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.
6 hours ago
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Signature Bank’s Non-Crypto Deposits Sold to Flagstar Bank
- 40 branches of Signature Bank will be reopened and operated as Flagstar Bank after it acquires $38.5 billion in non-crypto deposits and $12.9 billion in loans.
- The FDIC confirmed that the $4 billion in Signature Bank crypto deposits will be directly returned to customers who had opened a digital asset banking account.
14 hours ago
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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.
March 13, 2023, 8:45 AM
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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.
March 9, 2023, 11:32 AM
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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
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 28, 2023
MyAlgo Warns Users to Withdraw Assets After $9M Exploit
- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
Feb 23, 2023
Spotify is Testing New “Token-Enabled Playlist” Feature
- Music streaming giant Spotify has launched a new “token-enabled playlist” pilot, which gives holders of specific NFTs access to exclusive content on its platform.
- Participating in the pilot are NFT platforms Overlord, Fluf, Moonbirds, and Kingship, though only Android users in the U.S., U.K., Germany, Australia, and New Zealand will have access to it.
Feb 14, 2023
SEC to Make it Harder for Crypto Firms to be Qualified Custodians
- Sources have said that the U.S. SEC was about to propose a rule change that would make it harder for crypto firms to become “qualified custodians”.
- If finalized, the rule change will affect many hedge funds, private equity firms, and pension funds that work with crypto firms, as most are required to use qualified custodians.
Feb 9, 2023
LocalBitcoins Closing Down Due to Market Conditions
- The peer-to-peer BTC trading platform decided to close down its services as it was unable to overcome challenges during the “ongoing very cold crypto-winter”.
- LocalBitcoins will suspend its trading services on 16 February, and give its users 12 months to withdraw all their assets from the platform before it is completely shut down.