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   1478

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.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   114

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.