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Binance Banking Partner To Ban Crypto Trading Transfers Under $100K

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Binance Banking Partner To Ban Crypto Trading Transfers Under $100K

Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February.

Bank Working With Binance Sets $100,000 Transaction Minimum for Crypto Traders

A bank serving some clients of the world’s largest cryptocurrency exchange, Binance, will only process customer transactions exceeding $100,000, starting from the first day of February. The new minimum will be imposed as part of the lender’s decision to limit its exposure to digital-asset markets.

“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than $100,000 as of February 1, 2023. This is the case for all of their crypto exchange clients,” Binance said in a statement shared with Bloomberg on Saturday, elaborating:

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As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.

The measure concerns retail traders with accounts serviced by Signature and the exchange assured customers it’s actively seeking a new partner for SWIFT transfers in U.S. dollars. SWIFT is the most widely used global system for interbank transfers.

Only 0.01% of Binance’s monthly users are serviced by Signature Bank and no other banking partners are impacted, the crypto company pointed out through a spokesperson. Card payments and non-USD transfers will not be affected.

The news comes after in December the New York-based Signature Bank revealed it plans to shed up to $10 billion in deposits from digital-asset clients as it’s pull back from the crypto industry. The move was announced in the aftermath of the collapse of FTX, one of Binance’s main competitors which filed for bankruptcy protection in November amid liquidity issues.

Traditional financial companies have been gripped by contagion fears during a turbulent year for the crypto space, with falling prices and a number of crashes. Silvergate Capital, the parent company of California-based Silvergate Bank which deals with crypto transactions, saw its shares losing 40% after customers withdrew over $8 billion of digital-asset deposits in Q4, 2022.

Signature’s shares fell 64% last year, the report notes. Its decision comes after the U.S. Federal Deposit Insurance Corporation (FDIC) issued a warning regarding risks associated with crypto assets. Business models focused on crypto-related activities or exposed the crypto-asset market raise safety and soundness concerns, the regulator said in a statement released in early January.

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Bank, banking partner, Binance, Crypto, crypto assets, crypto exchange, crypto traders, Cryptocurrencies, Cryptocurrency, Cryptocurrency Exchange, Exchange, minimum, Signature, Signature Bank, Swift, transactions, transfers, USD

What do you think about Signature Bank’s decision to introduce a transaction minimum for crypto-related transfers? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Estonia, US Arrest 2 Suspects In $575 Million Crypto Fraud Scheme

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Estonia, US Arrest 2 Suspects In $575 Million Crypto Fraud Scheme

Law enforcement officers from Estonia and the United States have arrested two men for allegedly committing a large-scale cryptocurrency fraud. The Estonian nationals, who ran a crypto mining service and a fake virtual currency bank, laundered their proceeds, spent on cars and real estate, and donated to a politician.

Estonian Police, FBI Detain 2 Crypto Fraudsters in Joint Operation

Two Estonian citizens, suspected of fraud involving cryptocurrency and money laundering, have been arrested by the Estonian National Criminal Police and the U.S. Federal Bureau of Investigation (FBI). The United States is now seeking their extradition.

Sergei Potapenko and Ivan Turõgin, both 37, have been accused of defrauding hundreds of thousands of people, the Estonian state broadcaster Eesti Rahvusringhääling (ERR) reported. They were detained as a result of a joint investigation on Sunday, Nov. 20.

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Some of the victims were persuaded to enter into fraudulent equipment rental contracts with their mining service called Hashflare. Others invested in Polybius Bank, a virtual currency bank which was never a bank and did not pay out the promised dividends.

According to an announcement by the U.S. Department of Justice, investors paid over $575 million to the platforms set up by the pair, who then laundered their proceeds through shell companies and used some of the money to buy properties in Estonia and luxury cars.

