Browsing:Crypto

Bybit exchange
1 year ago 1 min read

Bybit halts USD bank transfers amid speculation over Silvergate’s crypto banking network

Bybit, the fourth largest crypto exchange in the world, has suspended U.S. dollar bank transfers, citing “service outages from a partner.” The exchange will also halt USD withdrawals via bank transfer from March 10, though users can still purchase cryptocurrencies using credit cards. Bybit has not named the partner involved, but the suspension comes after California-based crypto bank, Silvergate Capital Corp., announced the shutdown of its Silvergate Exchange Network, an instant settlement banking service used by multiple crypto firms. Silvergate’s announcement of regulatory challenges also resulted in other crypto firms, such as Coinbase, Gemini and Crypto.com, cutting ties with the

Allegations of Bitcoin ATM Firm Profiting from Crypto Scams via Unlicensed Kiosks Surface
1 year ago 1 min read

Unlicensed Bitcoin ATMs Allegedly Involved in Crypto Scams for Profit, Claims Prosecutor

Bitcoin of America, a Bitcoin (BTC) technology firm, along with three of its executives, has been indicted for running over 50 unlicensed crypto kiosks in Ohio. The firm is facing charges of money laundering, conspiracy and other crimes. The indictment accuses the firm of knowingly benefiting from victims of cryptocurrency scams, and being able to operate due to “written misrepresentations regarding the nature of their business to government agencies” that helped it run the kiosks without a money transfer license. Romance scammers, law enforcement impersonators, and robocallers exploited the lack of Anti-Money Laundering protections in the firm’s systems to transfer

Silvergate Bank
1 year ago 1 min read

Silvergate Bank Shuts Down Exchange Network, Ordered to Release $9.9M to BlockFi

On March 3, Silvergate Bank, a crypto-friendly bank, announced the discontinuation of its Silvergate Exchange Network (SEN), its digital asset payment network. This move follows a massive stock drop of over 59% in just five days, which triggered concerns about potential bankruptcy. According to a statement on its website, the decision to terminate SEN was “risk-based.” Coincidentally, on the same day, United States Judge Michael B. Kaplan ordered Silvergate Bank to return $9,850,000 deposited by BlockFi. The court gave the bank an immediate deadline to release the funds following an agreement between the two companies in November 2022. BlockFi is

Uphold
1 year ago 1 min read

Uphold Reaffirms Support for $XRP Despite SEC Lawsuit

Uphold, a major cryptocurrency trading platform that allows its users to buy, sell, and hold various assets including cryptocurrencies and tokenized stocks, has reaffirmed its support for $XRP, the native token of the XRP Ledger. Despite XRP being delisted from several exchanges after the US Securities and Exchange Commission (SEC) sued Ripple Labs over the sale of XRP, alleging its unregistered security, Uphold has stood firm. In response to a trend on Twitter where users were asking for trading platforms to relist XRP, Uphold pointed out that XRP is listed on its platform and affirmed that it was never delisted.

Coinbase Strengthens Position in Crypto Asset Management with One River Purchase
1 year ago 1 min read

Coinbase acquires One River Digital Asset Management to bolster institutional offerings

Coinbase, the popular cryptocurrency exchange, has announced the acquisition of One River Digital Asset Management, an institutional digital asset manager that is registered with the U.S. Securities and Exchange Commission (SEC). The financial terms of the deal have not been disclosed. Following the acquisition, One River Digital will be rebranded as Coinbase Asset Management (CBAM) and will become the backbone of Coinbase’s investment advisory service for institutional clients. In a blog post on Friday, Coinbase said that the acquisition is a strategic move to bolster its offerings and expand its services. Coinbase has been ramping up its efforts to cater

Bankrupt Celsius Finally Enables Withdrawals for Account Holders
1 year ago 1 min read

Celsius Initiates Fund Withdrawals Following Bankruptcy Filing

Celsius, a popular crypto lending firm, has recently announced that its customers can now withdraw assets from its platform after eight months of waiting. The announcement came in the form of an official tweet on March 2, revealing that withdrawals are now available for certain custody accounts only. This development follows a court order in January, which authorized Celsius to process withdrawals, but only for assets in a Celsius custody account. These include “Pure Custody” assets and “Transferred Custody” assets that were moved from an Earn or Borrow account to a custody account 90 days before Celsius filed for bankruptcy.

