Co-Founder of the $4 Billion OneCoin Pyramid Scheme Pleads Guilty to Fraud Charges

The co-founder of OneCoin, Karl Greenwood has pleaded guilty to fraud charges and could face up to 20 years.

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$4B OneCoin scam co-founder pleads guilty, faces 60 years jail

The co-founder of the fraudulent scheme is set to be sentenced in April 2023 on charges relating to wire fraud and money laundering.

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SEBA Bank Enters APAC with New Hong Kong Office

<p>Switzerland-headquartered <a href="https://www.financemagnates.com/tag/seba-crypto-ag/" target="_blank" rel="follow">SEBA Bank AG</a> has expanded its Asian footprint with a new office in Hong Kong by establishing a local subsidiary, SEBA (Hong Kong) Limited.</p><p>Announced on Wednesday, the new office is the first physical presence of the Swiss company in the <a href="https://www.financemagnates.com/terms/a/asia-pacific-apac/" target="_blank" id="6a6c466f-8e57-4ee5-81b8-239e9d7b0667_1" class="terms__main-term">Asia-Pacific (APAC</a>) region. The Hong Kong subsidiary will initially focus on consultancy services and market research. Additionally, it will have the advantage of strategically partnering in the area for its Swiss head office.</p><p>However, the <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-set-to-legalize-crypto/" target="_blank" rel="follow">Hong Kong</a> subsidiary is not licensed to conduct banking and financial activities in China’s autonomous jurisdiction, nor supervised by banking and financial authorities.</p><p>“We are proud to strengthen our presence in the APAC market with the opening of the new office of SEBA Hong Kong,” said SEBA Bank’s CEO, Franz Bergmueller.</p><p>Ludovic Shum is leading the new office as the Managing Director. He has been working with the company for a year and has extensive experience around <a href="https://www.financemagnates.com/terms/c/compliance/" target="_blank" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a_1" class="terms__secondary-term">compliance</a> working with financial services giants and regulators. Previously, he worked for Credit Suisse, Hong Kong’s Securities and Futures Commission, Merrill Lynch, HSBC and a couple of other firms.</p><p>“With a considerable pedigree as an international financial center, as well as a supportive regulatory approach to cryptocurrencies, Hong Kong is cementing its position as a global leader in cryptocurrencies,” added Bergmueller.</p><p>Going International</p><p>SEBA was among the first cryptocurrency startup to receive a banking license in Switzerland and <a href="https://www.financemagnates.com/cryptocurrency/news/seba-launches-crypto-banking-services-in-switzerland/" target="_blank" rel="follow">launched services</a> in November 2019. On top of that, it <a href="https://www.financemagnates.com/cryptocurrency/news/seba-bank-gains-custodian-license-from-finma/" target="_blank" rel="follow">received a CISA license</a> to act as a custodian bank for Swiss collective investment schemes. Moreover, the company bolstered its international ambitions by gaining an <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-focused-seba-bank-gains-abu-dhabi-license/" target="_blank" rel="follow">Abu Dhabi license</a> earlier this year.</p><p>Since its establishment in 2018, SEBA has raised $246.9 million in funding, according to Crunchbase. It closed its last funding round earlier this year, raising $120 million.</p><p>“The opening of our Hong Kong office is critical to our ambition in the region,” said Shum.</p><p>“By strengthening our presence in a key international financial centre, we are proud to form part of the crypto ecosystem and to contribute towards the development of the virtual/digital assets space in Hong Kong and the region.”</p> This article was written by Arnab Shome at www.financemagnates.com.

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Argentina to Revamp Anti Money Laundering Law, Proposes Creation of VASP Registry

Argentina is preparing to revamp its anti-money laundering and terrorism financing law. It has proposed to include the creation of a registry for virtual asset services providers (VASPs) in the country as part of the new modifications. The changes would prepare the country for the review that the Financial Action Task Force (FATF) is slated

The post Argentina to Revamp Anti Money Laundering Law, Proposes Creation of VASP Registry appeared first on BTC Ethereum Crypto Currency Blog.

