Tag: Bank

Silvergate Capital Corporation will ‘voluntarily liquidate’ Silvergate Bank

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The parent company of Silvergate Bank, known to many in the space as one of the major crypto banks, has announced plans to “wind down operations” and liquidate the bank. In a March 8 announcement, Silvergate Capital Corporation said the decision to shutter operations was “in light of recent industry and regulatory developments.” According to the company, the Silvergate Bank liquidation plan included “full repayment of all deposits”. Many crypto firms, including Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital, announced in March they would cut ties to the bank following…

Crypto Bank Silvergate Announces ‘Voluntary Liquidation’

In a statement, Senate Banking Committee Chairman Sherrod Brown (D-Ohio) said, “As the impact of FTX’s collapse continues to ripple outward, today we are seeing what can happen when a bank is overreliant on a risky, volatile sector like cryptocurrencies. I’ve been concerned that when banks get involved with crypto, it spreads risk across the financial system and it will be taxpayers and consumers who pay the price. That’s why I am continuing to work with my colleagues in Congress and financial regulators to establish strong safeguards for our financial…

Signature Bank, Stablecoins Might Benefit From Silvergate Bank Crypto Exchange Network’s Demise

Now, the network has been shut down – closed last week as the bank’s parent company, Silvergate Capital Corp., acknowledged there were questions about its ability to continue as a “going concern,” and that it would be late in filing an annual report with securities regulators. Even before the announcement, key users of SEN, including the crypto firms Coinbase, Gemini, Paxos, Circle, Galaxy Digital, Cboe Digital and Bitstamp, were already dropping off, citing the need for caution. Source

Crypto Exchange Kraken To Launch New Crypto Bank in US Amid Regulatory Issue

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US-based crypto exchange Kraken is still launching a new Wyoming-based crypto bank despite the U.S. Securities and Exchange Commission’s (SEC) recent banning of the exchange’s staking service. Kraken Support directly told a Twitter user that Kraken Bank is still on its way, with an initial offering to customers in the USA. “Kraken Bank is not open yet but on its way. The offering will initially be available to existing Kraken clients in the USA with potential international expansion in the future.” Kraken announced in 2020 that it is officially opening a crypto bank,…

Iran completes pre-pilot phase of central bank digital currency

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Iran is moving forward with its central bank digital currency (CBDC) plans, completing preliminary research for the launch of a potential digital rial. The Central Bank of Iran (CBI) has successfully completed a pre-pilot phase in the development of Iran’s CBDC, according to an official statement by CBI’s research arm, the Monetary and Banking Research Institute (MBRI). Mohammad Reza Mani Yekta, head of the CBI office for supervising payment systems, announced the news at the ninth annual conference on electronic banking and payment systems on Feb. 20. He noted that…

Central Bank Orders Financial Institutions to Ration Dollars – Africa Bitcoin News

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Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate is higher than the official government rate. New Limits Curtailing Operations of Kenyan Firms Kenya’s ongoing foreign exchange shortages have reportedly forced the Central Bank of Kenya (CBK) to instruct financial institutions to impose caps on the amount of forex that businesses and individuals can purchase.…

Tether strikes at WSJ over ‘stale allegations’ of faked documents for bank accounts

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The company behind stablecoin Tether (USDT) has rebuffed a report by The Wall Street Journal claiming it had ties to entities that faked documents and used shell companies to maintain access to the banking system. On March 3, the WSJ reported on leaked documents and emails purportedly revealing that entities tied to Tether and its sister cryptocurrency exchange Bitfinex faked sales invoices and transactions and hid behind third parties in order to open bank accounts they otherwise may not have been able to open. In a March 3 statement, Tether…

Reserve Bank of Australia Unveils Proposed CBDC Use Cases – Featured Bitcoin News

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The Reserve Bank of Australia said on March 3 that it has selected 14 digital currency proposed use cases from a large number of submissions obtained from industry participants. An assistant governor at the RBA, Brad Jones, said the Aussie central bank is encouraged by the composition of providers that have been “invited to participate in the live pilot.” Collaboration Between Industry Participants and the Central Bank The Australia central bank, which has been exploring the benefits of central bank digital currency (CBDC), recently announced the digital currency’s proposed use…

Bank of America Expects the Fed to Keep Hiking Rates Until ‘Point of Pain’ for Consumer Demand – Economics Bitcoin News

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Bank of America has warned that the Federal Reserve will have to keep raising interest rates until it finds “the point of pain for consumer demand.” Expecting a slowdown in consumer demand to “lead to an outright recession,” the bank’s economist cautioned that “additional Fed hikes would also mean more pain for the interest-sensitive non-consumer sectors such as housing.” Bank of America’s Economic Warning Bank of America senior economist Aditya Bhave published a note earlier this week warning that the Federal Reserve could increase interest rates beyond the market’s expectations…