Spain-based bank Santander’s U.K. business will no longer be allowing its customers to send payments to Binance, citing warnings from the Financial Conduct Authority.
Several replies from Santander’s U.K. Twitter help account today said the bank has “decided to prevent payments” to the world’s biggest crypto exchange in an effort to prevent fraud. The bank reportedly told customers they would still be able to withdraw cash from Binance, but it would be “following the FCA’s warning to consumers” in banning payments.
Many Santander account holders expressed negative feelings about the bank’s decision:
“As one of your long standing account holders, DO NOT tell me how I can spend MY money,” said Twitter user Brian Moore. “If I choose to use Binance then that is MY choice.”
A new team at the second-largest bank in the United States will reportedly be devoted entirely to researching cryptocurrencies.
According to a Thursday Bloomberg report, Alkesh Shah from Bank of America’s data and innovation strategy group will be leading a team looking into digital assets. He along with Mamta Jain and Andrew Moss of Bank of America Merrill Lynch’s digital innovation group will be reporting to Michael Maras, who reportedly oversees global currencies and commodities research.
“Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems,” said Candace Browning, Bank of America’s head of global research. “We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform and our blockchain expertise.”
Some Bank of America analysts have criticized cryptocurrencies like Bitcoin (BTC) for their volatility. When CEO Brian Moynihan testified before the U.S. Senate Banking Committee in May, he said: “We do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment.”
The crypto-friendly state of Wyoming has approved the first legally recognized decentralized autonomous organization (DAO) in the United States.
The American CryptoFed DAO received notice from the Wyoming Secretary of State’s office on Tuesday recognizing it as a legal entity, according to a Sunday announcement.
Marian Orr, CEO of the American CryptoFed DAO, stated:
“Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with mass acceptance is now possible.”
The Merchant Advisory Group (MAG), which represents 165 of the largest merchants in the U.S., expressed its support of the filing. John Drechny, CEO of the MAG, stated that the group has always advocated for more competition in the payment-acceptance space.
This Daily Dose was brought to you by Cointelegraph.