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HSBC Bank Restricts Its Users From Making Crypto Transactions

The UK-based HSBC bank decided to restrict users from sending money to and from crypto exchanges. The bank is the latest one in a long line that has decided to introduce such a ban. Experts believe that this behavior will only cause such banks to lose customers and go out of business. UK-based crypto traders […]

The post HSBC Bank Restricts Its Users From Making Crypto Transactions appeared first on CryptoCoin.News.

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  • The UK-based HSBC bank decided to restrict users from sending money to and from crypto exchanges.
  • The bank is the latest one in a long line that has decided to introduce such a ban.
  • Experts believe that this behavior will only cause such banks to lose customers and go out of business.

UK-based crypto traders and investors have received a strong blow when a local bank, HSBC bank, decided to restrict what they can and can’t do when it comes to investing. More specifically, the bank has decided to ban users from sending their money to and from crypto exchanges, becoming the newest traditional financial institution to do so.

Another Bank Decides to Ban Users from Accessing the Crypto Sector

The crypto sector has exploded anew around the world over the last month or so, as the crypto bull run has taken over. Bitcoin has skyrocketed past $40,000 before hitting a resistance that knocked it down, causing a strong correction.

At the time of writing, the coin’s price is at around $34,000, and the rest of the market followed with a correction of its own. Meanwhile, a major UK bank gave another issue for the local traders and investors to deal with when it decided to block transactions to and from crypto exchanges and to take a heavy-handed approach to digital currencies.

It is not the first one to do so, as mentioned — numerous other UK banks have made moves that would prevent their users from accessing the crypto industry with credit and debit cards. This is not that surprising, of course, given that the UK — similarly to the US — is still mostly an anti-crypto country.

How will this Affect Crypto Users?

The biggest question is how will this affect digital currency holders. Onchain Capital founder, Ran Neuner, thinks that crypto holders will likely simply find a way to bank elsewhere than to give up on crypto.

Essentially, he believes that banks that stubbornly remain anti-crypto can only put themselves out of business. As Block Works Group’s Jason Yanowitz has noted, crypto has been the ‘greatest-performing asset of the previous decade.’

While most banks that have gone against crypto have justified this by saying that they aim to prevent money laundering, HSBC is not exactly the cleanest bank out there. In fact, its tendency to involve criminals to move dirty money has been well documented by leaked records that show that up to $2 trillion of dirty money was processed by the bank.

Other major banks implicated in similar shady business include Standard Chartered, JP Morgan Chase, Deutsche Bank, and Barclays Bank.

Blockchain

BitGo To Introduce Crypto Custodial Services To New York Clients

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Digital asset trust company, BitGo has added another feather to its cap. The company announced today that it has received a Trust Charter that will enable it to operate as an independent qualified custodian in the United States’ commercial hub, New York. The license was issued by the New York State Department of Financial Services.

Go, BitGo

California-based digital asset solutions provider, BitGo has expanded its horizon. It will now render cryptocurrency custodial services to New York-based institutional clients. The news was confirmed after the state’s Department of Financial Services issued the New York Trust charter to the company.

The news reiterates the company’s motive to exhaust the possibilities of the new financial landscape. It announced in December last year that it had over $16 billion in assets in its custody. With the surge in institutional interest, BitGo now has its eyes set on the world’s financial and commercial epicenter. Speaking on the latest milestone, BitGo CEO Mike Belshe said:

“We are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State. The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem.”

The license will enable New York’s premier institutions to key into the digital revolution while staying within the state’s regulatory framework. BitGo’s list of reputable partners adds an extra layer of trust. It claims to be backed by Goldman Sachs, Craft Ventures, Digital Currency Group, Redpoint Ventures, and Valor Equity Partners.

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What’s In Store?

BitGo intends to go all-in for its prospective clients. Asides from its fully secured custodial services, it outlined several benefits of the New York Trust.

It will adopt a sophisticated, independently verified system control – SOC 2 Type 2. The SOC 2 Type 2 compliance records how a company safeguards customer’s data. This system control type verifies compliance with standard procedures and often gives a competitive edge.

Prospective clients will benefit from BitGo’s “comprehensive insurance coverage,” which it says covers up to $100 million in digital assets. Its multi-signature technology is yet another selling point.

New York – The New Crypto Hub?

The city of New York is becoming a destination for mainstream cryptocurrency companies. This week, leading blockchain sports and entertainment platform, ChiliZ announced that it would set up an office in New York.

Perhaps this is fueled by the state’s unwavering efforts to maintain a regulated framework that attracts investment and prioritizes asset protection. The New York Financial Services Law, which was enacted five years ago, necessitates the regulation of companies in the digital asset space. The state’s Department of Financial Services approved the sale and trading of eight cryptocurrencies in August last year.

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Source: https://cryptopotato.com/bitgo-to-introduce-crypto-custodial-services-to-new-york-clients/

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Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments

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American basketball team Dallas Mavericks will now accept payments for tickets and merchandise in Dogecoin via the leading cryptocurrency payment processor, BitPay.