The Brazilian financial markets regulator
1 year ago 1 min read

Brazilian Regulator Teases New Crypto Regulations

The Brazilian financial markets regulator, known as the CVM, is set to release a decree in the coming days that will provide government-appointed bodies with enhanced powers to regulate the crypto sector. The CVM President, João Pedro Nascimento, confirmed that the decree will cover all crypto assets that are classified as securities, and will likely grant the CVM the power to determine which tokens are securities. Nascimento stressed that crypto regulation had been well received by the sector, and that the CVM was also working on a decentralized finance (DeFi) project called Open Capital Market. The project aims to bring

Bankrupt crypto lender Voyager digital
1 year ago 1 min read

Bankrupt Crypto Lender Voyager Sends Billions of $SHIB to Coinbase, Potentially Causing Heavy Selling Pressure

Bankrupt crypto lender Voyager digital has transferred a large amount of digital currency, including billions of Shiba Inu ($SHIB) tokens, to Nasdaq-listed exchange Coinbase. The crypto lender received the $SHIB from a dormant whale and has been sending assets to Coinbase regularly since February 14. Voyager’s latest movements suggest it is cashing out the funds, which could lead to heavy selling pressure on the digital currencies involved. Voyager currently holds $631 million worth of crypto assets, with $SHIB being its third largest holding. However, it is not yet clear whether there will be a sell-off as Voyager filed for bankruptcy

FTX Discloses Major Deficit in Asset Holdings
1 year ago 2 mins read

Bankrupt Cryptocurrency Exchange FTX Reveals “Massive Shortfall” in Digital Asset Holdings

FTX, the cryptocurrency exchange that filed for bankruptcy in December 2022, has revealed a significant deficit in its digital asset and fiat currency holdings. The shortfall, which amounts to billions of dollars in missing customer funds, affects both FTX and its US-based subsidiary, FTX US. According to a presentation released by FTX on March 2, the exchange held $2.2 billion in exchange wallets and fiat accounts, with only $694 million categorized as the most liquid “Category A Assets” that include cash, stablecoins, Bitcoin (BTC) and Ether (ETH) priced at the latest spot prices. The wallets associated with FTX US held

The push for the US government to embrace cryptocurrencies
1 year ago 1 min read

Ripple CEO Brad Garlinghouse Urges US to Embrace Crypto

The push for the US government to embrace cryptocurrencies is gaining momentum, with more industry executives joining the call. Ripple CEO Brad Garlinghouse is the latest to speak out against the government’s crackdown on digital assets. He warns that if the US doesn’t create a regulatory framework for cryptocurrencies, the industry will continue to move offshore, leading to a loss of innovation and economic growth. Garlinghouse believes that the Securities and Exchange Commission’s case against Ripple is not just about XRP but the entire industry. The recent wave of SEC enforcement actions is not a healthy way to regulate an

MEXC Global Introduces Industry-Lowest Trading Fees
1 year ago 3 mins read

MEXC Global Introduces Industry-Lowest Trading Fees with Zero Maker Fees

Singapore, SINGAPORE, 1st March, 2023 MEXC delivers incredible savings for billions of customers at the launch of a Zero Maker Fee Event. MEXC Global, a leading cryptocurrency exchange with 1500+ coins listed and a daily futures trading volume of over $3 billion, is excited to introduce its lowest trading fees event at the start of February 2023. Spot trades now have zero maker fees and 0.1% taker fees, while futures trades have zero maker fees and 0.03% taker fees. According to bitcoin.com, the company celebrated momentous achievements with a 1200% annual growth rate, reaching over 10 million global users, and ranking first for Futures

Binance USD (BUSD)
1 year ago 1 min read

Binance USD (BUSD) sees 60% drop in supply following SEC enforcement action

Binance USD (BUSD), the third-largest stablecoin, has seen its supply shrink by 60% since mid-February as it has been beleaguered. This exodus has been caused by the U.S. Securities and Exchange Commission (SEC), which classified the Binance stablecoin issuer Paxos as a security on February 13. The move prompted Paxos to announce that it would no longer be minting BUSD, leading to a significant outflow of funds. As a result, BUSD’s market capitalization has slumped from just over $16 billion to around $10 billion, with its market share declining to 7.3% from around 20% last year. This could have a

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