Bank Accounts News

One judge sided with Custodia Bank, stating that a master account is “indispensable” for a bank’s day-to-day operations and being denied one is “akin to a death sentence.”

Crypto’s reputation is improving, but investors still complain that their banks are blocking their accounts for interacting with digital assets.

Erebor doubled its valuation to $4 billion after a $350 million Lux Capital-led funding round late last year.

Crypto exchange Bybit said its new “My Bank” accounts will give users personal IBANs, instant fiat access, multi-currency transfers and crypto trading under their own name.

Banks argue that stablecoin rewards offered through exchanges exploit a GENIUS Act loophole, blurring the line between payment tokens and savings accounts.

Cato Institute analyst Nicholas Anthony argues the US Congress needs to reform the Bank Secrecy Act, repeal confidentiality laws and end reputational risk regulation to address debanking.

Custodia Bank is asking the full Tenth Circuit Court of Appeals to review the US Fed’s decision denying it a master account, which would allow it to process payments directly.

Strike CEO Jack Mallers said JPMorgan closed his accounts without explanation, reigniting fears of Operation Chokepoint 2.0 and renewed pressure on crypto companies.

As of 2024, at least one-third of commercial banks were exploring or piloting tokenized deposits, according to a survey by the Bank for International Settlements.

Tokenized bank deposits lack the flexibility and technical features of stablecoins, making them an inferior product, according to Omid Malekan.

A growing demand for stablecoin payments and tokenized real-world assets is creating more institutional interest in blockchain-based services, according to IBM.

Tether has notched its 500 millionth user of its USDT stablecoin, an achievement its CEO Paolo Ardoino said is “likely the biggest financial inclusion achievement in history.”

Industry watchers welcomed the idea of “skinny” master accounts as another sign of the end of crypto’s banking troubles, which insiders described as “Operation Chokepoint 2.0.”

Vietnam is reportedly closing 86 million bank accounts. Crypto advocates see it as the latest reason everyone should hold Bitcoin.

UBS, Sygnum Bank and PostFinance completed a blockchain study proving the technology’s efficacy for bank deposits and institutional payment infrastructure.