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Eric Trump, son of US President Donald Trump, says his family turned to crypto after several banks closed accounts linked to the Trump Organization after the Capitol attack in 2021. Speaking to the Wall Street Journal, he said that their bank accounts were shut down without warning, leaving them to depend on smaller banks until they found a new partner. “That’s when I realized how weak the financial system is and how easily it can be turned against you,” he said. Trump believes the closures were politically-motivated. He also compared the situation to how crypto companies have struggled to access banking under the former Joe Biden administration. “This system was weaponized against them, just like it was against us,” he added. Eric Trump on the President’s turn towards crypto… Says came down to Biden admin cutting off crypto industry access to banking. “This whole system was weaponized against them, no different than it had been w...

The European Banking Authority (EBA) is proposing testing to see if tensions in non-bank financial institutions (NBFIs), including crypto currency-related entities , will impact lenders. According to the Financial Times, EBA chairman José Manuel Campa expressed concern about the need to “deepen the links between banks and other financial firms.” “We should be doing more, and we will be doing more. We need to have an understanding of the whole underlying chain in NBFIs.” José Manuel Campa, EBA chairman The EBA has already taken some action to address the role that crypto currency could play in stressing the system. Last November, the regulator published draft rules on liquidity and capital requirements for stablecoin issuers under the EU’s new Markets in Crypto-Assets (MiCA) regulation. The EBA has also proposed rules requiring individuals with a stake of more than 10% in a crypto company to be screened for convictions or sanctions and directing cryp...

SBI Remit will use XRP as a bridge currency to enable faster and more cost-effective remittances to several Southeast Asian countries. Japanese financial holding company SBI Group has announced that its international remittance services arm SBI Remit has partnered with Ripple and SBI Ripple Asia to offer an XRP (XRP) remittance service to bank accounts in several Southeast Asian countries.  In an announcement, the company highlighted that SBI Remit has been using Ripple payments services for international remittance s since 2017. Furthermore, SBI Remit also introduced solutions using crypto in 2021, claiming that it was the first in Japan to provide remittance services using XRP to crypto wallets in the Philippines. XRPを活用するRippleの送金ソリューションを用いた国際送金サービスをフィリピン・ベトナム・インドネシア向けに順次拡大 【XRPのブリッジ通貨利用】 スピーディかつ低コストで送金 拡張性あり(世界中のRipple提携先へ容易に送金可) ⇒国際送金事業における競争力強化https://t.co/2mwo33cn4q pic.twitter.com/vaOKwlC79y — SBI VC Trade (SBI VCトレード） (@sbivc_official) September 6, 2023 With the new...

Hong Kong, determined to reclaim its fintech crown and rival Singapore, is poised to become a thriving crypto hub by considering the inclusion of retail investors in cryptocurrency trading. The city-state is reportedly giving a nudge to major banks, urging them to hop on the bandwagon and embrace crypto exchanges as clients after announcing a clear regulatory framework that aims to encourage innovation. The Financial Times reported on Thursday that the lenders include HSBC, Standard Chartered and Bank of China. In a recent meeting, the Hong Kong Monetary Authority, the city’s banking regulator, questioned lenders about their hesitancy in accepting crypto exchanges as clients, the report said. In a letter to the banks, the HKMA advised them that conducting due diligence on prospective customers should not place excessive burdens, especially for those establishing offices in the city to explore opportunities. An HKMA spokesperson confirmed to Blockworks that it has provided guidanc...