The Federal Reserve Board on Jan. 27 denied an application by Custodia Bank Inc. to become a member of the Federal Reserve System. The move comes amidst increasing regulatory scrutiny from the highest levels of the US federal government in the wake of industry-wide scandals like FTX and...
Silvergate Capital, the parent company to the crypto bank Silvergate, has announced it will be suspending Series A preferred stock dividends as it hopes to restructure following heavy loses and FUD surroundings its exposure to several now defunct crypto entities. The company said...
Since its inception, cryptocurrency has found a niche for itself in various sectors including the financial market. In this article, we will be discussing the impact of cryptocurrency on Traditional financial markets. Cryptocurrency is a digital or virtual currency that uses cryptography for security. The system operates independently of a central bank or government and […] The post...
The governor of Ireland's central bank has called for legislators to ban crypto ads aimed at youth, according to a Reuters report dated Jan. 25. Gabriel Makhlouf, Governor of the Central Bank of Ireland, said that a "reasonable number" of young adults had invested their money in cryptocurrency. He added that there is an...
EU lawmakers passed a law Jan. 24 that mandates banks invested in crypto to hold the euro equivalent of their crypto investments as capital, Reuters reported. The requirement will come into force in January 2025 to give banks enough time to adjust their finances, according to Reuters. The bill was approved with the purpose of eliminating...
Visa CEO Alfred Kelly disclosed the company is working on a number of central bank digital currency (CBDC) and stablecoin initiatives, San Francisco Business Times reported. Speaking during Visa's annual meeting on Jan. 24, Kelly said that the company was looking to...
Switzerland-based private bank Cité Gestion has reportedly teamed up with Taurus technology to tokenize and manage its company shares on the Ethereum blockchain. As per Coindesk's report, Cité Gestion will leverage Ethereum's smart contract functionalities to create, distribute and manage the servicing of its shares. Taurus said that the tokenization of Cité Gestion's shares was executed in accordance with the Capital Markets and...
Binance said that Signature Bank would only issue crypto transactions worth at least $100,000 starting from Feb. 1, 2023, as reported by Business Standard (BS). Binance said: “One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than 100,000 USD as of...
A rural Washington-based bank with extensive ties to FTX is closing its clients' crypto accounts, Forbes reported Jan. 19. Forbes stated that, based on communications that it has obtained, Moonstone is informing clients that it plans to close those accounts. Moonstone has reportedly asked clients to end their transactions and move their...
Former governor of the Indian central bank Raghuram Rajan said that the collapse in crypto prices last year suggests that the industry has received its deserved fate, according to Reuters. However, the fall in price will enable investors to focus on the "true value" of digital assets, distributed ledger technology and smart contracts, Rajan said. Currency credibility At the World Economic Forum's annual...
National Australia Bank (NAB) — one of the four largest banks in the country — is gearing up to launch a stablecoin on the Ethereum (ETH) network, the Australian Financial Review (AFR) reported. The stablecoin called AUDN will be backed 1:1 by Australian Dollars (AUD) held on trust at NAB. AUDN 2022 mint The NAB first minted AUDN on the ETH...
Japanese regulators are calling for other countries to regulate cryptocurrency like banks, according to a report from Bloomberg on Jan. 16. Mamoru Yanase, Deputy Director General for the strategy bureau at Japan's Financial Services Agency (FSA), spoke to the news company. He said: "Crypto has become...
Binance announced on Jan. 16 the launch of a settlement platform that will allow institutional users to access exchange services while storing funds off- exchange. The new service, called Binance Mirror, will be available to institutional users who lock their assets in Binance Custody's cold storage service. Those users will be able to...
The New York Department of Financial Services (DFS) has released a guideline mandating banking institutions to seek regulatory permission at least 90 days before offering crypto-related services. The guideline released on Dec. 15 by the DFS Superintendent Adrienne Harris stated that...
Crypto holding company Bitcoin Group has moved to buy one of the world's oldest banks Bankhaus von der Heydt, for roughly $15 million. Bankhaus von der Heydt was founded in 1754 as a privately-owned bank offering traditional and digital assets banking. It became the first bank in German to offer cryptocurrency trading and custody services for financial institutions and asset managers. Bitcoin Group...
Crypto-friendly Signature Bank (SBNY) announced that it would shrink its deposits tied to crypto assets by $8 - $10 billion. SBNY's decision indicates that the bank might be distancing itself from the crypto industry. SBNY's CEO Joe DePaolo commented on the decision and said: “We...
Silvergate CEO Alan Lane wrote a Dec. 5 public letter to reassure stakeholders that the firm employs the best due diligence process and has a robust risk management control. Silvergate addresses FTX, Alameda exposure Lane wrote that the financial institution conducted "significant due diligence on FTX and its related entities,...
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. Show topics: highlights of Sam Bankman-Fried's interview with the New York Times whether SBF knew what was going on in his companies, and how that impacts potential prosecution why Genesis and DCG are in financial trouble financial whether...
In a recent interview with CNBC, SilverGate CEO Alan Lane gave his take on the battered crypto market, saying this is a deep crypto bear market, but it’s not going to zero. The CEO said: “SilverGate has been banking this ecosystem for 9 years. So this type of volatility is not new to us. In fact, we built our platform to help our...
According to a newly released report by the ECB, Bitcoin is in the final stages of becoming irrelevant due to its many shortcomings. The report stated that Bitcoin's value stems from mere speculation, and its recent stability was the result of price manipulation....
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