Crypto News
“Crypto Banking Crisis: How Crypto.com Is Navigating Fiat On-Ramps”
After missing the deadline for filing its annual report, Silvergate has come under fire. Concerns were raised about the delay in filing the report since the bank said it was assessing its operational viability. The red flags definitely raised concerns, as cryptocurrency firms ended their relationship with the bank. On the list, Crypto.com was a notable name. With the ongoing issues in place, Crypto.com is currently only providing Euro-denominated banking services to European Economic Area users. This is due to the lack of a trustworthy banking partner for the USD deposits.
The falling cryptocurrency prices and the deteriorating relationship with the banks have made the situation worse for Crypto.com. Initially, the exchange was partnered with Transactive Systems. However, the relationship was affected when it was ordered to cease dealing with cryptocurrencies. Another banking partner, Metropolitan Commercial Bank, also exited the cryptocurrency industry, which affected Crypto.com’s USD fiat deposits. The issues escalated after the Silvergate event. Silevergate Bank decided to shut down and liquidate the bank. It all began with the fallout of the FTX exchange, which triggered the bank’s present situation. According to the reports, the bank has over $11 billion in assets under management.
Silvergate Bank’s decision to shut down and liquidate has raised the concerns of cryptocurrency investors. Crypto.com’s relationship with banks has been affected due to the lack of a trustworthy banking partner for USD deposits and the falling cryptocurrency prices. This could be bad news for investors as the situation is still unclear.
#SilvergateBank #CryptoDownturn #CryptoBanking #FTXExchange
You can read more about this topic here: Watcher Guru: Crypto.com Takes a Hit: Maintaining Fiat On-Ramps in a Crypto Banking Crisis
The post “Crypto Banking Crisis: How Crypto.com Is Navigating Fiat On-Ramps” first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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