Banks and Fintech | ForkLog

ForkLog 6 14.06.2024

Swiss Regulator Declares FlowBank, Linked to CoinShares, Bankrupt

The Swiss Financial Market Supervisory Authority (FINMA) has initiated bankruptcy proceedings against the local online bank FlowBank. #FINMA eröffnet Konkurs über die FlowBank SA: https://t.co/DGxN8mzde5Informationen zum Konkursverfahren stellt die FINMA auf ihrer Webseite zur Verfügung: https://t.co/S00N1ASeVo pic.twitter.com/NkCOi88mB3 — Eidgenössische Finanzmarktaufsicht FINMA (@FINMA_media) June 13, 2024 “This measure became necessary because the bank no longer has […]

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ForkLog 9 11.06.2024

‘Bitcoin is a pyramid scheme,’ they said. How banks now finance crypto

Traditional financial institutions have long and successfully invested in the crypto market. Despite foundational ideological contradictions, banks have done much to foster the digital economy and, lately, have publicly put resources into decentralised projects, individual coins and trading instruments. ForkLog recalls how classical financial institutions not only helped to shape the crypto market but also […]

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ForkLog 8 10.06.2024

HSBC China Grants Corporate Clients Access to Digital Yuan

HSBC’s China division, in collaboration with the Bank of China, has enabled corporate clients to conduct transactions using the e-CNY. This initiative aims to foster the development of the digital economy. The organisation is among the first foreign institutions to offer e-CNY services to both individuals and businesses, according to the press release. HSBC China’s […]

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ForkLog 6 01.06.2024

Biden Vetoes Resolution to Overturn SEC’s SAB 121

U.S. President Joe Biden vetoed a document that would allow regulated companies, including banks, to hold cryptocurrency on their balance sheets. The document in question is the Staff Accounting Bulletin 121 (SAB 121) from the U.S. Securities and Exchange Commission (SEC). “SAB 121 reflects the SEC staff’s considered view on the accounting obligations of certain […]

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ForkLog 10 30.05.2024

Nansen Unveils Cryptocurrency Holdings of Singapore’s Largest Bank

Analytics firm Nansen has linked an Ethereum whale address, which holds 173,700 ETH valued at $650 million, to DBS Bank, Singapore’s largest bank. We’ve identified this $650m $ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling S$739 billion as of 31 Dec’23 This address has made over $200m by […]

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ForkLog 6 17.05.2024

US Senate Votes to Repeal SEC Directive

On May 16, the US Senate passed a joint resolution to annul the Staff Accounting Bulletin 121 (SAB 121) issued by the Securities and Exchange Commission (SEC). 2/ The tally, a stunning 60 “Yeas” in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this […]

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ForkLog 13 24.04.2024

Nigeria’s Central Bank Denies Order to Freeze Crypto Exchange Accounts

The Central Bank of Nigeria (CBN) has refuted the authenticity of a previously published Cointelegraph circular, which allegedly demanded financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges and freeze their accounts. This information does not originate from the Central Bank of Nigeria. For authentic updates, please visit the official website […]

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ForkLog 9 03.04.2024

Hester Peirce Criticizes SEC’s Regulatory Approach

Questions directed at the SEC regarding regulation often go unanswered, indicating a decline in genuine interaction between the Commission and the public. This was stated by Commissioner Hester Peirce, reports The Block. According to her, the agency’s staff lacks “bandwidth.” “The root of the problem is that the Commission does not encourage staff to offer […]

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ForkLog 11 03.04.2024

Goldman Sachs Clients Show Little Interest in Cryptocurrencies

Goldman Sachs clients have shown little interest in accessing digital assets, even after the recent price surge. This was revealed in an interview with the WSJ by Sharmin Mossavar-Rahmani, CIO of the bank’s wealth management division. According to her, the involvement of competitors like BlackRock and Fidelity with their bitcoin ETFs has not changed the […]

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ForkLog 19 02.04.2024

Coinbase Criticises Basel Committee’s Stablecoin Requirements

The Basel Committee on Banking Supervision’s requirements reveal an intent to significantly restrict banks’ holding and use of stablecoins. This is stated in comments from Coinbase on the organisation’s consultative document. “Many proposals are not based on the risks of stablecoins to the bank, but rather reflect other policy objectives that the Committee does not […]

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ForkLog 8 25.03.2024

Goldman Sachs Observes Renewed Client Interest in Cryptocurrencies

Goldman Sachs has observed a resurgence of interest in digital asset-related products among its clients. This was stated by the bank’s director in the Asia-Pacific region, Max Minton, in an interview with Bloomberg. “Many of our largest clients are already actively involved or are exploring the possibility of entering this field,” he noted. In his […]

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ForkLog 7 14.03.2024

Analyst Identifies Key Drivers for Bitcoin ETF Demand

The inclusion of spot Bitcoin ETFs by major platforms and the approval of options based on them are expected to be “powerful catalysts” for demand by the year’s end, according to Bloomberg analyst Eric Balchunas, as reported by The Block. Currently, exchange-traded funds are not available to clients of RIA platforms managing $7-10 trillion in […]

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