Bitcoin Daily: Bank Of America Launches Crypto Division; Seoul Central Customs Investigates Illegal Crypto Transfers

Bank of America has created a new division looking into cryptocurrencies, Bloomberg reported.

Candace Browning, head of Global Research for Bank of America, said the push came due to the fast-growing nature of cryptocurrencies, per the report. She said the bank had industry research analysis as well as blockchain expertise on its side.

The effort will be led by Alkesh Shah, who joined Bank of America in 2013 and used to lead its global technology specialist team, the report stated.

In other news, Seoul Central Customs is looking into 33 people for allegedly participating in illegal overseas transactions involving cryptocurrency in the last two months, The Korea Times reported.

Of that amount, 14 were referred for prosecution while 15 were fined, and four are still being investigated, the report stated.

The pan-government investigation looked into crimes related to fraud and money laundering, including illegal foreign currency exchange, falsifying overseas remittance records to buy crypto and making cash withdrawals overseas with Korea-issued credit cards to buy cryptocurrencies there, according to the report.

Meanwhile, Anthony Noto, CEO of online finance company SoFi, said the company warns users before every transaction of the volatility of some digital currencies, CNBC reported.

Noto said the company takes “a very structured and serious approach to consumer protection,” per the report.

“We ensure that consumers are educated,” Noto said, according to CNBC. “We focus on suitability. Every time someone enters a buy action, we have a warning that says it’s an unproven asset, it’s highly volatile, and you could lose all of your money.”

The news comes amid discussion about more investor protections needed for Bitcoin and other cryptocurrencies, CNBC reported.

Lastly, Santander has stopped customers from sending money to crypto exchange Binance, the Financial Times (FT) reported.

The reason given was to help keep customers safe amid the rise in victims of crypto fraud in the U.K., the report stated.

Binance has been inundated with opposition, and Barclays was another institution to cut off sending to the company as regulators question Binance’s compliance standards, according to the report.