Financial Services – Page 3

Report: Crypto Industry Boasts 10,000 Companies and 190,000 Professionals With a Collective Valuation of $180 Billion

July 9, 2023

A recent report released by K33 Research three days ago reveals that as of July 2023, the cryptocurrency industry boasts approximately 10,000 companies, employing an estimated 190,000 crypto professionals. Notably, K33 provides a comprehensive snapshot of the crypto landscape, highlighting that these 10,000 firms possess a collective valuation of $180 billion. K33 Research Unveils Crypto…
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Belgian financial regulator orders Binance to cease all virtual currency services

June 24, 2023

The regulator said Binance must cease “with immediate effect” all crypto-related services in Belgium after being unable to provide sufficient information on its non-EEA companies. The Belgian Financial Services and Markets Authority (FSMA) has ordered major cryptocurrency exchange Binance to stop offering crypto exchange and custody wallet services. In a June 23 notice, the FSMA…
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French financial markets ombudsman reports jump in crypto-related mediations

June 15, 2023

The Autorité des marchés financiers ombudsman saw mediation requests rise by almost a quarter in a year; the number of digital asset service providers more than doubled in that time. Progress can have its drawbacks, as the French stock market regulator, the nongovernmental Autorité des marchés financiers (AMF), has noticed. According to the AMF ombudsman,…
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Crypto retail trading should be regulated as gambling: UK lawmakers

May 17, 2023

The volatility and purported lack of intrinsic value of most crypto assets make it particularly risky for consumers, the politicians claimed. The trading of so-called “unbacked cryptoassets” such as Bitcoin (BTC) and Ether (ETH) should be regulated as gambling rather than a financial service, a panel of British lawmakers said in a new report. The…
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BNP Paribas teams up with Bank of China to promote digital yuan usage

May 6, 2023

The partnership will enable BNP Paribas China’s corporate clients to make payments using the digital yuan through an e-CNY management system. The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China’s digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported. The partnership will…
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‘Not Related to a Digital Currency’ — US Central Bank Addresses Concerns Over Fednow Payment Network

April 9, 2023

The U.S. Central Bank has issued an update regarding the Federal Reserve’s Fednow project, which is scheduled to commence in July. The Fed has responded to recent criticism of the Fednow service and asserts that the Fednow payment network is “neither a form of currency nor a step toward eliminating any form of payment, including…
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Report: Binance US Struggles to Secure Banking Partner Amid Regulatory Crackdown on Crypto Industry

April 8, 2023

Following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, cryptocurrency companies have been seeking new banking partners in the United States. According to a recent report citing “sources familiar with the matter,” Binance US, the American subsidiary of the cryptocurrency exchange, is having difficulty finding a U.S. banking partner. Unnamed Sources Say…
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Crypto Ads in Belgium to Feature ‘Punchy Warning’ of Risks, New Rules Imply

March 21, 2023

The financial regulatory body of Belgium has been tasked by the government to regulate advertisements for cryptocurrencies. New rules, set to enter into force in May, oblige advertisers to clearly warn investors of the risks associated with the digital assets. Belgium Poised to Protect Consumers From Misleading Crypto Advertisements Belgium’s Financial Services and Markets Authority…
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Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency Operations

March 20, 2023

On Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its assets. Flagstar assumed nearly all of Signature’s deposits, except for $4 billion of deposits related to the…
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Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Banking

March 13, 2023

After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why…
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Tag: Financial Services