ChainCatcher news, Coinbase has submitted two new Freedom of Information Act (FOIA) requests to seek clarity on U.S. cryptocurrency regulation. The new requests are directed at the Federal Deposit Insurance Corporation (FDIC) and were submitted by History Associates Incorporated on behalf of the exchange.Coinbase's Chief Legal Officer Paul Grewal stated that one of the requests aims to clarify the alleged 15% deposit limit imposed on digital asset companies. The request claims that the 15% deposit limit is implemented on banks such as Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank, and Silvergate Bank.The requested documents include interactions between FDIC board members, staff, deposit institutions, and officials from the Federal Reserve and the Office of the Comptroller of the Currency (OCC) since June 1, 2022.

ChainCatcher news, the crypto bank Banq previously filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for Nevada, but its application has been dismissed.The judge presiding over the case, Natalie M. Cox, stated that the bank's bankruptcy filing was a "malicious" strategy aimed at "gaining an advantage in pending litigation" rather than restructuring.Judge Cox wrote in her ruling that the bankruptcy proceedings were a tactic to protect Banq and its founder Jon Jiles from an investor lawsuit initiated by N9 (the company's primary creditor holding a $3 million stake). N9 accused Jiles of failing to fulfill his fiduciary duties by prioritizing the interests of Prime Trust (of which he is a founder and managing member) over those of Banq.Previous news, the crypto custody company Prime Trust's subsidiary Banq has filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Nevada.

ChainCatcher news, Franz Bergmüller, CEO of the Swiss crypto bank Amina, stated that the company is applying for a Virtual Asset Service Provider (VASP) license from the Austrian Financial Market Authority. Bergmüller mentioned that the bank must establish a new team before conducting business or generating revenue in Austria.Franz Bergmüller said: "As a bank, we are approaching break-even, but for now, we have deliberately decided to prioritize investment growth."It is reported that Amina was formerly SEBA Bank, which established its headquarters in Zug, Switzerland in April 2022.

ChainCatcher news, according to Fortune, to increase adoption, PayPal announced a partnership with Anchorage Digital (the only U.S. cryptocurrency company with a banking license) to offer stablecoin rewards to Anchorage Digital's qualified investor user base, who hold PYUSD in their U.S. bank accounts, Singapore subsidiary, or through their non-custodial wallet Porto.Anchorage Digital stated that PYUSD and the rewards program do not constitute a securities issuance and are not subject to the jurisdiction of banking regulators.

ChainCatcher news, according to Reuters, the U.S. Securities and Exchange Commission (SEC) has sued the crypto bank Silvergate Capital in a federal court, accusing it of securities fraud.The SEC stated that after the collapse of FTX in 2022, Silvergate misled investors regarding its banking confidentiality practices, anti-money laundering compliance program, and poor financial condition. Meanwhile, the bank failed to monitor nearly $9 billion in suspicious transfers related to FTX and its affiliated entities.It is reported that in March 2023, Silvergate, which entered the cryptocurrency space in 2013, decided to cease operations and voluntarily liquidate due to losses caused by the panic following the collapse of FTX.

ChainCatcher news, the encrypted banking platform blockbank announced that its token BBANK will undergo a token swap on December 18, with the original token BBANK being swapped for the new token FI at a ratio of 1:10, and the total token supply will be updated to 4 billion. FI will be deployed on Ethereum and BNB Chain.

ChainCatcher news, according to The Block, Swiss crypto bank SEBA Bank AG announced its name change to AMINA Bank AG. The company stated that this name is derived from the term "transamination" (the transfer of a compound to another compound).AMINA stated that customers will not be affected by this change, and there will be no disruption in business. Its Abu Dhabi branch, as well as its subsidiaries in Hong Kong and Singapore, will subsequently apply for a name change to align with the headquarters.

ChainCatcher news, former RippleNet General Manager Asheesh Birla tweeted that Coinbase is transitioning from a cryptocurrency exchange to a bank service that supports cryptocurrencies.Coinbase's latest mission is to build a crypto economy: a more equitable, convenient, efficient, and transparent financial system supported by cryptocurrencies. According to its Q1 2023 financial report, deposit revenue generated from interest income, blockchain rewards, and custody fees now accounts for the largest share of Coinbase's revenue. Interest from USDC deposits alone generated $199 million, accounting for about 18% of Coinbase's total revenue.Coinbase's revenue is slowly shifting from consumers to high-margin institutional clients, with institutional trading revenue growing by 67% compared to the previous quarter. Coinbase also benefits from bank-like revenue, which is less dependent on the overall crypto market. (source link)

