crypto banking
BNY Mellon SAB 121 exemption may herald bank Bitcoin custody
Published
6 hours agoon
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adminBank of New York Mellon, the largest U.S. custodian bank, scored an exemption from a controversial SEC rule that may enable Bitcoin custody.
Institutional custody of Bitcoin (BTC) and cryptocurrencies in the U.S. took a step forward as BNY Mellon was reportedly granted permission to operate outside the Staff Accounting Bulletin No. 121, also known simply as SAB 121.
The Securities and Exchange Commission’s SAB 121 advised entities holding customer crypto to report such holdings as corporate liabilities. SAB 121 also required financial service providers to disclose the type of crypto safeguarded and its accompanying valuation.
Lawmakers in the U.S. House of Representatives initially scrapped the SEC’s policy, but the White House under current President Joe Biden vetoed the bill into law.
BNY Mellon securing an exemption from SAB 121 requirements could pave the way for major U.S. banks to custody customers’ Bitcoin and cryptocurrencies. Michael Saylor, founder of MicroStrategy, the world’s largest corporate BTC holder, said that one or more mainstream banks may soon receive the green light to custody crypto.
Such a development could signal a softening of the U.S. federal crypto crackdown. For years, industry proponents have criticized U.S. authorities for the so-called “Operation Choke Point 2.0.”, a multi-regulatory agenda to banish f crypto from the traditional financial system.
BNY Mellon and other banks being able to custody Bitcoin may also accelerate BTC’s spot price. Saylor has previously suggested that bank custody of BTC was the final of three catalysts needed to propel Bitcoin above $5 million per coin.
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Crypto ATM sting in Germany leads to $28m seizure
Published
1 month agoon
August 21, 2024By
adminGerman authorities confiscated 13 crypto ATMs and seized nearly $28 million in cash across 35 locations.
It’s been quite the summer for Germany and crypto. German authorities have faced criticism for their negative stance on crypto after selling seized Bitcoin (BTC). Recent busts from August 20 reveal that German authorities are still cracking down on crypto malpractice.
On Aug. 20, German authorities carried out a wide-reaching anti-money laundering operation, confiscating 13 crypto ATMs and almost $28 million in cash from 35 locations nationwide, according to Reuters.
The raids, led by financial watchdog BaFin in collaboration with police and the Bundesbank, targeted machines operating without the necessary licenses, posing significant money-laundering risks.
Crypto ATMs are machines that allow users to buy or sell cryptocurrencies like Bitcoin using cash or debit cards. They function similarly to traditional ATMs but are designed specifically for cryptocurrency transactions.
German authorization for crypto ATMs
BaFin finds that converting euros to cryptocurrencies, or vice versa, constitutes a commercial activity that requires explicit authorization under Germany’s Banking Act.
The unlicensed operation of these ATMs raised concerns over potential links to criminal activities, including money laundering and terrorist financing, given the anonymity often associated with such transactions.
The watchdog reiterated its commitment to safeguarding the integrity of the German financial system, highlighting the importance of regulatory compliance to protect consumers.
ATM operators can now face prosecution, with penalties of up to five years in prison, according to AML Intelligence.
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