Singapore banks bans crypto companies accounts

Singapore banks have banned accounts of several companies which work in field of cryptocurrency and payments services
27 September 2017   565

Over the past few weeks, banks in Singapore have closed accounts of about ten cryptocurrency companies. the head of Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, Anson Zeall already called the situation "inexplicable" and asked the country's authorities to intervene in the problem. This is reported by the Blooberg.

From our analysis, it appears to be common among leading FinTech hubs. If this is the case, we would urge Singapore to take a leadership role and demonstrate how to come to an effective resolution among all parties.

Anson Zeall

Chairman, Access

The Monetary Authority of Singapore, the country’s central bank, said in a statement that it doesn’t interfere with commercial decisions taken by banks “including those in relation to the establishment and termination of business relationships. 

In particular, the Singapore currency exchange CoinHako announced the closure of its account with DBS Bank.

The closure of our bank account might be due to matters pertaining to anti-money laundering rules and know-your-customer requirements. That’s why we go the extra mile to meet compliance standards set by the MAS.

Yusho Liu
Co-Founder, CoinHako

CoinHako has already notified its customers that it will suspend trading in pairs to the Singapore dollar for several weeks before opening a new bank account.

It is worth noting that the closing of accounts occurred soon after the publication of the MAS warning that digital tokens that differ from digital currencies can be classified as securities. Later, MAS warned clients against investing in ICO, since it considers such transactions risky.

Bittrex to List LOOM

LOOM is the token of the American startup Loom Network, which launches decentralized applications
18 July 2018   103

Popular cryptocurrency exchange Bittrex listed Loom Network token LOOM. 

As the team of the exchange said, trading with the crypto currency will begin in the near future. On the background of this news, LOOM showed a price jump fo 14%.

LOOM Price Chart
LOOM Price Chart

LOOM is the token of the American startup Loom Network, which is launching decentralized applications.

In January, Bittrex tightened the criteria for listing new tokens. Now, developers need to provide technical information about the token itself, as well as the data of at least one team member. At the moment, the exchange has 290 digital coins.