Business Financial News

19.03 / 20:05

business Banks UBS Credit Suisse Rescue Credit Suisse rescue plan may include nationalization, bondholder losses

A rescue plan for Swiss banking giant Credit Suisse may impose losses on its bondholders and even result in a full or partial nationalization of Credit Suisse Group AG, multiple reports revealed on March 19.

19.03 / 14:31

business Government regulation us government FTX Court SBF shilled FTX risk model to FDIC chairman Gruenberg prior collapse

Before crypto exchange FTX and its founder Sam Bankman-Fried (SBF) got tied down around allegations of misappropriation of users’ funds, SBF was among the most influential crypto entrepreneurs. Long before FTX collapsed, an allegedly leaked email exchange with a top regulator shows SBF’s intent to get the exchange federally regulated.

19.03 / 13:03

business defi Hackers investigation EXP Attack Euler Finance hacker sends 100 ETH to red-flagged North Korean address

Ever since Euler Finance fell victim to the biggest decentralized finance (DeFi) hack of 2023, the crypto community closely follows the $197 million loot on-chain — hoping to track down the attacker. Out of the series of transfers made by the hacker, one transaction of 100 Ether (ETH) was allegedly sent to an address associated with North Korea-linked actors.

18.03 / 19:51

business Binance Senate information Senators Financial Binance's response to U.S. Senators lacks financial information: Report

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.

18.03 / 18:59

business Blockchain Technology Adoption Bitcoin What are the Howey test and its implications for cryptocurrency?

The Howey test is a legal test used in the United States to determine whether a transaction qualifies as an investment contract and, thus, is considered a security under federal law. The test was established by the U.S. Supreme Court in SEC v. W.J. Howey Co. (1946), and it has since been applied in numerous cases to determine whether various financial arrangements and offerings constitute securities.

18.03 / 14:07

business regulation FTX Fried Sam bail week Sam Bankman-Fried to propose revised bail package 'by next week'

The lawyer representing crypto entrepreneur Sam Bankman-Fried (SBF) in the ongoing FTX case will soon present a revised bail package to Judge Lewis Kaplan of the Southern District of New York. The move comes after Kaplan expressed displeasure about SBF’s use of encrypted-messaging apps and virtual private network (VPN) services while out on bail.

18.03 / 08:43

business Adoption Central Bank banking Silicon Valley Bankruptcy More 186 US banks well-positioned for collapse, SVB analysis reveals

The perfect mix of losses, uninsured leverage and a greater loan portfolio, among other factors, resulted in the fall of Silicon Valley Bank (SVB). Comparing SVB’s situation with other players revealed that nearly 190 banks operating in the United States are at potential risk of a run.

18.03 / 04:37

business Microsoft wallet Web3 Bitcoin Wallet testing Microsoft reportedly testing Edge browser web3 wallet integration

Microsoft is reportedly working on integrating a crypto and nonfungible token (NFT) friendly Web3 wallet into its Edge web browser.

18.03 / 01:53

business Adoption defi Polygon Tokens Assets Digital Asset NOT Real-world assets tokenization lacks infrastructure, not just regulation

The merger between decentralized finance (DeFi) and traditional assets, has been held back by lack of infrastructure and regulatory standards worldwide, sources recently told Cointelegraph.

18.03 / 00:23

business FTX Court Assets Bankruptcy Holdings Crypto Holdings FTX debtors FTX debtors report $11.6B in claims, $4.8B in assets with many crypto holdings 'undetermined'

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.

17.03 / 23:53

business Stablecoin Circle Usd Coin moody’s regulatory USDC depeg will hinder stablecoins’ growth, increase regulatory scrutiny — Moody’s

Recent turmoil in the traditional banking sector, culminating in USD Coin (USDC) losing its peg, could negatively affect stablecoin adoption and potentially increase calls for regulation, argued credit rating agency Moody’s Investors Service.

17.03 / 22:43

markets business Blockchain Binance Investments Binance USD Binance replaces BUSD in SAFU Fund with TUSD & USDT

Cryptocurrency exchange Binance announced on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos' recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD's market capitalization over time.

17.03 / 22:23

business coinbase Banks Coinbase is planning to set up crypto trading platform outside US: Report

Cryptocurrency exchange Coinbase is reportedly planning to set up a crypto trading platform outside the United States, where it is currently headquartered.

17.03 / 21:27

business Stablecoin Metaverse Circle SVB Signature Bank collapses Crypto Biz: SVB collapses, USDC depegs, Bitcoin still up

Crypto investors should know by now that it doesn’t take much to topple a distressed multi-billion-dollar firm. On March 10, California regulators officially shut down Silicon Valley Bank (SVB) 48 hours after the company disclosed it was in financial distress. As Cointelegraph reported at the time, SVB is the first Federal Deposit Insurance Corporation (FDIC)-insured bank to fail in 2023. That crucial detail prompted federal regulators in the United States to step up and backstop SVB depositors before a bank run could ensue. Although government protections weren’t enough to stem a massive drop in bank stocks once markets reopened on Monday, Bitcoin (BTC) and the broader crypto market soared. Did FDIC bail out Bitcoin? Only time will tell.

17.03 / 20:13

business Blockchain regulation Banks Central Bank banking Bitcoin Banking crisis: What does it mean for crypto?

Last week’s rapid collapse of Silvergate, Silicon Vallley Bank and Signature Bank have highlighted the fragility of the traditional banking sector while depriving crypto of the main fiat on-ramp points in the U.S.

17.03 / 19:57

business Banks Federal Reserve Central Bank banking Credit Suisse Let First Republic and Credit Suisse burn

When crypto markets took a hit after the collapse of FTX and other crypto lenders last year, some crypto critics repeated the mantra, “Let crypto burn.” Now, it’s big banks that are faltering — including Credit Suisse and First Republic — after regional banks, including Signature Bank and Silicon Valley Bank, sparked a cascade. As a result, Moody’s has downgraded the entire banking sector.

17.03 / 18:55

business Bitcoin Futures Futures Volatility Bitcoin bitcoin volatility Betting on turmoil: Deribit launches Bitcoin volatility futures

Crypto derivatives exchange Deribit will soon launch Bitcoin (BTC) volatility futures, giving investors a direct way to measure and trade BTC market volatility.

17.03 / 15:43

business regulation SVB Silicon Valley Bankruptcy Financial Breaking: SVB Financial Group files for Chapter 11 bankruptcy

Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value.

17.03 / 15:19

business regulation banking SVB Silicon Valley Signature Bank US Bank collapse - was crypto being targeted?

Signature Bank in particular served the likes of Paxos Trust and Celsius and other major crypto firms that suffered as a result of the decisions taken by the Federal Deposit Insurance Corporation and New York State Department of Financial Services.

17.03 / 13:21

business Ethereum SEC Grayscale proof-of-work Proof-of-stake Post-Merge Ethereum: Grayscale extends review of ETHPoW decision

Cryptocurrency investment firm Grayscale Investments is taking more time to decide whether it should acquire and sell post-Merge forked Ethereum tokens.

17.03 / 05:29

business Stablecoin coinbase Banks data Crypto users Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash

The collapse of Silicon Valley Bank (SVB) saw investors loading their bags with USD Coin (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs).

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