Day: March 10, 2023

Kazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance – Exchanges Bitcoin News

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Authorities in Kazakhstan have busted an illegal crypto trading platform, seizing over $350,000. The exchange allegedly processed almost $34 million in transactions through wallets on Binance, two of which have been blocked during the ongoing investigation. Digital Asset Exchange Making Millions in Turnover Closed Down in Kazakhstan A platform illegally trading cryptocurrencies in Kazakhstan, ABS Change, has been identified and shut down, the country’s Financial Monitoring Agency (FMA) announced on Telegram. Three Kazakhstani citizens have been accused of running the exchange which carried out its activities without a license since…

Who Failed Silicon Valley Bank Depositors?

Yes, SVB was tech-forward and, while not necessarily “crypto-friendly,” it did bank crypto hedge funds and VCs like Blockchain Capital, Castle Island Ventures, Dragonfly and Pantera (oh, and even CoinDesk). SVB didn’t fail because of any of these businesses. Even though it might make sense to be critical of depositor concentration in most cases, that doesn’t apply here. Source

How Silvergate’s Crypto Collapse Differed From Silicon Valley Bank’s: No Bailout

In the end, Silvergate Bank didn’t survive. But its executives were able to avoid taking government assistance. Silvergate Capital’s share price is down 83% since March 1, the day it said it was unable to file its annual report. But with shareholders taking the hit – not depositors or the government – it was, in a way, the ideal scenario for a bank collapse. As strange as that sounds. Source

$920B is the number to watch now that crypto’s trillion dollar total market cap is gone

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Big round numbers always pique the interest of investors and the $1 trillion total crypto market capitalization is no exception. It’s a level that held for 48 days before collapsing on March 9. After a 16-hour negative 8.6% price movement, the indicator fell to $914 billion, its lowest level since Jan.13. Total crypto market cap in USD, 1-day. Source: TradingView Concerns about the stability of the U.S. banking industry, specifically the downfall and subsequent closure of Silvergate Bank (SI) on March 8 and the shut down of Silicon Valley Bank…

Sam Bankman-Fried’s bail conditions still too lenient, says judge

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On March 10, Reuters reported that U.S. District Judge Lewis Kaplan had expressed concerns over the proposed bail conditions for former FTX founder Sam Bankman-Fried.  Judge still thinks proposed Bankman-Fried bail conditions too lenient https://t.co/qsfFqJ8Nlt pic.twitter.com/tLhMKMrRax — Reuters (@Reuters) March 10, 2023 As previously reported by Cointelegraph on March 4, Kaplan — serving on the United States District Court for the Southern District of New York — proposed that Bankman-Fried be prohibited from using smartphones, tablets, computers and any video game platforms or devices that allow chat and voice communication.…

SEC denies VanEck spot BTC trust product, commissioners see double standard

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On March 10, the United States Securities and Exchange Commission ruled against a change that would allow investment manager VanEck to create a spot Bitcoin (BTC) trust. Commissioner Mark Uyeda joined his colleague Hester Peirce in releasing a statement criticizing the commission’s decision not to approve the listing and trading of the financial product.  The commissioners noted that the SEC had denied every application for a spot Bitcoin trust that ha been filed, amounting to almost 20 over the last six years. Its decision on VanEck “repeats the analysis that the…