Harris campaigns crypto reset questioned amid Fed crackdown

Critics argue that the US Federal Reserves actions are a significant overreach and could stifle innovation in the cryptocurrency sector.

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Customers protest exchange bankruptcy plan: We never gave FTX our coins!

A committee representing the interests of FTX customers is pushing back against a proposed bankruptcy plan, claiming that it violates their property rights.

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Revolut debuts dedicated crypto exchange for UK users

Revolut announced its new Revolut X crypto trading platform for U.K. retail users, which it claims will offer fixed low fees and easy fiat-to-crypto conversion.

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Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses

According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with [...]

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Russia to Launch Digital Ruble Transactions With Real Users in August

Banks taking part in the digital ruble pilot will begin testing transactions with actual clients in mid-August, according to a top executive of one of the financial institutions. The trials are set to start weeks after Russia adopted dedicated legislation for the introduction of its new digital currency. Russian Banks to Process First Digital Ruble [...]

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Binance US Restores USD Withdrawals, Suggests Users Withdraw or Spend Their Dollars

The U.S. subsidiary of the world’s largest crypto exchange, Binance, announced it has resolved the issues with U.S. dollar (USD) withdrawals. The trading platform, which recently averted an asset freeze sought by the United States Securities and Exchange Commission (SEC), informed customers, however, that withdrawal services are likely to be discontinued again. Binance US May [...]

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Hotbit halts operations, urges customers to withdraw funds

In cryptocurrency news that has caught most crypto enthusiasts by surprise, cryptocurrency exchange Hotbit has today (May 22, 2023) announced that it is halting its operations with immediate effect. In its official communication, the exchange has asked its users to withdraw their funds before June 21, at 4:00 am UTC. Deteriorating operating conditions Hotbit has …

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Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits

Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for [...]

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US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual

After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for [...]

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FTX customers names will remain sealed for now, rules judge

The decision comes after a Jan. 8 filing by FTX’s lawyers, who argued that public disclosure could create an undue risk of identity theft or unlawful injury to FTX creditors.

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Bahamas seized $3.5 billion from FTX to ‘protect customers’ | Invezz

The Bahamas Securities Commission has announced it took custody of over $3.5 billion worth of FTX deposits. According to a press release the BSC published on Thursday, the regulator moved to seize the assets on 12 November, just a day after the cryptocurrency exchange filed for bankruptcy. The seizure was ordered by the Supreme Court ... Read more

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Crypto bank Nuri urges customers to withdraw funds before it shuts down

In cryptocurrency news today, crypto bank Nuri, which filed for temporary insolvency in August after a tough year made worse by the collapse of one its business partners and the failure to get an acquirer, is shutting down.

But before it does, the German-based crypto bank has asked its customers to withdraw their funds by December 18, 2022.

Nuri, formerly Bitwala, launched its operations in 2015, and saw massive growth in the years that followed as more people looked to tap into the benefits of crypto banks.

Yet, as CEO Kristina Mayer noted in a letter to customers on Tuesday, the ‘insuperable’ challenges of the past year and the inability to secure a buyer have pushed it over the edge. 

There might be no coming back – and the plan is to ensure customers get back their assets.

The Nuri CEO noted:

“During the preliminary insolvency proceedings, we have worked very closely with our insolvency administrators on a restructuring plan in the past 3 months and tried to find a potential acquirer to continue our story. Unfortunately, we have not been able to find investors to continue our mission and have asked our customers to withdraw their funds by 18/12/2022 at the latest, so the business can be terminated and liquidated.”

The neo-bank has assured customers that they will continue to have access until the aforementioned date, and that customer assets are unaffected by its insolvency.

Despite the sad ending to the Nuri story, Mayer believes that blockchain and crypto are here to stay and that there are endless possibilities with this technology.

“We still believe in innovative financial technology and are convinced that Blockchain, cryptocurrency and decentralised finance will offer opportunities that add true value to the lives of people.”

Nuri’s announcement means the neo-bank’s 400,000+ users have the chance to get their money out, which, on the face of it, is unlike the scenario that recently greeted customers of several crypto lenders, including Celsius and Voyager Digital. The series of bankruptcy filings over the crypto winter came after most providers suspended customer withdrawals.

The post Crypto bank Nuri urges customers to withdraw funds before it shuts down appeared first on Invezz.

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Court docs reveal details about thousands of Celsius customers

The data of thousands of Celsius customers revealed in court also included its executives showing millions withdrawn from the platform in the weeks before it was suspended to the public.

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Fidelity to Offer Crypto Trading to Retail Customers

The potential launch would come after Fidelity enabled its corporate clients in April to add the world's largest cryptocurrency to their managed 401(k) retirement plans. (Read More)

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Sullivan Bank partners Bakkt to allow customers buy Bitcoin and Ethereum

Digital assets firm Bakkt Holdings, Inc. (NYSE: BKKT) has partnered with Sullivan Bank in a collaboration that will see the bank’s customers access crypto services via the Bakkt platform.

