On Monday, New York authorities issued a further warning to the crypto industry, this time regarding how to safely manage its clients’ digital assets. The New York Department of Financial Services (NYDFS) sent a public letter to the sector explaining the need of segregating client funds, the role that custodians
The Federal Home Loan Banks System (FHLB) of the United States is financing billions of dollars to two of the biggest cryptocurrency banks to lessen the impact of a spike in withdrawals. The FHLB is an association of 11 regional banks from different parts of the country. And that lend
A representative for Gemini, a cryptocurrency exchange, confirmed on Monday that the company will be laying off 10% of its workforce. Gemini, which was co-founded by the Winklevoss twins, is subject to New York banking regulations. And has had to make at least three rounds of layoffs in less than
Bitcoin (BTC), the dominant cryptocurrency in the market, has witnessed a deceleration in its further expansion due to the Securities and Exchange Commission (SEC). According to Michael Sonnenshein, the CEO of one of the top investment management firms, Grayscale Investments, the SEC’s crypto regulatory laws have resulted in the slowdown
The largest cryptocurrency exchange in the world, Binance, stated over the weekend that its fiat partner Signature Bank will no longer be processing transactions for amounts less than $100,000. The bank’s move comes as it seeks to reduce its exposure to the cryptocurrency sector. The recent market instability after the
The world’s most prominent cryptocurrency Bitcoin (BTC) kicks off the new year by retaining its bullish momentum. BTC peaking at over $23,000 price range, the first milestone since early August. Last weekend, Bitcoin began to show a positive trend, reaching a high of $19,942 before resting in the $18,000–$17,000 region.
JPMorgan Chase CEO Jamie Dimon expressed his doubts about bitcoin once again in an interview with CNBC on Thursday. The JPMorgan executive said, “Bitcoin itself is a hyped-up fraud. It’s a pet rock.” Dimon on the recent FTX fall stated: “I’m not surprised at all. I call them a decentralized
On Friday, credit rating agency Moody’s said that it has reduced Coinbase’s (COIN) credit rating and guaranteed senior unsecured notes due to the company’s significantly diminished revenue and cash flow production capabilities. The long-term rating that represents the possibility of default on a business family’s debt, known as the corporate
Omar Sultan Al Olama, minister of the digital economy in the United Arab Emirates, has said that the Virtual Assets Regulatory Authority (VARA), the country’s virtual assets regulator, has not awarded any operational licenses as of yet. Al Olama allegedly said during the WEF that neither Binance nor FTX, nor
U.S Federal prosecutors seized around $700 million in cash and assets. That was either owned by the defunct cryptocurrency exchange FTX or associated with its founder and former CEO Sam Bankman-Fried, ‘SBF.’ According to a court document filed on Friday, federal investigators in the Southern District of New York have
