Crypto Exchange OKX to Exit Canada by June 2023
- Crypto exchange OKX noted that its decision to cease operations in Canada and exit the country was due to “new regulations”.
- New users will be unable to open accounts starting 24 March, while all other users have until 22 June to close trading positions and withdraw their crypto and fiat assets.
5 hours ago
Shutterstock
SVB’s Parent Company Files for Bankruptcy
- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
March 17, 2023, 1:57 PM
Shutterstock
Circle Clears “Substantially All” USDC Redemption Backlog
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.
March 16, 2023, 10:25 AM
Shutterstock
Binance to Suspend GBP Transactions in May
- Binance’s fiat banking partner, Skrill Limited, informed the exchange that it will no longer provide GBP on- and off-ramp to its customers starting 22 May.
- The owner of Skrill, Paysafe, said it decided to stop offering its embedded wallet solution to Binance due to the “challenging” regulatory environment in the U.K..
March 14, 2023, 11:47 AM
Shutterstock
Mar 13, 2023
Signature Bank Shut Down by State Regulators, USDC Recovers
- NYDFS took possession of Signature in order to protect the economy and strengthen the confidence in the banking system, and assured customers that all deposits will be returned.
- The price of USDC also started to recover after its issuer, Circle, revealed that all stablecoin reserves held at Silicon Valley Bank (SVB) were safe, and that the company had new banking partners.
Mar 9, 2023
Silvergate Bank to Wind Down Operations
- Silvergate Bank made the decision to shutter its operations and liquidate its assets due to “recent industry and regulatory developments.
- The company plans to fully repay all deposits, and preserve the “residual value of its assets”, including proprietary technology and tax assets.
Mar 6, 2023
Bybit Suspends USD Bank Transfers Due to Partner Outages
- The crypto exchange no longer accepts USD deposits via wire transfers, including SWIFT, but users can still fund purchases through their credit and debit cards.
- USD deposits can still be made through the Advcash Wallet, and Bybit is currently working on making USD withdrawals available through it as well.
Mar 2, 2023
Coinbase and Paxos Terminate Relationship With Silvergate Bank
- Both crypto exchange Coinbase and stablecoin issuer Paxos have stated that they will no longer accept or initiate U.S. dollar payments through Silvergate Bank.
- The two noted that cash transactions for institutional clients will now be carried out through their other banking partners, and that the move had no impact on pound and euro payments.
Mar 2, 2023
Binance’s Custody Arm to Apply for License in Singapore
- The now rebranded custody arm of crypto exchange Binance, called Ceffu, is planning to apply for a Capital Markets Service license with the Monetary Authority of Singapore.
- If it is able to acquire the license, Ceffy plans to offer custodial services to only institutional and high net-worth individuals in Singapore.
Feb 21, 2023
Paxos in “Constructive Discussions” With SEC Over BUSD
- Stablecoin issuer Paxos has engaged the SEC in “constructive discussions” over its allegation that BUSD is a security, ready to defend its position in litigation.
- The company also revealed it will be ending its relationship with Binance, but noted that the decision was separate from the NYDFS and SEC investigations.