US regulator wants to stop banks from blacklisting legal businesses, crypto i...
New rule-making aims to stop "creeping politicization of the banking industry," says OCC head. Per an announcement on Friday, the Office of the Comptroller of the Currency, or OCC, is looking for public comments on rule-making that would stop banks from denying services to businesses based on sector.In the words of Comptroller Brian Brooks, “Blanket boycotts of entire industry sectors have to stop.”The OCC’s announcement points to political hot-button issues that banks have systematically denied services to, including oil and gas companies in Alaska as well as Planned Parenthood.Speaking....
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The Australian Competition and Consumer Commission has confirmed the launch of a formal investigation about the abrupt termination of banking support for many bitcoin companies in the country. "It appears to me to be an amazing coincidence that a number of large banks have all of a sudden decided to deny services to fledgling Bitcoin and digital currency operators. They are clearly competitors to their business model, albeit small ones at this stage, and there are clear laws that we've got against businesses refusing to supply other businesses if they do so for an anti-competitive....
The Spanish securities regulator, the CNMV, has ordered Binance to stop offering cryptocurrency derivative products to customers in the country. According to local media, the crypto exchange giant has followed the orders of the regulator, withdrawing these products from its customers in Spain.
Spanish Securities Regulator Sets Eyes on Binance
The CNMV, which is the Spanish securities regulator, is putting more pressure on exchanges offering cryptocurrency-linked derivatives in the country. Binance, one of the biggest exchanges in the world by volume traded, has been required to....
India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions. RBI Asking Banks to Cut Ties With Customers Dealing With Cryptocurrencies The Indian central bank has informally urged lenders “to cut ties with cryptocurrency exchanges and traders,” Reuters reported Thursday, citing three unnamed sources. The news outlet quoted a senior bank executive as saying: The....
Banks in the United Kingdom try to block businesses and individuals alike from investing in cryptocurrency. Regulators should fix the situation. In 2018, the United Kingdom’s Financial Conduct Authority (FCA) wrote to the heads of the country’s biggest high street banks to emphasize the importance of due diligence when dealing with crypto businesses. That seems to have led to widespread high-risk ratings and bans on crypto-related banking, impacting both crypto businesses hoping to operate in the U.K. and investors alike.Banks are, understandably and responsibly, concerned with scams, but....
Legal expert Kokila Alagh shared insights regarding crypto and blockchain regulations in the United Arab Emirates. While many countries are inclined to simply ban the use of Bitcoin (BTC) and virtual assets, regulators in the United Arab Emirates are taking a different approach. The country has been consistently enacting its vision of becoming a blockchain capital by providing frameworks to guide crypto businesses on how to operate in accordance with the laws.Jurisdictions in the country are divided between the mainland, where the regulator is the Securities and Commodities Authority....