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Santander Imposes Limit on Crypto Transactions for UK Customers

by Blockchain NewsNovember 3, 2022

The British branch of the Spanish multinational commercial bank and financial services company, Santander, has now imposed a £1,000 ($1,120) limit on crypto transactions for customers in the UK.

Emphasizing protection from crypto fraud, Santander says this restriction is intended to protect customers from crypto investment risks. The firm noted,

“We want to do everything we can to protect our customers, and we feel that limiting payments to cryptocurrency exchanges is the best way to make sure your money stays safe.”

Additionally, the bank also stated from the 15th of November 2022, a limit to making crypto transactions worth $3,360 during 30 days would be implemented. The restriction only applies to customers who use their Santander bank account to deposit funds into crypto exchanges.

Though customers can still withdraw from exchanges to their bank account, the bank added that it would eventually be making more changes to these limits and completely ban the depositing of funds into crypto exchanges in the future.

Notably, this is not Santander’s first move disapproving crypto transactions. Last year, the bank blocked payments from its UK customers to the Binance crypto exchange, stating it was to protect customers’ funds.

The blocking was related to the UK’s financial regulator (Financial Conduct Authority)’s recent warning that Binance Markets Limited is not allowed to conduct any regulated activities in the country. At the end of the note, the bank mentioned the payments of funds into the Binance exchange still remain banned.

Not only Santander was in the mood to block crypto transactions last year, but Former Member of the British Parliament Nick Boles was also in the zone of disapproving the largest cryptocurrency by market cap, Bitcoin. Nick suggested to the Central Banks that anyone wanting to use Bitcoin for any payments should be forced to exchange it for another currency.

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Binance to Consider Buying Banks with $1 Billion , CEO CZ Discloses

by Blockchain NewsNovember 3, 2022

Binance is considering buying banks to bridge the gap between the worlds of traditional finance and cryptocurrency, founder and CEO Changpeng Zhao (CZ) said in an interview with Bloomberg.

The billionaire did not disclose specific targets, saying he was open to minority investments or full takeovers. Zhao also pointed out that investment banking is a reasonable strategy for Binance because when partnering with banks, Binance usually attracts many new users, which will also boost the bank’s valuation.

“What we have found is when banks work with us, we drive so many users to them, so the bank’s valuation goes up, like why don’t we just invest in them as well, so that we capture some of the equity upside, “he said.

CZ said in an interview at the Web Summit in Lisbon: “There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things.”

Zhao has said in the past that Binance has more than $1 billion to spend on acquisitions, with its acquisition strategy focused on areas such as DeFi and NFTs.

He stressed that traditional financial institutions are now more closely linked to the cryptocurrency industry as a whole. He said that despite the cold winter in the cryptocurrency market due to a number of factors, such as interest rate hikes, the correlation between digital assets and traditional finance -“TradFi” is still deepening. Well-known traditional financial services companies include Goldman Sachs Group Inc., BlackRock Inc, etc.

In June, U.S. multinational investment bank Goldman Sachs Group Inc showed interest in acquiring troubled cryptocurrency lender Celsius Network, hoping to buy the company at a steep discount, according to two people familiar with the matter.

In September, BlackRock, a New York-based US multinational investment company, has expanded its crypto service offerings by launching a new exchange-traded fund (ETF) that provides exposure to blockchain and crypto companies for its European customers.

Binance recently confirmed that the crypto exchange has invested in Musk’s Twitter deal. In a statement, Binance quoted its co-founder, billionaire Changpeng Zhao (CZ), as saying that Binance had committed to spending $500 for Musk to acquire Twitter as part of its strategy to bring social media and news sites into the web3 world.

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Tagged : Bank / Banking / Binance / Blockchain / Cz / Exchanges

19 of the World’s Largest Banks Hold Nearly $9B in Digital Assets: Basel Committee Survey

by Blockchain NewsOctober 2, 2022

According to a survey by the Basel Committee, 19 of the world’s largest banks hold nearly $9 billion in digital assets, and banks holding crypto assets may account for only 0.01% of total Bank for International Settlements (BIS) exposure.

The survey involved 19 banks, of which 10 are from the Americas, seven are from Europe and the remaining two are from the rest of the world.

The Basel Committee on Banking Supervision survey found that Bitcoin and Ethereum accounted for 0.14% of total exposure. The study also pointed to the need for capital markets to add new rules for lenders to hold digital assets.

Of the banks surveyed, two hold more than half of the assets, and four banks are earning the remaining 40% of assets. The uneven distribution of shareholdings among banks creates a market gap.

Cryptoasset exposure is dominated by 31% bitcoin, 22% ether, and a mix of bitcoin and ether at 25% and 10%, respectively.

