– Bitstamp, the longest-running crypto exchange, is in talks with three large European banks to offer crypto services.
– The exchange is helping the banks to begin offering these services, possibly in early 2024.
– Bitstamp has seen an increase in inquiries from big European banks about its white-label licensing and technology service for buying and selling cryptocurrencies.
– This highlights the regulatory difference between the EU and the US, with the EU becoming more welcoming while the US cracks down on the industry.
– Many crypto companies are looking to relocate to more crypto-friendly jurisdictions with clearer regulations, such as Asia and Europe.
– Bitstamp recently halted trading of seven altcoins for US users, potentially due to actions by the SEC.
– The exchange terminated its ETH staking service for US users citing regulatory dynamics.
– Bitstamp has reportedly been in talks to raise fresh funding, expand into new markets, and launch derivatives trading in Europe.
Bitstamp, the world’s longest-running cryptocurrency exchange, is in talks with three major European banks about offering crypto services. The exchange is looking to help these banks begin offering buying and selling of cryptocurrencies through white-label licensing and technology services. Bitstamp has seen an increase in inquiries from European banks over the past several months and expects to make an announcement about these partnerships in the first quarter of 2024. This development highlights the contrasting regulatory approaches to the crypto industry between the European Union (EU) and the United States (US). The EU has passed progressive regulations, such as the Markets in Crypto Assets (MiCA) framework, which have made it more welcoming to the crypto industry. On the other hand, the US has cracked down on crypto companies, leading some to relocate to jurisdictions with clearer regulations, particularly in Asia and Europe. Bitstamp has already faced regulatory challenges in the US, having halted trading of seven altcoins and terminating its ETH staking service for US users due to regulatory dynamics. In addition to the potential partnerships with European banks, Bitstamp is also reportedly seeking funding for operations and planning to launch derivatives trading in Europe and expand its operations in Asia and the UK.
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