Four federal agencies, in conjunction with state bank regulators, clarified the legal status of hemp-related businesses and the applicable edicts under the Bank Secrecy Act (BSA) for financial institutions (FI) offering services to those businesses, the Office of the Comptroller of the Currency (OCC) said in a joint agency press release on Tuesday (Dec. 3).
Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior.
The statement provides FIs with federal data that defines the legal status of hemp, as well as the U.S. Department of Agriculture’s (USDA) interim final rule on hemp production. It also clarifies the BSA guidelines when offering financial services to hemp-related businesses.
After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance.
The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), FinCEN, the OCC and the Conference of State Bank Supervisors participated in issuing the definitions and guidelines.
If banks have additional questions regarding the Agriculture Improvement Act of 2018 (2018 Farm Bill) and its regulations, they can contact the USDA, state departments of agriculture and tribal governments.
The BSA establishes recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks. It was amended to include the Patriot Act, which requires every bank to adopt a customer identification program.
Under the BSA and related anti-money laundering laws, FIs must have compliance and monitoring programs, establish a process for SAR and screen against Office of Foreign Assets Control (OFAC) and other government lists.
Businesses offering CBD, which is derived from hemp, continue to have trouble processing payments and maintaining bank accounts. While the CBD industry is under increasing regulatory and political scrutiny, it keeps on growing, providing opportunities for digital payments firms and commerce.
Cryptocurrency apps in the U.S. have surged in popularity due to factors such as the potential for profit, low transaction fees, and increasing user accessibility. These platforms allow users to trade cryptocurrencies easily, offering a decentralized, peer-to-peer model that reduces reliance on traditional financial institutions.
The ability to buy low and sell high has attracted investors seeking financial gains, while lower fees compared to traditional payment methods make these apps more appealing for online transactions. The increased acceptance of cryptocurrencies by businesses, along with advancements in blockchain technology, security, ease of use, and high liquidity, is fueling the belief that crypto could shape the future of finance.
PYMNTS’ Provider Rankings of Cryptocurrency Apps evaluate the performance of leading platforms based on factors such as user experience, transaction volume, security features and customer service. By analyzing consumer preferences and industry trends, these rankings provide insights into which apps are best meeting the needs of cryptocurrency users, and highlighting the platforms that offer the most reliable, user-friendly and innovative services.
No. 1 is Binance with 98 points.
Founded in 2017, Binance offers a range of services for new and experienced investors. The platform supports over 350 cryptocurrencies, including popular options like bitcoin and ethereum, along with niche altcoins. This variety, combined with high liquidity, ensures users can quickly execute transactions with minimal price slippage.
A key feature of Binance is its competitive fee structure, which includes discounts for paying with Binance Coin (BNB), making it attractive for frequent traders. The platform also provides advanced trading tools, such as charting and real-time data, and offers margin and futures trading. Its user-friendly interface, including a mobile app, makes it accessible to traders of all experience levels.
Security is a top priority for Binance, with multi-signature wallets, two-factor authentication (2FA), and a Secure Asset Fund for Users (SAFU) protecting funds and personal information. Binance also offers staking, lending and savings options for passive income, appealing to long-term investors.
No. 2 is Bybit with 91 points.
Bybit is accessible in over 180 countries and offers an intuitive mobile app that provides most of the desktop version’s features, making it convenient for users to manage their crypto investments anywhere. With access to more than 1,200 cryptocurrencies, Bybit allows users to buy, sell, and trade with ease, while offering up to 100x leverage for experienced traders looking to maximize potential profits.
Additionally, Bybit offers Bybit Earn, a feature that allows users to earn interest on their cryptocurrency holdings. This range of services and tools caters to beginner and experienced traders, making it a popular choice in the crypto space.
Tied for second with 91 points is Crypto.com.
Based in Singapore, Crypto.com offers a wide range of services including an app, exchange, DeFi wallet, and NFT marketplace, providing access to over 350 cryptocurrencies. The Crypto.com app allows users to buy, sell and track cryptocurrencies with more than 20 fiat currencies, offering features like price alerts, recurring buys, and TWAP bots to optimize trading. Users can also earn interest on their holdings, spend crypto through the Crypto.com Visa Card, and receive up to 5% cash back on purchases.
For more advanced traders, Crypto.com’s exchange supports over 200 cryptocurrencies, with spot, margin and derivatives trading options. It offers low fees and discounts for those who stake its native token, CRO. The platform also includes automated trading bots and emphasizes security with 2FA.
KuCoin and Coinbase round out the top five with 83 and 76 points, respectively.
Checking in tied at No. 6 with 74 points is HTX and OKX.
Nos. 8-10 comprise MEXC, Blockchain.com, and BTCC with 65, 62, and 54 points, respectively.