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A new report from Mexico says banks are used to launder money more than crypto

Mexico’s Financial Intelligence Unit recently published the results of its second National Risk Assessment. The report highlighted that the risk of money laundering in the banking sector far surpasses the issues encountered by fintech companies.According to El Economista, the so-called “G7 banking” group – BBVA, Santander, Citibanamex, Banorte, HSBC, Scotiabank, and Inbursa – registers significantly more money laundering in Mexico than Blockchain firms. Brokerage companies, exchange firms, and banking institutional providers are also...

UK FCA’s Stance on Crypto Seen as Harsh but Fair

Recently, the United Kingdom’s Financial Conduct Authority released a detailed statement urging all local crypto business operators to register with the government watchdog by June 30. As part of the document, the regulator has made it absolutely clear that applications will need to have been processed, at the latest, by the end of the official grace period, which ends on Jan. 10, 2021, and failing to meet the requirement will result in a...

Ripple Seems to Be Developing a Blockchain-Based Working Capital Loans Product

The blockchain-based payment network Ripple recently added a job opening on its official website for a “Director of Product Management, Loans.”The description indicates that Ripple is working on a new loan product to help its customers with working capital loans.Working capital loans are loans companies take to financially support their everyday operations in the short term.A blockchain-based loan product could potentially shorten the time for companies to avail capital loans, reduce paperwork, and...

Fintech in the United Kingdom After Brexit

The first round of negotiations between the United Kingdom and the European Union to determine their future, post-Brexit relationship took place between March 2 and March 5 in Brussels, Belgium. The outcome of these negotiations will shape the way the two work together following the end of the transition period, currently scheduled to extend through Dec. 31.For the financial technology sector, the discussions surrounding the future U.K.–EU regulatory relationship as it relates...

Berkeley Blockchain Xcelerator Reveals Projects for 2020 Cohort

The Berkeley Blockchain Xcelerator announced the selection of 17 startups for its third cohort, scheduled to take place in the spring of 2020. The accelerator is a joint venture between organizations on the California-based UC Berkeley campus.The venture, made up of the Sutardja Center for Entrepreneurship & Technology, Berkeley Engineering, the Berkeley Haas School of Business, and Blockchain at Berkeley, announced the selections in an official statement on March 11. Projects were...

Crypto Software Firm Zabo Raises $2.5M in a Seed Round

Zabo has announced it has raised $ 2.5 million in seed funding, allowing it to extend its portfolio of services to continue connecting its customers’ cryptocurrency wallets to banks, brokerage firms, FinTech apps, and tax software.As detailed in a March 5 blog post, the seed round was led by Moonshots Capital and included funding from Blockchange Ventures, Castle Island Ventures, Digital Currency Group, CoinShares, Tezos Foundation, Capital Factory, among others.Bolstering connections with...

Chicago Startup Fintank Aims to Launch a Crypto Self-Regulatory Organization

Chicago-based fintech startup FinTank aims to launch a national self-regulatory organization, or SRO, in the United States.Headed up by former Chicago Board Options Exchange, or CBOE, trader David Carman and partner George Vukotich, FinTank’s SRO “will help regulate the global crypto industry,” Carman told Cointelegraph. As much of the crypto world looks toward the U.S. regulatory scene, such an SRO could impact the crypto industry worldwide.Regulation is unclear in the crypto space,...

Revolut Will Make Crypto Available in 50 States

 Revolut is coming to the smartphone near you with an array of cryptocurrencies before tax day. Having just raised $500 million on a $5.5 billion valuation, Revolut is one of the biggest fintechs in Europe. Revolut is a neobank: simply, a bank without the expense and convenience of physical branches or the headache of licensing.Revolut is already well-established in Europe. On its home soil, it allows users to buy and sell Bitcoin...

Canadian E-Commerce Giant Shopify Joins Libra Association

E-commerce giant Shopify has joined the Libra Association, a network of founding members supporting Facebook's stablecoin project Libra.Shopify, a major Canada-based digital commerce platform hosting more than one million merchants, will be collaborating on the establishment of a global payment network within the Libra Association, the firm officially announced on Feb. 21.The Libra Foundation has confirmed the news in a Facebook post, outlining that Shopify would be an “incredible partner in making...

Are the BZx Flash Loan Attacks Signaling the End of DeFi?

Earlier this week, the decentralized lending protocol bZx was exploited in back-to-back “flash loan” attacks. While the two exploits were distinct, the end results remained the same. In total, $954,000 was gleaned from the platform. But what exactly happened? Was it an exploit, a simple case of arbitrage or a malicious attack? And where does decentralized finance go from here?It hasn’t been a good PR week for the DeFi sector. For some,...
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