<h5><strong>A document filed by Coinbase with the US SEC shows that Coinbase CEO Brian Armstrong sold more than 30,000 A Coinbase shares for $1.6 million on November 11.</strong></h5>
<div>
<figure><img width="1024" height="684" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1674033636989.png" alt="CEO Brian Armstrong Sells $1.6 Million Worth Of Coinbase Shares" srcset="https://news.coincu.com/wp-content/uploads/2022/11/image-1223-1024x684.png 1024w, https://news.coincu.com/wp-content/uploads/2022/11/image-1223-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2022/11/image-1223-768x513.png 768w, https://news.coincu.com/wp-content/uploads/2022/11/image-1223-750x501.png 750w, https://news.coincu.com/wp-content/uploads/2022/11/image-1223-1140x761.png 1140w, https://news.coincu.com/wp-content/uploads/2022/11/image-1223.png 1200w" title="CEO Brian Armstrong Sells $1.6 Million Worth Of Coinbase Shares 1" /><figcaption> </figcaption></figure></div>
<p>U.S. Securities and Exchange Commission (SEC) filings <strong>reveal that Coinbase CEO Armstrong sold approximately 30,000 Coinbase Class A shares for $1.6 million</strong> <strong>on November 11</strong>. Because of this, the CEO converted his Class B shares to Class A and he will do the same in the coming months, the report claims.</p>
<figure><div>
<blockquote><p>I'm passionate about accelerating science and tech to help solve some of the biggest challenges in the world. To further this, I'm planning to sell about 2% of my Coinbase holdings over the next year to fund scientific research and companies like @newlimit + @researchhub</p>— Brian Armstrong (@brian_armstrong) October 15, 2022</blockquote>
</div></figure>
<p>As was updated in a previous Coincu News article, on October 15,<strong> Armstrong confirmed that he plans to sell his 2% stake in Coinbase</strong> and that he will do the same for his initial investment in more technology projects.</p>
<p>When Coinbase went public, at the time, Coinbase stock (COIN) was trading at $340 but currently the trading value is <strong>currently hovering around $55.5</strong>, which is a lot of money. similar to the fallout faced by other traditional stocks.</p>
<div>
<figure><img loading="lazy" width="1024" height="576" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1674033638332.png" alt="CEO Brian Armstrong Sells $1.6 Million Worth Of Coinbase Shares" srcset="https://news.coincu.com/wp-content/uploads/2022/11/image-1225-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2022/11/image-1225-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2022/11/image-1225-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2022/11/image-1225-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2022/11/image-1225.png 1080w" title="CEO Brian Armstrong Sells $1.6 Million Worth Of Coinbase Shares 2" /><figcaption> </figcaption></figure></div>
<p>Brian Armstrong’s decision to sell his shares coincided with the time that crypto exchange FTX filed for Chapter 11 bankruptcy.</p>
<p>On November 8, Coinbase also confirmed being a victim of the FTX liquidity crisis. The company said <strong>it is depositing about $15 million on the FTX exchange and all of them have not been withdrawn yet</strong>. They claim to only send money, do not buy FTT, do not work with Alameda and do not lend to FTX.</p>
<figure><div>
<blockquote><p>BREAKING: Coinbase has $15m USD stuck at FTX</p>— Mr. Whale 🐳 whalechart.org (@WhaleChart) November 14, 2022</blockquote>
</div></figure>
<p><strong><em>DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></strong></p>
<p>Join us to keep track of news: https://linktr.ee/coincu</p>
<p>Website: coincu.com</p>
<p><strong>Foxy</strong></p>
<p><strong>CoinCu</strong> <strong>News</strong></p>

CEO Brian Armstrong Sells $1.6 Million Worth Of Coinbase Shares

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The European Union is expected to vote on March 28 on a new anti-money laundering scheme that bans anonymous self-hosted wallets from transferring large amounts of crypto assets.</em></li>
<li><em>Traders will be prohibited from making or accepting anonymous cryptocurrency transfers over 1,000 euros ($1,080).</em></li>
<li><em>For businesses, the law also banned receipt of more than 7,000 euros in cash and established a new EU anti-money laundering agency, AMLA.</em></li>
</ul>
<h5><strong>The EU is expected to vote on March 28 on a new anti-money-laundering plan that <a href="https://news.coincu.com/75711-eu-vote-on-anonymous-crypto-payments/" target="_blank" rel="noreferrer noopener">bans anonymous self-hosted</a> wallets from transferring large amounts of crypto assets.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1583.png"><img decoding="async" width="1024" height="587" alt="EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1583-1024x587.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583-300x172.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583-768x440.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583-750x430.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583-1140x654.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583.png 1500w" title="EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1583-1024x587.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176886 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="587" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1583-1024x587.png" alt="EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros" class="wp-image-176886" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1583-1024x587.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583-300x172.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583-768x440.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583-750x430.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583-1140x654.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1583.png 1500w" sizes="(max-width: 1024px) 100vw, 1024px" title="EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The Economics and Civil Liberties Committees of the European Parliament will vote on new anti-money laundering (AML) plans on Tuesday after months of debate on how to prevent the use of cryptocurrencies, non-fungible tokens (NFT), and the metaverse for financial crime.</p>
