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Federal Reserve Identifies 'Significant Deficiencies' in Customers Bancorp's Risk Management and AML Compliance
The U.S. Federal Reserve has identified "significant deficiencies" in Customers Bancorp’s risk management and anti-money laundering (AML) compliance, leading to an enforcement action. The Fed has mandated that the bank submit multiple plans, including improvements to board oversight of AML practices and enhanced risk management for its digital asset strategy. The central bank also requires an amended customer due diligence program to better verify identities and address higher-risk customers. The action comes amid concerns within the crypto industry that this could be part of a broader crackdown on crypto-friendly institutions, a notion some have termed "Chokepoint 2.0."
Thailand Introduces Regulatory Sandbox for Testing Crypto Services
Thailand has introduced a new regulatory sandbox aimed at testing cryptocurrency services, reflecting its increasingly crypto-friendly stance in 2024. Launched on August 9 by the Securities and Exchange Commission (SEC), the Digital Asset Regulatory Sandbox is designed to support the development and testing of new digital asset services under flexible regulations. Eligible participants include digital asset exchanges, brokers, dealers, fund managers, advisors, and custodial wallet providers, who must adhere to specific qualifications and risk management guidelines. This initiative follows Thailand's recent moves to enhance its crypto landscape, such as approving a Bitcoin ETF, offering tax breaks for crypto investments, and easing restrictions on retail investors in the digital asset space.
Donald Trump Jr. Unveils Crypto Platform to Challenge Traditional Banks
Donald Trump Jr. has unveiled plans for a new decentralized finance (DeFi) platform aimed at addressing banking inequality, dismissing earlier speculation about a memecoin. Announced during a Q&A on Locals, Trump Jr. emphasized that the platform, still in development, will offer a significant alternative to traditional banking. While details are sparse and a launch date is not yet set, he highlighted that the platform will focus on improving access to financial services. This announcement follows earlier rumors and posts by Trump Jr. and his brother Eric about a major crypto development, which led to confusion with the Restore the Republic (RTR) memecoin.
Trading Desk Insights
BTC ripped through resistance, skyrocketing to nearly $63,000 in a stunning market rally that clawed back steep losses from earlier in the week. Early birds who bought the dip seem to have called it right, viewing the recent pullback as nothing more than a healthy correction. With BTC up more than 7% in the last 24 hours, it's been one of the heftiest single-day gains we've seen in recent months.
Zooming in on U.S. ETFs, BTC saw impressive inflows of $194.6 million, spearheaded by Blackrock, even as Grayscale grappled with outflows of $182.9 million. On the flip side, ETH is struggling, logging two straight days of outflows that summed up to $26.6 million.
Meanwhile, on the Solana (SOL) network, a freshly minted meme coin, Restore the Republic (RTR), soared to a $150 million market cap amid rumors it was tied to Donald Trump. However, the hype was short-lived. The token tanked 95% on Thursday after Trump’s son clarified that there was no affiliation.
Equity futures edged lower on Friday as investors aimed to recoup more losses from this week's dip. U.S. markets rebounded Thursday, with the S&P 500 notching its best day since November 2022, and the tech-heavy Nasdaq 100 climbing 3.1%. Traders are hustling to regain market momentum following Monday’s sharp global sell-off, triggered by disappointing U.S. payroll data, anxiety over the Federal Reserve’s rate-cut plans, and the unwinding of the Japanese yen carry trade. Still, the S&P 500 and Nasdaq are tracking for their fourth consecutive losing week.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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