Hong Kong’s Securities and Futures Commission (SFC) and the Monetary Authority (HKMA) have announced that they are ready to accept applications for spot crypto exchange-traded funds (ETFs). In a circular released on December 22, the regulators stated that they have updated their policies to encourage the introduction of spot crypto ETFs in the market.This move […]
In a recent development, Ripple CEO Bradley Kent Garlinghouse has publicly criticized Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), accusing him of hypocrisy in his attempts to regulate cryptocurrencies. Garlinghouse took to social media platform X (formerly Twitter) to label Gensler a hypocrite and accuse him of being involved […]
Hong Kong regulators have announced that they are open to considering applications for spot crypto exchange-traded funds (ETFs). The Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) issued a joint statement acknowledging the changing virtual asset environment since 2018. Previously, the SFC had implemented a regulatory approach that limited participation to professional […]
Swiss banks are facing concerns over their vulnerability to criticism and potential legal action due to their dealings with Russian clients. The US Department of Justice (DoJ) is currently investigating whether UBS and Credit Suisse assisted Russian oligarchs in evading sanctions, as Switzerland has been accused of being a preferred haven for Russian funds. These […]
The Bank of China’s Shanghai division has successfully completed its first transaction involving precious metals using China’s official central bank digital currency (CBDC), the digital yuan. The transaction, worth $14 million, took place on December 19 and was facilitated by receiving funds from abroad. This marks a significant milestone in the utilization of the digital […]
Lugano has emerged as one of Switzerland’s most important crypto and blockchain hubs. Two Swiss financial institutions have now formed a strategic partnership there. Recently, Lugano, the largest city in the canton of Ticino, expanded its payment options and now accepts cryptocurrencies Bitcoin and Tether for the payment of tax bills and all other municipal […]
Deutschland’s largest credit institution has discovered thousands of forgotten and unresolved complaints at its subsidiary, Postbank. This backlog of customer complaints has emerged months after the German bank promised to quickly resolve the extensive disruptions caused by a botched IT migration project. The incident raises new questions about the bank’s internal communication and workflow systems, […]
Julius Bär, a Swiss private bank, has experienced a downgrade in its rating due to hundreds of millions of loans to Benko. This downgrade directly impacts the bank’s profitability as it will have to pay more for borrowing money.The question of who is to blame for this situation has gained momentum. Bloomberg has pointed out […]
A Zurich court has handed down a significant verdict in one of the city’s largest financial fraud cases. Financier Bismark Badilla has been sentenced to six years in prison for “systematic fraud” and multiple counts of forgery. The case involves around 70 victims, including prominent law firms and a former top compliance officer from Credit […]
The Swiss private bank Julius Bär is under investigation by the Swiss Financial Market Supervisory Authority (FINMA) for inadequate risk control structures that contributed to the bank’s involvement with bankrupt real estate mogul René Benko. The investigation was triggered by concerns that the business and control functions at Julius Bär were not sufficiently separated. The […]