<p>The law also bans businesses from accepting more than 7,000 euros in cash and establishes a new EU anti-money laundering agency, AMLA.</p>
<p>Under the current proposals, traders would be prohibited from making or accepting anonymous electronic money transfers of more than 1,000 euros ($1,080), and transactions would be allowed if the customer’s identity could be verified or if relevant concerning regulated cryptocurrency providers. In addition, large cryptocurrency transfers between individuals, such as friends, are still allowed.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1584.png"><img decoding="async" width="960" height="541" alt="EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1584.png 960w, https://news.coincu.com/wp-content/uploads/2023/03/image-1584-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1584-768x433.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1584-750x423.png 750w" title="EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1584.png" data-sizes="(max-width: 960px) 100vw, 960px" class="wp-image-176887 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="960" height="541" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1584.png" alt="EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros" class="wp-image-176887" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1584.png 960w, https://news.coincu.com/wp-content/uploads/2023/03/image-1584-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1584-768x433.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1584-750x423.png 750w" sizes="(max-width: 960px) 100vw, 960px" title="EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The proposals would need to be approved by the European Council, which speaks for the member states of the bloc, and the European Union Parliament to become law. The Council attempted to prohibit banks and cryptocurrency companies from trading in privacy-enhancing coins last year, putting coins like zcash, monero, and dash on par with bearer shares and other anonymous financial instruments.</p>
<p>According to the parliament’s plans, any foreign provider who is not registered or licensed anywhere would not be permitted to have a correspondent relationship with any EU cryptocurrency providers. Decentralized autonomous organizations (DAOs), to the extent they are managed by an identified person, and NFT platforms are also subject to the money laundering regulations under the recommendations.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right"><strong>Foxy</strong></p>
<p class="has-text-align-right"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/142806-the-european-union-could-ban-crypto/" class="crp_link post-142806"><span class="crp_title">The European Union Could Ban Crypto Providers From Dealing In Privacy-Enhancing Coins</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/175354-starknet-foundation-launches-5-committees/" class="crp_link post-175354"><span class="crp_title">Starknet Foundation Launches 5 Committees To Drive Decentralization And Innovation</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/132562-european-parliament-committee-approves-mica/" class="crp_link post-132562"><span class="crp_title">European Parliament Committee Approves The MiCA Crypto Framework</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/151015-crypto-transactions-1000-face-due-enquiries/" class="crp_link post-151015"><span class="crp_title">Crypto Transactions Over €1,000 Faces Due Diligence Enquiries In The EU</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/134821-european-union-introduces-law-to-crypto/" class="crp_link post-134821"><span class="crp_title">European Union Introduces Law to Crypto Mining This Winter</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/174131-european-parliament-promotes-digital-walley/" class="crp_link post-174131"><span class="crp_title">European Parliament Promotes Strong EU Digital Wallet By Negotiating With Council</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

EU Bans Anonymous Cryptocurrency Transfers Over 1,000 Euros

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Regulators in Hong Kong, China, are calling for meetings between crypto firms and bankers to facilitate financing in the industry.</em></li>
<li><em>The meeting aims to facilitate financing from banks for money companies to move towards the goal of making Hong Kong a crypto hub.</em></li>
<li><em>The roundtable will take place on April 28 at the Hong Kong Monetary Authority.</em></li>
</ul>
