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Binance CEO Changpeng Zhao (CZ) has addressed the allegations against him by the U.S. Commodity Futures Trading Commission (CFTC). “We do not agree with the characterization of many of the issues alleged in the complaint,” the executive stressed. CZ Responds to CFTC’s Allegations The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ),
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According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally
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“This complaint basically says that Binance and Zhao himself deliberately and systematically cultivated U.S. business, helped U.S. persons get around those restrictions and even did things internally to try to hide how much U.S. business they were doing,” said Massad, also director of the Digital Assets Policy Project. Source
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Barr said the bank was a “textbook case of mismanagement.” And its government minders were well aware it had serious problems. In 2021, the supervisors found issues with its liquidity management, and in 2022, they determined an array of problems with board oversight, risk management and internal auditing, Barr said.
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U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government’s efforts last week failed to quell
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A UK competition regulator eases off slightly on the Microsoft-Activision deal, sending the gaming publisher’s shares soaring. Activision Blizzard Inc (NASDAQ: ATVI) shares surged Friday on positive news about the UK’s Competition and Markets Authority’s stance toward the Microsoft (NASDAQ: MSFT) deal. According to reports, the British competition regulator has eased off on the impending Microsoft
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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,
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The Mid-Size Bank Coalition of America has asked federal regulators to extend FDIC insurance to cover all deposits for the next two years. “Doing so will immediately halt the exodus of deposits from smaller banks, stabilize the banking sector and greatly reduce chances of more bank failures,” the group claimed.
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Global economic conditions are tightening; interest rates are in flux; and inflation has yet to be curbed. Considering the economic headwinds, the fact that Silvergate Bank, Silicon Valley Bank and other banks are breaking is not surprising. But why now? Quickly rising interest rates are extremely disruptive to banking models, but
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Many outside the crypto industry first heard of nonfungible tokens only within the last year or so, with most mainstream coverage focused on the digital artwork market. Those not in the know may well have thought NFTs would amount to nothing more than digital collectibles. However, industry pioneers grasped the
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