Markets News 

Lebanon central bank says bank deposits are safe, banks to review curbs

“Salameh said the banks would meet immediately to review and implement the central bank’s request” writes Midwest Communications Inc for 95kqds.com. Salameh said the central bank had a usable foreign cash reserve of $30 billion and total assets of $38 billion.Salameh said the central bank hoped for the formation of a new government as soon as possible.The central bank would seek to bring down interest rates through liquidity management measures, he added.A stagnant local economy and a slowdown in cash injections from Lebanese abroad have put pressure on the central…

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Markets News 

Citi is targeting big markets like Seattle and Dallas as battlegrounds to snatch deposits from rivals like JPMorgan Chase and Bank of America

“By the end of October, Citi had added $4.7 billion in digital deposits for 2019, including $2 billion in the third quarter alone” writes Alex Morrell for businessinsider.com. Citi reaped just $1.1 billion in digital deposits in all of 2018.Bank of America, Chase, and Wells, by comparison, each have a more than 10% share with more than $1.3 trillion in US deposits.Citi’s US consumer banking business has for years lagged behind its peers, especially in the crucial game of winning deposits from customers.But the strategy remains digital-first and the quest…

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News 

RM7 billion has gone unclaimed this year – and the Government is making a website to let people check how much is theirs

“Malaysia had RM10.862 billion in unclaimed money as of Oct 31 this year, of which RM2.085 billion had been refunded” writes Rachel Genevieve Chia for businessinsider.my. Unclaimed money includes unpaid salaries, dividends, tender deposits and insurance claims, matured fixed deposits, and money in dormant trade, savings, current and fixed deposit accounts.Malaysia’s Government is holding on to RM6.932 billion (US$1.68 billion) in unclaimed money, and is encouraging its owners to step forward and claim it.Deputy Finance Minister Amiruddin Hamzah said in Parliament on Wednesday (Nov 6) that the money was currently being kept…

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Crypto News 

Stanford Prof: Crypto Will Rain on Banks’ Low-Interest Rate Parade

“A professor at Stanford Graduate School of Business says cryptocurrencies will put an end to the windfall that banks currently enjoy from low-interest deposits” writes Marie Huillet for cointelegraph.com. Banks currently pay less than 0.1% interest on checking and savings accounts, and only a slightly higher rate on one-year certificates of deposit.Different models for future central bank digital currencies could also develop in ways that would bypass commercial banks for at least part of the payment process.Meanwhile, the amount banks receive from routine overnight loans has climbed from 0.3% in…

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News Platforms 

Binance Adds Nigerian Naira Fiat Trading Pair, Opens Deposits

“Major cryptocurrency exchange Binance announced that it opened deposits for fiat currency Nigerian Naira (NGN) on Oct. 24” writes Adrian Zmudzinski for cointelegraph.com. Binance also recently announced that it will soon add support for fiat trading, starting with the Russian ruble. Singapore-based crypto exchange Huobi announced earlier this month that it will launch a fiat gateway for the Turkish lira in late 2019.Binance founder and CEO Changpeng Zhao commented in a tweet: Also on Oct. 24, Binance’s crypto trading platform for United States-based users, Binance US, announced that the exchange…

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News 

Credit Suisse to Start Charging Wealthy Clients for Cash Deposits

“ZURICH (Reuters) – Credit Suisse (CSGN.S) will start charging wealthy clients with large cash deposits in Swiss francs, the latest Swiss bank to pass on negative interest rates to customers” writes Min Read for reuters.com. Individual and business customers will be charged a rate of -0.75% on cash balances above 2 million Swiss francs ($2.02 million), Switzerland’s second biggest lender said. Many economists expect the SNB to take the interest rate lower next year to prevent further strengthening of the safe-haven currency, which could damage Switzerland’s export-reliant economy.A rate of…

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Brokers News 

SEC targets binary options marketer who caused 25,000 investors to make deposits with unregistered firms

“These unregistered brokers offered and sold binary options referencing securities over the Internet to investors in the United States” reports financefeeds.com. They also disseminated false and misleading binary marketing campaigns create by other affiliate marketers.The six binary options affiliate marketing campaigns in which Szatmari was involved are: The misleading websites and videos were viewed by more than 350,000 persons and caused more than 25,000 investors to make deposits for trading binary options with one of approximately 35 unregistered brokers.The United States Securities and Exchange Commission (SEC) continues to target binary…

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News 

Argentina’s $15 billion dollar burn stems peso rout: for now

“Central bank reserves stand at $51.3 billion, central bank data show, down from $66.3 billion before the August primary” writes Midwest Communications Inc for 95kqds.com. Private sector bank deposits in pesos also held stable at around 2.4 trillion pesos, central bank data showed.Central bank data showed reserves tumbled 22% since Macri was trounced in an Aug. 11 primary election by Peronist rival Alberto Fernandez.Private sector dollar deposits have fallen around a quarter to $24.2 billion from $32.5 billion before the primary.The peso lost a quarter of its value against the…

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Crypto Futures News 

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance

“All Bitcoin deposited at the Bakkt Warehouse is protected by a $125 million insurance policy, the company announced Sept. 9” writes Jack Martin for cointelegraph.com. It took Bakkt a lot of time and effort to gain regulatory certification for its upcoming daily and monthly physically-delivered bitcoin futures products. Existing futures products from the Chicago Mercantile Exchange are cash-settled, whereas Bakkt clients will receive payment in Bitcoin once the futures contract expires.Bakkt started accepting deposits and withdrawals Sept. 6, ahead of the proposed launch of its futures products on Sept. 23.News…

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Crypto Futures News Platforms 

Bakkt Warehouse Launches Deposits and Withdrawals as Planned

“Bakkt Warehouse, a qualified custodian of crypto trading platform Bakkt, is now accepting customer Bitcoin (BTC) deposits and withdrawals” writes Helen Partz for cointelegraph.com. As the company tweeted on Sept. 6, Bakkt Warehouse has officially launched in accordance with the plans revealed on Aug. 28.According to a Bloomberg report, Bakkt will be the first platform to offer physically-delivered Bitcoin futures if launched successfully.The platform will enable two types of physically-delivered Bitcoin futures with end-to-end regulated markets and custody, as previously reported. Source: cointelegraph.com

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