New York Financial News

New York-based Signature Bank, another crypto-friendly bank, has been closed down by its state charter authority as of Mar. 12.

While the crypto-market is still grappling with the collapse of the crypto-centric bank – Silvergate Bank, another bank has had its shop closed. In a statement released today by the Board of Governors of the Federal Reserve System, the New York authorities have closed Signature Bank, New York. The announcement read,

Banking regulators devised a plan Sunday to shore up deposits at Silicon Valley Bank, a critical step in stemming a feared panic over the collapsed tech-focused institution.

The expected restart of student-loan repayments later this year could add to pressure on younger borrowers, who are already falling behind on debt in an era of high inflation and rising interest rates. 

Voyager Digital's bankruptcy plan, creating a new hurdle for the crypto lender's plan to sell its assets and transfer its customers to Binance.US in a deal valued at $1.3 billion. The U.S. Attorney's Office for the Southern District of New York and the Office of the U.S. Trustee, the Department of Justice's bankruptcy watchdog, filed a notice of appeal late Thursday in U.S. bankruptcy court in Manhattan. It did not detail why they were appealing. U.S. Bankruptcy Judge Michael Wiles, who is overseeing Voyager's Chapter 11 bankruptcy process, had approved Voyager's restructuring plan, which is built around the acquisition by crypto exchange Binance.US, at a hearing on Tuesday after overruling objections from the U.S. Securities and Exchange Commission and DOJ. Voyager, Binance.US and the DOJ did not immediately respond to requests for comment on the appeal.

Worker filings for U.S. unemployment benefits jumped last week due to increases in New York and California but remained historically low, as demand for labor outstrips the number of people looking for work.

The expected restart of student-loan repayments later this year could add to pressure on younger borrowers, who are already falling behind on debt in an era of high inflation and rising interest rates. 

Worker filings for U.S. unemployment benefits jumped last week due to increases in New York and California but remained historically low, as demand for labor outstrips the number of people looking for work.

The expected restart of student-loan repayments later this year could add to pressure on younger borrowers, who are already falling behind on debt in an era of high inflation and rising interest rates. 

Bitcoin is having its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment. The largest token fell as much 2.1% on Friday, breaking below $20,000 for the first time since January, after falling more than 8% on Thursday. Ether added to losses and smaller coins like Solana and Cardano struggled for traction. A rout in US bank stocks on Thursday stoked concerns that rising borrowing costs are creating a treacherous economic and investing outlook. In New York, the state regulator sued KuCoin, a popular crypto exchange, and in the process claimed in court that second-largest token Ether is a security. The US Securities & Exchange Commission also contends that many cryptocoins are securities, a designation that would potentially make them harder to trade. “The selloff in cryptocurrencies appears to be largely equity-market led,” said John Toro, head of trading at digital-asset exchange Independent Reserve. He added that the wind-down of crypto-friendly bank Silvergate Capital Corp. and President Joe Biden’s proposal for a series of tax increases on investors and top-earning Americans contributed to the downdraft.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

On Mar 10, Reuters reported that the U.S. District Judge Lewis Kaplan has expressed concerns over the proposed bail conditions for former FTX cryptocurrency exchange founder Sam Bankman-Fried. 

USD Coin (USDC) issuer Circle exposure to the United States banking system sits near to $9 billion, according to its latest audit report from January. Circle's reserves are held in a number of regulated financial institutions in the country, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon. 

Bitcoin (BTC) led a sharp sell-off in the cryptocurrency markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment. 

After a brief dip below the $1,400 level for the first time in nearly two months earlier in the session, Ether (ETH) has managed to regain a modicum of composure in wake of the release of a mixed US jobs report for February.

New York Attorney General Letitia James referred to Ethereum’s native ETH token and other cryptocurrencies as “securities and commodities” in a statement issued in relation to her lawsuit against crypto exchange KuCoin.

Worker filings for U.S. unemployment benefits jumped last week due to increases in New York and California but remained historically low, as demand for labor outstrips the number of people looking for work.

Shortly after bankrupt crypto lender Voyager Digital was authorized to sell its assets to crypto exchange Binance.US and transfer its users to the platform, the U.S. Department of Justice (DOJ) made an attempt to block the sale by filing an appeal that could derail it.

A former Goldman Sachs banker was sentenced on 9 March to 10 years in prison for helping to loot billions of dollars from a Malaysian sovereign-wealth fund in a global financial scandal that tarnished the Wall Street bank.

The United States Department of Justice (DOJ) has filed an appeal against the latest decision in the case for the selling of assets between Voyager Digital and Binance.US.

New York state Attorney General Letitia James announced that she has filed suit against cryptocurrency exchange KuCoin after she was able to buy and sell crypto on the exchange, which is not registered in New York. “This action is one of the first times a regulator is claiming in court that ETH, one of the largest cryptocurrencies available, is a security,” according to her statement.