<h5><strong>According to Bloomberg, regulators in Hong Kong, China, are calling for meetings between crypto firms and bankers to create financial conditions for the industry to make the region a crypto hub.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1589.png"><img decoding="async" width="730" height="360" alt="Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1589.png 730w, https://news.coincu.com/wp-content/uploads/2023/03/image-1589-300x148.png 300w" title="Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1589.png" data-sizes="(max-width: 730px) 100vw, 730px" class="wp-image-176903 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="730" height="360" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1589.png" alt="Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks" class="wp-image-176903" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1589.png 730w, https://news.coincu.com/wp-content/uploads/2023/03/image-1589-300x148.png 300w" sizes="(max-width: 730px) 100vw, 730px" title="Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The roundtable will be held at the Hong Kong Monetary Authority on April 28 “to facilitate face-to-face dialogue” and “share experiences and practical views on opening and maintaining bank accounts.” goods,” according to event details obtained by the news agency.</p>
<p>The conference will be co-hosted by the Hong Kong Monetary Authority and the Securities and Futures Commission, two regulatory bodies that oversee stablecoin and cryptocurrency exchanges.</p>
<p>As mentioned earlier, last year, Hong Kong revealed plans to turn itself into a hub for digital assets and thrive on Web3 technology. At the same time, China still has its tightening policies on digital assets. The company also provides virtual asset services and mining operations.</p>
<p>The idea was also tacitly endorsed by the Beijing government as the Hong Kong branches of the Bank of Communications of China, Bank of China, and Shanghai Pudong Development Bank may have<a href="https://news.coincu.com/176588-hong-kong-crypto-firms-support-chinese-bank/" target="_blank" rel="noreferrer noopener"> started offering</a> banking services to local crypto companies or conducting field investigations.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1590.png"><img decoding="async" width="1024" height="684" alt="Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1590-1024x684.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1590-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1590-768x513.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1590-750x501.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1590.png 1050w" title="Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1590-1024x684.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176904 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="684" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1590-1024x684.png" alt="Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks" class="wp-image-176904" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1590-1024x684.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1590-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1590-768x513.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1590-750x501.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1590.png 1050w" sizes="(max-width: 1024px) 100vw, 1024px" title="Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Several businesses are now having more trouble finding banking due to the recent bankruptcy of a number of US banks that supported cryptocurrencies. Despite this, one contemporary bright light has been a growth in interest in the sector among Chinese state-owned lenders, which has surprised the industry, given China’s restriction on the majority of crypto-related operations.</p>
<p>Spokesmen for the HKMA and SFC said they would not comment on any details but added that they were maintaining dialogue with stakeholders.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right"><strong>Foxy</strong></p>
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Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The Hong Kong arms of the Bank of Communications, Bank of China, and Shanghai Pudong Development Bank have either started offering banking services to local crypto firms or have made inquiries.</em></li>
<li><em>This shows that the city’s drive to become a significant digital asset hub has received backing from Beijing.</em></li>
<li><em>Cryptocurrency companies flocked to Hong Kong after the city opened its doors to the once tightly regulated sector.</em></li>
</ul>
<h5><strong>According to Bloomberg News, people familiar with the matter say that the Hong Kong branches of the Bank of Communications of China, Bank of China, and Shanghai Pudong Development Bank may have started offering banking services goods to local crypto companies or doing field investigations.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1516.png"><img decoding="async" width="1024" height="538" alt="Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1516-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516.png 1200w" title="Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1516-1024x538.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176618 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="538" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1516-1024x538.png" alt="Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches" class="wp-image-176618" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1516-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1516.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>At least once, a sales representative of a Chinese bank visited a crypto company’s office to showcase their services, people familiar with the matter said.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Crypto firms rushing into Hong Kong are finding a surprising source of potential support: China’s state-owned banks <a href="https://t.co/e902ZdkdXa" target="_blank">https://t.co/e902ZdkdXa</a></p>— Bloomberg (@business) <a href="https://twitter.com/business/status/1640154916776730624?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 27, 2023</a></blockquote>
