Financial services

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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Bank regulators issue a joint statement on the safety and reliability of crypto activities – Fin Tech

To print this article, all you need to do is register or log in to Mondaq.com. Briefly the situation: Since clarifying the legal permissibility of certain crypto activities in 2020 and early 2021, federal banking agencies have begun to tighten regulatory oversight of such activities, alerting banks to applicable risks, imposing procedural checks on their …

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Ripple is growing due to the expansion of MENA to capitalize on the rise of crypto payments

As more institutions in the MENA region look to adopt a crypto strategy, demand is growing in the region for more cryptocurrency-enabled cross-border remittance services, according to a senior official at Ripple, a global enterprise blockchain and crypto solutions company. “We have seen a lot of interest from institutions across MENA to use on-demand liquidity …

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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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