Switzerland’s St.Galler Kantonalbank has launched Bitcoin and Ether trading for select customers, planning to add more coins in the future. Switzerland’s St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin (BTC) and Ether (ETH) trading to its customers. SGKB has partnered with the global cryptocurrency-focused bank…
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The Collins dictionary named AI word of the year, describing AI-powered language models as “bursting into the public consciousness” and “much talked about” in 2023. Artificial intelligence, more specifically its abbreviation ‘AI,’ was crowned word of the year for 2023 in the Collins dictionary, one of the world’s earliest English-language dictionary publishers. The Collins dictionary…
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British banking giant Standard Chartered-owned crypto custody firm Zodia is launching services in Hong Kong. “The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub,” the crypto firm’s CEO emphasized. Zodia has already expanded into three other Asian markets. Standard Chartered’s Zodia Expanding…
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Demand for crypto in Hong Kong is mainly driven by institutional investors rather than retail customers, Zodia CEO said. Zodia, the institutional cryptocurrency custody platform co-owned by British banking giant Standard Chartered, Japanese SBI Holdings and the financial firm Northern Trust, is expanding its services to Hong Kong. Zodia Custody is launching services in Hong…
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The bank deposit insurer should assess the sufficiency of its risk mitigation measures and then provide them in a more organized manner, the inspector general found. The Inspector General’s Office (OIG) of the Federal Deposit Insurance Corporation (FDIC), the independent United States government body that provides deposit insurance to commercial and savings banks, has published…
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The U.S. Federal Trade Commission (FTC) has warned consumers that crypto deposits are not insured by the Federal Deposit Insurance Corporation (FDIC). “That money isn’t FDIC insured or protected if the crypto company goes under,” the agency cautioned. “If something happens, the government may not have an obligation to step in and help get your…
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Several reports say that the major Chinese real estate developer Evergrande’s downfall triggered a bank run in northern China last week. The bank run began after rumors spread that the financial institution, Bank of Cangzhou, allegedly loaned billions to the struggling company. This development came on the heels of an Evergrande announcement about the detention…
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Bad actors exploited Estonia’s once liberal licensing regime for crypto companies to defraud investors and commit other crimes, an investigative report claims. The authors say they discovered dozens of such cases, including scams and schemes for sanctions evasion and money laundering. Since Tallinn tightened its rules, many of these entities have left Estonia, whose banking…
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The committee already imposes a limit on crypto holdings in bank reserves, but the concentration of crypto in a small number of banks contributed to the March crisis, it said. The fallout from the banking crisis earlier this year continues as the Basel Committee on Banking Supervision considers requiring banks to disclose their crypto asset…
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A California resident is suing Binance and its CEO for tweets last November that, according to allegations, led to the collapse of the rival exchange. A class-action suit was filed against Binance.US and Binance CEO Changpeng Zhao on Oct. 2 in the District Court of Northern California alleging various violations of federal and California law…
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