Tag: Report

Stablecoin issuer Tether accessed US banking system using Signature: Report

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Tether, the firm behind the largest stablecoin by market capitalization, reportedly allowed its clients to send funds through Signature Bank’s payments platform — granting the firm access to United States banks. According to an April 4 Bloomberg report, Tether had a pathway to the U.S. banking system by instructing its users to send dollars though Signature’s Signet to its Bahamian partner Capital Union Bank. The report cited “people with knowledge of the situation,” who added this system was in place at the time regulators took control of Signature in March.…

Is Dogecoin coming to Twitter? Watch The Market Report

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This week on The Market Report, Cointelegraph analyst and writer Marcel Pechman breaks down everything that has been happening between Twitter, Elon Musk and Dogecoin (DOGE). He also covers the Changpeng “CZ” Zhao arrest rumors and Japanese crackdowns on crypto exchanges. Bitcoin price bounces after CZ arrest rumors as traders eye $30K next Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $27,240 on Bitstamp. Its lowest since March 28, the performance followed an outbreak of claims that Binance CEO Changpeng “CZ” Zhao, already under investigation by United…

US-Saudi Tensions Escalate as Report Says Crown Prince Is No Longer Interested in Pleasing the United States  – Economics Bitcoin News

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After Saudi Arabia and members of the Organization of the Petroleum Exporting Countries (OPEC) surprised the world by announcing cuts to oil production, a spokesperson for U.S. president Biden’s National Security Council stated that reducing production is not advisable. According to a recent report, Saudi Arabia’s crown prince Mohammed bin Salman has told associates that Riyadh is no longer interested in pleasing the United States. The Growing Shift Away from U.S. Dollar Hegemony in Global Trade and Finance There has been a lot of focus on OPEC members and the…

Binance’s market share drops on CFTC suit and no-fee trading halt: Report

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The dominance of cryptocurrency exchange Binance in trading volume market share has slipped over the past two weeks following a lawsuit from the United States commodities regulator and its decision to halt some zero-fee trading. In an April 4 newsletter blockchain analytics platform Kaiko reported Binance “lost 16% market share of trade volume,” with its market share at 54% as of the end of Q1. The U.S. Commodity Futures Trading Commission (CFTC) sued Binance on March 27 alleging it flouted regulatory compliance through violations of derivatives laws by offering trading…

South Korean authorities seize $160M in assets tied to Terra employees: Report

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The Seoul Southern District Prosecutor’s Office has reportedly confiscated roughly $160 million worth of assets from eight people connected to the collapse of Terraform Labs, including co-founder Daniel Shin. According to an April 3 report from South Korean news outlet KBS, authorities seized roughly 210 billion won — $160 million at the time of publication — worth of property connected to former Terra employees, mainly in the form of real estate. Prosecutors reportedly took control of houses and properties owned by former Terra vice president Kim Mo and an unnamed…

UK banks are turning away crypto clients: Report

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Crypto companies are facing difficulties accessing banking services in the United Kingdom, according to multiple sources interviewed by Bloomberg. The few banks still working with crypto firms are requesting more documentation and information about how they monitor client’s transactions. Challenges include having applications rejected, accounts frozen, and being overwhelmed with paperwork. Crypto companies have even complained to the government of Prime Minister Rishi Sunak, as the situation worsened in the past weeks. The move goes in the opposite direction of Sunak’s plans to prioritize financial technology disruption and make the…

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

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Elon Musk and his lawyers reportedly requested a United States judge to dismiss the $258 billion lawsuit filed by investors who alleged that he operated a pyramid scheme to promote the cryptocurrency Dogecoin (DOGE). According to an April 1 Reuters report, Elon Musk’s lawyers referred to the lawsuit filed by Dogecoin investors, a “fanciful work of fiction,” in Manhattan’s federal court on March 31. It was reported that Musk’s lawyers referred to his Dogecoin statements as “innocuous and often silly tweets,” in an effort to convince the judge to “throw…

Bermuda still open to crypto firms, says premier: Report

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The dramatic collapse of crypto exchange FTX last November is not moving Bermuda away from receiving crypto companies, according to the head of the British island territory’s government during an interview with Bloomberg News.  “The future of finance is digital,” said the premier and finance minister Edward David Burt, who believes there are still considerable benefits to be gained from digital assets and blockchain technology. Bermuda is a self-governing territory with a parliamentary government and was one of the first places to implement a regulatory framework for digital assets. The…

Net losses from crypto theft down sharply in Q1 2023 at $322M: Report

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Crypto hackers and scammers made off with $452 million in the first quarter of 2023, according to a report released by antivirus and app provider De.Fi. But that is good and bad news, as losses were down from $1.3 billion in the first quarter of 2022. The recovery rate was down too, however. According to the report, nearly half of the losses this quarter ($215 million) took place in the first three weeks of March. The Euler Finance and Bonq DAO exploits were the quarter’s loss leaders at $196 million…

Japan plans to form expert panel to explore digital yen: Report

Japan’s Finance Ministry is planning to establish an expert panel in April to explore the feasibility of introducing a digital yen, Japanese news outlet NHK reported.  According to the report, the ministry’s panel will focus on the creation of a framework for a central bank digital currency (CBDC) and will refer to a technical study conducted by the Bank of Japan (BOJ) over the past two years. The ministry intends to use the findings from the expert panel to prepare for the possible issuance of a digital yen. CBDCs are…