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Led by supporters of the ousted leader Aung San Suu Kyi, the Spring Development Bank (SDB), will target Suu Kyi supporters as customers, including the Burmese diaspora, the spokesperson said. The NUG’s stance is that it is the legitimate sovereign and government of Myanmar, not the military junta. Original Source
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Myanmar’s first entirely crypto-based banking institution has announced a soft launch for July 22 — a move that could see the country’s shadow government given greater access to financial services and funding.The Spring Development Bank is named after the Spring Revolution, the opposition movement led by Myanmar’s exiled National Unity
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Reginald Fowler, a former NFL team owner, has been sentenced to six years of prison for operating as a “shadow bank” to the crypto sector, which involved over $700 million in unregulated transactions over a 10 month timespan in 2018.The 63-year-old, who was a co-owner of the Minnesota Vikings, was
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The former footballer pleaded guilty to bank and wire fraud charges over operating Crypto Capital Corp., the shadow bank that lost Bitfinex's millions. Original Source
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A long sentence is being sought by United States prosecutors for an executive in a crypto shadow banking case that has dragged on for five years.On April 18, U.S. District Attorney Damian Williams filed a request in advance of the sentencing of Reginald Fowler which is scheduled for April 20.Fowler,
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Earlier this year, Korean media reported that lawmakers were working on the Digital Asset Basic Act (DABA), which collectively refers to 17 draft bills that largely focus on investor protection. As of now, none of these bills has passed. “We were on the way to make some new crypto legislation,
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In the wake of three major banks with ties to crypto firms collapsing, software engineer Molly White believes companies now looking at banking options may have to face “shadier” solutions.Speaking on March 14 at a South by Southwest (SXSW) panel in Austin, Texas on ‘Popping the Web3 Bubble’, White opined
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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler thinks the cryptocurrency industry is playing a game with his agency. He has said that companies are well aware of what they have to do to operate legally within the U.S., but they’ve decided not to do it – some of
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The successful launch of testnet means Ethereum is still on schedule to deliver the withdrawal features five to eight weeks from now.There’s been a lot of talk going around the upcoming Ethereum hardfork aka the Shanghai hardfork scheduled probably by February end. This is the most-discussed event currently in the
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Ethereum developers have begun finalizing the Shanghai upgrade “shadow fork,” according to software engineer Marius van der Wijden. The “shadow fork” will serve as a testing environment for the Shanghai upgrade, allowing developers to identify bugs and any potential issues. Ethereum’s Shanghai Upgrade ‘Shadow Fork’ Launches As the cryptocurrency community awaits the
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