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| November 14, 2018

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Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

November 13, 2018 |

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

Bitcoin Group SE has bought 100 percent shares of investment bank Tremmel for an undisclosed amount. This is the German digital currency exchange operator’s second acquisition in 2018. Bitcoin Group, which holds current assets of $ 40 million, said Tremmel allows it to issue its own cryptocurrency-related products, conduct proprietary trading and operate bitcoin ATMs.

Also Read: Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa

Acquisition to Expand Bitcoin Group Services Portfolio

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

The Frankfurt Stock Exchange-listed company operates Bitcoin.de, Germany’s only regulated digital currency exchange, trading BTC, BCH and ETH. It hopes to use Tremmel’s banking license to expand the range of its service portfolio. For example, Bitcoin Group said it is now possible for the trading platform to maintain an order book and even quote prices, while simultaneously ensuring more liquid trading.

“We are very pleased that in Tremmel Wertpapierhandelsbank Gmbh…we have been able to gain an excellently positioned partner with in-depth knowledge of the market,” Marco Bodewein, managing director of Bitcoin Group, said in an online statement on Nov. 12. “This will enable us to take the corporate development of Bitcoin Group SE to a new level,” he added.

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

The deal is expected to be completed in the first half of 2019, subject to approval by relevant regulatory authorities. Bitcoin Group did not disclose the actual purchase price, but said “it is in the lower seven-digit euro range.”

Rainer Bergmann, the previous sole shareholder and managing director of Tremmel, is to continue working at the investment bank in the same capacity. The bank, which trades shares, bonds and other stock exchange products on behalf of local and foreign banks, insurance companies and asset managers, will be expanded into a deposit-taking institution, Bitcoin Group said.

Restructuring

Digital currency exchanges are looking for growth in new areas or to consolidate existing positions to help boost revenue and minimize risk from an uncertain regulatory environment in their home economies.

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

In January, Bitcoin Group, which has 753,000 investors actively using its exchange to buy and sell digital assets, bought a 50 percent stake in financial investment broker Sineus Financial Services Gmbh, to diversify risk. “In the future, this will enable the group to offer additional financial services in the cryptocurrency sector,” the company said at the time.

For the first six months of this year, Bitcoin Group reported net profit increase of 306 percent to $ 3.85 million from $ 0.95 million a year earlier. Revenues tripled to $ 6.57 million from $ 2.1 million in the comparable period a year ago. Operating profit climbed 368 percent to $ 5.64 million. The exchange said about $ 707.6 million worth of BTC was traded on the platform at the end of last year, when the price of the cryptocurrency peaked at $ 20,000.

After close Tuesday, shares of Bitcoin Group were down 0.36 percent at $ 31.41 in Frankfurt trading. Over the past 52 weeks, the stock has reached a low of $ 28.02 and a high of $ 97.18.

What do you think about Bitcoin Group’s latest acquisition? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure appeared first on Bitcoin News.

Bitcoin News

Trump could designate Iran-backed Yemen rebels as terror group, report says

November 11, 2018 |

The Trump administration is reported to be contemplating designating Yemen’s Iran-backed Houthi militia a terrorist organization, igniting the debate or whether or not such a label will bring the protracted to war to close faster.
FOX News

Pediatrics Group to Parents: No Spanking, Yelling

November 5, 2018 |

It’s been two decades since the American Academy of Pediatrics issued an official stance about discipline, and in that time, the group’s opinion has changed quite a bit. Its 1998 guidance recommended that “parents be encouraged and assisted in developing methods other than spanking in response to undesired behavior.” Its…
Newser

‘Not Welcome:’ Jewish Group Demands Trump Make a Move

October 29, 2018 |

President Trump denounced the synagogue shooting in Pittsburgh as “pure evil” and an “assault on humanity.” Not good enough, say the leaders of a Jewish group in the city: In an open letter , they demand that Trump denounce white nationalism or skip his planned trip to Pittsburgh, reports the Hill…
Newser

Hyatt hotels won’t rent to hate groups, CEO says; Muslim group claims a victory

September 28, 2018 |

Hyatt Hotels Corp., one of the nation’s largest hotel companies, announced it will no longer host hate groups at its nearly 800 properties, a move that was praised by a Muslim advocacy group.

