Binance Withdraws German Crypto License Application

Binance Withdraws German Crypto License Application

Happy Friday fellow FinTech Fanatic,

Welcome to another episode of the Binance saga, as CoinDesk reported Binance has withdrawn its application for a license from German financial regulatorBaFin.

The move follows a retrenchment from markets including Austria, Belgium and the Netherlands, and as its U.S. arm is sued by regulators for operating an unregistered exchange.

“The situation, both in the global market and regulation, has changed significantly”, a spokesperson told CoinDesk in an emailed statement. “Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes."

SVB Financial Seeks Up to $12.6 Million in Executive Bonuses

SVB Financial Group has asked for bankruptcy court permission to implement a program that would award up to $12.6 million in bonuses to nine executives involved with its venture capital and credit investment arm, according to information gathered by Bloomberg.

Silicon Valley Bank’s bankrupt former parent is aiming to implement a plan that would allow it to pay incentive bonuses to the executives if they meet various performance metrics, the company said in a motion filed Tuesday with the US Bankruptcy Court for the Southern District of New York.

SVB Financial filed for Chapter 11 after its subsidiary bank was seized by regulators amid a run on withdrawals.

Nubank teams up with Casas Bahia

After rounding the milestone of 80 million Brazil customers yesterday, powerhouse Nubank grabs headlines again. This time through its partnership with the traditional retail chain Casas Bahia.

Through the co-op Nubank customers can now shop at Casas Bahia with exclusive discounts and benefits without leaving Nu's app, as well as make payments in up to 24 installments via NuPay.

Will this further fuel the rat race among FinTech-players to become the world's number one super app? Feel free to leave your thoughts on the matter in the comments below👇

And now on to the other FinTech news:


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Stack Capital Holding Hopper strikes deal with Nubank to deliver a full range of booking options such as flights, hotels, and car rentals through the bank’s mobile app, along with a suite of fintech products designed to make travel cheaper, easier and less stressful, to over 80 million Nubank customers.


Banks as Facilitators of Everyday Life. In this Viewpoint, Arthur D. Little focuses on “beyond banking,” compares it to other open banking–based business models, and points out possible engagement opportunities. Download the complete report here

"Starling's Challenger Bank Playbook" by Whitesight, highlights Starling Bank’s success in enhancing banking services, collaborating with fintech partners, expanding business banking, and achieving global expansion through banking technology. Click here to download this great report.


The burgeoning fintech opportunities in South Asia Ex-India. While India will no doubt remain the biggest player in the region for the foreseeable future, its neighbors have an increasing number of market opportunities. Read article here

Understanding and overcoming the challenges of cross-border KYC compliance. The need for highly reliable and diligent risk & fraud services has grown and it has led to some very interesting challenges in cross-border KYC and Fraud Prevention. Click here to read Raj Singireddy’s comprehensive article.

Apps like Robinhood make trading fun, but SEC fears it is costing investors. Regulators consider new limits on apps in wake of meme-stock boom. Read the full piece here

What is the burning need behind the rise of RBF solutions for creators? I highly recommend reading this interesting article by Ange Michael AHYI to learn how entrepreneurs and creators leverage the RBF model to build successful ventures.

Global FinTech deal activity picked up in Q2 over Q1, after a six-quarter straight decline, primarily driven by an uptick in $1 billion+ M&A. Take a look at FT Partners’ "Q2 2023 FinTech Insights" report to learn more

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Razorpay launches international payments account for Indian exporters. The MoneySaver Export Account is expected to save users USD 5 billion and allows merchants to receive international payments through wire transfers such as ACH, SWIFT, SEPA, BACS, and Fedwire.

Airwallex Australia and New Zealand region delivers strong growth momentum with 115% revenue increase YoY. The revenue and transaction volume velocity demonstrates the speed of Airwallex’s growth driven by its expansion into supporting a wider variety of businesses with their payments and financial operation needs.

Effectiv’s fraud tools determine if it is you or your deepfake making that bank withdrawal. The San Francisco-based company developed AI-driven tools, including payment fraud detection, customer and business onboarding verification and compliance management, and models that are trained to detect that simulated behavior.

Visa CEO bashes surcharges. Merchants who accept Visa credit cards are being asked to comply with a surcharge cap because the card network giant is concerned about the consumer experience, the company’s CEO Ryan McInerney said Tuesday.

Trustmi launches to tackle B2B payment fraud. The cyber-security fintech company offers an intuitive, end-to-end solution that helps businesses protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human error, ensuring payments go to the right place.


Revolut offers accounts to non-US Citizens without Social Security Numbers in the US. “We’re delighted to offer Revolut accounts to these communities of non-US citizens, who have been ignored by many traditional banks and fintechs,” said Danil Ovechkin, Revolut US head of growth. Read more

Good news: Greenwood, Gathering Spot settle business dispute. “No one wins when the family feuds,” executives for Greenwood and TGS said. “We apologize for distracting our communities over the last week as this became a topic of so much public discussion.”

Viva Wallet introduces Apple Tap to Pay. The neobank now enables UK merchants to seamlessly and securely accept in-person contactless and instant payments via Tap to Pay on iPhone and its Viva Terminal iOS App.

Current Account Switch Service reveals 1.2 million switches in past 12 months. The Service has now facilitated 9.5 million switches in total since its launch, successfully redirecting 137.8 million payments. For small business and charity accounts 5,814 switches took place during Q2 2023.

Recognise Bank rolls out two new business savings accounts. The 7 Day and 35 Day Notice accounts provide better interest rates than their Easy Access counterparts, whilst enabling businesses to access their funds with relative speed, should they need to.


Jirnexu co-founders Hann Liew and Lucas Ooi launch Malaysia’s first licensed digital asset fund manager, Halogen. The company was soft-launched in July 2023 with the initial goal of making crypto investing easily accessible to institutional and individual investors and aims to provide access and professional management through familiar traditional structures.


Trintech acquires financial reconciliation business from Fiserv. Through the acquisition, Trintech gains two leading reconciliation solutions, further enhancing the company's portfolio of capabilities.


Mollie integrates with Klaviyo. Through the new integration, merchants of the two firms can now use their information collected from payment transactions within Klaviyo’s platform.

Paytech Wibond, has partnered with Argentina's largest university, Siglo XXI, to facilitate access to over 80 undergraduate and postgraduate degree courses. The collaboration introduces an innovative installment payment alternativethat doesn't require a credit card, opening up prestigious educational opportunities to individuals.

EToro constructs fintech portfolio. To create the portfolio, eToro’s team of investment experts handpicked fintechs said to be "leading the fintech revolution", taking into consideration market capitalisation, liquidity parameters, and analyst ratings.

The American Fintech Council is partnering with professional services firm FORVIS to offer compliance and training opportunities aimed at improving the fintech ecosystem, AFC CEO Phil Goldfeder said. AFC Learning will be led by professional services firm FORVIS. It will offer compliance and training opportunities and is intended to improve the fintech ecosystem.


Mercury Financial has closed a $200 Million debt facility. The funds will be used to expand its credit card business and continue its mission of providing middle-class Americans responsible financial products to improve their lives.

Earned wage access firm Immediate raises $16 million. These funds, split between growth equity and a working capital facility, will enable Immediate to accelerate its growth trajectory in the workplace financial health sector.


Episode Six appoints Brian Muse-McKenney as new Chief revenue officer. As CRO, Muse-McKenney will bring his deep knowledge of the payments industry and global experience in Asia, Europe and North America to drive E6’s global growth and expansion of the customer base.