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Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE

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Standard 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.

“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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$18,883 Drained From Wells Fargo Account, Bank Says Reimbursement Not Happening, Customer Says She’s Leaving

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A Wells Fargo customer says she’s done with the bank after an impostor posing as the lender drained $18,883 from her account.

Colorado resident Melanie Sponselee says she received an alert on her phone that appeared to be from Wells Fargo asking if she had made a large transaction, reports the NBC-affiliated news station 9News.

She replied “no,” and immediately received a phone call from someone pretending to be with the bank, claiming her accounts were compromised and that they would help her open a new one.

After talking with the scammers, Sponselee says she quickly began to worry she was being duped and raced to Wells Fargo.

“There’s a branch down the street from my house. I got on the phone, got in my car, five minutes later after I got off the phone, I walked into the branch. They were like – oh, I’m sorry. We don’t have an appointment until 1pm.

Also, on the way to Wells Fargo, I called the bank five times, and every time I tried to ask for help the call kept getting dropped. That happened six times.”

Ultimately, the scammers stole $18,883 via wire transfer. Wells Fargo contacted the corresponding bank and says it clawed back $3,300.

The bank refuses to refund the rest.

“My expectations would have been, when I asked for help, to immediately help me. Immediately. Take it seriously.

And also, that they would protect me, that they would back me up. They would fix it.”

When asked about its decision to not reimburse, Wells Fargo repeated what it told Sponselee – wire transfers are usually irreversible, even if a customer reports the crime quickly.

The bank has declined to answer specific questions about Sponselee’s case.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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FV Bank and Visa launch new cards to merge crypto and USD

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FV Bank and Visa have partnered to introduce new debit and corporate expense cards, which were announced at Money 20/20 in Las Vegas.

FV Bank’s new Visa cards let customers spend fiat and digital assets globally, marking a first in integrated banking and crypto solutions for individuals and businesses.

According to the bank, these cards will allow FV Bank customers, both in the U.S. and internationally, to access and spend funds from their traditional USD and digital asset balances, offering global payment options at millions of locations.

Fiat or crypto 

With these cards, FV Bank clients can spend or withdraw cash from their bank accounts, either through traditional funds or by converting digital assets such as Bitcoin (BTC), Ethereum (ETH) and stablecoins like USDC (USDC).

This means users with cryptocurrency held in FV Bank’s custody accounts can now instantly convert and use their assets in real-world transactions. The bank’s principal Visa membership also ensures cardholders have access to various payment methods, including tap-to-pay, chip, and magstripe.

Corporate clients benefit from expense cards that allow companies to set spending limits, authorize specific users, and track expenses in real time, all manageable via FV Bank’s app. 



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Billion-Dollar Bank Refuses To Reimburse Customer After $10,000 Stolen From Account – Until the Media Gets Involved: Report

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America’s 20th-largest bank by total assets is accused of refusing to reimburse a customer who lost money to a scammer impersonating the lender.

It started when Thomas McConnell’s wife received a text message claiming to be from USAA asking her to verify a credit card purchase, reports Fox San Antonio.

“After responding ‘no’ she did not make the charge, she immediately got a call from someone she thought worked at USAA. ‘On the caller ID it said USAA,’ McConnell recounted. He says his wife was asked to pass along sensitive account information. Thinking she was talking to a USAA agent, she did.

When she checked her account, and did not see a pending charge, she called USAA to tell them about the fraud alert. ‘And they said well that’s not us,’ McConnell said. It was in that moment she knew she’d been tricked.”

According to the report, the McConnells’ lost approximately $10,000 after about half the amount was transferred from out of their checking account while $5,600 was charged to their USAA credit card.

Fox San Antonio reports that the McConnells neither received an alert on the unusual transaction nor that their credit card had been used.

After the incident, which occurred in August of 2022, Thomas McConnell called USAA several times trying to get his money back but without any success.

According to Fox San Antonio, the McConnells had to borrow from family members to help with their living expenses and they continued to pay off the interest on the credit card charge.

However, Thomas McConnell recently decided to turn to Fox San Antonio’s The Problem Solver for help, and the couple now has their funds back.

The bank has also returned the interest the McConnells were forced to pay throughout the ordeal.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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