Bitcoin via Raiffeisen, Genesis v. Gemini lawsuit and other crypto-industry events

We round up the week’s most important news from crypto-industry participants.

Raiffeisenlandesbank to launch digital asset-related services

Austria-based Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) will integrate cryptocurrency trading into its investment platform in the first quarter of 2024. The service will be delivered in cooperation with Bitpanda.

The product line currently includes more than 2,500 digital assets. The service will be available to all segments, including retail, high-net-worth, and corporate clients.

In October 2022 the German neobank N26 announced the addition of cryptocurrency trading through a partnership with Bitpanda.

Genesis Global Capital sues Gemini seeking return of $689.3 million in preferential transfers

Genesis Global Capital, the lending arm of DCG, filed a suit against Bitcoin exchange Gemini demanding to return the preferential transfers totaling $689.3 million, which could prejudice other creditors.

According to the complaint, the transfers occurred within the 90-day period preceding Genesis’s bankruptcy proceedings.

The filing asked to “correct this injustice” and restore the defendants to the same position as Genesis and other creditors.

In November Genesis sought court approval of a proposed settlement with the collapsed cryptocurrency hedge fund Three Arrows Capital. The parties agreed that claims against the latter would be reduced from $1 billion to $33 million. The payment would satisfy Genesis’s claims.

In May FTX filed a suit against Genesis seeking to return $3.9 billion. The amount of claims later shrank to $2 billion. Ultimately the parties agreed to pay $175 million to Alameda Research.

Osaka Digital Exchange to become the first in Japan to trade digital securities

On December 25, Osaka Digital Exchange starts the first in Japan trading of digital securities. The issuer will be Ichigo, a Tokyo-based company. The instruments will be secured by real estate valued at more than $20 million.

On September 15, local media reported that the Japanese government was considering raising startup funding by issuing security tokens instead of shares.

Alchemy Pay received a license in Iowa, Bitvavo in France

Singapore-based payments platform Alchemy Pay has obtained a MTL license from the Iowa regulator, and the Bitcoin exchange Bitvavo has secured licensing to operate in France from the AMF.

The MTL license grants the right to money transfers and custody services, including crypto. In September, Alchemy Pay received a similar license from Arkansas regulators. The company expects to obtain approvals from regulators in other states in the coming months.

Alchemy Pay operates in 173 countries via payment systems including Visa, Mastercard, mobile wallets, and domestic transfer networks.

In November, Bitvavo received Austria regulatory approval. The exchange expanded its offerings in Italy in 2022 and has applied for registrations in other European countries.

Also on ForkLog:

• Binance named the new CEO, and analysts assessed the exchange’s prospects.
• The SEC filed a lawsuit against Kraken over lack of registration.
• The cryptocurrency exchange Bittrex Global announced its closure.
• Celsius is transforming into a mining company if the SEC approves.
• Analysts assessed damages from the HTX and Heco Bridge hacks at $110 million.
• Banco Santander proposed cryptocurrency trading for clients in Switzerland.
• Mt. Gox trustee assured clients that payouts would begin by year-end.
• Mining firm Phoenix Group raised $370 million in its IPO.
• Sberbank issued a loan secured by a crypto asset.
• Bullish, a Bitcoin exchange acquired CoinDesk.

What to read this weekend?

On November 21, Binance agreed to pay $4.3 billion to FinCEN and OFAC; Changpeng Zhao left the CEO post and posted a $175 million bond to remain at large.

ForkLog looked back at the tough six months for the crypto exchange and highlighted the key events.