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March 2023

Crypto needs to look abroad as US exchanges go unbanked

The fall of Silvergate, SVB and Signature has left crypto firms scrambling for new banks. Will crypto banking head offshore for the long term?

Singapore-based Crypto.com gets preparatory license to expand services in Dubai

Singapore-based cryptocurrency exchange Crypto.com will soon be able to extend its services in Dubai, after it received a Minimal Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). 

Bithumb executive faces investigation over alleged bribery in South Korean crypto listing

South Korean prosecutors are investigating Lee Sang-jun, the CEO of Bithumb’s holding company, for alleged bribery in listing certain tokens on the platform.

Weekly Market Wrap: Bitcoin rises above US$26,000, as ‘store of value’ narrative strengthens amid bank failures

As the U.S. banking system stared into the pit of bank runs and collapsing share prices, the authorities acted swiftly to try and pull everything back from the edge. However, Bitcoin seemed unperturbed. Is this what a safe haven looks like?

Another Crazy Week For Bitcoin

Bitcoin and other cryptocurrencies bounce back after a turbulent week for banks in the US and Switzerland.

Bitcoin, Ether, other crypto gain with equities amid global fund injections to support banks

Bitcoin neared the US$25,000 mark on Friday morning in Asia. Cryptocurrencies gained as the U.S. and Europe moved to backstop troubled banks with cash.

Who should be held responsible for the Silvergate Bank and SVB crises?

As bank after bank topples, fingers are pointing everywhere. But crypto is not to be blamed for this unfolding crisis, writes Winston Hsiao of XREX.

India, UAE to collaborate on cross-border central bank digital currencies

The Indian central bank and the UAE will jointly run pilot programs on their central bank digital currencies, according to the Reserve Bank of India. 

Ripple executives say XRP lawsuit ruling will have little impact on global business operations

The court ruling in a lawsuit brought by the SEC against Ripple will have minimal impact on the company’s business, APAC policy director Rahul Advani said.

South Korea cranks up pressure to extradite Do Kwon, founder of failed Terra-Luna stablecoin

South Korean prosecutors said they will expand cooperation with overseas legal agencies to facilitate the arrest and extradition of Do Kwon.

Circle’s USDC bounces back after Silicon Valley Bank bust

Top blockchain and crypto news: USDC stabilizes after SVB collapse. Silvergate closes shop. China tightens financial supervision.

Voyager-Binance.US’ $1 bln deal should be put on hold, says U.S. Department of Justice

A deal valued at over US$1 billion between Binance.US and Voyager should be put on hold while key legal objections are worked out, says U.S. government.

Anchorage Digital lays off 20% of staff amid low NFT demand, says bank unit not affected

Digital asset platform Anchorage Digital will lay off 75 employees as it restructures to meet regulation challenges.

Bitcoin, Ether continue run up; Solana, Dogecoin lead gainers; U.S. equities rebound

Bitcoin and Ether continued strong price gains, with most of the top 10 non-stablecoin cryptocurrencies logging advances for the past seven days.

Binance suspends pound sterling services for U.K. customers as payment provider backs out

Binance, the world’s largest cryptocurrency exchange, announced that it is halting its British pound deposits and withdrawals.

India imposes money laundering regulations on crypto industry

India’s crime fighting agencies have been investigating crypto exchanges and individuals on money laundering charges and have now put the onus on exchanges to report suspicious transactions.

Circle’s Disparte speaks on de-risking crypto from banking risks

The recent U.S. banks fallout is a stress test for both traditional finance and digital assets but to weather the storm side by side is a powerful opportunity, says Circle Chief Strategy Officer Dante Disparte.

Meta plans to wind down NFT initiatives on Facebook, Instagram to focus on other services

Meta Platforms, the parent company of Facebook and Instagram, will wind down its non-fungible token operations on both social media services.

FBI investigating the collapse of Do Kwon’s Terra-Luna, WSJ reports

Former employees of Do Kwon’s Terraform Labs are being questioned by the FBI and U.S. prosecutors in New York.

