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Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE
Published
3 months agoon
By
adminStandard Chartered has officially launched its digital asset custody service in the UAE, according to an announcement from the bank. The service has been licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), following a memorandum of understanding signed in May 2023.
JUST IN: $800 billion Standard Chartered bank launches #Bitcoin and crypto custody service in the UAE 🇦🇪 pic.twitter.com/dlNqdVpi0J
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry,” said Bill Winters, Group Chief Executive of Standard Chartered. “We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
The service aims to provide secure storage for digital assets, with an initial focus on supporting Bitcoin and Ethereum. The bank said it decided to launch its custody services in the UAE “due to its well-balanced approach to digital asset adoption and financial regulation.”
Brevan Howard Digital, the crypto division of Brevan Howard, an investment management platform specializing in global macro and digital assets, has been named as the first client. According to Margaret Harwood-Jones, Global Head of Financing & Securities Services, this launch addresses the growing institutional interest in digital assets.
“After a period of intensive work and close collaboration with regulators both regionally and globally, we are thrilled to welcome Brevan Howard Digital as the first client of our digital asset custody offering,” said Harwood-Jones. “Our offering goes beyond simple wallet services – it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk and prudential point of view. It is a game changer for institutional clients, as we can support them with our traditional expertise to navigate the complexities of the digital asset space, without compromising on the highest standards of security.”
Standard Chartered further stated that it plans to expand its custody services to include more digital assets and is exploring more opportunities to launch its custody services in other global financial hubs.
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JPMorgan Chase Refuses To Reimburse Customer After $7,000 Abruptly Drained From Bank Account: Report
Published
1 week agoon
December 14, 2024By
adminA JPMorgan Chase customer says the bank has refused to reimburse him for more than a year after $7,000 was suddenly drained from his account.
Grant Holihan says he believes his Chase debit card information was skimmed at an ATM that he used in Queens, reports CBS New York.
Soon after he left the ATM, Chase alerted him to an illicit purchase in Las Vegas.
Holihan closed the account, but says new charges from the state of Pennsylvania poured in anyway, fully draining his life savings.
“It was four different Giant supermarkets in Pennsylvania, where [scammers] took out a little over seven grand in under an hour…
They still deny my claim, and it’s been over a year later, and I still haven’t seen my money.”
Holihan says he can prove he was in New York when the charges were made, but Chase says each purchase was fully authorized and verified.
“This customer’s claim was denied because the charges were authorized with their PIN and verified via phone call.”
Holihan says he’s simply looking for the bank to stand by him and do the right thing.
“It’s not even a thousandth of a percent. It’s nothing to them. To me, it was my entire life savings at the time.”
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$89,670,000,000 in Increasingly Risky Loans Flagged at JPMorgan Chase, Wells Fargo and Bank of America: Report
Published
3 weeks agoon
November 30, 2024By
adminAmerica’s biggest banks are reporting a rapid increase in the number of substandard, doubtful and potentially loss-making loans on their balance sheets, according to a new report.
The amount of money tied up in criticized loans, which show emerging signs of risk and weakness that could lead to defaults, just reached its highest level since 2020, reports S&P Global.
JPMorgan Chase has witnessed the largest year-over-year increase, with the number of criticized loans at the firm jumping 26.3%, reaching $26.01 billion at the end of Q3.
Meanwhile, Wells Fargo has recorded a 17.9% year-on-year increase in criticized loans, at $37.6 billion, while Bank of America recorded a 15.2% year-on-year increase, at $26.06 billion.
That brings the total amount of the criticized loans at the trio of banks to $89.67 billion since Q3 of 2023, reflecting a trend that’s playing out at banks across the board.
“Criticized loans at public US banks amounted to $279.98 billion, versus $240.37 billion at the end of 2023, and such loans at the 100 largest US public banks totaled $260.48 billion, versus $219.82 billion at 2023-end.”
Among tier-one banks with over $50 billion in total assets, four lenders recorded triple-digit increases in criticized loans.
Flagstar Financial recorded a 338.6% year-on-year increase in criticized loans while First Horizon, Valley National Bancorp and Webster Financial Corp witnessed 112.2%, 110.1% and 102.8% year-on-year increases in criticized loans.
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Six US Banks Issue Urgent Debit Card Alerts, Forcing Mandatory Replacements for Many, After Third-Party Security Breach
Published
1 month agoon
November 16, 2024By
adminSix US banks are reporting potential security breaches of debit cards, with several forcing affected customers to get replacements.
In new filings with the Massachusetts state government, Mainstreet Bank, Savers Bank, The Village Bank, Watertown Savings Bank, Webster Five Cents Savings Bank and Eagle Bank say some debit cards may have been compromised following a security breach of a merchant’s payment card platform.
A copy of a notice sent to Eagle Bank customers was recently posted on the government site, stating an unnamed Mastercard merchant allowed unauthorized access to account information.
A notice to customers at The Village Bank and a letter to customers at Savers Bank also pinpoint a merchant breach.
Says Savers Bank,
“We have been notified by MasterCard International of a suspected security breach of a merchant’s network, transactions that may have compromised some of Savers Bank’s debit card numbers.”
Affected customers at Eagle Bank and Savers Bank will receive new cards automatically.
Webster Five Cents Savings Bank offers fewer details on the source of the breach, but says it’s also issuing mandatory new debit cards.
Watertown Savings Bank is asking customers to be vigilant, issuing new cards upon request.
“The breach included the capture of some of your personal information, such as your name and card number…
…we do ask that you remain vigilant on monitoring your account activity for the next 12 to 24 months and report any unusual or suspicious activity immediately. If you prefer that we issue a new card please contact the bank.”
Mainstreet Bank says the breach occurred “June 28, 2023 through April 26, 2024” and involved personally identifiable or protected data.
“We have reason to believe that some of our customers may have had their card data compromised (which could include card names, numbers, and card expiration dates) in the incident.”
Mainstreet Bank is giving customers who would like to take extra precautions the option to receive a new card.
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