Despite the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on staking services offered by centralized providers, Coinbase has reiterated to customers that its staking services will continue, and “may actually increase.” In a new customer email, highlighted by popular traders such as @AltcoinPsycho via Twitter on March 10, Coinbase outlined its updated staking terms and conditions starting…
According to reports and a filing that shows its name struck off the U.K. companies’ register list, Blockchain.com is sunsetting its Blockchain.com Asset Management subsidiary. A company spokesperson cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons for halting the institutional business. The Impact of Crypto Winter on the Cryptocurrency Industry Over the last two days,…
Almost immediately after USD Coin (USDC) issuer Circle revealed it was not able to withdraw $3.3 billion of its $40 billion from Silicon Valley Bank (SVB), the resultant sell-off caused the price of the stablecoin to fall below its $1 mark. On March 9, Circle had initiated a wire transfer for the removal of its funds from SVB as the…
Top cryptocurrency exchanges Binance and Coinbase both said on Friday night that they would temporarily suspend USDC conversions as the contagion from the collapse of Silicon Valley Bank plays out. The actions came amid concerns that Circle, the company behind USDC stablecoin, held some of USDC’s cash reserves at Silicon Valley Bank, which was shut down Friday by California’s financial…
On March 10, Blockchain payment technology company Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB). “Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of…
India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India Applies PMLA to Crypto Transactions…
As the fallout from the stunning collapse of Silicon Valley Bank (SVB) plays out, numerous crypto companies have already signaled their exposure to the bank, which long maintained a reputation as one of the most prominent lenders to tech start-ups in the world. The bank’s closure Friday by the California Department of Financial Protection marked the second-largest bank failure in…
As the fallout from the stunning collapse of Silicon Valley Bank (SVB) plays out, numerous crypto companies have already signaled their exposure to the bank, which long maintained a reputation as one of the most prominent lenders to tech start-ups in the world. The bank’s closure Friday by the California Department of Financial Protection marked the second-largest bank failure in…
The chairman of the Commodity Futures Trading Commission (CFTC) has insisted that ether is a commodity, not a security as claimed by the chairman of the Securities and Exchange Commission (SEC). The CFTC chief stressed that the derivatives watchdog would not have allowed ether futures products to be listed on CFTC-regulated exchanges “if we did not feel strongly that it…
According to a new bankruptcy filing, defunct crypto lender BlockFi has $227 million worth of uninsured funds allocated to a money market mutual fund (MMMF) offered by troubled Silicon Valley Bank (SVB). SVB — one of the U.S’s largest banks and key partners to venture-backed companies — was shut down by the California Department of Financial Protection and Innovation (DFPI)…