Mark Hoplamazian, chief executive of the hotel company, released a memo to employees Thursday, explaining…


L.A. Times – Business

Bitcoin Group SE Reports Half-Year Profit Surges 300% to $3.86 Million

September 28, 2018 |

Bitcoin Group SE Reports Half Year Profit Surges 300% to €3.33 Million

German digital currency exchange Bitcoin Group SE reported on Friday a first-half net profit increase of more than 300% to €3.33 million (~$ 3.86 million USD). The company added 86,000 new accounts of people buying and selling cryptocurrency like bitcoin and bitcoin cash in the first six months of 2018.

Also read: Debit Card Issuer Bitnovo Announces Bitcoin Cash Support

Bitcoin Group SE Profits 300% Rises on Increased Customer Traffic

Bitcoin Group SE today reported its net profit soared 306% to $ 3.86 million in the first half of the year as more people bought and sold cryptocurrency through the German exchange. A year earlier, profit was at $ 0.95 million.

Bitcoin Group SE Reports Half Year Profit Surges 300% to €3.33 Million

For the first six months of 2018, Bitcoin Group SE said sales revenues tripled to $ 6.57 million from $ 2.1 million in the comparable period a year ago. Operating profit climbed 368% to $ 5.64 million.

German’s only regulated digital currency exchange said about $ 707.6 million worth of bitcoin was traded on the platform at the end of last year, when the price of BTC peaked at $ 20,000.

But volume “flattened out…due to profit taking”, the company said, and also because of the free-fall in the price of bitcoin during the review period. Bitcoin plummeted about 52% during the first half of this year, falling from $ 12,968 on January 1 to $ 6,251 by the end of June.

Rapid Customer Growth

Bitcoin’s astronomical rise at the end of 2017, coupled with increased mainstream media headlines, have brought public attention to a currency that’s predominantly transacted on smartphones, laptops or desktop computers.

Bitcoin Group SE Reports Half Year Profit Surges 300% to €3.33 Million

Bitcoin Group SE said it added 14,300 new users on its platform every month, bringing a total of 86,000 new accounts for the half-year. Around 753,000 investors are now actively using the exchange to buy and sell crypto, it said.

“Despite a stronger correction of the exchange rates, it is evident that many customers find confidence in cryptocurrencies and perceive them as an equivalent alternative to paper currencies,” said Marco Bodewein, managing director at Bitcoin Group SE.

Exchanges Seek Expansion

Digital currency exchanges are looking for growth in new areas or to consolidate existing positions to help boost revenue and minimize risk from an uncertain regulatory environment in their home economies.

Bitcoin Group SE Reports Half Year Profit Surges 300% to €3.33 Million

Coinbase is to relax its listing requirements, as part of efforts to have more digital coins listed and traded on the US exchange. Binance is on an expansion spree, opening up new trading platforms in Uganda, and a fiat-capable exchange in Singapore.

Bitcoin Group SE, which has $ 40.24 million in current assets, expressed doubt of meeting its one million customer-base target by year-end on account of the existing bearish trading in the crypto markets.

In January, the German exchange bought a 50% stake in financial investment broker Sineus Financial Services Gmbh, to diversify risk, subject to regulatory approval.
“In the future, this will enable the group to offer additional financial services in the cryptocurrency sector,” Bitcoin Group SE said.

What do you think about the earnings performance of cryptocurrency-related companies? Let us know in the comments section below.


Images courtesy of Shutterstock and Bitcoin Group SE


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The post Bitcoin Group SE Reports Half-Year Profit Surges 300% to $ 3.86 Million appeared first on Bitcoin News.

Bitcoin News

Netherlands’ Largest Bank ING Group Fined $900M for Money Laundering

September 16, 2018 |

Netherlands’ Largest Bank ING Group Fined $  900M for Money Laundering

This week Dutch authorities revealed to the public that the Netherlands’ largest financial services provider, ING, had violated numerous money laundering laws because they didn’t scrutinize unusual transactions and certain accounts.

