TDAX Bank Account Terminated

This situation is caused by an announcement by the central bank prohibiting financial institutions from five cryptocurrency-related activities
26 February 2018   416

Bangkok Bank has become “become the first domestic financial institution to halt transactions involving trading of cryptocurrencies," Bitcoin.com reports.

The decision of the bank concerned a large exchange Thai Digital Asset Exchange (TDAX), "on the grounds that TDAX’s business operations are not in accordance with its business purpose registered with the Commerce Ministry".

TDAX is a Thai exchange with a charter capital of $ 175,000. According to the CEO of Poramine Insom, in the near future the company is going to increase its authorized capital, which will allow it to “plans to increase capital soon in order to apply for an initial coin offering (ICO) licence with the [Thai] Securities and Exchange Commission."

The bank called and asked whether there was an operating licence for proof, but I answered that this business was not under legal jurisdiction, so the bank said it would terminate the company’s bank account, as this business had no licence.
 

Poramin Insom

CEO, Bangkok Bank

 Last week, the Bank of Thailand issued a statement in which it ordered the country's banks not to participate in certain types of activities related to cryptocurrencies, however, the servicing of accounts of exchanges does not apply to them. Meanwhile, the government continues to develop regulatory and legal acts to regulate this market. It is expected that they will be submitted before the end of this month.

Despite the closure of the bank account, trading on the TDAX platform is in the normal mode, says Insom.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   123

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.
 

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.