Bitcoin jumps above US$24,000, leading crypto gains as U.S. acts to backstop banks

Bitcoin continued to gain in morning trading in Asia, as regulators acted to backstop the U.S. banking industry. Most of the top 10 cryptocurrencies gained.

Banks are bringing systemic risks to crypto, says Circle’s Disparte

The recent U.S. bank failures are proof that the banking system is introducing systemic risks to the crypto industry, not vice versa, says Circle chief strategy officer Dante Disparte.

Crypto banking crisis?

As the U.S. tries to head off a bank run, crypto is quickly running out of places to bank with.

Bitcoin, Ether gain after U.S. regulators take charge to shield deposits across crypto-related banks

Bitcoin and Ether gained in Monday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, after U.S. regulators took charge of Silicon Valley Bank and Signature Bank, both with exposure to crypto industry, protecting deposits and confirming that no losses will be borne by the taxpayer. 
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Circle says US$3.3 bln USDC reserve at SVB available Monday, announces partnership with Cross River

Circle said the USDC reserve deposits held at the failed Silicon Valley Bank will be recovered when banks open on Monday.

Circle’s USDC stablecoin regains parity as regulators act to stop bank run risk

Circle said its $3.3 billion of USDC cash reserves at the collapsed Silicon Valley Bank will be available Monday after regulators stepped in to backstop deposits.

Bitcoin jumps more than 9% as U.S. acts to protect deposits at crypto-linked banks

Bitcoin and Ether led a rebound in cryptocurrencies in Asia morning trading as U.S. regulators backstopped banks with ties to the crypto industry.

U.S. regulators shutter Signature Bank, lender to Paxos, Coinbase, citing systemic risk

U.S. regulators closed New York-based Signature Bank, one of the biggest lenders in the crypto industry, due to risks of a systemic failure.

Weekly Market Wrap: Bitcoin falls below US$20,000 as Silvergate collapse, rate hike concerns rise

Bitcoin fell below US$20,000 for the first time since Jan. 13 on the back of crypto bank Silvergate’s collapse and the U.S. Fed signaling higher than expected interest rate hikes.

Meta working on a decentralized social media app: Moneycontrol

Meta Platforms, the parent company of the social media applications Facebook and Instagram, is exploring a decentralized text-based Twitter alternative.

Bitcoin, Ether, Forkast 500 NFT index close lower on the day

Bitcoin and Ether tumbled during Asia trading hours on Friday afternoon, with Dogecoin leading losses among the top 10 largest non-stablecoin cryptocurrencies by market capitalization, pressured by crypto bank Silvergate’s liquidation

Bitcoin, Ether slump in broad sell-off amid Fed red flags on rates, Silvergate Bank failure

Bitcoin and other leading cryptocurrencies slid Friday morning in Asia, tracking equities amid red flags on interest rates and concern about fallout from the Silvergate collapse.

Bank bust

Contagion, regulation worries grow after crypto bank’s demise

Crypto mining rig maker Canaan shares slump after Q4 revenue sank 82%

Canaan’s shares on Nasdaq closed 3.83% lower at US$2.51 on Wednesday after the cryptocurrency mining rig maker reported an 82% year-on-year drop in revenue on Tuesday for the fourth quarter of last year, citing “lackluster market demand” for mining machines as the price of Bitcoin fell.

Crypto bank Silvergate to close, return all deposits; becomes latest victim of 2022 crypto turmoil

Silvergate Capital said Wednesday it will cease operations and liquidate its bank unit.

Bitcoin crashes through US$22,000 floor as failure of Silvergate crypto bank hits market

The shuttering of Silvergate Bank was not unexpected, but it still drove Bitcoin and most of the top 10 non-stablecoin cryptocurrencies lower on Thursday morning in Asia.

Voyager gains court approval to sell assets to Binance U.S. in US$1.3 bln deal

Bankrupt crypto lender Voyager Digital received court approval from bankruptcy Judge Michael Wiles on Tuesday to sell its assets and transfer its customers to Binance’s U.S. arm, in a US$1.3 billion deal.

