Tag: Bank

100-Year-Old Pennsylvania-Based Bank Approved to Leverage Makerdao’s Stablecoin Vault – Defi Bitcoin News

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Makerdao, the decentralized autonomous organization (DAO) that issues the stablecoin DAI, approved a governance vote that provides “collateral integration from a U.S.-based bank.” The Makerdao governance vote passed by a majority vote of more than 87%, and it allows the U.S. financial institution Huntingdon Valley Bank the means to leverage a stablecoin vault. Huntingdon Valley Bank to Use Makerdao’s Stablecoin Vault System With Off-Chain Loans — RWA-009’s Initial Debt Ceiling Is $100 Million According to a Makerdao governance poll breakdown, the community has approved a collateral integration proposal with the…

Dutch bank ING sells digital asset tool Pyctor to GMEX

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ING Group, Dutch multinational banking and financial services corporation, has spun out its digital asset business Pyctor to multi-asset trading infrastructure firm GMEX. GMEX has acquired ING’s institutional-grade digital asset custody solution Pyctor in a multi-million dollar deal, the companies said in a joint announcement on Monday. The Pyctor offering compliments GMEX’s MultiHub service, an institutional cross-platform business launched last year with the mission to bridge the gap between centralized finance (CeFi) and decentralized finance (DeFi), GMEX CEO Hirander Misra told Cointelegraph. Pyctor expands MultiHub with a number of digital…

What Happens If a Crypto Platform Such as Coinbase or Celsius Goes Bankrupt? | WSJ

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io When cryptocurrency lending platform Celsius froze user accounts amid a plunge in valuations, it sent ripples across the industry and raised questions about what happens to user assets if a crypto platform files for bankruptcy. WSJ’s Vicky Ge Huang explains. Photo illustration: Jordan Kranse More from the Wall Street Journal: Visit WSJ.com: Visit the WSJ Video Center: On Facebook: On Twitter: On Snapchat: #Crypto #Coinbase #WSJ ▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Youtube version

Crypto needs regulation to mitigate risks, says Bank of England exec

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Bank of England (BoE) deputy governor for financial stability, Jon Cunliffe, recommended forming a set of regulations — similar to conventional financial systems — to tackle risks within the crypto ecosystem while improving investor confidence.  Speaking at a press conference, Cunliffe highlighted the recent downfall of the Terra ecosystem, pointing out that cryptocurrencies that fail to maintain their value induce stress across crypto markets. He compared his idea for a crypto regulatory framework to similar instances in traditional finance wherein regulations shelter investors from unrecoverable losses, adding: “For me, it underlines…

Binance Gets VASP License From the Bank of Spain – Regulation Bitcoin News

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Binance, one of the largest crypto exchanges worldwide, has secured a license from the Bank of Spain that will let the exchange operate in compliance with the local laws. This certification means that the exchange is currently complying with its AML/KYC processes required by the government of the country. More than 17 companies have received this certification by now. Binance Gets Operating License From the Bank of Spain Binance, the cryptocurrency exchange, has received the certification of the Bank of Spain to operate as a Virtual Asset Service…

Bitcoin Skeptic Peter Schiff Will Sell Troubled Euro Pacific Bank for BTC if Regulators Let Him – Featured Bitcoin News

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Peter Schiff says he will sell his bank, Euro Pacific, for bitcoin if the Puerto Rican regulators let him sell it. “My bank was not put into receivership for being insolvent. It was put there for being under-capitalized,” the bitcoin skeptic said. Peter Schiff Says He’s Willing to Sell His Bank for Bitcoin Bitcoin skeptic and gold bug Peter Schiff is still trying to sell his bank, Euro Pacific. However, the Commissioner of Financial Institutions of Puerto Rico, also known as Oficina del Comisionado de Instituciones Financieras (OCIF), has suspended…

Bitcoin tourists exit the market, Peter Schiff’s bank closes down and Voyager to restructure: Hodler’s Digest, July 3-9

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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week     Peter Schiff’s bank closure strengthens Bitcoin case for financial freedom Avid Bitcoin hater and gold peddler Peter Schiff saw his bank in Puerto Rico, Euro Pacific International Bank, shut down this week, with regulators pulling the plug on the grounds that the bank…

Nigerian Fintech Giant Flutterwave Accused of Laundering Money, More Than 50 Bank Accounts Frozen – Bitcoin News

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A Kenyan agency charged with tracing and freezing proceeds of crime said it recently obtained an order giving it the authority to freeze bank accounts belonging to Nigerian fintech Flutterwave. The agency alleges that Flutterwave is not providing merchant services as per claims, but is instead involved in money laundering activities. Deliberate Attempt to Obscure Movement of Funds Kenya’s Asset Recovery Agency (ARA) recently received an order from the High Court to freeze bank accounts holding nearly $60 million which the agency believes to be laundered money, a report has…

Binance gets VASP registration for its Spanish subsidiary from the Bank of Spain

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Crypto exchange Binance is now registered as a virtual asset service provider (VASP) by the Bank of Spain, allowing the exchange to offer custody and crypto exchange services in the country.  In an announcement on Friday, Binance said that its Spanish subsidiary, Moon Tech Spain, was registered as a VASP by Spain’s central bank on Thursday. It applied for registration in January. Binance can now provide fiat currency exchange to digital assets and wallet custody services while complying with the country’s Anti-Money Laundering and Counter-Terrorist Financing rules. Binance CEO Changpeng…