Category: Banks

Abu Dhabi Global Market Concludes First Phase of Blockchain-Based KYC Project

An international financial free zone within the capital of the United Arab Emirates (UAE) has concluded the first phase of its blockchain-based Know Your Customer (KYC) utility project, according to an ADGM press release Dec. 4. The Abu Dhabi Global Market’s (ADGM) regulatory body, the Financial Services Regulatory Authority (FSRA) along with “Big Four” audit […]

German Financial Regulator BaFin Shuts Down Activity of British Crypto-Related Firm

The German Federal Financial Supervisory Authority (BaFin) has ordered partial cessation of activities by U.K.-based crypto-related firm Finatex Ltd., according to an official announcement published on BaFin’s website on Friday, Nov. 9. According to the BaFin’s notice, reportedly dated Oct. 2, Finatex Ltd. is ordered to “immediately” stop offering cross-border proprietary trading on its trading […]

Swiss Financial Watchdog Recommends Banks Set Crypto Risk Coverage at 800%

The Swiss Financial Market Supervisory Authority FINMA has advised banks and other financial institutions to estimate risk coverage for cryptocurrencies at 800 percent of current market value, Cointelegraph auf Deutsch reports today, Nov. 5. Major local news portal Swissinfo reportedly saw a copy of a confidential letter from FINMA to the Swiss Association for Audit, […]

Jamie Dimon Comments on Bitcoin Yet Again, Says He Doesn’t Give a Sh*t About It

On the eve of the 10th anniversary of the Bitcoin (BTC) white paper, Oct. 30, JPMorgan CEO Jamie Dimon found himself speaking yet again about the leading cryptocurrency, notwithstanding his track record of attempts to extricate himself from the debate. As CNBC reported Oct. 31, Dimon made his “reluctant” comments at the Axios conference in […]

Crypto Exchange Bitfinex Suspends Fiat Deposits, Expects to Resume ‘Within a Week’

Major crypto exchange Bitfinex has temporarily suspended all fiat wire deposits for the Euro, U.S. Dollar, Japanese Yen and Pound Sterling. This is according to several reports today, Oct. 11. While the exchange has not specified a reason for the suspension, it states that deposits are “expected to resume within a week.” As reported Oct. […]

Major Thai Bank to Test Visa Blockchain Solution for Cross-Border Payments

Thailand’s fourth largest bank, Kasikornbank, has recently joined the blockchain-based Visa B2B Connect program for cross-border payments, local newspaper The Nation reported Thursday, September 20. According to The Nation, Kasikornbank is the “first” bank in the country to use the technology, setting the stage for a more widespread use of blockchain in the country’s banking […]

China’s Central Bank Warns Investors of ICO, Crypto Risks

China’s central bank, the People’s Bank of China (PBoC), has today, September 18, issued a new public notice “reminding” investors of the risks associated with Initial Coin Offerings (ICOs) and crypto trading. The notice, released from the bank’s headquarters in Shanghai, reiterates the severe line that has been adopted by the country’s Office for Special […]

IBM Reveals Stellar-Based ‘Near Real-Time’ Blockchain Payment Network

IBM has brought its Blockchain World Wire (BWW) payment network out of beta this week, according to a ?? post on IBM’s website. BWW, which uses digital currency on Stellar’s blockchain to facilitate international settlements between banks in “near real-time,” is the latest step forward for IBM and Stellar, which have been eyeing blockchain payment […]

State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto

Iran’s National Cyberspace Center has revealed that the draft of the state-backed cryptocurrency project is ready, local news outlet Financial Tribune reports August 25. According to the article, the national digital currency project was developed on instructions from President of Iran Hassan Rouhani. Saeed Mahdiyoun, the deputy director in charge of drafting regulations for Iran’s […]

Central Bank, Gov’t Caution Public Over Fake Cryptocurrency Schemes

Multiple Chinese authorities issued a stark warning about illegal fundraising attempts claiming affiliation with the cryptocurrency industry in a bulletin Friday, August 24. Sounding the alarm on “lawless entities” attempting to amass funds “using the banner of ‘financial innovation’ and ‘blockchain’” and distributing “so-called ‘virtual currency,’ ‘virtual assets’ and ‘digital assets,’” the document urges the […]