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Swiss’ SEBA Bank Launches Regulated Custody Services for Blue Chip NFTs

SEBA bank has expanded the reach of its crypto offerings with a new service dedicated to custody for NFTs (Read More)

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SEBA Bank Offers NFT Custody amid Market Uncertainty

<p> SEBA Bank, a Zug-headquartered digital asset banking platform, launched a non-fungible tokens (<a href="https://www.financemagnates.com/tag/nft/" target="_blank">NFTs</a>) custody solution on Wednesday to secure clients’ assets. The newly announced service includes every Ethereum-based NFT, including ‘blue chips’ like CryptoPunks and Bored Apes collections.</p><p class="MsoNormal">Non-fungible tokens are blockchain-based and represent digital value in the form of items, videos, images or online games. NFTs became popular in 2021 among artists, gamers, athletes and investors, who are currently looking for professional management of their assets. SEBA Bank wants to provide them with suitable solutions, although the industry itself is feeling the cold breeze of the 'cryptocurrency winter'.</p><p class="MsoNormal">“As a licensed and FINMA-regulated Swiss bank with core competence in <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" target="_blank" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed_1" class="terms__main-term">cryptocurrencies</a> and digital assets, we enable all of our clients to handle traditional and digital assets securely. We have the knowledge, established processes, and above all, a custody solution that is ISAE 3402 certified and established by independent bodies,” Urs Bernegger, the Co-Head of Markets & Investment Solutions of SEBA Bank, said.</p><p class="MsoNormal">“The range of services combined with the highest security standards makes SEBA Bank’s service offering unique, and we are very pleased to be able to support our clients with our expertise in expanding our service by offering NFT custody.”</p><p class="MsoNormal">NFTs Are Not So Popular Anymore?</p><p class="MsoNormal">According to <a href="https://www.financemagnates.com/tag/seba-crypto-ag/" target="_blank">SEBA Bank</a>, in Q3 2022 alone, the NFTs market gathered 2.2 million unique users, increasing by 36% when compared to the same period a year earlier. However, the volumes for 2022 alone show an evident market slump. In the third quarter, trading volume in the NFTs market fell by 60% compared to the previous one.</p><p class="MsoNormal">In the reported period, NFTs sales amounted to $3.4 billion, slipping significantly from the $8.4 billion level seen in the second quarter and from $12.5 billion in the first quarter, when the market achieved record sales. Another reason for the drop in value is that a sizable portion of NFTs are priced in cryptocurrencies. Meanwhile, <a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_1" class="terms__secondary-term">Bitcoin</a> has slipped 60% since the beginning of the year and now costs about $20,000, not $69,000, as recently as last October.</p><p class="MsoNormal">This September, the largest NFTs platform, <a href="https://www.financemagnates.com/tag/opensea/" target="_blank">OpenSea</a>, reported its fifth consecutive month of declining sales. Analysts and investors say the ‘cryptocurrency winter’, an extended period of low prices and consolidation in the market for major digital assets, is to blame for the situation.</p><p class="MsoNormal">On the other hand, SEBA Bank itself is not worried about the ‘crypto winter’ and is consequently expanding its services. Over the past year, it has obtained a custodian license from Switzerland’s <a href="https://www.financemagnates.com/cryptocurrency/news/seba-bank-gains-custodian-license-from-finma/">FINMA</a> and then a license allowing it to operate in <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-focused-seba-bank-gains-abu-dhabi-license/">Abu Dhabi</a>.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Ethereum Staking Services Implemented by Swiss Bank SEBA

The Ethereum merge’s anticipation has put forward support from around the globe. In preparation for the network’s awaited merge event later this month, the Swiss-regulated cryptocurrency platform SEBA Bank has introduced ether staking solutions for large clients. According to a statement from the bank, the much-touted institutional-grade offering enables its users to earn rewards on […]

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SEBA Bank Floats Ethereum Staking Service for Institutional Investors

Swiss-based digital bank SEBA has announced the launch of its Ethereum staking service, tailored to fit the needs of institutional investors. (Read More)

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SEBA bank launches Ethereum staking platform ahead of Merge

SEBA Bank, a popular crypto banking firm in Switzerland, has unveiled its Ethereum staking platform. The crypto bank announced the development in a press release [...]