Silvergate teeters as regulators circle and crypto firms cut ties

Top blockchain and crypto news: Silvergate woes spark bankruptcy talk. LDO dips on false enforcement rumors. Chinese leaders push digital development.

Forkast 500 NFT index edges up, Animoca Brands’ NFT collection leads in sales

The Forkast NFT 500 Index inched up 0.07% to 4,278.68 in the 24 hours through 9 a.m. in Hong Kong on Wednesday.

FTX’s Alameda sues Grayscale over crypto trusts

Alameda Research has filed a law suit against crypto conglomerate Digital Currency Group and its asset management business Grayscale over trust investments.

China’s WeChat social media giant integrates digital yuan into payment platform

WeChat, China’s leading social networking and payment app, has integrated the digital yuan into its payment network, which may help adoption of the CBDC.

Kraken to launch U.S. crypto bank amid regulatory headwinds

U.S.-based cryptocurrency exchange Kraken is working on establishing its own bank, despite the recent regulatory headwinds

Singapore police begin probe linked to Do Kwon’s Terraform Labs: Bloomberg

Singapore’s police have begun investigations linked to Terraform Labs that was co-founded by fugitive Do Kwon, according to a Bloomberg report.

Binance documents show ties to U.S. unit unknown to regulators, WSJ reports

Binance, the world’s largest cryptocurrency exchange, reportedly didn’t disclose the extent of its ties and control over Binance.US, WSJ reported.

Bybit suspends U.S. dollar bank transfers, possible link to Silvergate shuttering crypto banking network

Bybit suspended U.S. dollar deposits and withdrawals via wire and bank transfers due to “service outages from a partner.”

Bitcoin treads water below US$22,500, Ether dips with other top 10 cryptocurrencies

Bitcoin and other top 10 cryptocurrencies fell on Monday morning amid concern about the troubled crypto bank Silvergate.

Bitcoin, Ether fall; Litecoin is biggest loser of day

Bitcoin and Ether fell by the end of Asian trading hours on Friday afternoon, together with all other top 10 non-stablecoin cryptocurrencies by market capitalization, weighed by the financial woes of crypto-focused bank Silvergate.

Weekly NFT sales drop, unique buyers surge amid Coinbase’s new NFT airdrop

The number of unique buyers rose to an all-time high this week after crypto exchange Coinbase dropped free NFTs to celebrate the launch of its new Layer 2 network Base.

Circle joins Crypto.com, Coinbase in cutting ties with embattled crypto bank Silvergate

USDC issuer Circle said Friday that it is withdrawing from “certain services that involve” California-based cryptocurrency bank Silvergate.

Bitcoin falls below US$23,000, Ether slides in crypto price slump across the board

Bitcoin and Ether prices slumped in Friday morning trading in Asia, along with all other top 10 non-stablecoin cryptocurrencies.

CBDC: Boon Or Bane?

Critics fear CBDCs could mean the end of cryptocurrencies, and an increasing number of countries are racing to develop their own.

What policymakers need to know about the metaverse to make the real world a better place

The metaverse has the potential to make the real world more just and inclusive, writes Sébastien Borget of The Sandbox. Here are the key ingredients for its future success.

Singapore’s DDEx eyes security token offerings, mulls adding more cryptocurrencies

DBS bank’s digital exchange, which serves institutional clients, said macroeconomic conditions last year were not suitable for security token offerings (STO), but it will explore opportunities for such listings in 2023 and plans to add more crypto tokens.

Indonesia’s Crypto First

Indonesia’s crypto coming of age could help them become a blockchain superpower

Bitcoin Punks exceed 1,145 ETH in daily trading volume as Bitcoin Ordinals gain traction

Less than two months since the launch of the Ordinals protocol, Bitcoin Ordinals are gaining traction. Yuga Labs announced its first Bitcoin-native NFT collection, on the same day Bitcoin Punks saw over 1,145 ETH in trading volume. Industry commentators told Forkast what this could be for the Bitcoin network.

Blur NFT wash trading soars, fueling market distortions

Top blockchain and crypto news: Blur wash trading explodes. Coinbase extends developer foray with Base test. Hong Kong crypto embrace gets Beijing’s nod.

