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Banks

Seba’s new name, Amina, stems from “transamination,” meaning transference of one compound to another, symbolizing bringing different types of banking together.

Major Swiss cryptocurrency-enabled bank Seba is changing its name amid growing ambitions to expand its trading services worldwide.

Seba Bank AG has rebranded to Amina Bank AG, the firm announced to Cointelegraph on Nov.

The new name, Amina, stems from the term “transamination,” meaning the transference of one compound to another, the firm said — referring to its mission to bring together various elements of traditional, digital and crypto banking.

While the new naming is based on the idea of compounding different types of banking, Amina’s previous name, Seba, is reportedly a play on the name of its founder, Sebastien Merillat. “I’m just passionate about technology and seeing how it will work,” Merillat said in an interview in 2019.

Seba’s rebranding to Amina comes amid the crypto bank actively expanding its products around the world. In early November 2023, Seba obtained a license from the Hong Kong Securities and Futures Commission, which allowed the firm to offer crypto trading services in the country. In 2022, Seba also obtained financial services permission from Abu Dhabi Global Market and opened an office in Abu Dhabi.

Spanish regulators set precedent with crypto ad violations case

November 9, 2023 Coin Telegraph

Coin Telegraph

The National Securities Market Commission accuses Miolos of non-compliance with the cryptocurrency regulations established by the CNMV circular from January 2022.

The principal financial regulator in Spain, the National Securities Market Commission (CNMV), has opened the first case on violating crypto promotion rules in the country.

As reported in the press release from Nov. 8, CNMV initiated “sanctioning proceedings” against Miolos S.L for two “massive” advertisement companies in September and November 2022.

The Commission accuses Miolos of non-compliance with the cryptocurrency regulations established by the CNMV circular from January 2022. Specifically, the company didn’t put any risk warnings and didn’t submit its campaigns for the CNMV’s authorization. The circular obliges companies to provide promo materials for a check at least ten days before publication.

According to the press release, this is the first time CNMV opened sanctioning proceedings for non-compliance with crypto promotion regulations “to remind the public of the need to follow and respect them.” The Spanish regulator also reiterated the right of Miolos to defend itself against allegations.

Spain has said it intends to implement the first comprehensive European Union crypto framework, Markets in Crypto-Assets (MiCA) even earlier than the deadline for EU member states to provide legal certainty and investor protection.

Meanwhile, stepping into the business of crypto promotion oversight, the country can draw some conclusions from the example of the United Kingdom. In the U.K., regulators’ eagerness to pursue the violations of the crypto promotion rules has led to a massive inability of businesses to comply with them and the departure of several major international players from the market.

At first, the Financial Conduct Authority (FCA) had to extend the technical deadlines for compliance to 2024 and then issue the “finalized non-handbook guidance,” once again clarifying the compliance requirements.

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UK financial watchdog restricts Binance partner from issuing crypto ads

October 10, 2023 Coin Telegraph

Binance

The Financial Conduct Authority’s marketing requirements for crypto firms went into effect on Oct. 8, requiring some to partner with local companies for compliance.

The Financial Conduct Authority (FCA) of the United Kingdom has placed restrictions on peer-to-peer lending platform Rebuildingsociety, the firm with which crypto exchange Binance partnered for compliance with the regulator’s marketing regime.

In an Oct. 10 notice, the FCA said Rebuildingsociety was not authorized to “approve the content of any financial promotion for a Qualifying Cryptoasset for communication by an unauthorised person” and needed to withdraw any existing approvals. The notice suggested that Binance may no longer have a U.K. partner in compliance with the FCA’s marketing requirements, which went into effect on Oct. 8.

The regulator warned Rebuildingsociety to notify any client — presumably including Binance — that it was “not permitted to approve the content of any Financial Promotion for a Qualifying Cryptoasset,” withdraw any ads offering to approve financial promotions and confirm its compliance to the FCA in writing. Binance aimed to use Rebuildingsociety to allow its U.K. users to view the exchange’s products and services through a localized domain, as the exchange is not registered with the FCA.

The FCA’s restrictions came less than seven days after Binance’s announcement of a partnership with Rebuildingsociety, allowing the exchange to market spot trading, nonfungible tokens and other products and services to U.K. users. Under the FCA’s regime, the crypto exchange said it would no longer offer referral bonuses and gift cards.

The marketing regime, which took effect on Oct. 8, was aimed at requiring firms, including crypto companies, to provide “clear, fair and not misleading” ads or risk criminal charges. The FCA added that certain companies could receive approval for a January 2024 deadline amid uncertainty surrounding the rules, but it’s unclear whether Binance planned to pursue this extension. Companies, including OKX and MoonPay, have already announced they plan to comply with the FCA rules.

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