Home Tags Banking
Major Slovakia-based antivirus software provider ESET has discovered a Latin American banking trojan that can steal crypto. Major Slovakia-based antivirus software provider ESET has discovered a banking trojan that can steal cryptocurrencies and is especially widespread in Latin America. Primary targetsKnown as “Casbaneiro” or “Metamorfo,” the newly found malware family targets banks and cryptocurrency services located in Brazil and Mexico, ESET’s editorial arm WeLiveSecurity reports Oct. 3. According to the report, Casbaneiro uses a social engineering execution method, which displays fake pop-up windows misleading potential victims to enter sensitive information. The capabilities of the malware are typical of Latin American banking trojans that can take screenshots and send them to command and control server, simulate keyboard actions and capture keystrokes as well as restrict access to websites and download and execute other tools, the report notes. Stealing crypto via clipboardAlon..
When asked by th U.S. Fed about Libra, some of the nation’s biggest banks say Facebook’s token will reduce their payment volumes. Facebook’s crypto project Libra will potentially create a “shadow banking” system, according to the banks at the Federal Advisory Council (FAC). U.S. banks fear Libra will reduce payment volumesAfter the United States Federal Reserve asked some of the nation’s largest banks about Libra, the banks expressed their negative stance towards the project, outlining the risks of potential decline in demand-deposit accounts and bank payment volumes, Bloomberg reports Sept. 30. Libra and similar stablecoin projects, where a digital coin is pegged to an underlying value consisting of one or more fiat currencies, also pose a possible challenge to the bank business model built on privacy, the banks reportedly said during a quarterly meeting of the FAC earlier in September. Noting that around 52% of the U.S. population, or 170 million people, were considered active Faceb..
Coinbase Custody Trust Company has appointed Richard Neiman and Robert Easton to its Board of Directors, who previously held various leadership positions in the New York State financial regulatory system. Coinbase Custody Trust Company has appointed two new members, previously of the New York State Banking Department and the New York Department of Financial Services, to its Board of Directors. Welcoming banking regulatory veteransPer a blog post published on Aug. 8, New York banking regulatory experts Richard Neiman and Robert Easton will now be a part of Coinbase Custody’s Board of Directors. The company claims Neiman and Easton to be particularly important for its further development as Coinbase Custody is regulated by the New York Department of Financial Services (NYDFS). Prior to joining Coinbase Custody, Neiman held positions as superintendent of the New York State Banking Department, president of TD Bank USA, vice chairman of PwC’s global financial regulatory practice, and is cu..
Cointelegraph has tuned in live to the United States Senate Banking Committee hearing on a regulatory framework for digital currencies and blockchain. During today’s United State Senate Banking Committee hearing on the regulatory framework for cryptocurrencies and blockchain, Cointelegraph will be updating live with the most important developments. The July 30 hearing, titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” follows the previous hearings in mid-July that examined the regulatory hurdles surrounding Facebook’s Libra. Circle CEO Jeremy Allaire will be a witness today in front of the Senate Committee on Banking, House, and Urban Affairs on behalf of The Blockchain Association, along with Rebecca M. Nelson, a specialist in international trade and finance, and Mehrsa Baradaran, a professor of law at University of California, Irvine School of Law. For more detailed information on the witnesses, Cointelegraph has a dedicated analysis here. 10:23 a.m. E..
FairX, a financial services company involved with banking and digital assets, has shut down its operations as it failed to establish a licensed national bank. FairX, a financial services company involved with banking and digital assets, has shut down its operations as it failed to establish a licensed national bank. According to a FairX Twitter thread on July 19, the company has fallen short of setting up a licensed national bank due to a lack of funding. FairX was trying to raise funds for the planned bank over the past 14 months, which it described as: “... a new, licensed, fully regulated national bank, modeled as a financial market utility, that would work with individuals and banks to create a dematerialized bank deposit, denominated in USD. The bank was Frank Financial.” “This dematerialized bank deposit would act, in many respects, similarly to a stablecoin, except a stablecoin this was not. A stablecoin, by its definition, is not an asset that can settle transactions between b..
