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   470

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.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   109

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.