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Crypto Bank Custodia Denied Membership in US Federal Reserve System

[Jan 29, 2023 5:30 AM] The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal…

Fed denies Custodia Bank application to join the Federal Reserve System

[Jan 27, 2023 11:02 AM] The bank applied for the application in 2019 and sued the Fed in an attempt to speed up the decision.

‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU Parliament

[Jan 26, 2023 2:30 AM] Lawmakers in the European Union have backed legislation imposing new capital requirements for financial institutions, including strict rules meant to cover crypto-related risks. The latter concern banks keeping digital assets and are expected to…

EU Lawmakers Vote To Impose Strict Capital Requirements On Banks Holding Bitcoin And Crypto

[Jan 24, 2023 10:38 AM] Banks would be allowed to hold 2% of capital in bitcoin, but required to have one euro in capital for every euro in cryptocurrency held.European Union lawmakers have voted to impose strict capital requirements on banks that hold cryptocurrencies…

China-backed Blockchain Project Proposes SWIFT Alternative for Stablecoins and CBDCs

[Jan 23, 2023 3:30 AM] The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based…

U.S. home-loan banks lent billions of dollars to crypto banks: Report

[Jan 21, 2023 11:37 AM] Signature Bank and Silvergate reportedly borrowed over $13 billion from the federal home loan system.

FTX-linked Moonstone bank to exit the crypto space

[Jan 19, 2023 4:25 PM] Following the collapse of FTX, the company has decided to rebrand and exit the crypto space.

Japanese regulators want crypto treated like traditional banks

[Jan 16, 2023 11:07 PM] Mamoru Yanase said crypto needs the same safeguards as financial institutions and banks.

Bank of Thailand to allow first virtual banks by 2025

[Jan 15, 2023 2:32 PM] By allowing virtual banks, Thailand seeks to boost competition and economic growth.

New York-based bank exits crypto after tumultuous year

[Jan 9, 2023 7:55 AM] The Metropolitan Bank Holding Corp, the holding company for Metropolitan Commercial Bank, says it’s completely exiting its crypto-asset-related vertical.

German regulator warns of new banking and crypto malware ‘Godfather’

[Jan 9, 2023 7:42 AM] The “Godfather” malware is also known to target 110 cryptocurrency exchange platforms and 94 cryptocurrency wallet apps.

Mexican CBDC Unlikely to Be Ready by 2024

[Jan 8, 2023 5:30 AM] The Mexican central bank digital currency (CBDC), the digital peso, is unlikely to be ready by 2024, as was announced back in 2021 by the Mexican government. In a statement, representatives from Banxico, the central bank of Mexico, stated the…

New York Attorney General Sues Celsius Co-Founder Alex Mashinsky for Crypto Fraud

[Jan 5, 2023 1:30 PM] On Jan. 5, 2023, the state of New York and attorney general Letitia James filed a lawsuit against Alex Mashinsky, the co-founder and former CEO of Celsius. The lawsuit claims that Mashinsky and Celsius defrauded “hundreds of thousands of…

What is institutional DeFi and how can banks benefit?

[Jan 5, 2023 9:26 AM] Institutional DeFi could be a new paradigm that banks can leverage for product innovation, new pricing models and operational efficiencies.

Coinbase Agrees to $100 Million Settlement With New York Financial Regulator for Anti-Money Laundering Violations

[Jan 4, 2023 2:30 PM] Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services (NYDFS), according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said…

US federal agencies release joint statement on crypto asset risks and safe practices

[Jan 3, 2023 4:16 PM] The Fed, FDIC and OCC teamed up to wish the banks they regulate a FUD-filled new year with a warning about the risks associated with crypto assets and their efforts to contain those risks.

3 reasons why it could be a rocky week for Bitcoin, Ethereum and altcoins

[Jan 3, 2023 2:10 PM] BTC volatility is at a record low, inflows to spot markets remain muted and this week’s economic calendar suggests that volatility is set to rock the crypto market.

Trouble brewing for the US: Two-thirds of TradFi expects a 2023 recession

[Jan 2, 2023 7:01 AM] According to recent research, major financial institutions tied to the Federal Reserve see the U.S. facing a “shallow” or “mild” recession in 2023.

Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

[Dec 28, 2022 1:30 AM] Venezuelan Banks have started eyeing the accounts of customers with ties to cryptocurrency trading, principally related to peer-to-peer (P2P) transaction activity. According to Legalrocks, a crypto and blockchain-focused legal firm in Venezuela…

Crypto is a nonexistent asset for big institutional investors - JPMorgan exec

[Dec 25, 2022 11:08 AM] The asset class volatility still poses a challenge to money managers, noted JPMorgan's head of institutional portfolio strategy.

Russia to Ban Banks From Using Messengers Like Telegram to Contact Customers

[Dec 25, 2022 12:30 AM] Financial institutions in Russia will not be able to communicate with clients through instant messengers based outside the country, local media revealed. A new law passed by the State Duma also prohibits banks from using chats to send personal data…

Ripple CEO compares Wells Fargo billions mismanagement with FTX collapse

[Dec 22, 2022 5:19 AM] One of the biggest banks in America has once again paid a billion-dollar fine for the illegal treatment of its customers.

Consumers are crypto-curious — One in five own digital currency: Accenture

[Dec 21, 2022 4:00 AM] An end-of-the-year report from Accenture showed that despite traditional payment methods dominating many markets, consumers are curious about crypto.

Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings

[Dec 19, 2022 5:30 PM] On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and protests at banks in order to access their own savings accounts. Since the economic collapse in 2019, Lebanon’s banks froze Lebanese bank accounts, and a…

Basel Committee Finalizes Policy Suggesting 2% Bitcoin Exposure Cap For Banks

[Dec 16, 2022 2:36 PM] The BIS’ Basel Committee introduced a finalized proposal for limits to the amount of Tier 1 capital banks can hold in bitcoin.The Bank for International Settlements' (BIS) Basel Committee on Banking Supervision has finalized a proposed policy that…

New York State issues guidance for banks seeking to engage in activities with crypto

[Dec 15, 2022 2:15 PM] The state, a notoriously demanding regulator of the industry, has released detailed guidelines for banks’ applications; some licensed banks may have to play catchup.

What Goldman Sachs' CEO misunderstands about private blockchains

[Dec 13, 2022 4:38 PM] Blockchains aren’t meant to provide big banks with another venue for imposing new fees on users.

US regulator seeks feedback on DeFi’s impact on financial crime: Finance Redefined

[Dec 9, 2022 2:20 PM] US regulators want to know from the industry on what they think about the financial crimes associated with DeFi.

Approach with caution: US banking regulator’s crypto warning

[Dec 8, 2022 11:23 PM] The Office of the Comptroller of the Currency (OCC) said the digital asset industry was maturing but was “not yet robust” in its risk management.

US lawmakers question federal regulators on banks' ties to crypto firms

[Dec 8, 2022 12:30 PM] “FTX’s collapse shows that crypto may be more integrated into the banking system than regulators are aware,” said Senators Elizabeth Warren and Tina Smith.