Banks vs. exchanges — regulators overwhelmingly penalize fiat, not crypto
Data from a recent report suggest that enforcement actions from U.S. regulators against those in the crypto space cost those firms less than 1% of that in traditional finance for the last 20 years. While regulators have often targeted projects in and out of the crypto space, the fines levied against digital asset exchanges are a fraction of those against traditional financial institutions.According to data from Good Jobs First’s violation tracker, the platform analyzed 50 of the biggest fines regulators levied against major banks, investment firms, and brokers over the last 20 years. Bank....
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A solution has to be created which makes moving fiat in and out of bitcoin exchanges more frictionless. Over the past few years, a lot of bitcoin exchanges had to deal with issues related to UK banks. Even though bitcoin is legal in an unregulated manner in the UK, banks are not too keen on cryptocurrency. Some experts argue it is due time to take British banks out of the bitcoin exchange industry altogether. Doing so would have catastrophic events, though, as it limits both deposit and withdrawal options for a lot of users. Then again, with banks continuing to deny service to bitcoin....
Banking institutions in South Korea have reportedly requested to not be held accountable for crimes linked to cryptocurrencies such as money laundering. According to local media, financial regulators are now developing rules that could relieve Korean banks from responsibility when screening the crypto exchanges they work with. New Guidelines to Appease South Korean Banks Korean Banks remain reluctant to open real-name accounts for traders on domestic cryptocurrency exchanges, the Korea Herald wrote on Sunday. The reasons hide in recently adopted regulations obliging the trading platforms....
Bitcoin was created to be the first ever peer-to-peer electronic cash system, and in its wake, an entire industry of digital assets has since been created. Despite the cryptocurrency’s longevity and staying power, there’s still debate amongst policy makers, regulators, and even investors, if the asset class should be defined as “money.” A recent survey conducted by the International Monetary Fund has respondents overwhelmingly saying “yes” that Bitcoin and other altcoins are indeed money, and […]
India’s crypto exchanges continue to cope with the burden of limited access to banking services. Commercial banks in India are reportedly reluctant to do business with crypto exchanges in the country.According to Reuters on Thursday, crypto trading platforms in India are still finding it difficult to open accounts with financial institutions. While there is no crypto ban in India, banks are reportedly acting on the advice of the Reserve Bank of India (RBI) to shun cryptocurrency exchanges. Back in May, the RBI clarified its position on the matter, stating that there was no prohibition....
South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges. South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency. According to an Aug. 15 report from Asia Times, the Financial Supervisory Service (FSS) ordered an investigation into South Korean banks last month after identifying a significant amount of overseas remittance transactions at the end of June.The investigation found that a....