ChainCatcher news, according to Bloomberg, the Hong Kong Monetary Authority and the Securities and Futures Commission will jointly hold a roundtable meeting on April 28 to alleviate the financing issues in the cryptocurrency industry. The meeting aims to "facilitate direct dialogue" and "share practical experiences and perspectives on opening and maintaining bank accounts." (source link)

ChainCatcher news, according to a report by CoinDesk citing sources, the crypto bank Protego Trust Bank has laid off more than half of its employees. The company has been seeking new funding but has been unsuccessful.Previous report stated that last May, according to informed sources, Protego Trust Bank was seeking to raise Series B funding at a valuation of nearly $2 billion. Protego Trust had previously completed a $70 million Series A funding round in 2021, with participation from FTX, Coinbase, Algorand, and others. (CoinDesk)

ChainCatcher news, according to Reuters, the Federal Reserve has rejected the application of the crypto bank Custodia to join the system members, stating that the bank lacks an adequate risk management framework to address crypto risks, with significant security risks including the potential use cases of cryptocurrencies in money laundering and terrorist financing activities.In addition, the Federal Reserve issued a policy statement that banks under the supervision of the U.S. central bank are subject to the same activity restrictions, regardless of whether they have deposit insurance, including activities related to cryptocurrencies. (Reuters)

ChainCatcher news, the law firm Pomerantz LLP announced that it has filed a class action lawsuit against cryptocurrency and fintech bank Silvergate Capital Corporation (NYSE: SI) and certain executives.The lawsuit claims that during the course of the litigation, the defendants made significant false and/or misleading statements and failed to disclose material adverse facts about the company's business, operations, and prospects.Specifically, the defendants failed to disclose to investors: (1) the company's platform lacked adequate controls and procedures to detect money laundering incidents; (2) Silvergate's customers were involved in money laundering activities exceeding $425 million; (3) for the above reasons, the company was likely to face regulatory scrutiny and potential damages, including penalties and reputational harm; (4) for the above reasons, the defendants' positive statements about the company's business, operations, and prospects were significantly misleading and/or lacked a reasonable basis. (Source link)

ChainCatcher news, according to CNBC, U.S. Senators Elizabeth Warren, John Kennedy, and Roger Marshall recently demanded in a letter that crypto bank Silvergate provide information regarding its relationship with FTX and SBF.The letter states that SBF secretly transferred approximately $10 billion of customer funds to Alameda Research to fund risky bets, which violates U.S. securities laws and FTX's terms of service. "We are concerned that Silvergate played an unknown role in these activities, as reports indicate that Silvergate assisted in transferring FTX customer funds to Alameda. This suggests that Silvergate appears to have seriously failed in monitoring and reporting suspicious financial activities conducted by its clients, and Silvergate must respond to lawmakers by December 19."It is reported that, according to bankruptcy filings, entities related to FTX and SBF hold approximately 20 different accounts at Silvergate. (CNBC)

ChainCatcher news, the crypto bank startup BVNK officially announced that it has become a UK Electronic Money Institution (EMI) licensed operator by acquiring the UK-regulated financial institution SPS LTD, with the specific acquisition amount not disclosed.Previously reported, the crypto startup BVNK announced in May that it completed a $40 million Series A funding round at a post-money valuation of $340 million, led by Tiger Global, with participation from investors such as The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, and Base Capital. (source link)

ChainCatcher news, according to Cointelgraph, has announced that the German crypto bank Nuri, which has shut down its operations, released a latest announcement requiring its 500,000 users to withdraw all assets before the deadline of December 18, as the company prepares to close and execute liquidation. The announcement stated that all assets in Nuri accounts are safe and unaffected by Nuri's bankruptcy, and customers can access and withdraw all funds before the aforementioned date, with trading services expected to end on November 30, 2022.ChainCatcher previously reported that Nuri is a German crypto bank established in 2015, aimed at providing users with traditional banking services while supporting convenient cryptocurrency trading, and it secured €9 million in funding last June. In August of this year, it filed for bankruptcy in a declining market. (source link)

ChainCatcher news, crypto bank Nuri has shut down its operations after failing to find a buyer or external investment. Previously, it was reported that Nuri raised $45 million from investors, including Sony Financial Ventures, Coparian, and Earlybird Venture Capital.It is reported that after filing for bankruptcy in the declining market in August, Nuri attempted to develop a restructuring strategy to continue its operations but was unsuccessful. (source link)