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American multinational financial services and banking giant, JPMorgan Chase is reportedly on track to cut its business ties with Gemini Exchange. According to a CoinDesk report citing anonymous sources close to the matter, the relationship between the duo which was birthed back in the first quarter of 2020 is set to
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Crypto exchange Gemini took to Twitter on March 8 to deny rumors about terminating its banking relationship with United States financial conglomerate JPMorgan. In a brief and straightforward message, Gemini stated that "despite reporting to the contrary, Gemini's banking relationship remains intact with JPMorgan."The comments came in response to a previous
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If we look at crypto exchanges, Silvergate is so well-liked because a) it gives access to banking in the first place and b) Silvergate ran the Silvergate Exchange Network (SEN). SEN, which was recently disabled, allowed 24/7 instant settlement between Silvergate bank clients at any time, including nights and weekends.
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Zurich-based financial powerhouse Credit Suisse plans to improve its operational outlook after losing one of its biggest backers. Credit Suisse recently lost one of its most significant backers after Harris Associates sold out its entire stake in the Swiss banking giant. Harris Associates, Credit Suisse’s top shareholder for several years, decided
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The key differences between BLINC and SEN is that the former is multicurrency and isn’t tied to a single credit institution, such as a Silvergate or Signature Bank, Landsberg-Sadie said. It was not designed to take deposits, he added, having been purpose built as a payment institution, providing onramps to
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Some companies behind Tether (USDT) reportedly used fake paperwork and shell companies to get bank accounts after the stablecoin’s then-banking partner, Wells Fargo, halted services for several of Tether’s Taiwanese accounts. A Mar. 3 report from the Wall Street Journal (WSJ) has alleged that Tether, in conjunction with a major Chinese crypto broker,
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But although payment and custody services are important banking functions, they are peripheral to the business model of a traditional bank. The business model of a traditional bank is to borrow at a low interest rate, lend at a higher interest rate and pocket the difference. Traditional banks are important
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The United Kingdom’s bank regulator, the Prudential Regulatory Authority (PRA), will propose rules for issuing and holding digital assets, Bank of England (BOE) executive director of the Prudential Policy Directorate Vicky Saporta said in a speech at the bank Feb. 27. The rules will be developed with consideration for Basel
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New standards for PRA-regulated firms will be coherent with rules for other sectors, according to a footnote accompanying the text of the speech. The Basel Committee on Banking Supervision, the banking industry's global regulator, published a standard on how banks should treat crypto exposure in December. Source
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The Federal Reserve and other U.S. banking agencies are warning banks that crypto poses significant liquidity dangers, according to a joint statement issued Thursday, further reinforcing their campaign to generally steer lenders away from digital assets. Source
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