Visa not slowing down with crypto plans, says its crypto chief

American payments giant Visa is not slowing down its cryptocurrency plans despite last year’s bear market, according to the firm’s crypto head Cuy Sheffield.

Former executive Nishad Singh pleads guilty to criminal charges in FTX collapse

Nishad Singh, former engineering chief of bankrupt cryptocurrency exchange FTX, pleaded guilty to fraud and several other criminal charges at a hearing on Tuesday related to the collapse of the company, Bloomberg reported.

February 2023

Yuga Labs to launch its first Bitcoin-based NFTs TwelveFold

Yuga Labs announced that it will launch TwelveFold later this week, its first NFT collection on the Bitcoin network.

Bitcoin, Ether prices fall; Solana biggest loser in top 10 cryptos

Bitcoin and Ether fell in Tuesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, despite U.S. equities rising on Monday after last week’s selloff. Asian stock markets mostly rose on Tuesday as investors absorbed key economic indicators across the region.  
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Huawei forms Web3 alliance with Polygon, Morpheus Labs, others

Chinese smartphone maker Huawei partnered with multiple overseas Web3 firms, as part of the company’s blockchain and metaverse venture.

Coinbase exchange to delist Binance USD, says stablecoin ‘no longer met our listing standards’

Coinbase, the world’s second largest cryptocurrency exchange, said Monday it is suspending trade in the Binance USD (BUSD) as of March 13.

BitFlyer founder eyes CEO comeback, share sale amid boardroom conflicts: Bloomberg

Yuzo Kano, co-founder of Japan’s largest cryptocurrency exchange bitFlyer Inc., said he plans to return as CEO, sell shares to public.

Robinhood says it’s cooperating with SEC following subpoena over cryptocurrency services

Robinhood says it’s cooperating with an SEC investigation into the company’s trading and handling of cryptocurrencies.

Asia’s Opportunity to Lead Crypto Regulations

Crypto industry’s interaction with regulators is important and quite common in Asia but missing in the US, says Brooks Entwistle of Ripple Labs.

Weekly Market Wrap: Bitcoin lingers at US$24,000 level after Wall Street’s worst day in 2023 so far

Bitcoin remained resilient around the US$24,000 level on Tuesday despite Wall Street’s worst day of the year so far. Industry experts are eyeing a potential retest of the US$25,000 psychological level, as a failure to reclaim it may result in a downtrend to around US$21,500.

FTX founder Sam Bankman-Fried hit with four more criminal charges

The founder of bankrupt cryptocurrency firm FTX.com Sam Bankman-Fried (SBF) has received another four criminal charges in a superseding indictment on Thursday.

IMF releases crypto action plan, advises against legal tender status

World governments should not grant cryptocurrency legal tender status, the International Monetary Fund’s (IMF) executive board said in its new nine-point action plan on how countries should approach crypto assets published Thursday. See related article: India working with IMF, FSB on crypto regulations, says economic affairs secretary Fast facts See related article: India’s finance minister […]

SEC accused of ‘back door’ labeling of crypto as securities in Coinbase insider trading case

A U.S.-based blockchain advocacy group has urged a federal court to dismiss SEC charges against an ex-Coinbase employee accused of insider trading.  

NBA partners Chinese fintech giant Ant Group to launch NFTs in China

NBA will partner Ant Group – Chinese tech giant Alibaba’s fintech affiliate – to issue NBA-themed NFTs and create content on Alipay.

Binance, Ingenico begin crypto payments in France

Binance, the world’s largest cryptocurrency exchange, has partnered France-based global payments giant Ingenico to offer in-store crypto payments in France using Binance Pay.

Blur lives up to name as its trading volume surpasses OpenSea

Top blockchain and crypto news: Blur’s success spurs changes at OpenSea. Is Binance eyeing US exit? Taiwan asset disclosure rules may include crypto.

Coinbase reports growth in Q4 earnings despite decline in users

Coinbase reported an increase in its Q4 earnings on Tuesday, even as overall users declined throughout the period.