Ripple Secures Payment License from Monetary Authority of Singapore [ Crypto Espresso 6.23.23 ]

Friday is that really you man this week Really kicked my butt please embrace me And never let me go I'm your host Andrew and this is crypto Espresso your teeny tiny daily shot of Caffeinated crypto headlines and Friday You're just the best first up Ripple has Received an in-principle approval for a Major payments institution license from The monetary authority of Singapore or Moss this license would enable ripples Singaporean subsidiary to provide Regulated digital payment token products And services and expand the number of Users on its odl platform Ripple's Singapore office has hired 50 full-time Employees a 50 year-over-year increase In headcount to cover important Positions in business development Compliance Finance legal and sales Ripple's Chief legal officer Stu El Dorote said to coindesk with the Licensing framework we have figured out How to create a clear taxonomy for Digital assets that promotes Innovation And investment Moss has approved 190 Major payment institution licenses and 11 digital payment token service Licenses so far with circle and Crypto.com receiving their license Earlier in June Moss has reportedly Received more than 680 applications Since January of 2020 with 17 being Rejected and 214 applications being

Withdrawn binance has launched a Regulated digital asset platform in Kazakhstan offering exchange and Conversion Services deposit and Withdrawal of Fiat and custody of crypto Assets to kazakhstani users the platform Will be offered in partnership with Kazakhstan's freedom Finance bank and Will allow kazakhstani users to on-ramp Their Fiat funds to binance Via bank Cards and bank transfers the launch Comes after binance obtained a permanent License to operate a digital asset Platform from the aifc Financial Services Authority in October of 2022 Binance Kazakhstan general manager Zaslan mediev said this is the first Such project in the region binance Kazakhstan is going to adopt binance's Best practice for their further Deployment on a regional scale Additionally he stated that the Company's mission is to grow the Nations And the sector's human capital and Integrate it into the lives of its People and our friendly reminder as Always that binance is the parent Company of coin market cap open exchange Or openx for short a platform for Trading claims against bankrupt crypto Entities caught the attention of the Crypto space after announcing its latest Ecosystem partner called 3ac Ventures Using the same name and logo as three

Arrows Capital three AC Ventures claims To be focused on Superior risk-adjusted Returns without leverage Zoo Sioux and Kyle Davies who both co-founded the now Bankrupt singapore-based hedge fund Three arrows Capital launched openx due To a string of risky leveraged bets made During the bear market and its exposure To the 40 billion collapse of the Terra Luna ecosystem in May of 2022 3ac filed For bankruptcy in June 2022 following The announcement Davies tweeted 3ac is Dead Long Live 3 AC Ventures at its peak 3ac reportedly managed 10 billion Dollars in assets and had creditor Claims of 3.4 billion dollars during its Bankruptcy during its initial days openx Saw little to no trading activity but Since then the daily average volume has Exceeded 30 million dollars on May 31st The Exchange introduced Ox its native Token Cassie's Bonk the asset servicing Arm of credit agricole and Santander has Been registered by France's financial Markets authority to provide crypto Custody Services the bank which provides Services to asset managers such as Insurers Pension funds and private Equity has 4.6 trillion Euro of assets Under custody it joins other traditional Financial institutions like societ Generals Forge and AXA investment Managers in receiving recognition under One of Europe's Most sophisticated

Regulatory Frameworks for Cryptocurrencies for those offering Cryptocurrency custody exchange or Trading services in France registration With the AMF is required the decision is The most recent in a line of traditional Finance companies expressing interest in Entering the cryptocurrency market Earlier this week Deutsche Bank revealed It was seeking a crypto custody license In Germany while Invesco Wisdom Tree Filed for a spot Bitcoin ETF following Blackrock's application and finally Crypto custody firm Prime trust has been Ordered by Nevada's Department of Business and Industry to cease all Activities that violate state Regulations citing the company's overall Financial condition has considerably Deteriorated to a critically deficient Level the regulator alleges that Prime Trust is operating at a substantial Deficit or may even be insolvent and Breached its fiduciary duties the Company reported more than negative 12 Million dollars in stockholders Equity Position at the end of March 2023 hours After bitco said it was ending its Proposed acquisition of prime trust the Order was posted on the regulator's Website soon after the deal was canceled A number of businesses stated that Prime Trust had stopped all Fiat deposits in Compliance with Nevada Regulators

Directive the cease and desist order Will be declared final if Prime trust Does not request a hearing within 30 Days after the order the regulator Issued the cease and desist on June 21st Blocking Prime trust from accepting Fiat And cryptocurrency from existing and new Clients for custody purposes but your Host Andrew would never block you from Liking this video subscribing to our YouTube channel and clicking on that Little bell icon to get buzzed whenever A new crypto espresso video goes live Thoughts on today's episode just drop me A line in that comment section below Because I read those comments and they Keep me up at night I swear to you Questions about our headlines or crypto In general take that plunge and ask Alex In the description below Alex is always A great resource for all things web 3 And the metaverse and that about does it For today as always I've been your host Andrew these have been your headlines And ladies and gentlemen The weekend See you Monday