Tag: Cash

European Union to Put a 10,000-Euro Limit on Cash Payments; Transactions Over €1,000 in Crypto Will Be Scrutinized – Regulation Bitcoin News

boss

The states of the European Union have convened to establish a new limit on cash purchases and to strengthen the controls on cryptocurrency transactions. On Nov. 6 the bloc agreed to put a limit of €10,000 ($10,557) on cash payments and to exert stronger oversight on crypto transactions of over 1,000 euros ($1,055). European Union to Limit Cash Usage, Ostensibly to Fight Money Laundering The countries of the European Union have announced a set of new directives to make more difficult the usage of cash and other alternative currencies like…

FalconX says exposure to FTX represented 18% of its ‘unencumbered cash equivalents’

boss

Cryptocurrency trading company FalconX has disclosed that it suffered losses in the collapse of FTX.  According to the company, its assets locked on FTX represent only 18% of its “unencumbered cash equivalents.” However, the company added that this ratio fell well within their counterparty exposure limits.  FalconX insisted that despite its exposure to the now insolvent FTX, its finances remain strong, as it continues to facilitate “billions of dollars” in daily trade volume for its clients. The company also claimed that its monthly volume has grown by “80%+ month-over-month.” It’s…

Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than $44 per Day – Bitcoin News

boss

In a new directive to financial institutions, the Central Bank of Nigeria (CBN) said individuals can now only withdraw an equivalent of just under $222 per week while corporates can only withdraw cash not exceeding $1,111 during the same period. The new limits, which are in line with the CBN’s cashless policy, are set to become effective on Jan. 9, 2023, the central bank said. Processing Fee to Be Levied on Cash Withdrawals Exceeding New Limits The Central Bank of Nigeria (CBN) recently announced the revised cash withdrawal limits that…

Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

boss

Nigeria has drastically reduced the amount of cash individuals and businesses can withdraw as it attempts to push its “cash-less Nigeria” policy and increase the use of the eNaira — Nigeria’s Central Bank Digital Currency (CBDC). The Central Bank of Nigeria issued the directive to financial businesses in a Dec. 6 circular, noting that individuals and businesses would now be limited to withdrawing $45 (₦20,000) per day and $225 (₦100,000) per week from ATMs. Individuals and businesses will also be limited to withdrawing $225 (₦100,000) and $1,125 (₦500,000) respectively at…

Treasury officials should leave Tornado Cash alone for the sake of national security

boss

A second powerful moment occurs when the same user is introduced to a block explorer, looks up their address and sees that same transaction there on the blockchain for all to see. There are competing visions of what Bitcoin (BTC), Ether (ETH) and other cryptocurrencies will achieve. They may be the future of gold, payments, currency or bank accounts. But no matter your crypto vision, none can work without achieving the same level of privacy enjoyed by cash or, at a minimum, credit cards. While credit card companies conduct unparalleled…

3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial

Boerlage said records of internal conversations show Pertsev, Semenov and Storm ran Tornado like a business, discussing management and operational decisions, and that they could, in practice, outvote other holders of the protocol’s TORN tokens. In particular, she said, they could have chosen to impose better laundering checks but doing so would have driven away too many clients. Source

Core Scientific in ‘substantial doubt’ of continuing without more cash

boss

Bitcoin (BTC) miner Core Scientific has warned of  “substantial doubt” they will be able to continue operations over the next 12 months given financial uncertainty. In its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Nov. 22, the firm indicated it had accrued a net loss of $434.8 million over the third quarter of 2022. After net losses of $862 million in the second quarter, its total net losses for 2022 are sitting at $1.71 billion. The company suggested in order to continue its operations…

Collapsed crypto exchange FTX has about $1.24 billion of cash in total — but still owes at least $3.1 billion

boss

In this photo illustration, a bitcoin logo seen displayed on a smartphone with a FTX logo on the background.  Avishek Das | Lightrocket | Getty Images FTX’s vast web of entities had a total of around $1.24 billion in cash balances as of Nov. 20, according to a new court filing out late Monday. The filing was penned by Alvarez & Marsal North America, which is advising FTX on restructuring efforts after the exchange filed for bankruptcy protection earlier this month. Edgar Mosley, managing director at Alvarez & Marsal North…

Tornado Cash developer Alexey Pertsev to stay detained until next year’s hearing

boss

Detained Tornado Cash developer Alexsey Pertsev will spend another three months in custody in the Netherlands, according to a court hearing held on Nov. 22. Cointelegraph attended a preliminary court hearing at the Palace of Justice in ’s-Hertogenbosch, which outlined the basis of the case against Pertsev after 103 days in custody. The prosecution outlined a broad overview of its investigation, painting Pertsev as a central figure in Tornado Cash’s operation before Advocate WK Cheng delivered his first defensive argument. Cheng highlighted several points outlining Tornado Cash’s use cases and…