Latest global banking news

Coinbase gets license in Italy

Italian financial regulators have granted cryptocurrency firm Coinbase a license to operate as a crypto asset service provider. The license, which follows the issuance of new cryptocurrency regulations in Italy, will allow Coinbase to continue to operate in the country and will open the door to further product development. The license comes as Coinbase, like most cryptocurrency companies, is trying to recover from steep losses in the past few months as the value of most cryptocurrencies has fallen dramatically. Coinbase's shares have fallen about 76% so far this year. Coinbase is also developing more traditional financial services as it attempts to build a super app. —John Adams

Binance fined in the Netherlands

De Nederlandsche Bank, the Dutch central bank, has fined Binance about $3.4 million after ruling the cryptocurrency exchange was operating in the country without registration. The fine is the central bank's highest level of enforcement, due to the gravity and degree of the non-compliance, according to the DNB. Binance's noncompliance dates to May 2020, and the CNB warned the company of the issue in June 2021. "[The decision] marks a long-awaited pivot in our ongoing collaboration with the Dutch central bank," said Binance's public relations office in an email, adding the company has applied for registration as a crypto service provider through a locally established entity, Binance Netherlands BV. —John Adams

Brent Lewin/Bloomberg

ANZ upgrades card security

Australia and New Zealand Bank is adding dynamic card verification values (CVVs) for cards as part of a larger overhaul of its digital banking system that includes automated bill payments, faster digital card issuance, and a feature that allows payments to be sent to mobile numbers or email addresses. Dynamic CVVs, which update the security code on the credit card every 12 hours, are designed to be an upgrade over traditional CVVs, which are static. Other banks have deployed dynamic CVVs as part of a broader set of card upgrades, such as a BBVA biometric project in Mexico. —John Adams

Kosuke Okahara/Bloomberg

BNP Paribas adds crypto custody

BNP Paribas' securities services unit has partnered with fintechs Fireblocks and Metaco to provide custody services for digital assets. Fireblocks will support a digital wallet and tokenization, while Metaco's digital asset custody platform will integrate with BNP's existing asset servicing. BNP's goal with the partnerships is to support connectivity across traditional and digital assets. Banks in other countries have also started to provide custody services for cryptocurrency, often through partnerships. U.S. Bank, for example, has invested in asset tokenization firm Securency to manage crypto assets. —John Adams

Anne Bode, CEO of Starling Bank

Starling halts European expansion

British challenger bank Starling has withdrawn its application for a European Banking license, ending a four-year quest to enter the EU that faced a number of problems, including a temporary pause in negotiations with regulators during the early stage of the pandemic. Starling will pivot to its software-as-a-service product that it sells to other banks that are upgrading digital banking. Starling will also expand into new lending products, according to Sky News. Goldman Sachs and Qatar's sovereign fund had been among the financial backers of Starling's European expansion strategy. —John Adams

World Council of Credit Unions names new board chair

The World Council of Credit Unions has appointed Diana Dykstra to head the organization’s board of directors as its new chair. Dykstra, who is presently the president and chief executive of California and Nevada Credit Union Leagues and has been a WOCCU board member since 2016, took on her new role at the international trade organization’s 2022 World Credit Union Conference. “I just want to thank you for this honor, and I really look forward to working with you in the coming year,” Dykstra said Tuesday while addressing attendees at the event. —Frank Gargano