Tag: Cash

Moscow City Crypto Exchanges Ready to Send Cash to London, Report – Exchanges Bitcoin News

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An investigation into digital asset exchanges in the Russian capital has established that some of them are ready to buy digital coins and deliver paper money in the U.K. The transfer of funds does not usually involve the identification of the clients, Transparency International Russia reveals in a report. Russia-based Cryptocurrency Exchanges Swap Stablecoins for British Cash Russian crypto exchanges that can transfer money abroad without following know-your-customer (KYC) procedures and anti-money laundering (AML) are in the focus of a study conducted by the Russian Chapter of Transparency International. The…

Why isn’t the Federal Reserve requiring banks to hold depositors’ cash?

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The Federal Reserve Board reduced banking reserve requirements to zero in March 2020. Since that time, banks in the United States have not been required to actually hold any depositor money in the bank, making a flawed system — fractional reserve banking — worse.  With Silvergate Bank, Silicon Valley Bank and Signature Bank now shuttered, many in the U.S. are wondering if regional banks pose the same risks. Zero reserve policies at the Federal Reserve only make further bank collapses more likely. Fractional reserve banking and Silicon Valley Bank Before…

BlockFi Has Cash Access for Staff, Vendors Despite SVB Collapse: Attorney

The New Jersey bankruptcy court had banned BlockFi from investing in secondary financial markets, according to a filing by U.S. Trustee Andrew Vara made on Friday. In a series of letters starting Feb. 17, Vara, a Department of Justice official responsible for bankruptcy matters, urged the lender to shift the funds somewhere where it would be protected by a government guarantee from the Federal Deposit Insurance Corporation (FDIC). Source

Alameda Research to Sell Sequoia Interest to Abu Dhabi Sovereign Wealth Fund for $45M in Cash

FTX’s sister trading firm Alameda has agreed to sell its interest in Sequoia Capital to a UAE-based entity.  Alameda Research appears set to sell its interest in Sequoia Capital to Abu Dhabi for $45 million. According to a recent report, the FTX sister trading firm agreed to sell the Sequoia stake to the Abu Dhabi sovereign wealth fund in cash. A March 8th United States Bankruptcy Court for the District of Delaware document detailed the sale agreement between Alameda and Abu Dhabi. Part of this filing read: “[FTX] decided to enter into the Agreement…

Tornado Cash dev says ‘sequel’ to crypto mixer aims to be regulator-friendly

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A former Tornado Cash developer claims to be building a new crypto mixing service that aims to solve a “critical flaw” of the sanctioned crypto mixer — which he hopes will convince U.S. regulators to reconsider its position on privacy mixers. The code of a new Ethereum-based mixer, “Privacy Pools,” was launched on GitHub on Mar. 5 by its creator, Ameen Soleimani. In a 22-part Twitter thread, Soleimani explained that the “critical flaw” with Tornado Cash is that users cannot prove that they’re not associated with North Korea’s Lazarus Group…

Tornado Cash Fork, Privacy Pools, Deployed on Optimism Testnet

With Privacy Pools, users deposit their funds into a common pool and withdraw their funds into a new wallet address that is untraceable and unlinkable to any prior transaction history, using zero-knowledge proofs that allow for information to be verified, such as a transaction on a blockchain, without leaking specific details of the transaction. Source

Bitcoin-friendly Cash App integrates TaxBit amid tax-filing season

Mobile payments processor Cash App has integrated crypto tax and accounting software TaxBit into its services, giving Bitcoin (BTC) holders a more streamlined approach to reporting their taxes.  As of Feb. 28, Cash App users can now keep track of their Bitcoin transactions for tax reporting purposes using TaxBit, both companies announced. TaxBit’s chief operating officer Lindsey Argalas said her company’s platform simplifies tax reporting “for everyone who has integrated digital assets into their portfolio.” Cash App launched its Bitcoin trading services in 2018 and rolled out BTC deposits the…