Sullivan Bank will tap into Bakkt’s Crypto Connect solution to allow its customers buy, sell and hold the cryptocurrencies, the companies said in a press release. As noted in the announcement, the first of the assets accessible to the bank’s customers are Bitcoin (BTC/USD) and Ethereum (ETH/USD).

Customers will access the service via their digital banking app, Bakkt head of marketing and sales Mark Elliot said in a statement.

“To make the experience seamless for Sullivan Bank and its customers, we provide the full strength of Bakkt’s platform including compliance, tax reporting, educational resources and customer care,” Elliot added.

Sullivan Bank was founded in 1895 and is one of several financial institutions to explore new opportunities for its clients. Bakkt, launched in 2018 by the Intercontinental Exchange (ICE), offers crypto payments and digital assets custody and is a great gateway to crypto. The platform has in recent months partnered Nexo (NEXO/USD) for crypto custody services and Mastercard to enable banks explore the burgeoning crypto industry.

With its Bakkt App and customer loyalty programmes among other products, the platform offers those new to crypto an easy and secure way to explore supported digital assets.

And as crypto as an asset class continues to see fresh demand among investors, Sullivan Bank believes using a regulated platform like Bakkt is important to customers. Mallory Farrell, the bank’s COO noted:

“Bakkt’s innovative platform will facilitate this new capability within our existing banking platform and customers will be able to view their crypto balance alongside their checking and savings balance all in the same place.”

Given recent warnings from the Federal Deposit Insurance Corporation (FDIC) to several crypto platforms and caution to the public, customers are reminded that “crypto assets are not FDIC-insured products and may lose value.”

The post Sullivan Bank partners Bakkt to allow customers buy Bitcoin and Ethereum appeared first on Invezz.

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Wirex adds SEPA and Faster Payments for UK customers

Wirex, a UK-based crypto platform has introduced support for SEPA Instant and Faster Payments, allowing its UK and EEA (European Economic Area) customers access to two new methods to easily deposit to or withdraw from their accounts using GBP and EUR.

According to the platform, the additional top up methods complements the existing credit/debit card use. However, with the SEPA (Single Euro Payments Area) Instant and Faster Payments features, customers have more flexibility and will benefit from instant and no-cost transfers to the Wirex accounts or bank.

Wirex plans to add support for Plaid, another popular deposit and withdrawal method used across the EEA, UK, and US.

With the Wirex app supporting SEPA Instant and Faster Payments, customers have another avenue to make instant transfers, topping up their accounts and wallets to buy crypto.

Users can hold the crypto assets or use the intuitive app to exchange/sell. The app also allows customers to spend directly at more than 80 million locations where the Wirex Mastercard is accepted.

Pavel Matveev and Dmitry Lazarichev co-founded Wirex in 2014, the core objective being to make access to crypto and its use in daily life easy.

The platform, which currently offers its services across 130 countries, serves more than 5 million users. It provides access to over 150 crypto and traditional currencies and has a Wirex card, wallet, and utility token WXT.Earlier this year, Wirex announced integration with Avalanche (AVAX/USD), allowing millions of its customers to access the blockchain ecosystem via the Wirex Wallet and app.

The post Wirex adds SEPA and Faster Payments for UK customers appeared first on Invezz.

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Bankrupt Crypto Firm Voyager Digital Approved to Release $270 Million in Cash Deposits

The now defunct and bankrupt Voyager Digital has been approved by the court to distribute $270 million in funds to creditors and affected customers. The news follows the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board ordering Voyager to remove any statements that allege Voyager is FDIC insured. The U.S. Bankruptcy Court in More

The post Bankrupt Crypto Firm Voyager Digital Approved to Release $270 Million in Cash Deposits appeared first on BTC Ethereum Crypto Currency Blog.

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DBS Declines to Offer Crypto Services to Retail Customers as Regulation Stiffens

Since regulators consider crypto coins to be ill-suited for retail consumers, DBS bank said that it will not offer such products to retail-banking clients any time soon. (Read More)

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Robinhood Begins Rolling Out Crypto Wallets to Select Customers – Wallets Bitcoin News

Trading platform Robinhood has begun rolling out crypto wallets to 1,000 customers. Users can send and receive their cryptocurrencies from Robinhood to external crypto wallets, the company explained, adding that by March, 10,000 customers will be testing the wallets before rolling out to the rest of the waitlist. Robinhood Lets 1,000 Customers Test Its Crypto […]

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Bitcoin Exchange CoinCorner Acquires Customer Base, Domains Of Coinfloor

The U.K.-based exchanges agreed to move Coinfloor customers over to CoinCorner "to further bitcoin adoption."

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