ChainCatcher news, according to CoinDesk, based on communication records obtained by a research firm commissioned by Coinbase, it was revealed that in 2022, the Federal Deposit Insurance Corporation (FDIC) suspended or blocked cryptocurrency banking operations in many U.S. banks.The research institution hired by Coinbase, History Associates Inc., filed a lawsuit against the FDIC and the Securities and Exchange Commission (SEC) in June of this year, ultimately gaining access to some internal communication records of the FDIC. A large number of heavily redacted documents released on Friday show that this banking regulatory agency had halted digital asset-related products and services offered or planned by several banks.According to one of the 23 letters shared by the cryptocurrency exchange, the regulator wrote: "We urge you to suspend all activities related to crypto assets. The FDIC will notify all banks under its supervision when it makes a decision regarding the regulatory expectations for engaging in activities related to crypto assets."Coinbase Chief Legal Officer Paul Grewal believes that these letters are conclusive evidence that crypto companies have been systematically cut off from banking services by regulators. Paul Grewal stated, "The FDIC has developed a coordinated plan and executed it without hesitation, depriving a legitimate U.S. industry of banking services. This should give everyone pause."

ChainCatcher news, FOX Business reporter Eleanor Terrett posted on X that Anchorage Digital co-founder and CEO Nathan McCauley revealed that in January 2023, the company's partner bank stated it would no longer work with them because it was "engaged in cryptocurrency business."It is reported that Anchorage itself is a federally chartered bank and is subject to OCC review, but it was disqualified from participating in banking activities due to its involvement in cryptocurrency.

ChainCatcher news, according to Social Capital Markets, the ranking of the top countries and regions for cryptocurrency business in 2024 has been released. The top ten are: Dubai, Switzerland, South Korea, Singapore, the United States, Estonia, Italy, Russia, Germany, and Brazil.It is reported that Dubai scored highest in regulatory clarity, no capital gains tax, favorable corporate tax (9%), and affordable licensing fees, making it the number one cryptocurrency destination.

ChainCatcher News: U.S. Vice President Harris made her first comments on the cryptocurrency industry at a recent Wall Street fundraising event, incorporating artificial intelligence and cryptocurrency into her vision of an "opportunity economy."Harris stated, "To build an opportunity economy, I will bring together labor, small businesses, founders, innovators, and large companies. We will work together to invest in America's competitiveness and invest in America's future. We will encourage innovative technologies like artificial intelligence and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent road rules."Organizers described the Manhattan fundraising event as Harris's last opportunity to speak in person in New York before the November election, with one source calling the event "the hottest ticket in town." Tickets for the event started at $500 and later rose to $1 million. Celebrities in attendance included Anne Hathaway, Whoopi Goldberg, and Billy Porter.According to reports from Reuters last week, Harris plans to "unveil a new economic policy this week aimed at helping Americans build wealth and creating economic incentives for businesses to achieve this goal," but specific details are also scarce.

ChainCatcher news, according to Blockworks, the regulatory actions led by SEC Chairman Gary Gensler are becoming a fixed operating cost for crypto businesses, which may affect the pace of innovation in the industry and the development of new projects.ChainCatcher previously reported that the U.S. Securities and Exchange Commission (SEC) reached a settlement with the cryptocurrency lending platform Rari Capital. The SEC alleged that Rari's tokens constituted unregistered securities and questioned the authenticity of its automatic rebalancing mechanism. Over the past year, at least a dozen crypto-related companies, including Uniswap Labs, eToro, and Binance, have reached settlements with regulators, paying a total of over $4.3 billion in fines.

ChainCatcher news, according to FinanceFeeds, the UK online broker Trading 212's newly established subsidiary Trading 212 Crypto has obtained a Category 3 license issued by the Cyprus Securities and Exchange Commission (CySEC), allowing the platform to offer cryptocurrency spot, custody, staking, and card services.

ChainCatcher news, according to Jin10, Federal Reserve Governor Barr stated that regulators are reviewing the regulatory treatment of certain types of deposits, including those related to venture capital or cryptocurrency businesses.

ChainCatcher news, according to a video disclosed by Bitcoin News, former President Donald Trump was asked about the issue of cryptocurrency businesses leaving the United States, to which he responded, "I don't want that" and expressed a desire to keep them in the U.S.

ChainCatcher news, according to CoinDesk, European cryptocurrency exchange Bitpanda announced on Wednesday that it has expanded its partnership with the Austrian bank Raiffeisen's subsidiary based in Vienna to provide cryptocurrency services to customers of 55 bank branches in the country.Earlier this week, Bitpanda stated that it will open an office in Dubai, making the UAE its first expansion location outside of Europe.

ChainCatcher news, according to Tree News, Robinhood Markets Inc. stated that the U.S. Securities and Exchange Commission issued a Wells Notice regarding its cryptocurrency business in the U.S., to which Robinhood expressed disappointment.

