Crypto billionaires have been hit hard by the Securities and Exchange Commission’s crackdown on Binance and Coinbase, incurring huge losses so far this week. Binance CEO Changpeng Zhao, known as CZ, has seen his net worth shrink by $1.4 billion to $26 billion, while Coinbase CEO Brian Armstrong has seen his net worth drop by…
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JP Morgan Chase has filed a trademark application with the US Patent and Trademark Office for a finance-themed AI chatbot named “IndexGPT.” According to the application filed earlier this month, the tool is intended to assist investors in selecting financial securities and financial assets. … Read More: JP Morgan Chase Files Trademark for Finance-Themed Chatbot in US Read…
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An analyst at Berenberg investment firm believes MicroStrategy is now a safer bet compared to Coinbase due to the exchange’s regulatory issues. Mark Palmer, an equity research analyst at Berenberg Capital Markets, said the US Securities and Exchange Commission will likely file an enforcement action against Coinbase as the commission increases its scrutiny of the crypto sector. ……
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In a sign of dedication to its efforts to launch a spot Bitcoin Exchange Traded Fund (ETF) in the US, Grayscale Investments is trying a new approach. The digital asset manager, currently the world’s largest, announced on Wednesday the formation of a new trust, Grayscale Funds Trust. The new Delaware statutory trust structure will allow…
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Binance has lost a big share of its total trading volumes since ending its zero fees on Bitcoin pairs and in wake of the US Commodity Futures and Trading Commission (CFTC)’s lawsuit against the firm. That’s according to the latest blog post by crypto analytics firm Kaiko, which says that Binance’s market share has dropped…
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Consumer-focused UK bank NatWest is putting a limit on the amount of money customers can transfer to cryptocurrency exchanges in a move that shows deteriorating relationships between digital asset firms and financial institutions. Users of the bank will be limited to payments of 1,000 British pounds ($1,218) per day and 5,000 British pounds ($6,090) over…
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Global banking giant HSBC has acquired the UK subsidiary of now-collapsed lender Silicon Valley Bank for £1 ($1.21) after all-night talks between the government, regulators, and other prospective buyers. The deal excludes the assets and liabilities of SVB UK’s parent company. As of March 10, the UK arm of SVB had loans of around £5.5…
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Crypto-friendly US-based bank Silvergate Bank has begun the voluntary process of liquidation, according to a statement issued by the California Department of Financial Protection and Innovation (DFPI). The announcement of Silvergate Bank’s liquidation comes just a day after reports surfaced suggesting that the bank was discussing ways to avoid a shutdown with US federal officials….…
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Crypto-friendly bank Silvergate has been forced to return $9.85 million to BlockFi as part of the crypto lender’s ongoing bankruptcy proceedings. According to documents made available on the website of BlockFi’s restructuring advisor, the bankruptcy court overseeing BlockFi’s restructuring process ordered Silvergate to immediately release $9.85 million to the now-defunct crypto lender on Friday. … Read More:…
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Amid struggles to maintain access to the global banking system, the companies behind Singapore-based USDT stablecoin issuer Tether used a mixture of fraudulent documents, obscured identities and shell companies, according to a new bombshell report by the Wall Street Journal…. Read More: Breaking: Tether Investigation Reveals Use of Fraudulent Documents and Obscured Identities to Open…
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