Potapenko and Turõgin tried to hide the rest of the money in bank accounts and cryptocurrency wallets around the world. U.S. and Estonian authorities are working to seize and restrain these assets, said U.S. Attorney Nick Brown for the Western District of Washington, who also emphasized:

The size and scope of the alleged scheme is truly astounding. These defendants capitalized on both the allure of cryptocurrency and the mystery surrounding cryptocurrency mining, to commit an enormous Ponzi scheme.

Crypto Scheme Described as One of the Largest Frauds in Estonia

The Estonian police and the FBI collaborated closely, with 100 police officers, including over a dozen federal agents from the United States, involved in the investigation, which the head of the Cybercrime Bureau of Estonia’s National Criminal Police Oskar Gross called “long and vast.” Quoted by ERR, he stated:

The sheer volume of this investigation is described by the fact that this is one of the largest fraud cases we’ve ever had in Estonia.

“Technology has broadened the risk of fraud and before trusting one’s money to a venture or a person, an in-depth gathering of background information should be conducted,” commented State Prosecutor Vahur Verte, who warned people to look after their money.

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On Tuesday, the local media also revealed that Potapenko and Turõgin were among the biggest donors of Estonian politician and lawmaker Raimond Kaljulaid during his campaign for a seat in the European Parliament in 2019. Kaljulaid, who received €12,500 from them, claims he learned of their involvement only this week.

“There are many legitimate ways to turn cryptocurrencies into business, but choosing a shortcut through deception or opaqueness is not a way to go about the venture,” Oskar Gross insisted. The case is not the first crypto-related crime in Estonia, ERR noted in its report. In October, the Estonian police arrested suspects linked to the Dagcoin crypto investment fraud.

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arrests, Bank, criminal police, Crypto, Crypto Fraud, Cryptocurrencies, Cryptocurrency, department of justice, DOJ, Estonia, estonian, extradition, FBI, Fraud, Investigation, Ivan Turõgin, Law Enforcement, mining, Police, Sergei Potapenko, U.S., United States, US

Do you expect more arrests in the case of the crypto fraud scheme in Estonia? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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German Crypto Bank Nuri Asks Clients To Withdraw Funds As It Goes Out Of Business

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German Crypto Bank Nuri Asks Clients To Withdraw Funds As It Goes Out Of Business

Digital asset platform Nuri has told customers to withdraw their funds in the next two months, after taking a hit from the crypto winter. Formerly known as Bitwala, the Berlin-headquartered cryptocurrency bank filed for insolvency earlier this year and failed to find a buyer.

Nuri to Maintain Trading Until Last Day of November, Prepares to Close Down

Crypto bank and exchange Nuri has instructed users to withdraw their funds by Dec. 18, 2022 at the latest. The Germany-based company will then terminate and liquidate its digital asset business, according to a letter from its CEO Kristina Walcker-Mayer, who assured:

Customers have access and will be able to withdraw all funds until the aforementioned date. All assets in your Nuri account are safe and unaffected by Nuri’s insolvency.

The chief executive pointed out that the platform will continue to support trading until Nov. 30, 2022. The announcement comes after Nuri filed for temporary insolvency in August. Reports at the time noted that it became the first German fintech to make the move in a challenging year for crypto startups.

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Nuri launched in 2015 and for a few years, until the rebranding in 2021, operated under the name Bitwala. Over the years, the company went through ups and downs but this year’s challenges became insuperable.

The tough economic and political conditions prevented it from attracting investors and raising new funds. The insolvency of one of its main business partners worsened the situation even further, and despite working closely with its administrators on a restructuring plan in the past three months, Nuri was unable to find an acquirer.

While many companies operating with digital assets saw significant growth when crypto prices reached their all-time highs last year, many were hit hard by the market slump in 2022 and events such as the collapse of the terrausd (UST) stablecoin in May. Finding an investor has proven difficult. For example, last month online payments firm Bolt scrapped a deal to buy crypto provider Wyre.

