Bankex to launch Custody Service with No Minimum Deposit

Decentralized ‘Bank-as-a-Service’ platform Bankex has reported about the launch of a custodial service for digital assets, no minimum deposit is required
20 June 2018   2556

The funds kept in the service are fully covered against natural damage, virtual threats, and human mistakes. Deposits of four cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin) are accepted. Exchanging for storage, Bankex is to charge a commission of no more than 0.02% of the total volume of cryptocurrencies held. Fees can be paid with their corresponding cryptocurrency. It is also planned to eventually accept BKX, Bankex’s native token.

For making Crypto Custody more user-friendly, Bankex is aimed to implement client  service suggestions with a “human presence.” More specifically, users who are beginners in the crypto space will have access to concierge-style services to acclimate them to basic crypto protocols, but not without paying a percentage-based fee.

The service is set to operate resemble to the way that an offline safety-deposit box works: an agreement between the customer and Custody is made, the currency is deposited, and the user gains a commercially and legally viable depository receipt. Earlier this week, Fundstrat’s Tom Lee claimed Bloomberg that he hopes that a lack of appropriate institutional tools, like custodial services, is holding the cryptocurrency industry back.

While Bankex’s Crypto Custody definitely isn’t the only custodial tool out there, its lack of a minimum deposit might lower the barrier of entry. Smaller companies in turn with limited crypto capital or larger firms who may only store small holdings of cryptocurrency may finally have a service that suits their needs.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   294

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.