Falcon Bank Launches Crypto Wealth Management Service

Falcon Private Bank turned to the cryptocurrency in July last year, providing blockchain asset management services to clients through an alliance with Bitcoin Suisse exchange
09 January 2018   549

Swiss private bank Falcon announced on January 9 it is offering clients a compliant process for investing wealth generated from trading in cryptocurrencies.

According to the Zurich-based bank, existing and new private banking clients can place their wealth originating from crypto assets and converted into fiat currency with Falcon.

The bank says it applies required due diligence using “specific tools” to analyse the transaction history on the blockchain to ensure full compliance with anti-money laundering and know your client laws and regulations.

With this initiative, we anticipate an increase in client demand for Falcon's blockchain asset management services. Considering the latest developments of crypto assets, the launch of this innovative new offering is timely.

 

Martin Keller

CEO, Falcon Private Bank

The bank turned to the cryptocurrency in July last year, providing blockchain asset management services to clients through an alliance with currency exchange Bitcoin Suisse. Under the arrangement, approved by Swiss regulatory body Finma, clients can exchange and hold bitcoins via Falcon using their cash holdings.

Additionally, a Bitcoin ATM has been installed in the lobby of the bank's headquarters in Zurich and is accessible to the public during business hours.

Iranian Central Bank Doesn’t Recognize Bitcoin as Official Currency

The Central Bank of Iran announced that it has never recognized Bitcoin as an official currency and conducts no transactions in it or other cryptocurrencies  
22 February 2018   37

Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.

The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.

The Central Bank of Iran

However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.