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Bank, Bitwala, Clients, Crypto, crypto exchange, Crypto-Bank, Cryptocurrencies, Cryptocurrency, Customers, Exchange, german, Germany, Insolvency, Neobank, Nuri, trading, users, Withdrawals

Do you expect other German crypto companies to go out of business in the near future? Share your thoughts on the subject in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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JPMorgan Reportedly Terminates Relationship With Kanye West, Rap Star Says He’s Happy To Speak Openly About Being ‘Canceled By A Bank’

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JPMorgan Reportedly Terminates Relationship With Kanye West, Rap Star Says He’s Happy To Speak Openly About Being ‘Canceled By A Bank’

On October 12, the conservative influencer and political commentator, Candace Owens shared a letter on Twitter that shows JPMorgan allegedly closed Kanye West’s (also known as Ye) bank accounts. The hip-hop star and rapper has been accused of making antisemitic statements in recent times, and some of his tweets have been removed from Twitter.

Political Commentator Candace Owens Shares an Alleged Letter From JPMorgan to Kanye West, Letter Terminates the Bank’s Relationship With Rapper

The American rapper, songwriter, and record producer Ye (Kanye West) has been dealing with a lot of flak lately. While one of West’s tweets says; “Who you think created cancel culture?” on October 9, more recent tweets have been removed from the celebrity’s Twitter profile. Furthermore, Ye has been controversial for recently wearing a “White Lives Matter” t-shirt. In a tweet shared on October 7, Ye shared an image of a hat that says “2024,” possibly hinting at another attempt to run for president of the United States.

Following all the controversy surrounding the Atlanta-born musician, the political commentator Candace Owens published a tweet that shares an alleged letter Ye received from the financial giant JPMorgan.

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“Earlier today I learned that [Kanye West] was officially kicked out of JP Morgan Chase bank,” Owens tweeted on Wednesday. “I was told there was no official reason given, but they sent this letter as well to confirm that he has until late November to find another place for the Yeezy empire to bank.”

Owens added:

We have reached extremely frightening times in this country. Who are what has landed us into these times is an ongoing discussion which I would like to open up.

Ye Responds, Says He’s Happy to Bring Bank Canceling to the Forefront of Conversations

Following the tweet from Owens, the New York Times’ Dealbook confirmed the letter’s authenticity. Ye also shared commentary about the situation with Page Six and he noted that he was happy that he crossed the line. “Hey, if you call somebody out for bad business, that means you’re being antisemitic,” the rapper noted. “I feel happy to have crossed the line of that idea so we can speak openly about things like getting canceled by a bank.”

Ye’s story follows the recent report about Paypal’s terms of service, when the company sent out a terms of service (ToS) change in error. A copy of Paypal’s ToS had shown the company would fine users $2,500 for the spreading of what the firm called “misinformation.” However, Paypal retracted the user policy information after the social media backlash and said it was published in error. The payments company said: “An AUP notice recently went out in error that included incorrect information.”

“Delete Paypal” searches on the internet jumped 1,400% following the Paypal ToS mixup. Meanwhile, crypto supporters on the Reddit forum r/bitcoin said that Ye should move toward censorship-resistant money like bitcoin (BTC). One Redditor wrote:

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I’m not into pop culture or celebrities but this situation represents a colossal opportunity. It will bring so much attention to Bitcoin if this guy came out in response to JPMorgan on social media and simply said: ‘F*** the banks then, I’ll move over to Bitcoin.’

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Bank, Banking, Bitcoin, Candace Owens, Celebrities, comments, Conservative influencer, Controversial, controversy, Crypto Supporters, Hip-Hop Artist, jpmorgan, JPMorgan Bank, JPMorgan Cancels, JPMorgan Chase, JPMorgan Kanye, JPMorgan Ye, Kanye West, Kanye West Banking, misinformation, New York Times Dealbook, Page Six, Paypal, political commentator, Pop Culture, rapper, record producer, tweets, Ye, Yeezy

What do you think about the reports that allege JPMorgan has terminated its relationship with Kanye West? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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