Hong Kong’s Secretary for Financial Services and Treasury has revealed that more than 80 crypto companies have expressed interest in establishing a presence in Hong Kong. They include companies across mainland China, Canada, European Union countries, Singapore, the U.K., and the U.S. “We attach great importance to virtual asset (VA) BitcoinCryptocryptoexchangeEstablishingExchangesFirmsHongInterestedKongNewsOfficialPresenceRegulation Read More
The existing approach, accounting for crypto as so-called indefinite-lived intangible assets, only focuses on the assets dropping in value. According to the board’s proposal, it “does not reflect the underlying economics of those assets and does not provide decision-useful information.”
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Kraken crypto exchange has reportedly informed its customers that as of March 27, deposits and withdrawals via ACH Silvergate and Plaid will no longer be available.
Kraken cuts ties with Silvergate
Jesse Powell’s Kraken crypto exchange has reportedly informed its users that as of March 27, automated clearing house (ACH) deposits and BanksCryptoCuttingFirmsJoinsKrakenListTiesTroubled Read More
The self-regulatory trade association CryptoUK has proposed providing a ‘white list’ of registered firms in the United Kingdom to address banks limiting or banning transactions to crypto companies.In separate letters to U.K. Economic Secretary Andrew Griffith and members of the Financial Conduct Authority and Payment Systems Regulator dated March 21, AddressAssetBitcoincallscryptoexchangeCryptoUKdebankingDigitalExchangesFirmsRegulators Read More
More than 80 virtual asset-related firms across Mainland China and foreign nations have expressed interest in establishing a presence in Hong Kong, amid efforts from the city to become a leading hub for Web3. In a March 20 speech in Hong Kong, the Secretary for Financial Services and the Treasury, Christian BitcoinCryptocryptoexchangeExchangesEyeingFinancialFirmsHongKongPresenceSecretary Read More
The group of companies had debts of about $11.6 billion against $4.8 billion in assets, according to a presentation filed by its advisers.
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On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it BankruptcyBitcoinChaptercryptoexchangeExchangesFilesFinancialFirmsGroupNewsPreserveprotectionSVB Read More
Trading firms were quick to jump on the USDC long trade over the weekend as the stablecoin slumped to $0.88 amid banking concerns in the U.S.
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The United States-based crypto advocacy group Blockchain Association called on financial regulators to provide information related to the potential “de-banking of crypto firms” in the wake of the failures of banks including Signature, Silicon Valley Bank, and Silvergate.In a March 16 notice, the Blockchain Association said it had submitted Freedom AssociationBlockchainCryptodebankingFDICFedFirmsInfoOCCSeeks Read More
In the wake of three major banks with ties to crypto firms collapsing, software engineer Molly White believes companies now looking at banking options may have to face “shadier” solutions.Speaking on March 14 at a South by Southwest (SXSW) panel in Austin, Texas on ‘Popping the Web3 Bubble’, White opined BanksCollapsesCryptoFirmsMajorMollyShadowTurnWhite Read More