</div></figure>
<p>Despite the fact that trading in cryptocurrencies has been prohibited on the Chinese mainland for well over a year, Chinese banks have been directly contacting cryptocurrency businesses over the past few months. This indicates that Beijing supports the city’s efforts to become a major digital asset hub.</p>
<p>The lenders are filling a hole left by the failure of American tech banks Silicon Valley Bank, Silvergate Capital, and Signature Bank, which makes it a good time as well.</p>
<p>Bank of China, Bank of Communications, and Shanghai Pudong Bank did not respond to requests for comment at press time.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1515.png"><img decoding="async" width="600" height="400" alt="Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1515.png 600w, https://news.coincu.com/wp-content/uploads/2023/03/image-1515-300x200.png 300w" title="Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1515.png" data-sizes="(max-width: 600px) 100vw, 600px" class="wp-image-176616 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="600" height="400" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1515.png" alt="Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches" class="wp-image-176616" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1515.png 600w, https://news.coincu.com/wp-content/uploads/2023/03/image-1515-300x200.png 300w" sizes="(max-width: 600px) 100vw, 600px" title="Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>February 20, the <a href="https://news.coincu.com/175792-victory-securities-for-crypto-investments/" target="_blank" rel="noreferrer noopener">Hong Kong government</a> proposed rules allowing retail investors to trade cryptocurrencies on licensed exchanges, in stark contrast to mainland China where cryptocurrency-related exchanges are completely banned.</p>
<p>Hong Kong’s latest move to legalize retail crypto trade sends a strong message that Hong Kong is taking a different approach to regulating its capital markets, aiming to become a cryptocurrency hub.</p>
<p>With the latest easing protocol, Hong Kong’s crypto rules will be as open as the Singapore market. However, to prevent bad actors from taking advantage of loopholes in this area, the proposal made by Hong Kong stipulates that all virtual currency exchanges concentrate their operations in the city or market services to the public. The territory’s investors must obtain a Hong Kong Securities and Futures Commission license.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The US government is considering extending emergency credit lines to banks, giving First Republic Bank more time to strengthen its balance sheet.</em></li>
<li><em>Officials have yet to decide what kind of assistance they can provide to the First Republic as it remains under control.</em></li>
<li><em>Adjustments may be designed to ensure that the First Republic benefits from the changes.</em></li>
</ul>
<h5><strong>To provide banks with additional help, US Government are considering increasing their emergency lending facility. This move could buy <a href="https://news.coincu.com/175234-first-republic-bank-frc-halte-fell-45/" target="_blank" rel="noreferrer noopener">First Republic Bank</a> more time to improve its balance sheet, according to a Saturday article in <a href="https://www.bloomberg.com/news/articles/2023-03-25/us-mulls-more-support-for-banks-while-giving-first-republic-time#xj4y7vzkg" target="_blank" rel="noreferrer noopener">Bloomberg News</a>.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1470.png"><img decoding="async" width="1024" height="682" alt="US Government Considers Extending Emergency Credit Lines For Banks" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1470-1024x682.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-1536x1023.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-2048x1364.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-1140x759.png 1140w" title="US Government Considers Extending Emergency Credit Lines For Banks 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1470-1024x682.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176459 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="682" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1470-1024x682.png" alt="US Government Considers Extending Emergency Credit Lines For Banks" class="wp-image-176459" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1470-1024x682.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-1536x1023.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-2048x1364.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1470-1140x759.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="US Government Considers Extending Emergency Credit Lines For Banks 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>To the article, which cited sources with knowledge of the issue, all discussions are in the early stages. Expanding the Federal Reserve’s emergency program is just one of the numerous lending options being considered by officials to help the struggling lender.</p>
<p>Any modifications made to the Fed’s liquidity offerings would affect all eligible users, although First Republic would stand to gain from them.</p>
