the Comptroller of the Currency. The deal will allow the crypto lender, which has around $4 billion in assets under management, to further scale its financial...Read More
The California-based cryptocurrency exchange Abra plans to form two financial institutions, called Abra Bank and Abra International. The former will provide digital asset services to American customers and businesses, while the latter will expand outside the States. Abra Sets up Banks With Crypto Focus In a recent announcement, the company revealed that Abra Bank will...Read More
Some of the leading banks in Portugal, including Banco Comercial Portugues and Banco Santander, have reportedly shut down all of CriptoLoja’s accounts last week. The company is the first cryptocurrency exchange that received a license to operate in the country. Prior to that, Portugal’s authorities have displayed a predominantly crypto-friendly stance, rejecting two tax proposals...Read More
Swiss-based digital asset bank Sygnum has added Cardano (ADA) to its bank-grade staking services for institutional clients. The bank’s customers can now earn rewards for staking ADA, the eighth largest cryptocurrency by market cap. According to a press release, Cardano has joined the list of other cryptocurrencies supported on Sygnum’s staking offerings, which currently consist...Read More
Banco Santander (Brasil) – the Brazilian arm of the Spanish banking giant – revealed intentions to offer cryptocurrency services to clients. By doing so, the company will join a range of local institutions that have already hopped on the digital asset bandwagon, including BTG Pactual, Nubank, PicPay, and XP Inc. Brazil Might Have a New...Read More
One of the largest banking institutions in the United Kingdom – Barclays – is reportedly one of the investors in Copper’s latest financing round and will purchase a stake in the company. The initiative could be considered a surprise since the global cryptocurrency sector is in a state of significant decline, while many UK authorities...Read More
Circle has tapped a New York state-based community bank as its latest custodial provider for USDC reserves. The move reflects Circle’s strategy to deepen partnerships with Community Banks across the U.S., attempting to make payments more inclusive to underserved communities. Under the new agreement, New York Community Bancorp’s bank subsidiary, New York Community Bank, will...Read More
The current bear market has left many crypto-related businesses reeling. Between the Luna fiasco and assets dropping close to levels not seen in 2 years, crypto mainstays are struggling to stay afloat – either by freezing hiring, cutting staff loose altogether, or freezing exchanges and withdrawals “to protect consumers.” However, not all companies are feeling...Read More
The multinational financial services firm Citibank has partnered with METACO – a digital asset custody provider – to start developing and piloting digital asset custody services. In a press release from Citi, the bank revealed that the companies will work together to build a platform that lets clients securely store and settle digital assets. The...Read More
The government of Kazakhstan has approved guidelines for a pilot program that will foster cooperation between some banking institutions and cryptocurrency exchanges in the Astana International Financial Center (AIFC). Crypto Exchange to Open Bank Accounts According to the official announcement, second-tier Kazakhstani banks now have the green light to offer bank accounts and other financial...Read More
Digital banks keep dealing with a lot of painful regulatory measures and impediments when applying for their operating permits; however, in this case, the Bitcoin Bank Custodia decided to deal with that issue… in a court of law. On May 7, Caitlin Long’s Bitcoin Bank Custodia filed a lawsuit against the Federal Reserve Board of...Read More
Chinese billionaire Jack Ma’s Ant Group announced the soft launch of its Singapore-based digital bank – ANEXT Bank – on Monday, marking its latest foray in cracking into digital banking beyond its domestic market. The new entity will offer account services to small and medium enterprises starting from Q3 2022. Leveraging Ant’s Footprint in Assisting...Read More
Sumitomo Mitsui Trust – one of the largest asset managers in Asia – will tap Tokyo-based crypto exchange Bitbank to set up a company offering digital asset services to institutional clients this year. The newly created firm will hold cryptocurrencies and Non-Fungible Tokens (NFTs) for “large investors and corporations.” Sumitomo Mitsui Trust Focused on Security...Read More
Commonwealth Bank (CommBank), the largest bank in Australia, has reportedly suspended its planned in-app cryptocurrency trading pilot without setting a new timeframe for when it would resume the service. CommBank Pauses Crypto Services at Pilot Phase According to the Guardian Australia, on Thursday (May 19, 2022), Matt Comyn, the chief executive officer of the Commonwealth...Read More
Julius Baer Group – the Swiss private bank with over $110 billion in AUM as of 2021 – revealed that it will offer digital asset services to high-ended clients. A pilot program has been currently installed to test token booking, trading, and compliance. The group will integrate cryptocurrencies into its wealth management services by first...Read More
