Silvergate Bank, which is known for being crypto-friendly, has been instructed to wind down its operations. The Federal Reserve Board issued a consent order to Silvergate Capital Corporation and Silvergate Bank on June 1, 2022. The company had initially announced voluntary self-liquidation on March 8, 2022. Shutdown Plan The order requires Silvergate Bank to submit
Binance CEO Changpeng Zhao has revealed that regulatory requirements were the reason behind the company’s withdrawal from the Canadian market. Binance announced on May 12 that it would be “proactively withdrawing from the Canadian marketplace” due to new crypto exchange regulatory guidance on stablecoins and investor limits. In an AMA Twitter Spaces, CZ gave a
Binance has announced that it will delist privacy coins for users in certain jurisdictions effective June 26. The crypto exchange said that it had reached out to affected users to inform them that they will no longer be able to purchase or trade privacy tokens on its platform after the aforementioned date. This move is
The cryptocurrency market saw a downturn in May, with Bitcoin (BTC) declining by 7.37% and Ether (ETH) decreasing by 0.22%. The average loss across the market was 5.62% on the last day of the month. However, some outliers posted impressive gains, driven by popular investment narratives and the growth of the Ethereum staking sector. Pepecoin
US lawmakers are set to discuss digital asset spot markets during a hearing to be held by the House Agriculture Committee on June 6. The committee has jurisdiction over the Commodity Futures Trading Commission (CFTC), which has been exercising its jurisdiction through enforcement actions and public statements over the past year. The hearing will be
Binance, the world’s largest crypto exchange by trading volume, has announced their plan to delist several privacy-focused coins for users in Spain, France, Italy, and Poland. The coins that will be delisted are designed to make it difficult for third-parties to trace transactions and get information about wallet balances. These coins include Zcash (ZEC), Monero
The US Government’s push for an independent inquiry of the now-bankrupt crypto exchange FTX was referred to the U.S. Third Circuit Court of Appeals on Tuesday. The government’s push comes after a group of both Democratic and Republican Senators in January called for an inquiry into FTX’s bankruptcy, arguing that a “thorough, objective investigation of
DeeLance, a web3 freelancing and remote work metaverse platform, is set to become the next cryptocurrency to explode. The platform is a decentralized version of Fiverr and Upwork, which aims to unite freelancers and employers and transform remote working and the $761 billion recruitment sector. By leveraging blockchain’s decentralization and transparency, DeeLance aims to remove
As the summer season begins, the financial markets are experiencing an unexpected heatwave in the form of the U.S. Dollar Index (DXY). Since late April, the DXY has been on an unprecedented uptrend, reaching levels unseen since the banking crisis in early March. This surge in the dollar has raised concerns among market participants due
A global money laundering and terrorist financing watchdog has called on Qatar to make significant improvements to its response to terrorist financing. According to a report released by the Financial Action Task Force (FATF), Qatar needs to understand more complex forms of money laundering and terrorist financing and establish more controls to combat these issues.