Coinbase Cuts Ties with Signature Bank’s Signet Network
1 day ago 1 min read

WSJ Reports Coinbase Ends Support for Signature Bank’s Signet Network

On Monday, Coinbase Global (COIN) announced to its clients that it would no longer support Signet, the real-time payments network of Signature Bank that was recently shut down by New York State regulators. According to a report by the Wall Street Journal, Coinbase users who used Signet for U.S. dollar deposits or withdrawals won’t be able to send funds outside of the usual banking hours, but Coinbase said it was looking for a new technology partner. The fate of Signet has been uncertain since Signature Bank was shut down by New York State regulators last weekend, and its assets transferred

the U.S. Supreme Court will hear arguments in its first-ever crypto-related case
1 day ago 2 mins read

Coinbase Turns to U.S. Supreme Court to Stop Legal Battle Over Arbitration

On Tuesday, the U.S. Supreme Court will hear arguments in its first-ever crypto-related case, as lawyers for San Francisco-based crypto exchange Coinbase attempt to convince the nine Justices to pause a pair of class-action lawsuits against the company. Although the case involves crypto, it is not a crypto case. Instead, it concerns an esoteric, procedural argument over whether a lawsuit can proceed in federal court while one party – in this case, Coinbase – is attempting to send the dispute to arbitration. Coinbase is appealing a federal court’s earlier decision that allowed two lawsuits, Bielski v. Coinbase and Suski v.

Venezuelan President Nicolas Maduro has decided to restructure and reorient the National Superintendency of Crypto
1 day ago 1 min read

Venezuela’s Crypto Department Set for Reform: What Lies Ahead?

In a bid to safeguard the country’s citizens from the negative impacts of economic sanctions imposed by the US, Venezuelan President Nicolas Maduro has decided to restructure and reorient the National Superintendency of Crypto Assets. The decree, issued in March 2023, has set the wheels in motion for the reorganization of the crypto asset department, which will be headed by a new board, led by Anabel Pereira Fernandez. Anabel Pereira Fernandez, a lawyer who previously served as president of the Fondo de Garantia de Depositos y Proteccion Bancarai (FOGADE), will spearhead the reorganization efforts. Other project directors include Hector Andres

IMF suggests that a CBDC can have significant impacts on the monetary policy of a country
1 day ago 1 min read

IMF Analyzes CBDC Design in Islamic Banking Framework, Uncovers Elevated Risks

A recent study by the International Monetary Fund (IMF) has found that a central bank digital currency (CBDC) may have unintended impacts on the Islamic banking system, particularly in the areas of liquidity management and bank disintermediation. The study reveals that while CBDCs may not be designed to impact monetary policy, their introduction can increase money velocity, volatility of bank reserves, currency substitution, and altered capital flows. The Islamic financial system accounts for less than 2% of global finance but is present in 34 countries and systemically important in 15 jurisdictions. While only two countries, Iran and Sudan, have fully

DEX Camelot's surge in popularity can be attributed to the upcoming token airdrop by Arbitrum
1 day ago 1 min read

DEX Camelot’s TVL crosses the $100M mark ahead of Arbitrum token airdrop

Camelot, an Arbitrum native decentralized exchange (DEX), has recently experienced impressive growth, with its total value locked (TVL) soaring over 50% in just one week, now crossing $100 million. This surge in popularity can be attributed to the upcoming token airdrop by Arbitrum, which is scheduled to happen on Thursday. According to DefiLlama, a TVL aggregator, Camelot’s 24-hour trading volume hit an all-time high of $47 million on Saturday. It is now the 10th largest entity on Arbitrum, based on the number of users, as reported by blockchain analytics firm Nansen. In the past seven days, Camelot’s native token GRAIL

Scammers have already started targeting the Arbitrum community
1 day ago 1 min read

Scammers target Arbitrum community with fraudulent airdrops

The Ethereum layer-2 scaling solution, Arbitrum, is set to launch an airdrop of its governance token “ARB” on March 23. However, scammers have already started targeting the community with hundreds of phishing scams. The community has raised concerns about fraudulent airdrops aimed at tricking crypto users. The Arbitrum Foundation announced the airdrop on March 16, which will see 10 billion governance tokens distributed to holders to vote on code changes. The development has led to scammers setting up fake token airdrops with the intention of stealing funds from unsuspecting victims. Blockchain security firms Redefine and CertiK have warned about the

