Industry says Basel draft rules make crypto too expensive for banks to trade
According to industry organisations, proposed rules would render “bank involvement in the cryptoasset market cost-prohibitive from a capital perspective,” according to a report to regulators. An open letter to the Basel Committee on Banking Supervision (BCBS) has been sent by nine banking industry organisations in reaction to the BCBS’s plan to impose strict capital requirements […]
Pundits weigh in on the potential implications of Evergrande ‘s bankruptcy
When it comes to the possibility of Chinese real estate behemoth Evergrande defaulting on its $305 billion in debt, pundits are speculating on how the firm’s insolvency would affect the legacy and cryptocurrency markets, respectively. When it comes to Bitcoin mining, Marty Bent , the co-founder of Bitcoin mining firm Great American Mining, is delighted […]
US-Canadian citizen gets 11 years in prison for his role in a North Korean crypto hacking scheme
Ghaleb Alaumary aided North Korean hackers in the laundering of millions of dollars, including by exchanging cash for cryptocurrencies. A Canadian-American person who used wire transfers and crypto exchanges to launder funds for North Korean military hackers was sentenced to 11 years in prison and ordered to pay $30 million in restitution by a US […]
Banks vs. exchanges: Regulators disproportionately sanction fiat, not crypto
According to a recent study, authorities’ actions against cryptocurrency companies have cost them less than 1% of the total cost of traditional financing over the last two decades. In spite of the fact that authorities have frequently targeted projects both inside and outside of the cryptocurrency field, the fines assessed against digital asset exchanges are […]
55% of world’s top-100 banks purportedly have crypto and blockchain exposure
It is believed that over half of the top hundred banks in terms of assets under management are investors in key cryptocurrency and blockchain-based startups and initiatives. Reports indicate that global financial behemoth s are growing their involvement in the nascent crypto and blockchain industries, including through early and late-stage funding for initiatives and enterprises […]