Texas stops cryptocurrency bank

Texas Department of Banking Commissioner issues Cease and Desist order relating to AriseBank
29 January 2018   478

According to the press release of January, 26th Texas Banking Commissioner Charles G. Cooper issued a Cease & Desist Order relating to the acclaimed cryptocurrency bank Arisebank. The order was based on the Commissioner’s finding that AriseBank used the term “bank” in the name and marketing to imply that it operates in banking business of Texas. In addition to stop this implication, the bank is required to clearly state that it doesn’t offer services to the customers of Texas.

The bank was given a chance to request a hearing and was given 20 days after the Order was mailed. But the request was not submitted. And so the Order is now final and non-appealable.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   77

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.