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   803

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 to Launch Crypto-Fiat Exchange at Jersey

The new exchange will feature BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs
16 January 2019   72

Binance has opened a branch at Jersey island, targeting Europe and the UK. Its clients will be able to trade Bitcoin and Ethereum for the euro and the British pound. 

The new exchange will feature BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs. To start trading, users must undergo KYC verification.

According to Binance CFO Ju Wei, bidding cryptocurrencies for fiat money will provide Europeans with new opportunities in the face of uncertainty with Brexit affecting the euro and the pound.

Wei also stressed that a strong legal framework makes Jersey one of the leaders in the development of blockchain technology.