banking

Silvergate begins NYSE delisting process as it readies to cut 230 staff

The parent company of the defunct Silvergate Bank disclosed significant staff cuts and the delisting of its securities in an SEC filing. The parent company of the collapsed Silvergate Bank will be delisted from the New York Stock Exchange (NYSE) and 230 staff will be let go, Silvergate Capital has disclosed.In a May 11 filing to the Securities and Exchange Commission (SEC), Silvergate Capital said 230 staff will be “separated” starting May 12. The NYSE also suspended trading

US House financial committee tells SEC they don’t like custody proposal

The letter criticizes the proposed rule for its impact on the banking industry, particularly in ways that would be disadvantageous to the digital asset industry. The chair of the United States House of Representatives Financial Services Committee and six subcommittee chairs have sent a letter to U.S. Securities and Exchange Commission (SEC) Secretary Vanessa Countryman voicing their concerns over the agency’s proposed advisory clients custody rule. They join a string of cryp

Silvergate Bank to cut 230 staff as it winds down

Silvergate Bank will significantly reduce its staff headcount as it winds down operations, according to an SEC filing submitted May 11. The failed crypto-friendly bank will let go of about 230 employees on May 12, leaving just 80 officers and employees at the firm. The remaining staff will continue to pursue the company’s liquidation, will […] The post Silvergate Bank to cut 230 staff as it winds down appeared first on CryptoSlate.

Concern over banking crisis reaches levels unseen since 2008 — Poll

According to a recent poll from Gallup, nearly half of Americans polled expressed concern about the safety of their money deposited with banks. Public opinion of banks appears to be dwindling according to an April survey, as the industry struggles to contain the collapse of several high-profile financial institutions in recent months.A Gallup poll conducted across the United States in April with at least a thousand respondents revealed that 48% of them said that they were con

CZ says he expects more funds to move to Hong Kong

Binance CEO Changpeng ‘CZ’ Zhao said more funds would move to Hong Kong as banks in the region support crypto. Following recent banking troubles in the U.S., several crypto firms like Binance.US are looking for new banking partners. CZ believes that Hong Kong would be a choice destination for many of these firms. Hong Kong’s […] The post CZ says he expects more funds to move to Hong Kong appeared first on CryptoSlate.

Former investment banker charged for allegedly defrauding crypto investors

Brooklyn federal court charged a former investment banker for allegedly taking investors’ money under the pretext of making profitable crypto investments. The federal court in Brooklyn, New York, charged a former investment banker and registered broker for allegedly defrauding numerous investors by promising profits on fake cryptocurrency investments and misappropriating the funds received to finance his lifestyle. Documents with the court claim the defendant, Rashawn Russell

Brooklyn court charges former banker for allegedly defrauding crypto investors

Brooklyn federal court charged a former investment banker for allegedly taking investors’ money under the pretext of making profitable crypto investments. The federal court in Brooklyn, New York, charged a former investment banker and registered broker for allegedly defrauding numerous investors by promising profits on fake cryptocurrency investments and misappropriating the funds received to finance his lifestyle. Documents with the court claim the defendant, Rashawn Russell

Former Deutsche Bank associate charged in crypto investment scheme

An investment banker who formerly worked for a firm believed to be Deutsche Bank has been charged with crypto fraud, according to U.S. authorities on April 11. A statement from the U.S. District Court for the Eastern District of New York said that Rashawn Russell was arrested on April 10. He will be arraigned and […] The post Former Deutsche Bank associate charged in crypto investment scheme appeared first on CryptoSlate.

