Rakuten withdraws application for deposit insurance in the United States

Maria Nikolova

The company plans to refile an updated application in the coming months.

Rakuten Inc (TYO:4755) today announces that Rakuten Bank America, a subsidiary of Rakuten Card Co., Ltd. has withdrawn its application for deposit insurance. The application was submitted to the Federal Deposit Insurance Corporation (FDIC) so that the company could offer financial services products in the United States.

Rakuten notes that it intends to submit an updated application in the coming months. Withdrawing the application at this time gives the company an chance to incorporate feedback received from the FDIC, which will enhance and strengthen certain areas of the application. Rakuten says it will continue to work constructively with the FDIC and the State of Utah to move forward with its applications.

Rakuten Bank America filed an application with the Utah Department of Financial Institutions (UDFI) for an Industrial Bank Charter, and an application with the FDIC for deposit insurance last year. The application for a Utah State Industrial Bank Charter, filed with the State of Utah Department of Financial Institutions will remain active.

Rakuten Card and its subsidiary Rakuten Bank America are committed to transparency with Rakuten’s constituents, and partnership in the regulatory review process.

As FinanceFeeds reported in July 2019, Rakuten Card Co., Ltd., a subsidiary of Rakuten Inc, announced its plans to establish a company to conduct banking operations in the United States.

Read this next

Digital Assets

TON Foundation teams up with HashKey on fiat access for Telegram Wallet

The TON Foundation, a collective of developers behind The Open Network (TON) blockchain, has entered into a strategic partnership with digital asset financial services firm HashKey Group.


BlockDAG aka Kaspa’s Toughest Competitor Releases DAGpaper, Lightes Up The Las Vegas Sphere Pulling Shiba Inu Investors & Amassing $16.4M in Presale

BlockDAG, emerging as a Kaspa competitor, unveils its DAGpaper, spotlighting the Las Vegas Sphere and captivating Shiba Inu investors with a $16.4M presale success.

Fundamental Analysis

Global FX Market Summary: USD, ECB, Gold, Oil  April 12 ,2024

A strong US economy, cautious Fed policy compared to Europe, and safe-haven demand are all fueling the surge of the US Dollar.

Digital Assets

Thai crypto exchange Bitkub eyes $3 billion valuation

Thailand’s largest cryptocurrency exchange Bitkub is gearing up for a public offering next year with a potential valuation of up to $3 billion, according to Bitkub Capital Group CEO Jirayut Srupsrisopa.

Technical Analysis

GBPUSD Technical Analysis Report 12 April, 2024

GBPUSD currency pair can be expected to all further toward the next support level 1.2400, target price for the completion of the active minor impulse wave.

Market News

Navigating Currency Trends: Extensive Analysis on EUR/USD Signal

Traders Union provides comprehensive daily analysis and signals for EUR/USD.

Retail FX

Axi extends sponsorship of Brazilian Esporte Clube Bahia

Forex and CFD broker Axi has just announced they’re extending their sponsorship with Brazilian Serie A team Esporte Clube Bahia into the 2024 season.

Digital Assets

Binance-backed Gopax narrows losses amid strong crypto trading

Binance-backed cryptocurrency exchange Gopax reported lower net losses for 2023, according to its parent company Streami’s year-end financial report.


99Bitcoins Launches Learn-To-Earn Presale and Raises $150K On First Day

99Bitcoins, established in 2013, has recently begun its token presale in an effort to harness the current upward trend in Bitcoin’s value. The 99BTC team, seizing this opportunity, offers its learn-to-earn platform, a longstanding resource in cryptocurrency education.