In a recent meeting, the Basel Committee concluded that so-called ‘crypto assets’ concentrated in a small number of banks was one of the three major things that played a role.
The FDIC’s annual Risk Review for 2023 is the first to be published since the banking chaos of March 2023, which saw the failure of Silicon Valley Bank and Signature Bank.
The global financial stability is facing threats as digital asset players turn to shadow banks amid a spate of tech bank collapses, potentially throwing the sector into disarray.
Slamming a Bloomberg report, Tether insists it did not have an account with Signature Bank, but its use of Signet to facilitate USD transactions has authorities raising their brows.
Signature Bank was under federal investigation for suspected money laundering by its crypto clients before the New York financial institution was taken over by state and federal regulators.
Silvergate has been living on borrowed time since it failed to file its latest financial report with the U.S. Securities and Exchange Commission by the already extended deadline.
Individuals behind the Tether and Bitfinex exchange reportedly “used falsified documents and shell companies” to ensure access to banking services as far back as 2017, according to the Wall Street Journal.
Silvergate notified the U.S. SEC that it wouldn't be filing the annual report on its fiscal health by March 16, insisting it "requires additional time" to fully diagnose its shortcomings.
TD Bank Group stated that it had agreed to a “settlement in principle relating to litigation involving the Stanford Financial Group,” which sees them pay US$1.205B to the court-appointed receiver.
Binance will ‘temporarily’ halt U.S. dollar bank transfers on February 8, in the latest sign that all is not well with the world’s largest digital asset exchange by trading volume.
Signature’s decision to pull back from the digital asset space chaos won’t stop Binance from finding another bedfellow—the question is which disreputable company is next up to the plate.