FinCEN Proposed Rule Halted, Exchanges and Banks Expand Crypto Products, SEC Brings Action Against Token Issuer, Crypto Threat Reports Published – JD Supra

FinCEN Proposed Rule Halted, Exchanges and Banks Expand Crypto Products, SEC Brings Action Against Token Issuer, Crypto Threat Reports Published – JD Supra

Exchanges and Banks Expand Cryptocurrency Services and Products

By: Jordan R. Silversmith

A major U.S. cryptocurrency exchange recently announced the launch of its asset hub. The initiative is intended to “streamline the asset listing process … and expand the number of services offered to digital asset issuers.”

A California-based bank with substantial holdings in digital currencies recently announced it had accepted over $2.9 billion in new deposits from new and existing cryptocurrency customers in Q4 2020. The majority of these new deposits came from cryptocurrency exchanges, bringing the bank’s total amount of digital currency customers to 969. Separately, according to reports, a New York-based bank announced that its deposits from cryptocurrency customers now total approximately $10 billion.

Huobi Global, a major cryptocurrency exchange, recently announced an initiative with a British crypto payment services firm to gain more access to European and U.K.-based banking systems. According to reports, the exchange’s over-the-counter platform will now be able to settle transactions instantly in euros and pounds. Meanwhile, this week an Austrian digital investment platform announced the launch of a debit card allowing users to shop with cryptocurrencies.

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FinCEN Proposed Rule Halted, Banks and Crypto Exchanges Adjust Policies

By: Veronica Reynolds

This week the Biden administration froze FinCEN’s proposed rule on “unhosted wallets,” which related to certain transactions involving convertible virtual currency or digital assets with legal tender status. If enacted, the rule would have required exchanges to file “currency transaction reports” for customers engaged in over $10,000
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