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Category: Crypto

Crypto
SEC

March 23, 2023

Coinbase Share Price Crashed After SEC Warning; Bitcoin And Ether Unimpressed!

The announcement of an enforcement action by the U.S. Securities and Exchange Commission (SEC) against Coinbase today sent the stock price down by nearly 20% at the start of trading. Coinbase management had tried to explain and reassure on Twitter. However, that didn't help for the time being. The possible qualification of certain assets and offerings as securities could actually shatter the Coinbase business and revenue model (report here).

Crypto
SEC

March 23, 2023

U.S. Crypto Exchange Coinbase Faces Existential Regulatory Issues!

Coinbase, a public-listed U.S. crypto exchange, has troubles with the U.S. Securities and Exchange Commission (SEC), which has threatened to sue Coinbase over some of the crypto exchange's products. The regulator gave Coinbase a Wells notice, typically one of the final steps before the SEC formally issues charges. The SEC qualifies some of the company's assets and services as securities, including its staking services.

March 22, 2023

Crypto Investment Scheme OASIS Assets Received Orange Compliance Rating!

OASIS Assets is a crypto exchange and investment scheme offering investors various plans for guaranteed returns. For a 120-day investment of GBP 250,000, 45% is promised. The scheme is operated through legal entities in the UK, Australia, Singapore, and Switzerland. The scheme does not appear to have a license to offer financial products. There is no scam alert on OASIS Assets, but we have given the scheme a Red Compliance rating. Be cautious accordingly.

March 13, 2023

Silver Lining: Bitcoin Recovers From Last Week’s Bank Collapses On Bail-Out Hopes!

After a short period of weakness, the leading currencies of the crypto segment are unimpressed by the collapse of Silvergate and Silicon Valley Bank (SVB) last week. Both Californian banks were also of systemic importance for the crypto segment. Bitcoin briefly fell below the $20,000 mark last week but is again showing at the beginning of the week at well over $22,000. Similarly, Ether has risen more than 9% to over $1,600. This price hikes may be connected to hopes of a SVB bail-out.

March 12, 2023

USDC Stablecoin Issuer Circle Provided Statement Of Impact Of SBV Collapse!

The Silicon Valley Bank's (SVB) sudden death on Friday triggered shockwaves in the already traumatized crypto scene. One of the victims of the SVB collapse was the USDC stablecoin, which is 100% collateralized with cash and US Treasuries. $3.3 billion of USDC’s cash reserves had been deposited with SVB at the time of the collapse. The USDC price dived but recovered quickly. USDC issuer Circle said they hope the regulators will find a solution that protects customers’ assets 100%.

Crypto

March 10, 2023

Sell-Off: New Crypto Crash Below $20,000 After Continuing Bad News!

Bitcoin (BTC) is trading below $20.000, down more than 8% over the past 24 hours. Thus, the leading cryptocurrency saw about half its gains from a vibrant first six weeks of the year erased. The slump comes after the announcement of Silvergate Bank's liquidation and against the backdrop of rumors surrounding regulatory and legal actions against Binance and Ether. There are currently fears again that BTC could make a run south to $10,000. No environment for fainted hearts.

Crypto

March 9, 2023

Crypto On Fire: Gemini Denies Rumors About Ended Relationship With JPMorgan!

Banking is becoming more difficult in the U.S. for crypto schemes. After Silvergate announced its voluntary liquidation, CoinDesk reported this morning that U.S. banking giant JPMorgan plans to end its banking relationship with crypto exchange Gemini owned by Winklevoss Twins, Cameron and Tyler. Back in early 2020, JPMorgan took on Gemini and Coinbase as customers. Gemini immediately denied the CoinDesk report on Twitter.

March 9, 2023

No Surprise: Californian Crypto Bank Silvergate Closes Down!

Some industry experts expected a bankruptcy filing! Instead, the California-based Silvergate Bank announced its intent to wind down operations and voluntarily liquidate the bank in an orderly manner. In the past few years, Silvergate became the largest crypto bank in the US, attracting as much as $14 billion in customer deposits and reaching a stock price of more than $200 in late 2021. All deposits will be fully repaid, according to a liquidation plan.

Crypto
FCA

March 8, 2023

UK Financial Watchdog Continues Crackdown On Illegal Crypto Sector!

The UK Financial Conduct Authority (FCA) appears to have aimed particularly at operators of illegal crypto ATMs. In a joint operation with the Metropolitan Police, the FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs. The UK regulator continues its crackdown on the illicit crypto sector. This recent action follows the FCA’s inspection of several sites in Leeds in February 2023 suspected of hosting unregistered crypto ATMs.

March 8, 2023

Bankruptcy Judge Approves Binance.US $1.3 Billion Bid For Voyager Assets!

Despite SEC's vague objection, Binance.US cleared a major hurdle in its effort to acquire the assets of bankrupt crypto lender Voyager Digital in a deal worth $1.3 billion. U.S. Bankruptcy Judge Michael Wiles approved Voyager's restructuring plan, built around the Binance.US acquisition. Binance.US has agreed to pay $20 million in cash to Voyager and to take on crypto assets deposited by Voyager customers.

March 3, 2023

FTX Bankruptcy: $8.9 Billion Worth Of Customer Funds Are Missing!

The crypto exchange FTX was the latest of the big crypto bankruptcies in 2022 but certainly the most prominent one. In the last few weeks, the U.S. DoJ, CFTC, and SEC regulators filed criminal charges and fraud complaints against the FTX top executives around Sam Bankman-Fried, Nishad Singh, and Gary Wang. A recent report from the Wall Street Journal pointed out that $8.9 billion worth of customer funds have been unaccounted for and therefore missing.

March 2, 2023

Disgraced Regulators, Embarrassed CFTC Commissioners, And Their FTX Worship!

FTX founder Sam Bankman-Fried (SBF) was the darling of U.S. politicians and regulators until just before the crypto scheme collapsed. FTX was seen as the U.S. answer to the "Chinese" threat posed by Binance. With the criminal and regulatory charges, some regulators are embarrassed, like the CFTC Commissioner Caroline D. Pham or the former CFTC Commissioner Mark Wetjen. CFTC recently filed a fraud lawsuit against FTX and those responsible. Pham took to Twitter to comment.