BNY Mellon, a global leader in asset management and banking services, has recently been granted an exemption from Staff Accounting Bulletin (SAB) 121 by the U.S. Securities and Exchange Commission (SEC), allowing it to become the first U.S. bank to offer Bitcoin custody services to its clients. This landmark decision marks a significant milestone in the integration of cryptocurrency into the traditional financial system and could potentially set a precedent for other financial institutions looking to enter the digital asset space.

The exemption from SAB 121, which initially required banks to list digital assets as liabilities on their balance sheets, paves the way for BNY Mellon to hold not only Bitcoin but also a variety of digital assets, without the stringent accounting measures previously imposed. The move is seen as a response to the growing demand from institutional clients for secure and compliant custody solutions for their digital assets.

The SEC’s decision has been met with mixed reactions within the crypto community. While some view it as a positive step towards broader adoption and recognition of cryptocurrencies, others express concerns over the potential centralization of Bitcoin custody services, which could conflict with the decentralized ethos that underpins the cryptocurrency movement.

Anchorage Digital Bank has emerged as a notable player, securing a role as custodian for the ARK 21Shares Bitcoin ETF, challenging the dominance of established entities like Coinbase in the crypto ETF custody market. This move signifies the increasing competition and diversification within the sector.

Standard Chartered Bank has also announced its digital custody service for Bitcoin and Ether in the UAE, indicating a strategic expansion into the Middle East’s burgeoning crypto market. This service aims to provide more than just simple wallets, suggesting a comprehensive suite of services for digital asset management.

Deutsche Bank is another major institution that has been quietly planning to offer crypto custody and prime brokerage services. Their prototype for a digital asset custody platform aims to provide a fully integrated solution for institutional clients, connecting traditional banking services with the digital asset ecosystem.

In the United States, other custody banks such as State Street and Northern Trust have announced plans to custody digital assets, reflecting a broader trend of traditional financial institutions adapting to the demands of the crypto market.

These developments indicate a significant shift in the financial industry, with established banks venturing into the realm of digital assets. The move towards cryptocurrency custody services by these banks represents a bridge between the traditional financial system and the innovative world of cryptocurrencies. As regulatory frameworks continue to evolve, we can expect to see more financial institutions offering such services, further integrating digital assets into the global economy.

Despite these concerns, the approval is undeniably a bullish signal for the market, suggesting a growing acceptance of digital assets within the regulatory framework. It also highlights the SEC’s willingness to adapt its rules to accommodate the evolving landscape of financial assets and technologies.

BNY Mellon’s foray into Bitcoin custody also underscores the importance of regulatory collaboration and customer protection, as outlined by SEC Chief Accountant Paul Munter. The conditions for the exemption emphasize the need for state regulatory collaboration and ensuring that customer assets are protected in the event of bankruptcy.

This development could potentially lead to increased institutional participation in the cryptocurrency market, providing a boost to the market value of Bitcoin and other digital assets. As the crypto custody landscape continues to evolve, it will be interesting to observe how traditional financial institutions and crypto-native firms navigate the regulatory and operational challenges that lie ahead.

The exemption granted to BNY Mellon is a testament to the dynamic nature of the financial industry and the ongoing efforts to bridge the gap between traditional banking and the burgeoning world of cryptocurrencies. As the first U.S. bank to receive such an exemption, BNY Mellon is positioned at the forefront of this transformative era, potentially heralding a new chapter in the history of banking and digital asset management.

The final quarter of bullish years is often when investors get the most impressive returns. The rise in bullish momentum as Q4 approaches confirms that we could be in for another remarkable growth in the crypto market.

Based on the analysis of top experts, Chainlink (LINK), DTX Exchange (DTX), and Toncoin (TON) are the best cryptos to buy for 2x gains or more in Q4. Their predictions are further confirmed by the rise in whale activity for these altcoins.

Chainlink (LINK) Bullish Whale Activity Skyrockets 293%

According to data from IntoTheBlock, Chainlink (LINK) has recorded a 293% increase in large transaction volume. The data shows that over $82 million worth of Chanlink coin was tranfered by large whales. The rise in large transaction volume is an indicator of whale activity. With the report coming after the asset manager 21Shares announced that it would use the PoR of the Chainlink network, analysts suggest that these whales could be buying LINK.