The cryptocurrency market has liquidated billions of dollars this year. Exposure to cryptocurrencies has increased significantly.

The Committee’s Secretary, Renzo Corrias, highlighted the importance of study and said:

“The template [sent to banks] was specifically designed to support the Committee’s two consultative documents on the prudential treatment of banks’ crypto-asset exposures, which were published on 10 June 2021 and 30 June 2022.”

Corrias said the committee’s plan sets capital requirements for unsecured assets such as BTC, ETH, and other cryptocurrencies. The new regulations mentioned in the report could limit lending and shut down banks’ access to the crypto market. In contrast, looser rules would apply to hedging exposures and other stablecoins.

However, the results of this study may be limited due to the small sample size.

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Tagged : Bank / Bitcoin / Blockchain / Crypto / Research / RISK EXPOSURE

19 of the World’s Largest Banks Hold Nearly $9 Billion in Digital Assets: Survey by the Basel Committee

by Blockchain NewsOctober 2, 2022

The survey involved 19 banks, of which 10 are from the Americas, seven are from Europe and the remaining two are from the rest of the world.

Of the banks surveyed, two hold more than half of the assets, and four banks are earning the remaining 40% of assets. The uneven distribution of shareholdings among banks creates a market gap.

Cryptoasset exposure is dominated by 31% bitcoin, 22% ether, and a mix of bitcoin and ether at 25% and 10%, respectively.

The cryptocurrency market has liquidated billions of dollars this year. Exposure to cryptocurrencies has increased significantly.

The Committee’s Secretary, Renzo Corrias, highlighted the importance of study and said:

However, the results of this study may be limited due to the small sample size.

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Tagged : Bank / Bitcoin / Blockchain / Crypto / Research / RISK EXPOSURE

Crypto Bank Protego Trust Appoints Ron Totaro as CEO

by Blockchain NewsSeptember 13, 2022

Protego Trust Bank, a Seattle-based federally-chartered bank serving the digital asset needs of institutional clients, announced on Monday the appointment of fintech leader Ron Totaro as the company’s new Chief Executive Officer.

Totaro’s coming follows recent appointments that Protego Trust recently made to its board of directors and an advisory board of industry and regulatory leaders.

Greg Gilman, founder and CEO of Protego Holdings Corp, commented about Totaro’s hiring: “Ron brings a solid understanding of digital asset and blockchain technology as well as strong relationships with banking and private equity leaders. I am looking forward to working with him to finalize the OCC approval process and launch our much-needed bank platform for institutional investors to securely custody, trade, lend and issue digital assets, including cryptocurrencies.”

Totaro brings over three decades of financial services expertise in building and leading fintech, banking, payments, and blockchain firms.

During his career, Totaro has served as an executive, board member, and advisor to public companies, private equity and venture capital-backed businesses. His proficient service delivery earned him a reputation for scaling businesses while driving profit and revenue growth.

In his earlier career, Totaro held leadership roles at analytics software company FICO, GE Capital, and payment card services company American Express.

Totaro also served as COO (Chief Operating Officer) at payment systems company ACI Worldwide which he led the transformation of the business while driving accelerated top and bottom-line growth.

Recently, Totaro served as CEO of Tassat Group, which he led the firm to become the market-leading provider of blockchain-based, real-time payment solutions enabling banks to tokenize U.S. dollar deposits and transition from traditional payment rails to blockchain technologies.

Expanding Hiring Despite Market Rout

Protego joins a group of crypto firms that recently onboarded new CEOs and other executives as part of efforts to drive their institutional growth.

In May, TRM Labs appointed former Associate Deputy Attorney General Sujit Raman, at the US Department of Justice (DOJ) as the company’s General Counsel.

In June, Uniswap Labs hired the former president of the New York Stock Exchange, Stacey Cunningham, as its adviser.

In July, blockchain company Algorand hired Chief Operating Officer W. Sean Ford as its interim CEO. Besides that, crypto financial services company EQONEX also appointed Nick Cogswell as head of sales for its asset management business.

Also, in late July, ZASH Global Media and Entertainment named Erik Finman as its CEO, tasked with overseeing the company’s expanding crypto and NFT initiatives.

Despite the ongoing market crash, crypto firms like Polygon, Circle, Binance, and others, have maintained hiring top talent from Big Tech firms, enticing them with the pitch of working on the next “big thing” in tech — Web3.

Executives at tech giants, such as Google, Facebook, and Amazon, are quitting to take jobs in the buzzy crypto world.

The buzz surrounding Web3 has attracted some of the brightest minds in tech. The Web3 movement proposes overhauling the internet to move popular online services over to decentralized technologies like blockchain.

Tech executives are being attracted to the crypto industry due to its rapid growth and lucrative compensation packages.

