The OCC denied the UK company’s application this week citing AML/CFT risks, despite approving similar charters for digital asset companies in the last year. Update (July 25, 4:39 pm UTC): This article has been updated to include a response from Wise. Payments company Wise will to change its strategy for applying for a charter license with the US Office of the Comptroller of the Currency (OCC) to one “under a GENIUS Act framework,” the legislation to regulate stablecoins in the country. According to a Thursday notice from Wise, the company plans to submit a new application for a national trust bank charter under a GENIUS Act framework. Investment banking group William Blair said that Wise will likely not shift its position on payment stablecoins with the new OCC application, despite being denied a charter to establish a national trust bank on Tuesday. Read more
Daily NK reported that North Korea arrested former state cyber operators accused of hacking two state banks and laundering funds through crypto. North Korean authorities have reportedly arrested a group of former state cyber operators and IT specialists accused of hacking two state banks and laundering stolen funds through cryptocurrency. South Korean outlet Daily NK reported Thursday, citing an anonymous source in Pyongyang, that the group allegedly hacked the internal networks of North Korea’s central bank and the Foreign Trade Bank, converting stolen state funds into cryptocurrency before laundering them through China-based brokers. Cointelegraph could not independently verify the report. Read more
Fidelity called on the US Senate to pass the CLARITY Act, joining industry groups and crypto firms pushing for market structure legislation. Fidelity called on the US Senate to pass the CLARITY Act on Friday, saying clear digital asset regulations are needed to strengthen investor confidence, provide certainty for market participants and reinforce US leadership in global crypto markets. The company joins a growing coalition of financial firms and crypto organizations urging US lawmakers to advance digital asset market structure legislation. Earlier Friday, the Crypto Council for Innovation, the Digital Chamber and the Blockchain Association called on Senate leaders to bring the bill to the floor. Coinbase CEO Brian Armstrong also called for a full Senate floor vote on Wednesday. Read more
Dango will close its network on Aug. 13, joining BitMEX, Odos and Satori Finance in a wave of recent crypto shutdowns. Layer-1 blockchain Dango will wind down operations by halting trading on its perpetual decentralized exchange (DEX) on Wednesday and shutting down its network on Aug. 13. “Despite our best effort, various reasons have led us to conclude there is no viable path to a lasting commercial success,” Dango said in a Friday X announcement. Dango founder Larry Liu added that the team faced cash shortages, legal challenges that slowed momentum, the loss of team members, and broader market conditions. Read more