The market performance of Chainlink (LINK) has also been staggering. On the weekly timeframe, the Chainlink crypto has increased by more than 17%, recovering back above its crucial $12 support level. The moving averages and oscillators of Chainlink (LINK) are all pointing toward a buy. Crypto analyst Seth has predicted a major price run that could see the altcoin rise to $50 if it breaks above the 200-SMA.

DTX Exchange (DTX) Crosses $2.8 Million As Whales Activity Rises

DTX Exchange (DTX) is another of the top crypto coins that has seen a substantial rise in whale activity. Thanks to their increased buying, the crypto ICO of DTX Exchange has crossed an astonishing $2.8 million. DTX has been one of the crypto sensations because of its high-end technical infrastructure and the new trading opportunities that it brings to crypto traders.

Unlike other popular exchanges, DTX Exchanges offers cryptocurrencies along with forex, stocks, and CFDs to give traders access to a staggering 120,000+ assets. But that’s not all. DTX is also a trailblazer with a state-of-the-art hybrid trading platform that combines the best of centralized and decentralized infrastructures. This means users can easily register on the platform without needing to provide KYC checks.

The DTX Exchange has also created VulcanX to eliminate gas fees so traders can maximize gains. By making its platform easier for traders to use and providing access to assets in the $714.7 trillion OTC derivatives market, top industry experts are tipping DTX to become of of the leading forces in the crypto market. Already, the DTX coin has increased by 200% to hit its current price of $0.06 in its third presale stage. However, DTX has been forecasted to skyrocket by up to 10x in Q4.

Toncoin (TON) Nears Key Level Amidst DEX Growth

The Toncoin network has been one of the most thriving ecosystems in crypto for most of the year. Recently, CryptoQuant reported a significant rise in decentralized exchange (DEX) activity on Toncoin (TON). The report states that the rise in DEX activity is a reflection of the growing investor interest in the Toncoin crypto.

In addition, the Toncoin price has stabilized after a rough few weeks in the market. Toncoin (TON) has now recovered above the 30-SMA ($5.37) and is targeting the 50-SMA ($5.77). Crossing the 50SMA could provide the momentum needed for TON to rally by more than 2x in the coming quarter.

Which is the Best Cryptocurrency To Buy: Chainlink, DTX, or Toncoin?

Based on the current market outlook, the price of Toncoin (TON) could increase by 2x in Q4, while a potential explosive rally could see Chainlink (LINK) yield an ROI of 3x. However, the innovation and new market of DTX Exchange positions it for up to a tenfold increase in Q4, making it the best crypto to buy now.

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The Central Bank of Nigeria (CBN), has reported a significant increase in remittance inflow following its decision to issue additional licences to International Money Transfer Operators (IMTOs).

CBN governor Yemi Cardoso during a press briefing after the 29th Monetary Policy Committee (MPC) meeting held in Abuja, disclosed that this policy resulted in a record $585 million in remittance inflows in August 2024.

In a deliberate strategy to boost remittance inflow to Nigeria, Cardoso attributed the surge to the CBN’s concerted efforts, including the expansion of IMTO licenses to encourage more operators to enter the market. According to him, these steps have made it easier for individuals to send money to Nigeria, contributing to the record figures. He noted that regular engagement with IMTOs has been critical to ensuring steady inflows.

“This increase didn’t happen by chance; it was the result of a deliberate, calculated effort by the central bank. We recognized certain inefficiencies in the system and took proactive steps to address them, and I’m happy to report that our strategy has been effective”, Cardoso said.

The CBN governor had earlier stated that the Apex bank is working to permanently eliminate any bottlenecks that prevent flows through formal channels to increase the supply of foreign exchange with the official market.

Recall that in May 2024, the Central Bank of Nigeria (CBN) granted 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP) in a new effort to double foreign-currency remittance inflows through formal channels. This development came after the country saw a 6.28% decrease in direct foreign exchange (FX) remittances in the first quarter of 2024, totaling $282.61 million versus $301.57 million in Q1 2023.

Hakama Sidi Ali, CBN’s acting director of corporate communications, said the approval will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation among IMTOs to lower the cost of remittance transactions and boost financial inclusion.

“This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira,” she said.

Ali also said the move by the apex bank is a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.

The August remittance inflow represents a continuation of this upward trend, with the July figure of $553 million already marking an all-time high. These increases underscore the effectiveness of the CBN’s recent policy measures aimed at stabilizing Nigeria’s foreign exchange market and mitigating the impact of external factors such as fluctuations in foreign investments and oil export revenues.