Cryptocurrency exchange Binance has partnered with SticPay, a digital wallet and payment gateway service, to facilitate improved access to over 70 cryptocurrencies. SticPay, which boasts more than one million users and 5,000 corporate customers across 200+ countries, will utilize BinancePay, Binance’s contactless, secure cryptocurrency payment technology, to streamline its users’ access to a wide range of leading cryptocurrencies. This partnership enables SticPay users to fund their accounts directly through BinancePay, allowing them to buy, sell, and transfer more than 70 leading cryptocurrencies in a faster and more cost-effective manner.
Binance Sells Its Russian Business to CommEx for Compliance Reasons
Binance, the prominent cryptocurrency exchange, has made the decision to offload its Russian business to CommEx, citing compliance reasons. The divestiture process is expected to take up to a year, and Binance has assured the safety of Russian account holders’ assets. Binance’s Chief Compliance Officer, Noah Perlman, expressed optimism about the long-term growth of the global cryptocurrency industry but stated that operating in Russia is not aligned with Binance’s compliance strategy.
JP Morgan Chase’s Cryptocurrency Transactions Restrictions in the UK
JP Morgan Chase UK recently announced its decision to ban customers from making cryptocurrency transactions, starting on October 16. The bank attributed its move to a high number of fraud and scam incidents involving crypto. JP Morgan Chase UK customers will be unable to purchase crypto assets using a JP Morgan debit card and will also be prohibited from transferring funds from a JP Morgan account to a cryptocurrency account. This action by JP Morgan Chase follows similar restrictions implemented by other banks, including NatWest and Santander, in the UK.
JP Morgan Introduces Tokenized Collateral Network (TCN)
JP Morgan has introduced its Tokenized Collateral Network (TCN), a blockchain-based platform that enables investors to use digital assets as collateral and transfer collateral ownership without moving assets in the underlying ledgers. The first public transaction on TCN involved JP Morgan and BlackRock, where they tokenized money market fund shares and used them as security in an OTC derivatives exchange. The platform aims to reduce settlement fails and provide near-instant real-time changes in ownership. TCN is now live, with various clients and transactions in the pipeline.
Quant Unveils Overledger Authorise for Secure Blockchain Transactions
Quant, a blockchain company, has launched Overledger Authorise, a solution designed to enhance the security of blockchain transactions for financial institutions. This technology enables FIs to manage and integrate digital asset private keys with their existing enterprise key management systems, bridging the compatibility gap between current systems and blockchain private keys. Overledger Authorise successfully underwent stress-testing in Project Rosalind, a central bank digital currency project conducted by the Bank of England and the Bank for International Settlements.
Ripple Markets APAC Secures Major Payments Institution (MPI) License
Ripple’s Singapore-based subsidiary, Ripple Markets APAC, has obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license grants Ripple Markets APAC the ability to issue digital payment tokens (DPTs). Ripple CEO Brad Garlinghouse emphasized Singapore’s pivotal role in the company’s global business, positioning it as an important fintech and digital asset hub that balances innovation, consumer protection, and responsible growth. Ripple established its Asia Pacific headquarters in Singapore in 2017 and has grown into a major enterprise blockchain solution provider for the financial services industry.
