Circle Intends to Receive US Banking License

This will allow it to store client assets in cryptocurrency or in dollars without having to coordinate its activities in each individual case
07 June 2018   1411

Based in Boston, the cryptocurrency start-up Circle announced its intention to obtain a banking license at the federal level in the United States. This will allow it to store client assets in cryptocurrency or in dollars without having to coordinate its activities in each individual case. This is reported by Bloomberg.

To hold reserves with the Federal Reserve, to natively access the central-banking system without intermediaries, to directly settle with other banks in other markets around the world through those networks -- that can improve the efficiency of what we deliver, it can reduce the costs.
 

Jeremy Allaire

CEO, Circle

Circle also plans to obtain a license from the Securities and Exchange Commission (SEC) as a brokerage and trading platform. If this happens, the startup can help customers buy and sell tokens, which are recognized in the US as securities.

As reported, not a single start-up, which began its journey in the uncontrolled world of cryptocurrency, has achieved such status from US regulators.

According to representatives of Circle, the company has already conducted preliminary negotiations with the Commission for Regulation of Commercial Banks, the SEC and the Agency for the Regulation of Financial Institutions.

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   247

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.