Tag: Bank

Former NFL Team Owner Sentenced to Six Years in Prison for Providing ‘Shadow Bank’ Services to Crypto Exchanges

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The former owner of a National Football League (NFL) team has been sentenced to more than six years in prison for acting as a “shadow bank” and illegally processing more than $700 million worth of transactions for crypto exchanges. Reginald Fowler, who previously co-owned the Minnesota Vikings, established a company called Global Trading Solutions LLC in 2018. Using that company, he worked with Israeli nationals who operated a number of crypto firms, according to a press release from the U.S. Attorney’s Office for the Southern District of New York. The…

HSBC CEO Promises Silicon Valley Bank UK Will Not Suspend Focus on Startups amid Expansion

HSBC CEO has doused fears that Silicon Valley Bank UK will suspend or not adequately focus plans on helping startups. The CEO of HSBC UK has said that Silicon Valley Bank UK will continue its regular business of serving startups regardless of new ownership. Ian Stuart noted that Silicon Valley Bank will maintain its processes and business without disruption. At the Money 20/20 fintech conference in Amsterdam, Stuart assured CNBC’s Arjun Kharpal of protecting Silicon Valley Bank. He said: “We are going to keep it ringfenced within our own ringfenced…

Nigerian central bank maintains stance on crypto withdrawal restrictions

Nigeria’s cryptocurrency landscape has experienced ongoing turmoil, with citizens embracing digital assets while the government remains steadfast in its opposition. In response, the government has enforced a ban on cryptocurrencies, prohibiting individuals from engaging in crypto transactions through their bank accounts, prompting the central bank to provide clarifications on their motivations for the ban. Anonymity and inflation risks Deputy Governor of Economic Policy of the Central Bank of Nigeria, Kinsley Obiora, shed light on the motivations behind the ban on cryptocurrency transactions during a retreat in Abuja.  Speaking at the Business Session…

CBDC ‘may not be a compelling priority,’ says Kenya’s central bank

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The Central Bank of Kenya received comments on a discussion paper on the potential issuance of a digital shilling, and hasn’t a definitive conclusion.  In a June 2 announcement on Twitter, Kenya’s central bank said it received more than 100 comments from members of the public, commercial banks, tech firms, and other participants across nine countries regarding the issuance of a central bank digital currency, or CBDC. The responses varied from highlighting potential benefits and risks, but the central bank said it would “continue to monitor developments” and take a…

US Fed to cease Silvergate Capital and Bank activity

California-based Silvergate Capital and Bank have been ordered to cease their operations by the board of governors of the Federal Reserve System and the Department of financial protection and innovation of California.  The Federal Reserve Bank of San Francisco and the Department of Financial Protection and Innovation found numerous flaws during recent inspections. This prompted the order issued under the federal deposit insurance act and the California financial code. @federalreserve announces consent order against Silvergate Capital Corporation and Silvergate Bank to facilitate the voluntary self-liquidation that Silvergate announced on March…

Fed board issues order to Silvergate Bank as part of self-liquidation plan

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The Federal Reserve Board of the United States has issued a consent order to Silvergate Bank and its parent company as part of the institution’s plans to “wind down operations” and liquidate. In a June 1 notice, the Fed said Silvergate Capital Corporation and the bank will have 10 days to submit a self-liquidation plan in compliance with California and federal requirements that will wind down its operations. The firm announced in March it planned to shutter operations “in light of recent industry and regulatory developments,” becoming one of three…

Qatar’s Central Bank Didn’t Properly Enforce Its Crypto Ban, Money Laundering Watchdog FATF Says

“There are major inconsistencies between Qatar’s risk profile and the type and extent of terrorist financing activity prosecuted and convicted,” added FATF, a Paris-based global watchdog, which seeks to monitor and mitigate flows of dirty money, including through a controversial “travel rule” requiring the identification of participants in crypto transactions. Source