Latest global banking news

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

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

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