ChainCatcher news, citing sources from Bloomberg, reports that senior Wormhole employees, including CEO Saeed Badreg and COO Anthony Ramirez, have left Jump Crypto in recent weeks to operate Wormhole independently. The sources requested anonymity as they are discussing private information.

ChainCatcher news, according to data from the OKLink Research Institute, over 40% of global banks participating in the exploration of the cryptocurrency market have already launched or plan to launch cryptocurrency asset custody services. Traditional banks have an advantage in gaining the trust of institutional investors in the cryptocurrency asset custody market due to their extensive experience in protecting and storing other assets. However, around 70% of banks will choose to collaborate with crypto-native custody companies or other third parties when developing cryptocurrency custody services.In addition, the OKLink Research Institute also pointed out that establishing a brand new internal business department to lead cryptocurrency business innovation is not applicable for most banks; collaborating with cryptocurrency companies and technology service providers to expand business and acquire users will become the norm.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) announced that starting from September 1, crypto asset businesses in the UK will be required to collect, verify, and share information regarding crypto asset transfers, which is known as the "travel rule."

ChainCatcher news, according to Bloomberg, Singapore authorities plan to establish unified standards to screen potential clients in the cryptocurrency and digital asset sectors.According to informed sources, the Singapore central bank has been working with the police to fine-tune their review processes when banks open accounts for all types of digital asset service providers, helping local banks optimize the account opening procedures for digital asset service providers. The project has been underway for about six months and may release an industry report on best practices in areas such as due diligence and risk management in the next two months.The Monetary Authority of Singapore (MAS) stated that there are no regulations preventing banks operating in the country from doing business with companies that handle cryptocurrencies or other forms of digital assets. Banks have the discretion to decide whether to establish banking relationships with these clients. (Bloomberg)

ChainCatcher news, Flagstar Bank confirmed that its acquisition of certain assets of Signature Bank's bridge bank and assumption of certain liabilities does not include any digital assets, crypto-related assets, or deposits. Signature Bank's digital payment platform Signet is also not part of this transaction.Previous report, Flagstar Bank nearly purchased all of Signature's deposits and company assets valued at $38.4 billion. This includes Signature's $12.9 billion in loans, and additionally, Flagstar Bank paid for FDIC stock worth up to $300 million. (TechCrunch）

ChainCatcher news, according to The Block, a spokesperson for the New York Department of Financial Services (NYDFS) stated that the decision to take over Signature Bank on Sunday was unrelated to the bank's cryptocurrency business.Former U.S. Congressman Barney Frank previously criticized the regulators' decision, claiming they "want to convey a harmful message about cryptocurrency." A spokesperson for NYDFS said in a statement that the decision to take over the bank and transfer it to the FDIC was based on the bank's current condition and its ability to operate in a safe and sound manner. The spokesperson mentioned that they are working with Signature Bank's executives to assess its financial condition, its ability to meet withdrawal requests, and whether it can continue normal operations. (source link)

ChainCatcher news, digital bank Revolut's Chief Financial Officer Mikko Salovaara stated that the company achieved its first annual profit in 2021, with a revenue growth of 33% last year.Salovaara mentioned that although cryptocurrency is a key part of the company's business, its revenue grew to over £850 million ($1.03 billion) in 2022, supported by payments, subscriptions, and business accounts. However, due to the downturn in the cryptocurrency market, the company's crypto business revenue shrank in 2022. The crypto business accounted for 5% to 10% of total revenue last year. (source link)

ChainCatcher news, according to CoinDesk, the UK Treasury today officially released a consultation document on cryptocurrency regulation, which will seek public feedback until April 30 of this year, aimed at providing clarity and confidence for consumers and businesses. The UK Treasury stated in a release that some proposals will give exchanges more responsibilities to define and detail the requirements for access and disclosure documents, and will establish a regulatory framework for financial custodians.The UK Treasury also stated that it will introduce a "time-limited exemption," allowing cryptocurrency businesses registered with UK financial regulators to launch promotional activities while awaiting further rules for the industry. UK Treasury official Andrew Griffith stated, "We remain firmly committed to growing the economy and driving technological change and innovation, including this new technology of crypto assets, to ensure robust, transparent, and fair standards." (source link)

ChainCatcher news, the Chicago Mercantile Exchange (CME) announced the appointment of two new global heads for its equity index and cryptocurrency businesses to continue driving product innovation and supporting long-term growth. Among them, Paul Woolman, the global head of equity index products, will be responsible for the company's equity index product portfolio, while Giovanni Vicioso, the global head of cryptocurrency products, will oversee the company's cryptocurrency products. Woolman and Vicioso will report to Tim McCourt, who previously led both businesses and was recently appointed as the global head of equity and foreign exchange products for the CME Group. (financefeeds)