State New York Financial News

The ongoing case of the Celsius bankruptcy continues as the United States Bankruptcy Court in the southern district of New York State approved a new filing deadline.

The superintendent of the New York Department of Financial Services (DFS) joined a nationwide regulatory discussion in the aftermath of the FTX collapse with a fresh take. Adrienne Harris believes that any federal crypto legislation to come should not override state regulatory regimes. 

Terra’s Luna Classic (LUNC) has recently seen a price increase that took it from the lowest point this month, at $0.0002282 to $0.0002513. While a fairly low increase, it is still notable, as it suggests that the project might be recovering, especially after recent news involving a 4-year plan to bring back value to the token.

According to a new page added to its support section on Oct. 25, Cash App — a mobile phone payment processing app created by Block Inc. — has added support for transactions via the Bitcoin Lightning Network. The new feature allows Cash App users to send and receive Bitcoin (BTC) on the faster, more efficient layer-2 protocol. Lightning is ideal for small transactions, with near-instant processing times, compared with the minutes to hours required on the Bitcoin blockchain. 

Bitcoin (BTC) headed toward $20,000 as United States equities gained at the Oct. 17 Wall Street open.

Speculations about crypto lender Nexo heading towards bankruptcy were squashed by the company's top-ranking members.

Kalin Metodiev, the co-founder and managing partner of crypto lender Nexo stated his firm was “surprised” by the way in which eight state regulators publicly took action against it for securities violations.

The California Department of Financial Protection & Innovation (DFPI) has filed a desist and refrain order against crypto lending platform Nexo as part of its ongoing investigation of companies offering interest-bearing crypto assets accounts. The agency claims it is joining regulators from seven other American states in taking action against the company. The other states involved are Kentucky, New York, Maryland, Oklahoma, South Carolina, Washington and Vermont, according to CNBC.

The Golden State of California may be America's most inquisitive state about Bitcoin (BTC) and Ethereum (ETH), new data from CoinGecko has revealed. 

Celsius crypto lender, now bankrupt, sues ex-money manager over alleged theft

Salman Rushdie, the author whose writing led to death threats from Iran in the 1980s, was attacked Friday as he was about to give a lecture in the USA. 

Geopolitical worries capped the gains for the digital market as US congresswoman Nancy Pelosi visited Taiwan which infuriated China. The world's second-largest economy warned of 'targeted' military operations. Top crypto tokens were trading higher on Wednesday.

The decision also comes as Robinhood posts second quarter results which show a 44% fall in revenues compared to the same period the year before on declining monthly active users and assets under custody.It also comes on the heels of a $30 million fine by New York State Department of Financial Services for "significant" anti-money laundering, cybersecurity and consumer protection violations at its crypto unit.In a message to staff, Tenev says the cuts will be concentrated in the operations, marketing, and program management functions."As CEO, I approved and took responsibility for our ambitious staffing trajectory - this is on me," writes the CEO.In addition to the job cuts, Robinhood is moving to a general manager structure in order to "flatten hierarchies, reduce cross-functional dependencies, and remove redundant roles and positions".

Despite self-reporting compliance with the rules, an NYDFS investigation uncovered a litany of failures at the brokerage, as it struggled to keep pace with customer demand for crypto services. Among other things, the regulator found that RHC’s BSA/AML program was inadequately staffed; failed to timely transition from a manual transaction monitoring system that was inadequate for RHC’s size, customer profiles, and transaction volumes; and did not devote sufficient resources to address risks specific to the business.

The New York Department of Financial Services, or NYDFS, has announced a $30 million penalty on Robinhood’s cryptocurrency arm for alleged violations related to anti-money laundering, cybersecurity and consumer protection laws.

In the US, New York’s Attorney General says she wants Big Apple-based crypto industry workers and investors to come forward with complaints about unscrupulous crypto firms.

There is an old Arabic proverb: “The dogs bark, but the caravan moves on.” It could summarize the journey to date of Tether (USDT), the world’s largest stablecoin. 

Su Zhu and Kyle Davies, the founders of Three Arrows Capital (3AC), the beleaguered crypto hedge fund, might have fled Singapore and their whereabouts are unknown, the firm’s lawyers said in its bankruptcy filing.

Lawsuit accuses troubled crypto lender Celsius Network of fraud

The market may be on the up as the week draws to a close, but crypto turmoil shows no signs of abating. There are more goings-on at Three Arrows Capital (3AC), Celsius (CEL) is in the spotlight again – and the Voyager journey continues.

Crypto mining firm Riot Blockchain said it has begun relocating rigs from its New York data facility, with the majority intended to end up in central Texas.