Prior to the announcement, it already supported payments in cryptocurrencies, including BTC, BCH, ETH, USDC, GUSD, PAX, and BUSD. Its billionaire owner and Shark Tank star, Mark Cuban, cited the ‘very important’ reason behind the newest addition.

All Bark And Some Bite

Meme-inspired Dogecoin is finally getting some utility to go with the massive hype of recent. The digital asset, which features the face of the Shiba Inu dog from the “Doge” meme on its logo, has been added to the list of payment options on Dallas Mavericks’ online shop.

As a result, the team’s fan base, Mavs Fans for Life (MFFLs), can now purchase game tickets and merch using dogecoin.

According to the Dallas Mavericks, the decision is purely consumer-centric and is targeted at leveraging cryptocurrencies to “expand business sales opportunity, reduce high fees and increase payment transparency and efficiency.” Mavs’ billionaire owner and bitcoin skeptic-turned proponent Mark Cuban revealed the ‘earth shattering’ reason for accepting dogecoin payments.

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“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth shattering reason, because we can! Because we can, we have chosen to do so. We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR. So we will take Dogecoin, today, tomorrow and possibly forever more. For those of you who would like to learn more about Dogecoin we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it. They will be able to explain it all to you,”

While institutions are just getting caught up in the bitcoin frenzy, Dallas Mavericks is one of the early institutional adopters. The Dallas-based NBA hotshot started accepting bitcoin payments nearly two years ago and has continued to align itself with newer developments in the digital space.

Fun Over Intrinsic Value?

Mark Cuban’s reason for accepting dogecoin payments is based on the digital assets’ central theme – fun. He told Forbes last month:

“Dogecoin is less than a dime. You can buy $1 worth or $10 worth and have fun watching it all day”

He further stated that the digital currency has no intrinsic value, adding that he bought some for his son for educational purposes.

His earlier comments have led to strong suggestions that he is solely interested in reaping off the PR surrounding dogecoin of late.

Bitcoin Over Gold, Cuban Tells Schiff

Mark Cuban was quick to rebuff anti-bitcoin remarks made by the gold proponent and Chairman of SchiffGold, Peter Schiff, this week. The agelong precious metal advocate took a jab at wall street bitcoiners, tweeting that he never knew smart investors could be “dumb enough to buy bitcoin.”

In response, Cuban correctly pointed out that while a technology-backed store of values like crypto are dynamic and can transition into advanced applications, gold is simply static.

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Source: https://cryptopotato.com/mark-cubans-dallas-mavericks-to-accept-dogecoin-payments/

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BitGo To Introduce Crypto Custodial Services To New York Clients

Avatar

Published

on

Digital asset trust company, BitGo has added another feather to its cap. The company announced today that it has received a Trust Charter that will enable it to operate as an independent qualified custodian in the United States’ commercial hub, New York. The license was issued by the New York State Department of Financial Services.

Go, BitGo

California-based digital asset solutions provider, BitGo has expanded its horizon. It will now render cryptocurrency custodial services to New York-based institutional clients. The news was confirmed after the state’s Department of Financial Services issued the New York Trust charter to the company.

The news reiterates the company’s motive to exhaust the possibilities of the new financial landscape. It announced in December last year that it had over $16 billion in assets in its custody. With the surge in institutional interest, BitGo now has its eyes set on the world’s financial and commercial epicenter. Speaking on the latest milestone, BitGo CEO Mike Belshe said:

“We are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State. The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem.”

The license will enable New York’s premier institutions to key into the digital revolution while staying within the state’s regulatory framework. BitGo’s list of reputable partners adds an extra layer of trust. It claims to be backed by Goldman Sachs, Craft Ventures, Digital Currency Group, Redpoint Ventures, and Valor Equity Partners.

ADVERTISEMENT

What’s In Store?

BitGo intends to go all-in for its prospective clients. Asides from its fully secured custodial services, it outlined several benefits of the New York Trust.

It will adopt a sophisticated, independently verified system control – SOC 2 Type 2. The SOC 2 Type 2 compliance records how a company safeguards customer’s data. This system control type verifies compliance with standard procedures and often gives a competitive edge.

Prospective clients will benefit from BitGo’s “comprehensive insurance coverage,” which it says covers up to $100 million in digital assets. Its multi-signature technology is yet another selling point.

New York – The New Crypto Hub?

The city of New York is becoming a destination for mainstream cryptocurrency companies. This week, leading blockchain sports and entertainment platform, ChiliZ announced that it would set up an office in New York.

Perhaps this is fueled by the state’s unwavering efforts to maintain a regulated framework that attracts investment and prioritizes asset protection. The New York Financial Services Law, which was enacted five years ago, necessitates the regulation of companies in the digital asset space. The state’s Department of Financial Services approved the sale and trading of eight cryptocurrencies in August last year.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://cryptopotato.com/bitgo-to-introduce-crypto-custodial-services-to-new-york-clients/

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