Blockchain
Relio Launches Crypto-Friendly Business Accounts for Web3 Firms
Relio Introduces Crypto-Friendly Business Accounts for Web3 Companies
Relio, a neo-bank focused on serving SMEs and startups, has launched crypto-friendly business accounts tailored for Web3 companies. This initiative aims to support businesses with complex models and those involved in international transactions, addressing a service gap often neglected by traditional banks. Relio’s advanced compliance technology is designed to simplify the banking experience for blockchain startups and crypto firms, reducing the bureaucratic hurdles typically faced in the Web3 sector.
A New Banking Approach for Complex Business Models
Launched last fall with a fintech license, Relio has expanded its focus to become a supportive partner for SMEs, freelancers, and startups, especially those with unique needs due to complex business models or global operations. Traditional banks often struggle to accommodate such companies, which do not fit the standard SME profile. Relio aims to fill this niche by providing customized banking solutions that meet these enterprises’ specific requirements.
Addressing the Needs of Crypto Companies in Switzerland
Despite Switzerland’s reputation as a hub for blockchain innovation, many blockchain startups and crypto companies still face significant challenges in accessing banking services. Traditional banks often lack the necessary expertise to manage Web3-related businesses, leading to lengthy onboarding processes and high fees. Relio aims to alleviate these issues by offering more accessible and cost-effective banking solutions, ensuring that Crypto Valley remains supportive of blockchain innovation.
Innovative Compliance Solutions
Relio promises “compliance without complications” to blockchain and crypto companies. Compliance and anti-money laundering (AML) regulations often lead to extended delays in account opening due to intensive due diligence and monitoring processes. Relio’s proprietary compliance technology automates many of these tasks, significantly reducing the time and effort required. By investing heavily in its technological platform, Relio caters specifically to the Web3 industry, providing a competitive advantage that simplifies banking processes for its customers.
Expansion Driven by Market Demand
Relio’s CEO, Lav Odorovic, notes substantial demand from the Web3 sector. The company’s decision to expand its offerings to this segment leverages its technological focus on compliance and AML capabilities. This strategic move aims to serve the Web3 industry in a compliant manner while minimizing bureaucratic burdens, addressing challenges that traditional banks often fail to meet.
Fostering Innovation and Growth in Crypto Valley
Relio’s introduction of crypto-friendly business accounts is a significant step towards fostering innovation and growth within the Web3 industry. By offering tailored banking solutions that address the unique needs of blockchain startups and crypto companies, Relio helps ensure that Crypto Valley remains a thriving hub for technological advancements. This move underscores Relio’s commitment to supporting the financial needs of innovative companies and contributing to the overall development of the blockchain ecosystem.
Pioneering a New Era of Banking for Web3
Relio’s launch of crypto-friendly business accounts represents a pioneering effort to bridge the gap between traditional banking and the evolving needs of the Web3 sector. Through advanced compliance technology and a focus on reducing bureaucratic barriers, Relio is set to become a crucial partner for blockchain startups and crypto firms. This initiative not only enhances the banking experience for these companies but also reinforces Crypto Valley’s status as a leading center for blockchain innovation.
Source: cointrust.com
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Blockchain
Digital Banking Platform Market Is Expected To Reach A Revenue Of USD 31.3 Bn By 2033, At 11.7% CAGR: Dimension Market Research
The U.S. branch of Binance, a leading global cryptocurrency exchange, is bracing for the next stage in its legal battle with the Securities and Exchange Commission (SEC). The clash centers on allegations of securities law violations, which Binance.US staunchly denies.
In June 2023, the SEC initiated legal proceedings against Binance Holdings Ltd., BAM Trading Services, BAM Management U.S., and CEO Changpeng Zhao. The SEC claims that these entities mishandled customer assets, violating U.S. securities laws. In response, Binance.US asserts it has operated within the limited guidance provided by the SEC, maintaining compliance with regulations. The company highlights its commitment to customer safety, maintaining a 1:1 reserve for all customer assets, and implementing stringent compliance and risk management measures.
However, Binance.US criticizes the SEC for “regulation by enforcement,” particularly under the leadership of Chairman Gary Gensler. Despite the allegations, Binance.US remains confident in its defense, challenging the SEC’s evidence and legal basis for the action. The company expects the Court to support its position, dismissing the SEC’s claims as legally and factually unfounded. Binance.US reassures its users of normal operations and the continuation of scheduled feature releases despite the ongoing legal proceedings.
This dispute between Binance.US and the SEC highlights broader regulatory tensions within the U.S. cryptocurrency market. Recent crackdowns by the SEC have intensified these frictions, leading to significant legal confrontations between regulatory bodies and crypto exchanges. As Binance.US prepares for its legal confrontation with the SEC, the outcome of this case could have substantial implications for the cryptocurrency industry in the U.S. The company’s strong defense and commitment to compliance may set a precedent for how crypto exchanges navigate regulatory challenges in the future.
Source: cryptotimes.io
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The Digital Asset Alliance, representing crypto companies in South Korea, announced that it will conduct a comprehensive review of 1,333 altcoins over the next six months. This initiative comes as the South Korean government prepares to implement the Virtual Asset User Protection Law on July 19, aimed at safeguarding investors.
Virtual Asset User Protection Law
- Implementation Date: July 19
- Objective: Protect investors and enhance regulatory oversight in the cryptocurrency market
- Impact on Altcoins: Potential effects on altcoin trading due to increased scrutiny and compliance requirements
South Korea’s Crypto Landscape
- Trading Focus: South Korea’s trading activity emphasizes smaller cryptocurrencies over Bitcoin
- Currency Dominance: The Korean won surpassed the US dollar as the most used currency for trading cryptocurrency in the first quarter of this year
Digital Asset Alliance’s Review Process
- Scope: Reviewing 1,333 altcoins for compliance with the new regulation
- Evaluation Period: Six months
- Compliance Criteria: Tokens will be assessed based on the Virtual Asset User Protection Law, focusing on reliability, security standards, and regulatory compliance
Response to Regulation
- Gradual Implementation: The Alliance indicated that tokens are unlikely to be mass-removed abruptly, opting for a gradual implementation of the regulations
- New Tokens: Any new tokens will be assessed under the new law before being listed
Challenges and Implications
- Balancing Safety and Trading: Exchanges must comply with basic rules for token listing and conduct regular reassessments every six months, including reliability tests on issuing entities
- Penalties: Non-compliance could result in severe penalties, including a minimum of one year in jail or fines
- Historical Context: The regulation is partly a response to the collapse of Luna and TerraUSD tokens, which resulted in significant financial losses
Importance for Crypto Development
- Government Oversight: The new regulation will increase government scrutiny of virtual asset providers
- Investor Vigilance: Crypto investors in South Korea are advised to stay informed and verify changes in token availability before investing
The proactive approach by the Digital Asset Alliance aims to ensure a smooth transition to the new regulatory environment, mitigating the risk of market disruption and fostering a safer investment landscape.
Source: coinspeaker.com
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