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The New York Department of Financial Services (NYDFS) shut down Signature Bank for “failing to provide consistent and reliable data” and not because of a bias against crypto, according to a March 14 report from the International Business Times. Signature Bank Board Member Barney Frank had previously accused the regulatory
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On March 14, a class action lawsuit was filed against the recently shut down crypto-friendly, New York-based Signature Bank, and its former chief executive office, Joseph DePaolo, chief financial officer, Stephen Wyremski, and chief operating officer, Eric Howell, for allegedly committing fraud Reuters reported. Shareholders have accused the bank of falsely claiming
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The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S.
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The U.S. government is in the business of bailing out banks. Source
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NatWest, a retail and commercial bank in the United Kingdom, is taking measures to protect customers from potential crypto losses amid Bitcoin (BTC) hitting multi-month highs.On March 14, NatWest introduced major restrictions on payments to cryptocurrency exchanges, imposing daily and monthly caps for such transactions.According to an announcement shared with
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"From today we have also added support for GBP through the Faster Payments network, meaning members will be able to make payments directly to U.K. wallets or banks," said Seamus Rocca, CEO of the retail-focused bank, in a statement to CryptoX on Tuesday. Xapo also will activate USDC payments this
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Traditional financial institutions take deposits from customers and use them to make loans. But they loan out much more than what they have in store at a given point in time — a concept known as fractional banking. On one hand, the difference between the interest on the loans and
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Customers will be limited to payments of 1,000 pounds ($1,218) per day and 5,000 pounds over a 30-day period. Original Source
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Moody’s also put the ratings of six other banks in the US under review. Ratings agency Moody’s has downgraded the debt ratings of recently collapsed Signature Bank (NASDAQ: SBNY) to junk amid the happenings in the US banking sector. Signature Bank began to lose its shares following the demise of
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On Deribit, one options contract represents 1 BTC and 1 ETH. The exchange controls more than 80% of the global crypto options market. Options give traders the right to buy or sell the underlying asset, in this case, bitcoin, at a specific price, known as a strike, by a stated
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