Shapella could bring institutional investors to Ethereum despite risks

The latest fork on the “roadmap” shores up the network’s new validation mechanism while finally allowing stakers access to their ETH rewards. Ethereum’s Shanghai/Capella upgrade — also known by the portmanteau Shapella — may not be the technical marvel of last year’s “Merge” or introduce turbocharged speeds to the network. Volumes of over 100,000 transactions per second will have to wait for future “danksharding” upgrades, according to the Ethereum Foundation. But the hard

‘Not Related to a Digital Currency’ — US Central Bank Addresses Concerns Over Fednow Payment Network

The U.S. Central Bank has issued an update regarding the Federal Reserve’s Fednow project, which is scheduled to commence in July. The Fed has responded to recent criticism of the Fednow service and asserts that the Fednow payment network is “neither a form of currency nor a step toward eliminating any form of payment, including […]

Report: Binance US Struggles to Secure Banking Partner Amid Regulatory Crackdown on Crypto Industry

Following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, cryptocurrency companies have been seeking new banking partners in the United States. According to a recent report citing “sources familiar with the matter,” Binance US, the American subsidiary of the cryptocurrency exchange, is having difficulty finding a U.S. banking partner. Unnamed Sources Say […]

Swiss State-Owned Banking Giant Postfinance to Offer Crypto Services

Postfinance, one of Switzerland’s largest retail banks, will offer customers access to major cryptocurrencies and related services. The state-owned financial institution will be using the banking platform developed by the Swiss-licensed digital asset bank Sygnum. Postfinance Partners With Sygnum to Provide Digital Asset Products and Services The financial services unit of the national postal service […]

Singapore composing new guidelines for banks with crypto clients

Singaporean authorities are collaborating with banks that offer crypto services to set up new vetting standards, as BNN Bloomberg reported. The country’s central bank officials have been active on the project for six months, the BNN Bloomberg article stated. The project According to the Monetary Authority of Singapore (MAS), the fact that there are no […] The post Singapore composing new guidelines for banks with crypto clients appeared first on CryptoSlate.

Market Analyst Heralds the Collapse of ‘Everything,’ Calls for Hedging in Gold and Silver Before There Isn’t Any Left

Egon von Greyerz, market analyst and founder of Matterhorn Asset Management, is predicting the collapse of the central bank system in the next few years due to an increasing issuance of currency and debt. Von Greyerz states that in the face of an economy with no buyers, the only hedge will be tangible assets, including […]

Stress test? What Biden’s bank bailout means for stablecoins

A major stablecoin depegging event raised concerns about the stability of these assets amid a U.S. banking crisis. The result may have been an improvement in their position in traditional finance. The collapse of Silicon Valley Bank (SVB), which suffered a bank run after revealing a hole in its finances over the sale of part of its inflation-hit bond portfolio, led to a depegging event for major stablecoins in the crypto sector, leaving many to wonder whether it was a simple

Citigroup believes CBDCs will lead the way to mass adoption

United States banking giant Citigroup believes that mass adoption is six to eight years away and will be driven by central bank digital currencies (CBDCs) and the tokenization of financial, gaming and real-world assets, according to the lender’s latest blockchain report. The post Citigroup believes CBDCs will lead the way to mass adoption appeared first on CryptoSlate.

OCC Chief Brian Brooks Is Stepping Down Thursday

Acting Comptroller of the Currency Brian Brooks will be stepping down on Jan. 14, he confirmed Wednesday.

Crypto custodian Anchorage nabs national bank charter from OCC

Anchorage received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter, becoming the first digital asset firm to receive such a designation. The post Crypto custodian Anchorage nabs national bank charter from OCC appeared first on The Block.

Anchorage Becomes First OCC-Approved National Crypto Bank

The crypto industry has its first federally chartered bank: Anchorage.

An online future for finance is inevitable, says OCC's Brooks

Brooks considers the migration of the financial system onto the internet "inevitable." The departing leader of the Office of the Comptroller of the Currency is convinced that the future of finance is blockchain-native, per a conversation with crypto analytics firm Elliptic on Wednesday.Described by Elliptic CEO Simone Maina as "a fairy godfather to the crypto industry," Brooks has been a leading light in U.S. federal policy towards crypto since taking over for Comptroller Jos