<p>Federal Deposit Insurance Corporation (FDIC), First Republic Bank, and U.S. Treasury spokespeople declined to comment.</p>
<p>As previously reported, Wall Street executives and U.S. officials are discussing the possibility of First Republic Bank getting government support to forge a deal with potential buyers’ power.</p>
<p>The government could play a role in removing the distressed assets of the First Republic. Other measures discussed by the two sides include providing liability guarantees, more flexible use of capital regulations, and easing equity restrictions.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1471.png"><img decoding="async" width="1024" height="576" alt="US Government Considers Extending Emergency Credit Lines For Banks" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1471-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-1536x864.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471.png 1920w" title="US Government Considers Extending Emergency Credit Lines For Banks 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1471-1024x576.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176460 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1471-1024x576.png" alt="US Government Considers Extending Emergency Credit Lines For Banks" class="wp-image-176460" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1471-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-1536x864.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1471.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" title="US Government Considers Extending Emergency Credit Lines For Banks 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Following the collapses of Silicon Valley Bank and Signature Bank, American banks have contacted the Federal Reserve for unprecedented sums of emergency liquidity in the previous month.</p>
<p>The economic team of American President Joe Biden collaborated with regulators earlier this month to establish measures to support the banking system. These measures included creating a new facility to give banks access to emergency funds and simplifying the process for banks to borrow money from the Fed in times of need.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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US Government Considers Extending Emergency Credit Lines For Banks

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The cryptocurrency market shows signs of a slight decline due to the unstable financial situation and monetary policies.</em></li>
<li><em>Investors weigh in on Deutsche Bank’s bankruptcy contagion fear.</em></li>
<li><em>The cost of insuring the debt of financial services giant Deutsche Bank soared to a four-year high, sending shares down 14%.</em></li>
</ul>
<h5><strong>The entire crypto market price fell on Friday as investors faced the threat of US monetary policy and the fear of a <a href="https://www.reuters.com/markets/deutsche-bank-shares-whipsaw-after-cds-blow-out-2023-03-24/" target="_blank" rel="noreferrer noopener">Deutsche Bank crisis</a>. It seems that the banking crisis has spread to European banks.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1408.png"><img decoding="async" width="1024" height="481" alt="Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1408-1024x481.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-300x141.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-768x361.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-1536x721.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-2048x962.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-750x352.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-1140x535.png 1140w" title="Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1408-1024x481.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176229 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="481" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1408-1024x481.png" alt="Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries" class="wp-image-176229" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1408-1024x481.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-300x141.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-768x361.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-1536x721.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-2048x962.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-750x352.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1408-1140x535.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries 1"></noscript></a><figcaption class="wp-element-caption">Source: Coin360</figcaption></figure></div>
<p>The largest cryptocurrency in the market, Bitcoin (BTC), has seen a 2.3% drop in the past 24 hours after peaking at $28,300. Ethereum (ETH) has also dropped below the $1,800 level. The altcoin and stablecoin markets also suffered the same fate due to the volatile economic situation.</p>
<p>In addition to the fear of the Fed’s continued tightening of monetary policies, the US banking crisis significantly affected the cryptocurrency market after lawmakers ordered the closure of three banks. This month, major crypto-friendly stores Silvergate, Silicon Valley, and Signature are based in the US.</p>
<p>The crisis did not stop in the United States but has spread to European countries. Large Swiss bank <a href="https://news.coincu.com/175217-problem-behind-credit-suisses-buyout-crypto/" target="_blank" rel="noreferrer noopener">Credit Suisse </a>also fell into trouble and decided to sell itself to USB Group for $3.2 billion a few days ago.</p>
