After Years of Uncertainty, Cryptocurrency Exchanges Can Open Bank Accounts i...
After years of court battles in Chile, a cryptocurrency exchange has managed to open a bank account in Bci, a financial institution that established a protocol to serve these businesses. The first exchange that opened a bank account with the institution was Buda, a local exchange, which satisfied the requirements of the bank in the mentioned protocol. Cryptocurrency Exchanges Can Now Open Bank Accounts in Chile On Oct. 28, Bci, a bank in Chile, announced that it had developed a protocol to allow cryptocurrency exchanges to open checking accounts with the institution. This marks a milestone....
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There is continued uncertainty for bitcoin exchanges in China tonight as some large-volume exchanges reported verbal closure notices from banking partners today. Exchanges OKCoin and Huobi said they had bank accounts closed as of Friday afternoon China time, posting the news on their respective sites. China has still not 'banned bitcoin', despite certain rumors. The implied restrictions refer only to the way bitcoin exchange accounts are funded by their users, and there is no word that withdrawals from exchanges or any other bitcoin transactions are affected. That said, what follows is a....
Authorities are looking to tighten their grip on the cryptocurrency industry. Financial regulators in South Korea have asked banks to provide information on their dealings with cryptocurrency firms, a local outlet reported on Wednesday, as authorities seek to determine how many cryptocurrency exchanges operate within the country’s borders. An unnamed regulatory body has requested that banks reveal the corporate accounts of cryptocurrency exchanges that haven’t already implemented real-name accounts for its cryptocurrency customers. Only the four largest exchanges in South Korea have thus....
Government officials in Kazakhstan have approved regulations that will govern interactions between authorized coin trading platforms and traditional financial institutions. The new rules will allow registered cryptocurrency exchanges to have bank accounts in the country.
Pilot Project to Develop Kazakhstan Into Regional Crypto Hub
Regulations allowing crypto exchanges registered at the Astana International Financial Center (AIFC) to be serviced by second-tier banks in Kazakhstan have been adopted by a working group comprised of representatives of the Ministry of Digital....
Major Portuguese banks have started closing or refusing to open accounts for cryptocurrency platforms such as exchanges, according to media reports. The move threatens to tarnish the country’s image as one of Europe’s most crypto-friendly destinations, a haven for bitcoin enthusiasts.
Portuguese Crypto Firms Hit by Bank Account Closures
Portugal, a leading European crypto hub, is risking the loss of its attractiveness for crypto businesses and talent working in the industry as some of its largest banks are now closing accounts of companies operating with digital....
Authorities in Pakistan have reportedly moved to seize hundreds of bank accounts and cards belonging to cryptocurrency traders. According to local media, they have been allegedly used to make transactions worth close to $300,000 through digital asset exchanges, including major platforms. Pakistan Government Blocks Cards Used to Buy Cryptocurrency, Media Reveals Bank accounts in the names of 1,064 individuals have been frozen by Pakistan’s Federal Investigation Agency (FIA). The law enforcement authority acted on request from the Cyber Crime Reporting Center (CCRC) in Islamabad, the....