insolvency
Celsius is "Deeply Insolvent", Says Vermont's Financial Regulator
Vermont's Department of Financial Regulation also said that Celsius Network is also not honouring its obligations to customers and creditors as it does not have the assets and liquidity to do so.
Three Arrows Capital Becomes 2nd crypto issuer Facing Insolvency
The unfavorable market conditions continue to impact firms operating in the crypto industry. Three Arrows Capital is the latest firm identified to be facing a bankruptcy risk.
SBF Denies Insolvency Rumours of FTX, FTT Token Slumps Over 6% during Intraday
FTX CEO Sam Bankman-Fried retreated his crypto exchange and assets are fine, trying to boost confidence to his investors, as speculation mounted over the weekend about the solvency of the exchange.
FDIC Requires Potential Buyers of Failed U.S. Banks to Give Up Crypto Services
The FDIC has asked banks interested in acquiring failed U.S. lenders, Silicon Valley Bank and Signature Bank, to submit bids by March 17. The authority will only accept bids from banks with an existing bank charter, prioritizing traditional lenders over private equity firms. The FDIC has also required any buyer of Signature to agree to give up all cryptocurrency business at the bank. This news comes amid concerns expressed by U.S. Representative Tom Emmer that the federal government is “weaponizing” issues around the banking industry to go after crypto.
Bank of England halts Silicon Valley Bank UK branch operations
The Bank of England has ordered the Silicon Valley Bank's UK branch to halt its operations as it has limited presence and no critical functions supporting the financial system. The bank will be placed into a Bank Insolvency Procedure, and eligible depositors will be paid out by the Financial Services Compensation Scheme up to the protected limit of £85,000, with the remaining assets and liabilities being managed by bank liquidators. UK venture capitalists and a nonprofit organization have expressed concern as several startups and investors have significant exposure to the SVB UK, including prominent blockchain VCs who have over $6 billion in assets at the bank.
Celsius Denies Allegation of CEO Leaving US
Celsius Network has denied its CEO's leaving from the US, claiming that all related allegations are false. Alex Mashinsky was reportedly stopped by authorities, amid insolvency rumours about his company.
KuCoin CEO Clarifies Insolvency Rumours as FUD Spreads
KuCoin Exchange’s Chief Executive Officer, Johnny Lyu, has continued to dispel all rumours that the trading platform is turning insolvent.
EToro Boosts Insurance Cover-Up to £1 Million, but Crypto Investments Excluded
eToro has unveiled a new insurance plan that will cover up to 1 million euro for customers, but cryptoassets are excluded from the policy.
Crypto Debit Card Services Hit Hard as UK Financial Watchdog Suspends Wirecard Subsidiary
United Kingdom’s Financial Conduct Authority (FCA) has suspended Wirecard Card Solution Ltd, the Wirecard’s subsidiary responsible for the issuance of Visa crypto debit cards.
Matrixport Launches New Crypto Products with Fixed Income Investment and the Flexi-Term Investment Product
SINGAPORE - On 18th May 2020, Matrixport will introduce the Fixed Income Investment Product and the Flexi-Term Investment product, where asset security is protected by a risk control mechanism by real crypto assets guaranteed by excess pledge.
Chainalysis Valued at Over $1 Billion after Raising $100 Million to Expand Regulatory Platform As Crypto Market Surges
Blockchain analytics firm, Chainalysis, announced yesterday that it has secured a $100 million Series C financing bringing the company’s valuation to over $1 billion.
Finality: A Necessary Condition for Blockchain Applications in Finance
Settlement finality is critical in the world of traditional finance. The same applies to decentralized finance built on distributed ledger technologies (DLT).