Tag: Bank

Silvergate Bank Terminates Crypto Payments Network as Shares Plunge to Record Low – Featured Bitcoin News

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Silvergate Bank has discontinued its cryptocurrency payments network. The decision to shut down Silvergate Exchange Network followed the withdrawal of banking relationships by several major cryptocurrency firms, including Coinbase, Gemini, Paxos, and Circle. Silvergate Discontinues Crypto Payments Network Silvergate Bank announced Friday that its cryptocurrency payments network, the Silvergate Exchange Network (SEN), has been terminated. According to a notice posted on the crypto-focused bank’s website: Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN). All other deposit-related services remain operational. SEN is Silvergate’s…

Bybit halts USD bank transfers citing partner outages

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Dubai-based crypto exchange Bybit has suspended United States dollar (USD) deposits via bank transfers in response to “service outages from a partner”. Funds can be withdrawn through wire transfers until March 10.  In a blog post from March 4, the crypto firm said that “USD deposits via Wire Transfer (SWIFT) and Wire Transfer (For US bank) are no longer available.” As an alternative, users can continue to make USD deposits via the Advcash Wallet or with credit card. Notice on Suspension of USD Payments via Bank Transfer You may continue…

Bybit Halts US Dollar Deposits via Bank Transfer Due to Service ‘Outages’ From Partner – Bitcoin News

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On March 4, 2023, cryptocurrency exchange Bybit announced that it had suspended U.S. dollar deposits via bank transfer. Bybit cited “outages” from its partner as the reason for the suspension of USD deposits via bank transfers and the SWIFT network. Bybit Suspends USD Deposits, Wire Transfer Withdrawals Open Until March 10 The cryptocurrency exchange Bybit, founded in 2018, announced on Saturday that it is suspending U.S. dollar deposits. “Bybit has suspended USD deposits via bank transfer due to service outages from our partner,” the company said. “Effective immediately, USD deposits…

India’s Central Bank Digital Currency Will Act as Alternative to Cryptocurrency, Says RBI Official – Featured Bitcoin News

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An official of India’s central bank, the Reserve Bank of India (RBI), says that the country’s central bank digital currency (CBDC) will act as an alternative to cryptocurrency. He stressed that the digital rupee must possess all the attributes of physical currency, including anonymity. India’s CBDC Update Reserve Bank of India (RBI) Executive Director Ajay Kumar Choudhary provided some updates on India’s central bank digital currency (CBDC) during an interview with CNBC-TV18 on Friday. The Indian central bank is exploring the offline functionality of the digital rupee, Choudhary conveyed. Noting…

Stablecoin Issuer Tether Used Bank Accounts Opened With Falsified Documents in Past: WSJ

According to the Journal’s report, Tether Holdings co-owner Stephen Moore pushed back against the use of fake sales invoices, saying “I would not want to argue any of the above in a potential fraud/money laundering case” in an email seen by the Journal, referring to an intermediary which traded USDT in China. Original Source AccountsBankDocumentsFalsifiedIssuerOpenedStablecoinTetherWSJ CryptoX Portal

Total crypto market cap takes a hit amid Silvergate Bank crisis

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Cryptocurrency markets experienced a relatively calm month in February as the total market capitalization gained 4% in the period. However, the fear of regulatory pressure appears to be having an impact on volatility in March. Bulls will undoubtedly miss the technical pattern that has been guiding the total crypto market capitalization upwards for the past 48 days. Unfortunately, not all trends last forever, and the 6.3% price correction on March 2 was enough to break below the ascending channel support level. Total crypto market cap in USD, 12-hour. Source: TradingView…

Coinbase cutting ties with Silvergate forces crypto hedge fund to find a new bank

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The popular fintech bank Silvergate Bank lost five crypto partners on March 2, owing to a slew of investigations and lawsuits against it. Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital were some of the most notable crypto firms that were using Silvergate as their banking partner. However, the termination of service by Coinbase has also forced a crypto hedge fund to look for an alternate banking partner. Today Silvergate has lost CoinbaseCirclePaxosGalaxyCBOE RIP https://t.co/XlexB5u2wD — db (@tier10k) March 2, 2023 On March 3, a crypto hedge fund called Digital Asset…

Xapo Bank Integrates Lightning Network Payments Through Lightspark Partnership – Bitcoin News

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On March 2, Xapo Bank announced its partnership with Lightspark, a company led by David Marcus, former crypto boss at Facebook. The partnership aims to extend the utility of bitcoin and the Lightning Network. Xapo revealed on Thursday that it is the first fully licensed private bank to offer payments through the Lightning Network. Xapo CEO Sees Lightning Network Integration as a Solution to High Fees and Long Transaction Times Xapo has partnered with Lightspark to integrate the Lightning Network, according to an announcement sent to Bitcoin.com News. The company,…

Russian bank issues first on-chain bank guarantee in Chinese yuan

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Moscow Credit Bank has issued a blockchain-based bank guarantee denominated in Chinese currency, claiming the product is the first in the country. The bank guarantee exceeds 100 million Chinese yuan — or nearly $144,600 USD at time of publication.  According to a statement, the transaction was performed through the Masterchain blockchain platform, andthe Russian national blockchain network created to transfer digital assets​ between its participants. As one of the advantages of performing the transaction on-chain, the financial institution mentioned that “the beneficiary does not need to wait for the paper…

Coinbase Severs Ties With Silvergate Bank Amidst JPMorgan Downgrade and Delayed SEC Filing – Bitcoin News

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On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s shares from “neutral” to “underweight.” Coinbase Cuts Ties With Silvergate Bank, Firm’s Shares Expected to Be Highly Volatile After Recent Developments Coinbase announced on Thursday that it is no longer accepting or initiating any payments…