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SEBA Bank launches Ethereum staking for institutional investors

In the latest Ethereum news, SEBA Bank, a global crypto lender based in Switzerland, will support Ethereum staking for institutional clients after the Ethereum merge, the bank said in a press release on Wednesday.

The service will enable institutional grade clients to access and earn from staking rewards on the Ethereum proof-of-stake chain.

Apart from Ethereum, other PoS protocols in the SEBA staking product suite are Polkadot and Tezos.

To help its clients, the bank will tap into its staking management platform to offer a fully integrated solution, with customers earning rewards on a monthly basis. The solution will also provide for adjustable lock up periods post-merge.

Mathias Schütz, SEBA Bank’s Head Technology and Client Solutions said in a statement that supporting staking for ETH ahead of the highly anticipated merge allows institutional investors the opportunity to help secure the Ethereum network via collaboration with “a trusted counterparty.”

According to SEBA Bank, its ETH staking service comes amid increased demand from institutions around digital assets staking and decentralised finance (DeFi).

As our analyst Dan Ashmore recently noted in this article, the upcoming merge could see Ethereum offer DeFi sector’s first “risk-free” rate reference.

As reported earlier, Ethereum continues to inch closer to its mainnet PoS launch – with Tuesday’s successful Bellatrix upgrade pushing the leading smart contracts platform nearer to the event.

After its latest upgrade, the Ethereum consensus layer is “merge-ready” and will complete with the next upgrade – Paris – which will see the Beacon Chain merge with the proof-of-work mainnet to officially transition Ethereum to a PoS chain.

The merge is expected around 15 September.

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Swiss Bank Julius Baer To Offer Bitcoin, Crypto Services

Zurich-based Julius Baer Group will begin offering bitcoin and other cryptocurrency products and services to its clients.

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Crypto Flipsider News – Terra Sells Bitcoin Worth $3.5 Billion as Do Kwon Announces New Recovery Plan; Portugal to Impose Capital Gains Tax; Grayscale Launch ETF for Europe; Nomura Prepares Crypto Subsidiary, and SEBA Enters Crypto with LGT Bank

Click here to read our crypto digest with the newest events in the crypto space.

Continue reading Crypto Flipsider News – Terra Sells Bitcoin Worth $3.5 Billion as Do Kwon Announces New Recovery Plan; Portugal to Impose Capital Gains Tax; Grayscale Launch ETF for Europe; Nomura Prepares Crypto Subsidiary, and SEBA Enters Crypto with LGT Bank at DailyCoin.com.

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Sorare Inks Partnership With MLB to Float Fantasy Baseball Game with NFT

Sorare has partnered with Major League Baseball to create a fantasy baseball game featuring Non-Fungible Tokens (NFT). (Read More)

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Deutsche Börse Taps SEBA Bank as the New Issuer of Crypto ETNs

SEBA’s ETNs are designed to deliver investment returns that correspond to the underlying cryptocurrencies' price and performance. (Read More)

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World’s Largest Family-Owned Private Bank Now Offers Bitcoin

LGT Bank now offers select clients direct investments in bitcoin and another cryptocurrency through a partnership with SEBA Bank.

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Crypto-Focused SEBA Bank Gains Abu Dhabi License

Zug-headquartered SEBA Bank, which operates a digital asset banking platform, has gained approval from the Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority for conducting op...

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Bitcoin Bulls Should Gear Up, SEBA CEO Predicts $75K ATH in 2022

Guido Buehler, the Chief Executive Officer of crypto-focused Swiss-based SEBA Bank is optimistic the digital currency will grow to a new ATH of $75,000 this year. (Read More)

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Seba Bank raises $119M in Series C funding

“This funding will allow us to further develop our digital asset banking platform and strengthen our presence in global markets by attracting new talent,” says Guido Buehler, CEO of Seba Bank

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Sandbox: Metaverse Economy Will Become Bigger than Real Life?

An exclusive interview with Sébastien Borget, co-founder of The Sandbox.

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Sandbox: Decentralization is Protecting Users’ Data in the Metaverse

Be ready, metaverse is coming. Will decentralization be the answer to protecting user data in the virtual world?

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