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.
4 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.
13 hours ago
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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
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Judge Denies Government’s Request to Pause Voyager-Binance Deal
- A bankruptcy judge has denied the government’s request to halt the deal between Voyager and Binance, arguing that further delays would only harm customers.
- The government argued the deal should be amended, or struck down, because it seeks to effectively absolve Voyager and its staff of violations of tax or securities law.
March 16, 2023, 4:12 PM
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Mar 14, 2023
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..
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 8, 2023
Voyager Digital Receives Court Approval to Sale Assets to Binance.US
- Bankruptcy Judge Michael Wiles gave Voyager the permission to close its $1 billion deal with Binance.US, and issue repayment tokens to affected customers.
- Judge Wiles also rejected the SEC’s arguments that the deal could potentially violate U.S. securities laws, and criticized the regulator for attacking the sale without first concluding if it was illegal.
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.
Mar 1, 2023
97% of Voyager Customers Agree to Restructuring Plan With Binance.US
- 59,183 out of 61,300 Voyager account holders voted in favor of the restructuring plan that will see Binance.US acquire Voyager’s assets for a little over $1 billion.
- Voyager Digital is now expected to appear at a bankruptcy hearing on Thursday in order to seek court approval to proceed with the deal.