Internet crowdsourcing company Share Internet Data has partnered with LDJ Capital to incorporate a banking solution into its Internet-sharing platform. Internet crowdsourcing company Share Internet Data Ltd (SID) has partnered with private equity firm LDJ Capital to launch a blockchain-based digital banking solution. The new digital banking app is called LDJ Digital, according to a press release on July 16. According to the announcement, LDG Digital can function as a debit card and it supports both fiat money and cryptocurrencies. Moreover, the professed goal of LDJ Digital is to provide banking services to the unbanked, as per the report. LDJ Digital will reportedly be a part of the existing SID platform and is based on its core technologies and principles. The SID and blockchain technology underpinning LDJ Digital will purportedly make banking accessible and affordable for the unbanked, the press release says. SID reportedly allows users to provide Internet to other users via its..
The company has approached regulators for two licenses: banking and securities dealing, a press release confirmed. Swiss crypto broker Bitcoin Suisse has applied for banking and securities dealer licenses from Switzerland’s finance regulator, the company confirmed in a press release on July 16. Bitcoin Suisse, which forms part of the country’s Crypto Valley Association, said it had submitted requests to the Swiss Financial Markets Supervision Authority. The reason, it said, was in order to adapt to a rapidly-changing regulatory landscape vis-a-vis cryptocurrencies, even in Switzerland, which is known for its proactive stance on the industry. “These licenses would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as a leading provider of crypto financial services,” the press release stated. In preparation for the license going ahead, the company also revealed it had deposited 45 million Swiss francs ($45.7 mil..
Cryptocurrencies are distributed through blockchain, a decentralized ledger. Many banks across the globe have implemented the blockchain technology to provide a solution to speed, security, and scalability issues. As centralized systems, financial institutions need this technology to improve their services. Fortunately, they can accurately process more data and on time with this new technology. Despite using the decentralized solutions to improve their services, a competition exists between banks and cryptocurrencies. The digital currencies are not currently used as a substitute for cash but they are becoming popular in the financial sector. However, many bankers frown at projects that encourage the use of cryptocurrencies. Cryptocurrency News Today – Cryptocurrency Latest Update – Possible Negative Impact Jamie Dimon, the CEO of JPMorgan Chase, stated that crypto projects presently pose no threats to JPMorgan main business activities. On June 27, in an interview with Yahoo Finance, h..
JPMorgan Chase CEO Jamie Dimon said that he does not think that crypto projects pose an existential threat to JPMorgan's core business. JPMorgan Chase CEO Jamie Dimon said that he does not think that cryptocurrency projects pose an existential threat to JPMorgan's core business. During an interview with Yahoo Finance on June 27, Dimon discussed crypto’s potential impact on the existing banking system: "We move $6 trillion a day around the world. It is very cheap, very secure, it works. And the banking system has already built Zelle, real time p2p, and TCH, the clearancing house, with the banking system built real time payments. We already have all that." Dimon further stressed that all transactions are conducted in compliance with Know Your Customer and anti-money laundering procedures. While the CEO stated that the bank’s core business is likely not threatened by crypto, he stated that they do provide healthy competition and that some firms “want to eat our lunch.” In orde..
The R&D branch of the Reserve Bank of India is developing a blockchain platform. The Reserve Bank of India (RBI) is developing a blockchain platform for banking in its R&D branch, according to a report by BusinessLine on June 28 The blockchain platform will reportedly host a number of blockchain applications, and is slated to launch next year. This model platform is reportedly being designed to serve banks; according to the director of The Institute for Development and Research in Banking Technology, RBI’s R&D branch, the platform is “for blockchain applications for the government in banking.” While RBI appears to be moving into the blockchain industry, it has historically not been keen on cryptocurrencies. In April, the RBI specified that cryptocurrency projects, including initial coin offerings (ICOs) and cryptocurrency exchanges, would not be permitted in its regulatory sandbox project, unlike blockchain tech. In June, The Economic Times additionally reported that social media gia..