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Tagged : Bank / Crypto / Hiring / Industry Expert / PROTEGO TRUST / RON TOTARO

Brazil’s Bank BTG Pactual Launches Crypto Trading Platform

by Blockchain NewsAugust 17, 2022

BTG Pactual, Brazil’s sixth largest investment bank, has launched its cryptocurrency trading platform.

André Portilho, head of digital assets at BTG Pactual, confirmed that the crypto trading platform, called Mynt, is now officially available to the public.

“Cryptocurrencies are a new technology with great potential for transformation, bringing with it risks and opportunities. Entering the cryptocurrency universe is another important step in meeting a demand from our clients and filling a gap in the market,” the executive said.

The platform currently supports trading five digital assets, including Bitcoin, Ether, Solana, Polkadot, and Cardano.

Mynt allows users to invest in cryptocurrencies with as little as 100 Brazilian reals, equivalent to $19.42.

Portilho said Mynt offers 24/7 support from a team available throughout to answer any customer questions.

Portilho noted that the platform had been available to a restricted group since May. In September last year, BTG Pactual first announced the idea of Mynt with initial plans to offer Bitcoin and Ether trading by the end of that year.

Crypto creating new business opportunities

Crypto is fast gaining mainstream acceptance in Brazil as major firms are creating new and innovative offerings around such digital assets.

Major Brazilian businesses are increasingly allowing consumers to get started with cryptocurrency quickly and easily to diversify their savings, protect against inflation, and save on transaction fees.

In July, Santander, a Spanish banking multinational giant whose branch operates in Brazil, announced plans to offer crypto trading to its customers in Brazil.

In May, Nubank, the largest Brazilian digital bank by market value, launched Bitcoin and Ether trading to allow its customers to buy cryptocurrencies on its platform.

Last month, PicPay, a major Brazilian payment app, launched a crypto exchange through a partnership with Paxos to enable users to trade cryptocurrencies.

In December last year, Mercado Libre, Latin America’s largest e-commerce company by market value, began allowing users in Brazil to buy, sell and hold crypto coins.

And many more big brands in Brazil have launched crypto trading services. The cryptocurrency market in the country is expected to grow significantly as demand remains high.

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Tagged : Bank / Brazil / Btg Pactual / Crypto / Exchanges / Trading

Portuguese Crypto Exchanges Hit with Bank Account Closures

by Blockchain NewsAugust 4, 2022

Crypto users in Portugal are facing new uncertainty after some major banks are closing down accounts involved with cryptocurrency trading.

This is a huge blow considering that Portugal is one of Europe’s most crypto-friendly jurisdictions.

Bloomberg media reported the matter on Wednesday after contacting some of the crypto market players in the region.

Last week, Banco Comercial Português, one of the largest private banks in the country, and Banco Santander, a global bank whose subsidiary branch runs in Portugal, closed bank accounts associated CriptoLoja, a Portuguese cryptocurrency exchange based in Lisbon.

Pedro Borges, CriptoLoja’s co-founder and chief executive, revealed the matter to Bloomberg media.

Borges further disclosed the shutdown after two smaller banks closed accounts associated with some countries’ crypto firms.

Another crypto agency called ‘Thoughts the Coin’ also has been unable to open an account for months after its bank accounts had been closed one year ago. Pedro Guimaraes, the crypto exchange founder, narrated the matter to Bloomberg.

Besides that, Chief Product Officer Ricardo Filipe stated that Luso Digital Assets, a crypto trading platform in Portugal, also had some of its bank accounts closed in the last twelve months.

Furthermore, more than two crypto exchanges in the country had also been hit by the menace in the last twelve months, as per the report.

In an email statement, Banco Comercial Português, the above-stated bank, clarified that it is its responsibility to inform relevant authorities every time it sees “suspicious transactions” and terminate accounts associated with such activities.

Meanwhile, A Banco Santander consultant also pointed out the bank acts in “accordance with its perception of risk”.

However, Pedro Borges, CryptoLaja CEO, told Bloomberg that they have always informed authorities about cases of any suspicious transactions.

“We now have to rely on using accounts outside Portugal to run the exchange. All the compliance and reporting procedures have been followed,” Borges said.

The fresh move by the Portuguese banks has impacted the operations of crypto exchanges in Portugal, which already have the central bank license.

Pedro Guimaraes, founder of Mind the Coin, also stated: “While there is no official explanation, some banks just tell us they don’t want to work with crypto companies. It’s almost impossible to start a crypto business in Portugal right now.”

Crypto-friendly Climate Changing

Portugal is one of the most crypto-friendly countries in the world. Lisbon hosted an Ethereum conference in October of 2021. The country has been is one of the most Bitcoin-friendly countries in Europe.

