Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.


A New Bank for Crypto Traders Has Opened in Puerto Rico

A New Bank for Crypto Traders Has Opened in Puerto Rico

Support free writers: > send a tip

written by

Puerto Rico’s latest cryptocurrency trading company, San Juan Mercantile Bank & Trust International (SJMBT), has opened for business and has just accepted its first client deposit on Monday.

The company was licensed last month by Puerto Rico’s Office of the Commission of Financial Institutions (OCIF) as an international financial entity (IFE). The bank is part of Mercantile Global Holdings (MGH), which is also the owner of the upcoming institutional-grade electronic trading platform San Juan Mercantile Exchange (SJMX).

The bank offers settlement and custody services for both crypto and fiat trading on the exchange. Although SJMBT itself is not insured by the US Federal Deposit Insurance Corp (FDIC), according to a spokesperson, it will place the deposits only in insured banks.

The bank also added that the customer digital assets would be held only with the approved digital asset custodians, although they did not reveal any of their correspondents or custodians.

MGH also elaborated on the benefits of keeping custody and trading under the same roof, such as the ability to settle trades in real time by taking customer balances on bank deposit into account when setting trading limits.

Nick Varelakis, president and chief operating officer of SJMBT, said:

“As more liquidity venues onboard with SJMX to trade digital assets, SJMBT will provide critical services, such as real-time settlement and account re-balancing, in support of our customers’ trading activities.”

MGH is led by some high profile financial players such as the former executive director of JPMorgan Chase for business architecture and transformation and the former chief operating officer of Puerto Rico’s Noble Bank.

Banking in cryptocurrency market remains a rarity, especially with government crackdowns and bureaucratic red tape acting as a deterrent due to money laundering and other perceived risks. It remains to be seen whether this latest move will be an answer to the current problem. 


Follow on Twitter: @bitcoinnewscom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy:

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »


bitcoin shop miami

Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter