Nobel Bank, a recognized Puerto Rican financial firm, is searching for new buyers. The bank is known in the cryptocurrency world for offering services to Bitfinex and Tether (USDT). Bitfinex is one of the most used crypto exchanges in the market. At the same time, Tether is a controversial stablecoin that is accused of manipulating Bitcoin’s price.
Nobel Bank International Loses Ots Customers
According to the report, anonymous sources claim that the bank is being sold for $5 to $10 million dollars. The institution has a Puerto Rican license that allows the company to operate as an international financial entity.
At the beginning of the year, it was revealed that the financial institution worked with Bitfinex and Tether. Additionally, Tether has been accused of manipulating the price of Bitcoin during 2017. In a paper published by finance professor John Griffin and co-author Amin Shams, they explained how the manipulation worked.
Griffin said on the matter:
“I’ve looked at a lot of markets. If there’s fraud or manipulation in a market it can leave tracks in the data. The tracks in the data here are very consistent with a manipulation hypothesis.”
Tether has currently over $2.8 billion dollars stored in bank accounts in different banks. However, the company was not able to disclose if it has all the money as it says. The company has also rejected to conduct an audit to see whether it is a financially healthy company.
Puerto Rico has also experienced a surge of cash related to virtual currencies. Puerto Rico’s bank regulator informed that by the end of 2017 there were $3.3 billion dollars held by financial entities in the country. The number is surprisingly high if it’s compared with the $191 million dollars registered a year earlier.
Nobel has the obligation to inform if they detect suspicious activities. However, this has not been the case.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.