Also Read: Public Anger Forces Bank CFO to Quit Over Huge Money Laundering Affair

Netherlands’ Largest Bank Admits: “ING Clients Used Their Bank Accounts for Money Laundering Practices for Years”

Over the last few weeks, many large financial institutions have been investigated and charged with helping facilitate money laundering. Financial crime prosecutors from the Netherlands have charged the Dutch bank ING with violations, and a $ 900 million dollar fine because the financial institution unwittingly helped facilitate money laundering. The Dutch police explain its “impossible” to really estimate how much money was actually laundered through sketchy accounts and unusually large transactions. However, Margreet Frohberg the lead prosecutor of the case explained in an interview that “hundreds of millions of euros” were illegally transferred.

Moreover, Frohberg explains the money laundering and financing terrorism has been taking place “for years,” and ING did not properly inspect these transfers or examined the accounts to the best of their ability. According to other reports, the money laundering transgressions took place between 2010 and 2016 and some large “unusual” payments stemmed from a firm called Veon (formerly Vimpelcom). Veon is also paying a separate fine of around $ 795 million to the US for money laundering charges as well. ING has admitted to the financial infractions in response this week, stating:

“The shortcomings identified resulted in clients having been able to use their bank accounts for money laundering practices for years”, ING explained

Too Big to Jail & Too Big to Fail: No Evidence of Individual ING Banks Knowingly Aiding the Money Laundering

The news also follows the recent $ 150 billion dollar money laundering probe aimed at Danske bank, Denmark’s largest financial institution. According to reports, the probe also implicated Deutsche Bank and Citigroup over “allegations of massive money laundering flows from Russia and former Soviet states.”

ING has detailed it will pay the $ 900 million but has explained that no individual ING banking institution was aware of the violations taking place. Dutch prosecutors have also confirmed that they had “found no evidence” of ING staff knowingly aiding the money launderers. However, ING’s Chief Executive Ralph Hamers said ten employees were either dismissed or saw their bonuses taken away.

“We have made unacceptable mistakes,” Hamers explained to the press this week. “This calls for drastic measures, which we have taken,” he added.

2018 is becoming eerily similar to the years following the economic collapse of 2008, where the world saw the banks pay hundreds of billions in fines, but no bankers were jailed. That year the US Department of Justice and Eric Holder promised bankers would be jailed for the economic crisis that plagued the world. Of course, the globe found out later that the bankers and the political nobility were ‘too big to jail.’ Many people believe the current Danske probe that also involves quite a few more financial giants, and this week’s ING money laundering fines clearly show the economic elite have no problems with paying petty fines, because to this very day the banking giants are still ‘too big to fail.’

After responding to the $ 900 million in fines for money laundering charges, the Dutch bank ING also detailed that it does not expect to be charged with fines by the Securities and Exchange Commission (SEC) in the US.

What do you think about ING paying $ 900 million in fines for the money laundering charges? Let us know what you think about this subject in the comment section below.


Images via Pixabay, Shutterstock, and ING bank. 


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The post Netherlands’ Largest Bank ING Group Fined $ 900M for Money Laundering appeared first on Bitcoin News.

Bitcoin News

Group That ‘Defends Nazism’ Running Ads in Train Station

September 13, 2018 |

If you’re in a San Francisco BART Station (that’s Bay Area Rapid Transit) this month, there’s a chance you’ll see an ad from an organization that some call a hate group. The ads by the Institute for Historical Review—called out by the Southern Poverty Law Center for reportedly defending…
Newser

Group Accidentally Rediscovers Section of Berlin Wall

August 15, 2018 |

During a walk-and-talk event with his constituents in June, a German politician accomplished a lot more than chatting with local voters: He discovered a forgotten, 66-foot-long section of the Berlin Wall. Ephraim Gothe, district councilor in Berlin-Mitte, stumbled upon the section of the wall, covered in graffiti and hidden behind…
Newser