Enclave Markets
2 days ago 1 min read

Avalanche-backed initiative develops encrypted exchange platform

Enclave Markets, led by CEO David Wells, has developed an innovative solution for OTC traders in the form of Enclave Cross. This new product creates on-chain OTC dark pools for digital assets, providing a way for traders to maintain confidentiality and execute trades securely. In a recent interview, Wells shared his insights on why OTC traders benefit from using Enclave Cross and Fully Encrypted Exchange (‘FEX’), and how Enclave aims to bring together the best features of centralized and decentralized exchanges to provide a comprehensive solution for traders. Wells explained that OTC traders often face challenges in finding counterparties who

FSC Chairman Huang Tian-mu confirmed that the regulatory body will oversee the country's cryptocurrency market
2 days ago 1 min read

Taiwan’s Financial Watchdog Set to Regulate Crypto Markets

In a recent statement, Taiwan’s FSC Chairman Huang Tian-mu confirmed that the regulatory body will oversee the country’s cryptocurrency market. This comes as Taiwan strengthens its crypto regulations, with the FSC taking responsibility for regulating cryptocurrency payments and transactions. The FSC will focus on ensuring trading platforms separate crypto assets from those owned by their clients, while also supervising the platforms’ product listings and customer protection measures. Huang noted that the FSC will soon make a formal announcement and will also discuss self-regulating guidelines with domestic crypto platforms. Taiwanese lawmakers have been calling for a central agency to regulate the

CEO of the Bithumb exchange is under investigation by South Korean prosecutors
2 days ago 1 min read

Bithumb CEO investigated for alleged bribery in South Korean crypto listing

The chief executive officer of Bithumb’s holding company, Lee Sang-jun, is under investigation by South Korean prosecutors for alleged bribery in listing certain cryptocurrencies on the exchange. The Seoul Southern District Prosecutors’ Office confirmed the investigation, which includes a raid on Bithumb Holdings and Lee’s private residence earlier this month. Prosecutors also revealed that a former employee of Coinone, the country’s third-largest crypto exchange by trade volume, is being investigated for allegedly taking bribes to list specific cryptocurrencies. The investigation adds to the growing list of charges against Bithumb executives. A South Korean court is set to hold the first

FDIC offloads Signature Bank deposits to Flagstar
2 days ago 1 min read

Flagstar acquires Signature Bank deposits in FDIC sale, no crypto involved

Flagstar Bank, a subsidiary of New York Community Bancorp, has agreed to acquire $38.4 billion worth of non-crypto deposits and $12.9 billion in loans from the collapsed Signature Bank. However, the $4 billion of crypto-related deposits will not be included in the purchase and assumption agreement. The US Federal Deposit Insurance Corporation (FDIC) confirmed that these deposits would be transferred directly to customers who opened a digital banking account. This transfer will amount to 4.5% of the total $88.6 billion deposits that Signature Bank had as of December 31, 2022. The takeover deal will see Signature Bank’s 40 branches operating

21Shares will reportedly terminate five funds and delist another one due to low interest from investors.
2 days ago 1 min read

21Shares Suspends Crypto Products Citing Reduced Demand

Switzerland-based crypto ETP issuer 21Shares is set to delist five funds and terminate another one due to waning investor interest. The move will take place on April 6, and June 12 for the delisting of 21Shares Terra Classic ETP (LUNA). The terminated funds are the 21Shares S&P Risk Controlled Ethereum Index ETP, the 21Shares S&P Risk Controlled Bitcoin Index ETP, the 21Shares DeFi 10 Infrastructure ETP, the 21Shares USD Yield ETP, and the 21Shares Crypto Layer 1 ETP. 21Shares plans to keep offering its other products that enjoy solid demand. According to Arielle Pennington, Head of Global Communications, the demand

Bitcoin saw a significant surge in value on March 19
2 days ago 1 min read

Bitcoin Surges to $28k Amidst Banking Uncertainty

Bitcoin, the leading cryptocurrency, saw a significant surge in value on March 19, surpassing the $28,000 zone with a 16% boost in value in the past seven days. At the time of writing, Bitcoin was trading at $28,063, indicating a 2.4% increase in the past 24 hours. The price of Bitcoin hit its highest point at $28,459 during the day before trading at $26,877 during the day’s low. The cryptocurrency gained over 37% against the US dollar this week, with a market capitalization increase of $194 billion in 2023, representing a 66% gain year-to-date. Bitcoin has outperformed Wall Street banks