Banks and Fintech | ForkLog

ForkLog 11 19.07.2024

Hong Kong’s ZA Bank to Partner with Stablecoin Issuers

Hong Kong’s virtual bank ZA Bank will provide reserve services for stablecoin issuers. According to its representatives, the bank is in talks with ten companies regarding potential partnerships. ZA Bank, the largest virtual bank in Hong Kong, announced that it will provide reserve bank services for stablecoin issuers and is currently negotiating cooperation with nearly […]

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ForkLog 14 12.07.2024

US Congress Fails to Override Biden’s Veto on SAB 121 Repeal

On July 11, the US House of Representatives fell short of the two-thirds majority needed to override President Biden’s veto on legislation to repeal SAB 121. The document effectively prohibited banks from holding digital assets on their balance sheets, reports The Block. The bulletin remains in effect. A total of 228 congressmen voted for its […]

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ForkLog 29 27.06.2024

Coinbase Sues SEC and FDIC Over Lack of Transparency

The exchange accused regulators of failing to comply with the Freedom of Information Act. The company perceived the actions of the agencies as a targeted campaign against the digital asset industry. Coinbase has filed a lawsuit against the SEC and the FDIC over their attempts to “cut off” the crypto industry from the banking sector, […]

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ForkLog 26 24.06.2024

McKinsey Projects Tokenized Asset Market to Reach $1.9 Trillion by 2030

The volume of tokenized assets is projected to reach $1.9 trillion by 2030, despite a “cold start,” according to McKinsey. In a more optimistic scenario, this figure could double, though analysts have become more skeptical about its likelihood. A pessimistic outlook suggests growth to $0.8 trillion. Source: McKinsey. Experts noted that tokenization has gained “significant […]

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ForkLog 28 18.06.2024

Chinese Bank Executives Accused of Laundering $250 Million via Cryptocurrency

The private Chinese institution, Bank of Huludao, has uncovered a scheme involving the theft and laundering of 1.8 billion CNY (~$250 million) belonging to investors, implicating two of its senior executives. This was reported by The National Business Daily, citing court documents. According to the case materials, in August 2020, the bank’s former party secretary, […]

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ForkLog 10 16.06.2024

El Salvador’s President Proposes Bitcoin Investment Bank

El Salvador’s President Nayib Bukele has proposed the establishment of private investment banks in the country, which, if approved, would offer financial services to investors in the leading cryptocurrency. This was reported by Cointelegraph. “As part of our economic plan for El Salvador, we propose a Bank for Private Investment, where we can diversify the […]

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ForkLog 7 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 14 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 14 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 12 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 15 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 10 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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