Private Banks Alert Customers About Crypto Risks: Report

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Top Indian private sector banks are informing their customers about the risks in crypto asset investments. Axis Bank, HDFC Bank, ICICI Bank have sent out emails to customers in this regard, reported The Economic Times.The banks cited the aggressive advertising campaigns of cryptocurrency exchanges that seek to lure new customers with promises of extravagant returns … Read more

IT key to Vast Bank’s bold bet on crypto

IT key to Vast Bank’s bold bet on crypto

In this era of constant change, the cutting edge can come from seemingly unlikely places.Squeezed between megabanks and a rash of emerging fintechs, family-owned Vast Bank is seeking to stand out by becoming among if not the first US bank to offer cryptocurrency services directly to retail customers.The move, which sees the Tulsa, Okla.-based nationwide … Read more

US banking regulators to clarify banks’ crypto role in 2022

US banking regulators to clarify banks' crypto role in 2022

WASHINGTON: US banking regulators intend to clarify in 2022 what role traditional banks can legally play in the cryptocurrency market, they said on Tuesday. In a statement, regulators said they plan to make clear what sort of activities banks can engage in involving cryptocurrency, including holding it on their balance sheets, issuing stablecoins and holding … Read more

cryptocurrencies: Banks informing customers about crypto pitfalls

cryptocurrencies: Banks informing customers about crypto pitfalls

Top private banks are reaching out to customers who invest in cryptocurrencies and informing them about the risks associated with the asset class, even as the government is working on legislation to regulate digital currencies. In the past two-three weeks, HDFC Bank, Axis and ICICI Bank have sent emails highlighting the risks to customers who … Read more

10% of Banks Support Crypto for Cross-Border

Banking - Crypto

Despite the availability of new payment options, many financial institutions (FIs) lag behind marketplace interest in cross-border payments innovations, especially when providing B2B access to cryptocurrency tools. Just one in 10 FIs currently gives its B2B customers the ability to use cryptocurrency, according to “Cryptocurrency, Blockchain and Cross-Border Payments,” a PYMNTS and Circle collaboration that … Read more

Nigerian banks tracking customer accounts for crypto trading

Nigerian banks tracking customer accounts for crypto trading

In Nigeria, commercial banks have begun monitoring accounts that appear to be utilized for cryptocurrency trading. The action is in response to an order from the Central Bank of Nigeria (CBN) demanding all commercial banks freeze accounts belonging to at least two individuals engaged in cryptocurrency trading.According to a report by local publication Leadership, an … Read more

Austrac warns banks against ditching crypto dealers

Austrac warns banks against ditching crypto dealers

Austrac brushed off that defence from the banks, saying it had higher expectations the banks would not deem a customer high risk because of the sector they worked in.“Although the decision to close an account may remain a necessary risk control, Austrac considers with appropriate systems and processes in place, banks should be able to … Read more

Watchdog Probes Aussie Bank’s Move into Crypto

Australia, Australian Prudential Regulation Authority, Commonwealth Bank of Australia, crypto

Australia’s banking watchdog is taking a closer look into the decision by the Commonwealth Bank of Australia (CBA), the country’s largest lender, to move into crypto trading, according to Reuters and other media outlets. CBA, an Australian multinational bank with businesses across New Zealand, Asia, the U.S. and the U.K., is the first bank in … Read more

Here’s Why Big Banks Are Going All In On Crypto: Should You Follow Suit?

Here’s Why Big Banks Are Going All In On Crypto: Should You Follow Suit?

big banks crypto investmentsIt’s no secret that cryptocurrencies are an extremely popular asset class. They’re also a cultural phenomenon that has changed the way many retail investors save and plan for the future. In the past, big Wall Street firms haven’t paid much mind to cryptocurrencies. The new asset class has been dismissed as a … Read more

Studio behind ‘early access’ crypto game Blankos Block Party banks monster $1.25B valuation from a16z – TechCrunch

Studio behind ‘early access’ crypto game Blankos Block Party banks monster $1.25B valuation from a16z – TechCrunch

A16z Crypto has been minting plenty of NFT unicorns this year. In July, they backed NFT marketplace OpenSea at a $1.5 billion valuation. They participated in a September raise for NBA Top Shot-maker Dapper Labs, which valued the company at a whopping $7.6 billion. Just last month, they backed the team behind play-to-earn crypto game … Read more

Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly).

Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly).

Just as it does for stock and bond prices, Goldman recently began posting digital asset prices on its Marquee platform for big clients like hedge funds, preparing for a time when the bank might be able to support trading in cryptocurrencies.In 2019, a unit of JPMorgan called Onyx introduced JPM Coin, a digital currency backed … Read more

U.S. regulators exploring how banks could hold crypto assets – FDIC chairman

U.S. regulators exploring how banks could hold crypto assets - FDIC chairman

Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S. October 18, 2021. REUTERS/David SwansonLAS VEGAS, Oct 26 (Reuters) – A top U.S. bank regulator said U.S. officials are looking to provide a clearer path for banks and their clients that are looking to hold … Read more

ING says blockchain, crypto presents Blockbuster moment for banks – Ledger Insights

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During a panel of incumbent financial institutions at Digital Assets Week, the moderator asked whether they see the biggest cryptocurrency exchange Binance as a threat. Hervé Francois, Digital Assets lead at ING, responded, “It reminds me of when we asked a similar question to the CEO of Blockbuster regarding Netflix. At that time, he said they’re … Read more

Trump regulator gave quiet legal blessing to crypto trading by banks

Trump regulator gave quiet legal blessing to crypto trading by banks

A formal move to green-light crypto trading by banks would probably be met with resistance by advocates of tough financial rules. The value of cryptoassets can shift dramatically — Bitcoin is up about 400 percent from last year — making it potentially risky for both banks and depositors to trade in them. Michael Hsu, the … Read more

Mobius warns ‘crypto could really blow up’: central banks should pay attention

Mobius warns ‘crypto could really blow up’: central banks should pay attention

Mark Mobius, the veteran emerging markets investor, warned of a potential cryptocurrency collapse that would be felt across global stock markets. “Cryptocurrency is something that could really blow up. If bitcoin crashes, it will probably affect stock markets across the world, although temporarily,” Mobius, one of the world’s most renowned investors, told Financial News. The price of bitcoin … Read more