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Tag: Silicon Valley Bank

March 27, 2023

Banking Turmoil: First Citizen Acquires Assets Of Collapsed Silicon Valley Bank!

First-Citizens Bank, one of the largest regional banks in the U.S., is buying big pieces of collapsed Silicon Valley Bank (SVB) more than two weeks after the lender’s collapse sent tremors through the banking system, the Federal Deposit Insurance Corp (FDIC) announced. The purchase includes $119 billion in deposits and about $72 billion of SVB’s loans at a discount of $16.5 billion. Some $90 billion of SVB’s securities will remain in receivership.

March 20, 2023

Time To Get Angry: ING’s ESG Committee Received Open Letter For Failing To Compensate Victims!

Currently, the global banking landscape is in a state of shock. First, the collapse of Silicon Valley Bank and Signature Bank in the U.S. followed UBS's incredible bail-out deal for Credit Suisse. Things are bad for banks. So perhaps it's not quite so striking that ING of the Netherlands can't solve its problems with Payvision, which it bought. Thousands of victims have lost their money via Payvision. The European Fund Recovery Initiative (EFRI) has written an open letter to ING's ESG committee.

March 20, 2023

Our 10 Cents On Crypto: The Sudden Death Virus And The Banking Collapse Pandemic!

Times in the global financial markets could hardly be more turbulent. Since 2022, we are experiencing the spreading of the Sudden Death Virus in the financial industry. First, the crypto segment was hit by the collapse of the Terra-Luna stablecoin scheme and the resulting bankruptcies from Three Arrows Capital to FTX. The virus jumped to the legacy banking system and we saw the collapse of Silicon Valley Bank and Signature Bank in the U.S. and now Credit Suisse in Switzerland.

March 19, 2023

Broken Banks! UBS Agrees To Takeover Struggling Credit Suisse In A Dirty All-Share Deal!

A few minutes ago, Bloomberg announced that UBS is buying troubled rival Credit Suisse for the equivalent of $2 billion in a deal brokered by the Swiss government. The transaction is probably rightly being called hístorical. The Credit Suisse crisis has nothing to do with crypto like the U.S. collapsed Silicon Valley Bank or Signature Bank. Credit Suisse perfectly represents the broken traditional banking system.

March 16, 2023

Troubled Legacy Banks: Credit Suisse Needs State-Provided Lifeline To Go Ahead!

Credit Suisse is Switzerland’s second-largest bank after UBS Group, with assets of around $580 billion at the end of 2022, more than twice the size of Silicon Valley Bank (SBV), which failed last week. Over the last few days, Credit Suisse shares and bonds have lost massive value because of nasty rumors. The bank announced it would borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank (SNB) to shore up its liquidity.

March 15, 2023

Signature Bank Had Nothing To Do With Crypto, The New York Regulator Said!

The New York State Department of Financial Services (NYDFS) said its decision to close Signature Bank had "nothing to do with crypto" but was triggered by "a significant crisis of confidence in the bank's leadership" after the collapse of Silicon Valley Bank. This contradicts Signature Bank board member and former U.S. Rep. Barney Frank, who said that he was the closure of the bank as a very strong sign of the anti-crypto attitude of regulators. The bank would not have been illiquid, he said.

March 14, 2023

Binance Partner Paysafe Stops FIAT Deposits For The Crypto Exchange Due To Regulatory Issues!

Binance, the world's largest crypto exchange with 128 million users, had to stop its GBP deposits and withdrawals. This comes a month after the world's largest crypto exchange ceased dollar transfers. This is because, Binance's partner for GBP deposits, FCA-regulated Paysafe, decided to stop offering Binance customers its embedded wallet solution in the UK in a move it blamed on complex regulation.

March 14, 2023

Blame Game! KPMG Gave Collapsed U.S. Banks Clean Bill Of Health Weeks Before Their Sudden Death!

Last Friday, Silicon Valley Bank (SVB) was closed by California regulator DFPI due to a bank run and placed under FDIC control. The DFPI stated that SVB had been financially sound until a few days before. The WJS reports that KPMG issued a clean bill of health to SVB just 14 days before. The New York-based Signature Bank went down 11 days after KPMG signed off on its audit. This raises the question of whether KPMG has overlooked something.

March 13, 2023

The Conspiracy Narrative Behind The Global Spreading Of Sudden Death Virus In A Nutshell!

The narrative of the sudden death of U.S. banks Silvergate, Silicon Valley Bank, and most recently Signature Bank sounds like a complicated conspiracy story written by John Grisham, Ken Follet, or John Le Carre. The main character is Sam Bankman-Fried (SBF). He allegedly intentionally triggered the collapse of the Terra-Luna stablecoin scheme in 2022 and, with it, the implosion of the worldwide crypto scene, which finally also swept the banking scene, forcing states and regulators to intervene.

March 13, 2023

Who’s Next? Crypto-Friendly Signature Bank Closed By U.S. Regulators; Protection Scheme Implemented!

U.S. regulators on Sunday shut down New York-based Signature Bank, a big lender in the crypto industry, to prevent the spreading banking crisis. The regulators said depositors at Signature Bank would have full access to their deposits, regardless of the amount. A similar bail-out procedure will be applied to the failed Silicon Valley Bank. With Signatur Bank, three banks collapsed last week that were systemically important to the startup and crypto sectors.

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%.