Crypto News
ing the Clues Unveiling the Mystery Behind Signature Bank’s Unexpected Shutdown
New York regulators took control of Signature Bank on Sunday night, making it the third bank to close its doors in a week, and the third-largest bank failure in U.S. history. The move shocked many, including those who worked there, and sparked speculation that it was part of a broader crackdown by regulators targeting crypto. The New York Department of Financial Services denied the claim, saying that the decision was not crypto-related, but industry insiders are skeptical. Signature Bank had been facing difficulties for a while, with a class-action lawsuit and its stock nosediving. Crypto-friendly banks have been facing banking difficulties since the beginning of the year, leading some to believe that U.S. authorities are using the banking sector to crack down on crypto. Politicians have also warned that the approach taken by U.S. authorities is reminiscent of the Obama-era initiative Operation Choke Point. U.S. Federal Reserve Chairman Jerome Powell said last week that financial institutions need to take great care in how they engage with the digital asset space, but also stated that he does not want to stifle innovation. Crypto companies now face difficulties accessing the traditional finance system, and their futures lie in the hands of regulators. #SignatureBank #CryptoBanking #OperationChokePoint #JeromePowell
You can read more about this topic here: Decrypt: Why Was Signature Bank Really Shut Down?
The post ing the Clues
Unveiling the Mystery Behind Signature Bank’s Unexpected Shutdown 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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