Tag: Report

Australia reportedly asks banks to report on crypto

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Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse. The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21. The regulator has ordered banks to improve their reporting on crypto assets and provide daily updates to the APRA, the report notes, citing three people familiar with the matter. The agency is aiming to obtain more information and insight into…

US exploring ways to guarantee the country’s 18T of bank deposits: Report

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U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen. The current deposit insurance cap under the Federal Deposit Insurance Corporation (FDIC) stands at $250,000, however, following the collapse of several banks in March, there have been calls to increase that amount. Organizations such as the Mid-Size Bank Coalition of America called on March 18 for the cap to be lifted for the next two years, citing a need to protect depositors and to…

Coinbase pauses support for Signature Bank’s Signet: Report

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More than a week after New York regulators closed the crypto-friendly Signature Bank, Coinbase has reportedly stopped support for the institution’s Signet payment platform. According to a March 20 report from the Wall Street Journal, Coinbase users won’t be able to use Signet to send funds outside of banking hours until further notice. The crypto exchange was reportedly looking for another payment network provider and waiting on the outcome of the situation with Signature. The crypto-friendly bank was the third domino to fall following the failure of Silvergate Bank on…

Blockchain gaining adoption in more than just DeFi: Report

Anyone familiar with the blockchain industry knows that decentralized finance (DeFi) is one of the sector’s most prominent use cases with the most substantial adoption. Recent issues in the banking sector, like those surrounding Silicon Valley Bank and Credit Suisse, have caused many to take a second look at Bitcoin (BTC) and crypto as an alternative to the traditional banking system. And while the further expansion of DeFi bodes well for the rest of the crypto industry, is blockchain technology expanding and being utilized in other ways as well? That’s…

SVB’s UK arm issues 15M pounds in bonuses after symbolic bailout: Report

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Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 pound, a recent report revealed. According to a March 18 Sky News report citing unnamed sources, the payouts to SVB UK staff and senior executives were signed off “earlier this week” by HSBC UK Bank – the institution which acquired SVB UK for 1 British pound ($1.22 USD) on March 13. It was reportedly “unclear” how much had been awarded to SVB…

Switzerland preparing emergency measures for UBS’ takeover of Credit Suisse: Report

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The Swiss National Bank (SNB) and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland’s largest bank, is the “only option” to prevent a “collapse in confidence” in Credit Suisse. According to a March 18 Financial Times report citing three people familiar with the situation, Switzerland is preparing to use “emergency measures” to accelerate the takeover by UBS of Credit Suisse, in an effort to finalize the acquisition before “markets open on Monday.” It was noted that the emergency measures set in place…

US midsize banks seek FDIC Insurance on ‘all deposits’ for 2 years: Report

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The Mid-size Bank Coalition of America (MBCA) has reportedly asked United States federal regulators to extend insurance on all deposits for the next two years. According to a March 18 Bloomberg report, the MBCA – a coalition of mid-size U.S. banks – sent a letter to the U.S. Federal Deposit Insurance Corporation (FDIC), asserting that extending insurance on “all deposits” would “immediately halt the exodus” of deposits from smaller banks. The MBCA also reportedly noted that this action would “stabilize” the banking industry and significantly decrease the chances of “more bank…

Binance’s response to U.S. Senators lacks financial information: Report

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Binance has answered a letter from United States Senators from early March requesting information about the crypto exchange operations in the country, including its balance sheet.  According to a report on March 18, Binance’s response did not include the financial data requested. Bloomberg learned from an anonymous source that despite being omitted from the letter, the exchange sent the information to U.S. regulators. In the 14-page document, Binance chief strategy officer Patrick Hillman dives into the exchange’s compliance history, recognizing previous mistakes and claiming the firm has built solid Know…

Protego’s conditional national bank status expired without approval: Report

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Institutional cryptocurrency custodian Protego’s conditional national trust banking charter has expired without it receiving permanent approval, according to a March 17 report in Fortune. A spokesperson for the United States Office of the Comptroller of the Currency (OCC) told Fortune that the firm did not meet pre-conversion requirements. According to the spokesperson: “[The] pre-conversion requirements included policies, procedures, systems and other measures to ensure the safe and sound operation of the bank as well as meeting minimum capital and liquidity requirements.” Protego, based in Washington state, was granted an 18-month…

FTX debtors report $11.6B in claims, $4.8B in assets with many crypto holdings ‘undetermined’

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The debtors in FTX’s bankruptcy case hreported the various company silos had more than $4 billion in scheduled assets as of November 2022, but said they were still investigating the firm’s crypto holdings. In a March 17 filing with United States Bankruptcy Court for the District of Delaware, FTX debtors submitted a presentation to the committee of unsecured creditors on its Statement of Financial Affairs, or SOFAs, which also detailed the scheduled assets and claims of the company. According to the filing, the West Realm Shires silo — which includes…