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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 defines AI as “the modeling of human mental functions by computer programs.” The dictionary publisher described AI-powered language models as “bursting
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The report, which follows allegations from broadcaster and former politician Nigel Farage that his bank account was shuttered over his political views, said "the most common reported reasons for personal and business account applications being declined, suspended or terminated were financial crime suspicions identified, due diligence concerns, and inactive/dormant accounts." Original
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The British government is reportedly set to announce measures that could see banks stripped of their license if they choose to debank customers due to their political views. A July 20 report from The Times said the United Kingdom’s government is considering tighter conditions on banking permits that would seek to
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The growing trend of cutting services to cryptocurrency companies in Australia could lead to undesired consequences like making the industry less transparent, according to the state.Australia's Treasury on 28 June published an official statement addressing potential policy responses on debanking in Australia. Debanking occurs when a bank declines to provide services
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Blockchain Australia's commitment came after hosting a "Stopping Scams Roundtable" involving 28 representatives, as well as observers from the Australian Securities and Investments Commission (ASIC) and Treasury. Earlier this month, the body had denounced the de-banking of cryptocurrency platforms and said it would host a roundtable meeting to discuss the
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Binance users in Australia now have a narrowed pool of options to purchase cryptocurrencies amid the ongoing global debanking of crypto businesses. Since 5:00 pm local time on June 1, fiat on-ramps and off-ramps by bank transfers have been halted in Australia. The suspension includes trading for Australian dollar (AU$)
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Binance CEO Changpeng Zhao says the firm is unlikely to buy up any banking institutions, despite a growing worry of crypto companies being debanked, including Binance’s own operation in Australia. The collapse of several United States banks this year has prompted concerns that the pool of crypto-friendly banks is shrinking.
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Australian-based cryptocurrency exchanges have lined up to quash contagion fears after the payments provider for Binance Australia was told to offboard the exchange, though some have warned risks still loom.On May 18, Binance Australia told users that Australian dollar services were suspended after its payments partner Zepto was told by
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The "third party payments provider" for Binance Australia, Cuscal hinted toward the impact of “scams and fraud" as it relates to "account fraud, ID takeover and crypto activity" after being questioned why it offboarded the firm on May 18.The payments provider did not specifically address Binance or crypto exchanges in
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Three Republican members of the United States House of Representatives Financial Services Committee have sent letters to the heads of U.S. banking regulatory agencies seeking information on possible coordinated efforts taken against digital asset firms. The letters follow up on ones sent to the same addresses by the lawmakers earlier.The
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