European Central Bank Withdraws Cypriot Lender RCB's Banking License

The European Central Bank (ECB) said that it has withdrawn Cypriot lender RCB's banking license, months after the central bank restricted parts of its business.

In March, RCB Bank struck a deal with Hellenic Bank for the sale of a performing loan portfolio valued up to 556 million euros. The ECB permitted that deal but restricted the rest of the bank's business.

In a statement on Thursday, the ECB said the decision follows the completion of RCB's voluntary phasing out of its banking operations.

RCB started operations in 1995 that were mainly geared towards the Russian business community on the island. In March it said would cease new business with clients.

ECB is working to harmonize the regulatory framework governing crypto activities and services in the EU. The regulator noted earlier this year that several regulatory initiatives at the European and international levels are being finalized.

ECB outlined its plan to harmonize the regulatory framework​ governing crypto activities and services in the EU. The regulator explained that banks are increasingly considering whether to offer crypto products and services, and it is the ECB's role to "ensure they do so safely and soundly."

Source: Reuters