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The FDIC has been reaching out to customers connected to the money, encouraging them to find another bank to transfer the funds to. If they can’t, they’ll be getting a check to whatever address is on record for the customer, the spokesperson said. Source
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The Federal Reserve is investigating the factors that led to the failure of Silicon Valley Bank — including how it supervised and regulated the now-collapsed financial institution. In a Mar. 13 announcement, the Federal Reserve outlined that Vice Chair for Supervision Michael Barr is “leading a review of the supervision
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Since September 2021, the growth in cash assets in small bank balance sheets has turned negative. Original Source
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Signature’s sudden failure leaves a key part of the crypto industry’s backend infrastructure in limbo: Signet. It’s a blockchain-based real time payments system that’s supposed to work 24/7. Circle, Coinbase and many crypto trading firms used Signet. But with the death of Signature, Signet, too, has gone kaput. Original Source
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After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what
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Federal Reserve and Federal Deposit Insurance Corporation (FDIC) decisions concerning the future of Silicon Valley Bank may affect regional banks across the United States, putting trillions of dollars at risk of a bank run, said former Bridgewater executive and CEO of investment firm Unlimited Bob Elliot. In a Twitter thread on
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The Treasury and the Bank of England are consulting on a potential digital pound, or central bank digital currency (CBDC). The consultation is being launched because
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"The base amount [of the fine] has been increased due to the severity and degree of culpability of the non-compliance," the Dutch central bank said, adding that it had also taken account of the scale of Coinbase's Dutch customer base and the competitive advantage it had gained by not paying
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The usual conversations are taking place about what new regulations need to be enacted to prevent another FTX. While it is obvious something needs to happen, experience makes clear that the current regulatory regime is not well equipped to prevent these events. Indeed, even if the Securities and Exchange Commission,
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Alibaba faced an “equipment anomaly” in the hardware controlling its cloud infrastructure due to which OKX services remained suspended for 7 hours. The exchange has now resumed withdrawals for BTC, ETH, and stablecoins.Over the last weekend, cryptocurrency exchange OKX faced massive disruption in its services and withdrawals after its cloud
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