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The United States Federal Reserve released an 86-page report on March 24 detailing the reasons for denying Custodia Bank's application for membership in January, including the bank's involvement in the crypto space. According to the report, the Fed's board has raised "concerns about banks with business plans focused on a narrow
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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
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State Street will continue to work on “a multi-faceted solution for both tokenized securities as well as native tokens,” the bank said, adding that the “regulatory environment for digital assets has continued to evolve, as has the requirements for servicing this asset class.” Original Source
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“[Guo] is charged with lining his pockets with the money he stole, including buying himself, and his close relatives, a 50,000 square foot mansion, a $3.5 million Ferrari, and even two $36,000 mattresses, and financing a $37 million luxury yacht,” U.S. Attorney for the Southern District of New York Damian
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Circle has revealed that Cross River Bank — recognized for its services to fintech and crypto firms like Visa and Coinbase — is now its new commercial banking partner for producing and redeeming USD Coin (USDC).In addition, Circle has “expanded relationships” with other banking partners to assist with USDC redemption,
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American multinational financial services and banking giant, JPMorgan Chase is reportedly on track to cut its business ties with Gemini Exchange. According to a CoinDesk report citing anonymous sources close to the matter, the relationship between the duo which was birthed back in the first quarter of 2020 is set to
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Gemini's loss of one major banking partner likely does not leave it in the figurative cold. The company has relationships with other banks, including State Street, according to the exchange's website. State Street also did not respond to requests for comment. Source
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Crypto exchange Binance sought to hire Gary Gensler as an advisor before he became chairman of the United States Securities and Exchange Commission (SEC), according to a Wall Street Journal report based on messages and documents from 2018 and 2020, as well as interviews with former employees. Gensler was approached by
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The popular fintech bank Silvergate Bank lost five crypto partners on March 2, owing to a slew of investigations and lawsuits against it. Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital were some of the most notable crypto firms that were using Silvergate as their banking partner. However, the termination of
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On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and
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