Tag: Bank

FTX reportedly used Alameda’s bank accounts to process customer funds

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The FTX contagion saga sees new revelations around its misconduct every other day, and the latest one solidifies the collusion between the failed crypto exchange and its sister company Alameda Research from the very beginning. FTX, like many other crypto exchanges, found it difficult to get a banking partner to process fiat transactions- as banks have been hesitant to tie up with crypto exchanges due to a lack of regulatory oversight. FTX overcame this problem by using its sister company’s banking accounts to process transactions for the crypto exchange. Former…

National Bank of Ukraine releases draft concept for digital hryvnia

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The National Bank of Ukraine (NBU) has introduced a draft concept for its central bank digital currency (CBDC) candidate digital hryvnia, or e-hryvnia. Ukraine’s central bank on Nov. 28 released a statement on the concept of e-hryvnia, which aims to perform all the functions of money by supplementing cash and non-cash forms of the hryvnia as its key purpose. The NBU said it has presented the e-hryvnia concept and continues developing the CBDC project with participants of the virtual assets market, payment firms and state bodies. According to the announcement, the…

New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank Governor – Economics Bitcoin News

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The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause. Forcing Currency Hoarders to Return to the Banking System According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes are expected to force currency dealers to return “hoarded currency [back] into the banking system.” In a speech delivered at the new naira banknotes unveiling ceremony, Emefiele claimed that the new banknotes could potentially enhance…

Bank of Japan to Launch Digital Yen Pilot Program Next Year – Blockchain Bitcoin News

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The Bank of Japan is preparing to run a test trial of its own central bank digital currency (CBDC), the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments without internet connections. Bank of Japan to Trial Digital Yen CBDC The Bank of Japan is planning to test the functionality of a version of its CBDC, the digital yen, in partnership with three top…

UK Bank Starling Blocks Payments to Crypto Platforms — Claims Crypto Is High Risk, Heavily Used for Criminal Purposes – Finance Bitcoin News

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Starling Bank has informed its customers that the bank no longer supports fund transfers to cryptocurrency platforms, including crypto exchanges. The bank stated that cryptocurrencies “are high risk and heavily used for criminal purposes and, as such, we no longer support them.” Starling Bank Blocks Fund Transfers to Crypto Exchanges London-headquartered Starling Bank recently notified its customers that the bank no longer supports money transfers to cryptocurrency platforms, including crypto exchanges. A number of people asked the bank for clarification on Twitter. Starling Bank provided the same response to all…

FTX stake in US bank raises concerns about banking loopholes

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The bankruptcy proceedings of cryptocurrency exchange FTX have revealed many new aspects of its unethical practices. The latest revelation around its stake in one of the smallest United States banks from rural Washington has raised fresh concerns about its operations and alleged misuse of banking loopholes. Farmington State Bank in the state of Washington, now renamed Moonstone, is the 26th smallest bank in the U.S. — with a single branch and three employees. FTX invested in the rural bank through its now-bankrupt sister company, Alameda, with an investment of $11.5…

UK bank Starling bans crypto-related purchases and deposits citing high risk

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Starling — a digital bank based in the United Kingdom — is the latest financial institution to ban crypto-related transfers and activities for its cardholders. Starling customers will no longer be able to purchase cryptocurrencies like Bitcoin (BTC) or receive incoming transfers from crypto exchanges or merchants. The online bank announced the news in a statement to customers as well as on Twitter, citing the perceived high risks of crypto trading. Hi there We always review our position in relation to financial crime. We consider crypto activity to be high…