Portugal recently got wide attention with its tax-free cryptocurrency regulations and many incentives that benefit crypto dealers and miners in the crypto-friendly region. And that attracted international entrepreneurs, investors, and digital nomads to migrate to the country to trade cryptocurrencies without paying taxes.

The Central Bank of Portugal, Banco de Portugal, has issued licenses for crypto agencies, including Criptoloja and Mind The Coin, allowing them to operate as crypto exchanges.

However, the recent move by Portuguese banks could signal a shift and toughen of the environment in Portugal’s crypto sector. Portugal’s government announced plans to tax crypto income in May.

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Tagged : Bank / Closure / Crypto / Exchanges / Portugal

French Giant Bank BNP Paribas to Launch Crypto Custody Business

by Blockchain NewsJuly 20, 2022

France-based BNP Paribas, the second largest global bank in Europe, has become the latest banking giant to enter the crypto custody business.

BNP Paribas announced on Tuesday that it has partnered with Swiss-based crypto infrastructure firm Metaco to enable the offering of digital assets custody services to its customers. The development was revealed by three people who are familiar with the deal.

What makes the deal significant is BNP Paribas Securities Services, the custodian subsidiary of the bank, which holds over $12 trillion under custody, is the one gearing to focus on offering institutional-grade custody for digital assets.

Expanding Institutional Digital Assets Capabilities

In recent months, Metaco formed partnership deals with several banks to develop digital asset custody platforms.

Last month, on June 30, French bank Societe Generale (GLE) selected Swiss cryptocurrency custody firm Metaco to support its digital asset custody operations. Metaco was tapped to offer digital asset custody for customers in the bank’s digital asset subsidiary, SG FORGE, which will majorly focus on security tokens.

Societe Generale now provides various capital market products to institutional clients under a native security token format on Tezos and Ethereum with whole banking level regulatory and safety compliance.

The partnership enabled SG FORGE to continue integrating security tokens into traditional finance, and leveraging Metaco’s bank-grade digital asset custody and orchestration platform, Harmonize, to further expand its offering at scale.

Also, last month, US multinational investment bank Citi selected Swiss tech firm Metaco to develop and pilot digital asset custody capabilities.

The partnership brought together Metaco’s tech and digital solutions with Citi’s custody network to develop a platform that will enable Citi clients to store and settle digital assets securely.

Citi plans to fully integrate Metaco’s bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure.

The service that Metaco is offering to Citi and Societe Generale works to bridge digital and traditional assets.

With Metaco’s service, SocGen and Citi are leveraging their infrastructure to support their vision of bridging traditional and digital finance, focused on security tokens, like tokenized versions of stocks or other financial instruments, with less of an emphasis on pure cryptocurrencies.

In the past, the likes of Spanish major bank BBVA, London-based Zodia Custody, Singapore multinational bank DBS, and UnionBank Philippines also partnered with Metaco to enable digital assets custody services to their clients.

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Tagged : Bank / Bnp Paribas / Crypto / Custody / Enterprise / French / Metaco

ECB to Warn Countries in the Eurozone about Crypto Regulation

by Blockchain NewsJuly 5, 2022

The European Central Bank is reportedly on track to issue warnings to national authorities within the Eurozone about individual handling of the crypto ecosystem.

The European Commission, Parliament, and Council trilogy have agreed on the comprehensive cryptocurrency framework, Markets in Crypto Assets (MiCA), and a whole new set of concerns has been pointed out by the ECB.

This concern stems from the likelihood of national regulators within the Eurozone formulating and implementing a make-shift law to guide the interactions with the nascent asset class in the interim. While MiCA has been given the green light, its passage into law is scheduled for 2023, with implementation billed to commence 18 months after that.

That time is a very long one for most countries who may feel the urgency to protect their consumers and investing public.

“It makes sense that the ECB would want to prevent a collection of national laws on cryptocurrencies. For one thing, it could lead to operators shopping for favourable jurisdictions. Beyond that, it will create confusion for multinational operators and create an uneven playing field within the EU. On the other hand, MiCA is so very far away. That it has come so far is a positive sign. However, eighteen months is an eternity in the crypto space,” said Richard Gardner, CEO of Modulus.

The cryptocurrency ecosystem has witnessed many upheavals this year with the hacking of Crypto.com, the collapse of Terraform Labs LUNA and UST stablecoins, and the liquidations of Three Arrows Capital amongst others. Gardner noted that countries want answers to what will happen to investors who can be affected by the ongoing turmoil in the space, adding that he does not think countries will be waiting 18 months to get such answers.

In the ECB’s argument, only a unified implementation of MiCA will bring about the intended result of protecting investors and fueling growth across the board.

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Tagged : Bank / Crypto / Eu / EUROZONE / MICA / Regulation