The US Federal Deposit Insurance Corporation (FDIC) has sold the business of Signature Bank, with the exception of its cryptocurrency part. Starting March 20, 40 units of Signature Bank will be operated by Flagstar Bank, owned by New York Community Bancorp, the regulator said in a press release. As of the end of 2022, Signature...
Binance stopped depositing and withdrawing funds in British pounds for new users from the UK from March 13, for other users from this country the functions will be available until May 22, according to Bloomberg. This is due to the fact that Binance’s banking partner, Paysafe, has stopped supporting transactions in British currency for exchange...
Silvergate Capital announced the closure of its Silvergate cryptocurrency bank. Its activities will be stopped, and the bank itself will be liquidated in accordance with the law, the press release says. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the...
Thailand has abolished corporate income tax and value added tax for companies that issue digital tokens for investment. This was announced by the representative of the government of this country Rachada Dhnadirek, writes Reuters. Investment tokens are tokenized assets (created on the blockchain), which are a digital analogue of real assets and are tied to...
Kraken crypto exchange has revealed plans to open its own bank soon. The project is moving towards an early launch, Kraken general counsel Marco Santori told The Block. Kraken is an American centralized cryptocurrency exchange founded in 2011. The platform ranks 20th in terms of daily trading volume over the past 24 hours with an...
Crypto exchange FTX reveals an $8.8 billion shortfall in client funds. A presentation published Thursday on law firm Kroll’s website shows that exchange managers were only able to find about $2.8 billion of the $11.6 billion that should be in client accounts. The value of FTX’s assets and liabilities is as of the day the...
Visa has denied media reports that it is allegedly putting its cryptocurrency projects on hold following the collapse of several major crypto companies. Mastercard also said it will continue to explore use cases for blockchain technology. On February 28, Reuters published an article stating, citing unnamed sources, that Visa and Mastercard have “hit the brakes”...
Former FTX engineering director Nishad Singh pleaded guilty to fraud while working for the bankrupt crypto exchange, Reuters reported. He also agreed to cooperate with prosecutors in an investigation into FTX founder Sam Bankman-Freed. Singh became the third of the former FTX group executives to claim responsibility for the illegal operations that led to the...
The American bitcoin exchange Coinbase launched the Crypto435 initiative aimed at promoting understanding and support of cryptocurrencies among politicians and regulators. As part of the initiative, Coinbase will provide all interested Americans with information on how to contact the politicians representing them, talk about their views on digital assets, and provide the necessary materials and...
The International Monetary Fund (IMF) would prefer to regulate digital assets, but does not exclude their ban when higher risks to financial stability appear. This was stated by the managing director of the organization Kristalina Georgieva in an interview with Bloomberg. Industry oversight is a top priority for the Financial Stability Board, the IMF and...
