Swiss Crypto Bank Startup Expects to Receive Banking, Securities Dealer License in 2019

The CEO of Swiss startup SEBA Crypto AG said in an interview that five “large asset managers” from both Germany and abroad have shown interest in their cryptocurrency bank, Swiss financial media outlet Cash reports Nov. 12. Back in September, the company had raised $103 million to set up a bank offering cryptocurrency-related services. At the time, CEO Guido Bühler had noted that the bank sees itself as a bridge between cryptocurrency assets and the traditional financial world. In the November interview, Bühler noted that SEBA Crypto AG expects to…

Japan’s Banking Giant MUFG Signs MoU to Develop Ripple-Based Remittances to Brazil

Japanese bank holding and financial services company Mitsubishi UFJ Financial Group, Inc. (MUFG) said it will use Ripple (XRP) to create a new cross-border payments service to Brazil in a press release Nov. 9. MUFG, which has demonstrated an increasing interest in cryptocurrency products, will partner with Brazil’s Banco Bradesco to create the platform through its local subsidiary Banco MUFG Brasil. Confirming the two parties had signed a Memorandum of Understanding (MoU), MUFG reiterated its faith in Ripple’s technology, after joining its global payments steering group in March last year.…

Court Takes Control of Funds Amid Crypto Exchange’s Banking Dispute

A Canadian court is taking charge of $26 million CAD claimed by crypto exchange QuadrigaCX due to a dispute over the funds’ provenance. Judge Glenn Hainey of the Ontario Superior Court of Justice granted the Canadian Imperial Bank of Commerce (CIBC) an interpleader order on Nov. 9, allowing the court to take control of the funds until their ownership can be established. However, the bank will maintain liability for the funds, given that CIBC froze the funds on its own initiative. An interpleader right occurs when at least two parties claim the…

Tether’s New Banking Partner Deltec Suspected of Accepting Laundered Funds

Brazilian law enforcement has solicited the help of Bahamian authorities to investigate suspicious transactions to Deltec Bank & Trust – the recently-announced new banking partner of controversial stablecoin Tether (USDT) – major Brazilian newspaper O Globo reports Nov. 6. As per the report, the Federal Public Prosecutor’s Office in São Paulo is on the trail of Paulo Vieira de Souza, a former director of the São Paulo road infrastructure company DERSA. De Souza is currently being prosecuted for bribery in the infamous Odebrecht case, characterized by the U.S. government as…