banking

Former Mastercard CEO Gilles Novel joins mx51

Former Mastercard CEO and payments industry veteran Gilles Novel has joined mx51 as the company’s new director of product. Novel brings more than two decades of experience in the payments industry to this role, most recently serving as Vice President/Head of Acceptance at Mastercard. Prior to that, Novel held senior payments roles at Verifone, Optus …

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Crypto banking is affected as the Federal Reserve’s Custodia Bank request is denied

The Federal Reserve Board has rejected a Wyoming cryptocurrency bank’s application for membership in the Federal Reserve System, officials announced Friday, setting back the crypto industry’s attempts to build acceptance in mainstream U.S. banking. Cheyenne-based Custodia Bank has been hailed by many in crypto banking for more than two years as a leader in crypto …

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Crypto exchange Copper appoints Philip Hammond as chairman

Former British chancellor Philp Hammond has been appointed chairman of Mayfair-based crypto exchange Copper. Hammond, who has held a senior advisor role at the company since October, will take up the role on January 26. Copper said he provided “strategic advice as the company significantly grew and expanded its business and services globally.” Since taking …

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Crypto lender Genesis has claimed $5.1 billion in liabilities since November

Crypto lender Genesis reported a total of $5.1 billion in liabilities shortly after it stopped its customers from withdrawing funds from the platform in November, according to the company’s bankruptcy filings. Genesis Global Holdco LLC and two of its credit subsidiaries, which filed for bankruptcy protection Thursday in New York, are the latest crypto firms …

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Federal Reserve, Top Banking Regulator Flags ‘Significant’ Concerns About Crypto Assets

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency (OCC) issued a joint statement on Tuesday warning of the “significant” risks that crypto-assets may pose to the broader banking system. “It is important that risks associated with the crypto asset sector that cannot be mitigated or controlled do not migrate …

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Sen. Sherrod Brown leaves open the possibility of a crypto ban after FTX

Cryptocurrency companies reeling from the epic collapse of FTX and its aftermath saw another unwanted turn of events on Sunday’s talk shows. Senator Sherrod Brown, chairman of the Senate Banking Committee, answered questions on NBC Meet the journalists today on how lawmakers should approach cryptocurrencies in the wake of the FTX debacle. Host Chuck Todd …

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FASB establishes disclosure requirements for crypto holding companies ahead of potential proposal

The Financial Accounting Standards Board said companies will have to disclose details of their major cryptocurrency holdings as part of new proposed rules expected in the coming months. The disclosure plan unveiled Wednesday marks one of the final steps before a rule is proposed that — if approved — would fill a gap for companies …

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