<p>Yesterday, Deutsche Bank (Germany) reeled for most of the day after the financial services giant’s debt insurance costs soared to a four-year high, raising concerns once again about the health of the financial services giant strength in the banking industry.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1409.png"><img decoding="async" width="860" height="573" alt="Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1409.png 860w, https://news.coincu.com/wp-content/uploads/2023/03/image-1409-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1409-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1409-750x500.png 750w" title="Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1409.png" data-sizes="(max-width: 860px) 100vw, 860px" class="wp-image-176230 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="860" height="573" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1409.png" alt="Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries" class="wp-image-176230" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1409.png 860w, https://news.coincu.com/wp-content/uploads/2023/03/image-1409-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1409-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1409-750x500.png 750w" sizes="(max-width: 860px) 100vw, 860px" title="Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Shares of Deutsche Bank (DB) fell 14% a point on Friday before closing down 3%. Shares of Deutsche Bank fell for the third day in a row and have lost more than a fifth of their value this month.</p>
<p>This is Germany’s largest commercial bank with about $1.4 trillion in assets and a profit of $6 billion by 2022</p>
<p>While Deutsche Bank shares led the way, central European banks such as Commerzbank, Credit Suisse, Societe Generale, and UBS also recorded a 5% drop.</p>
<p>Besides financial worries, investors also need to consider many legal issues, including recent regulatory enforcement issues, including the Securities and Exchange Commission (SEC) warning against told Coinbase that the agency is pursuing an enforcement action against the exchange for possible securities violations.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries

<h5><strong>Creative AI programs require a prompt – a string of text for the algorithm to work with to create an image. The need is being met by the advent of prompt marketplaces that bring maximum creativity to users. The following article will share with you three outstanding AI Prompt that are predicted to become the new explosive trend of <a href="https://news.coincu.com/168115-ai-blockchain-new-trend-in-2023/" target="_blank" rel="noreferrer noopener">AI technology</a>.</strong></h5>
<p>In large language models (LLMs) or large models (LMs), a prompt refers to the starting point for generating text or other outputs. A prompt can be as simple as a sentence or a single word, or it can be a longer piece of text or a specific set of instructions.</p>
<p>Prompts are a crucial component that determines the quality and relevance of the output generated by the model. The prompt serves as the input and guide for the model to create the output, and its quality can significantly impact the model’s performance. Prompt engineering can often improve the quality and accuracy of the generated outputs, making them more valuable and relevant for a wide range of applications.</p>
<h2 class="has-luminous-vivid-orange-color has-text-color"><span class="ez-toc-section" id="PromptNOW_-_All_in_One_platform_for_Prompts_Marketplace"></span>PromptNOW – All in One platform for Prompts Marketplace<span class="ez-toc-section-end"></span></h2>
<p>Beside many Prompt Projects,<a href="https://promptnow.ai/" target="_blank" rel="noopener"> PromptNOW</a> is a platform for prompt creators to sell their prompts and for clients to buy them securely and transparently. This is a complete marketplace that offers prompt free customization and is a channel to earn money through blockchain technology.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1383.png"><img decoding="async" width="1024" height="576" alt="PromptNOW: The Next Booming Trend In AI Technology" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1383-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383.png 1200w" title="<strong>PromptNOW: The Next Booming Trend In AI Technology</strong> 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1383-1024x576.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176117 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1383-1024x576.png" alt="PromptNOW: The Next Booming Trend In AI Technology" class="wp-image-176117" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1383-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1383.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="<strong>PromptNOW: The Next Booming Trend In AI Technology</strong> 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The marketplace leverages the unique features of blockchain technology, such as smart contracts and NFTs, to provide a secure and efficient platform for buying and selling prompts.</p>
<p>PromptNOW addresses the shortage of special and useful prompts for writers and creatives and the difficulties that clients and prompt developers have in the current prompt industry. Customers frequently have few options for prompts in the traditional prompt industry, while prompt authors have few ways to monetize their work. The payment process might be cumbersome and unsafe, and prompts are frequently not valuable or unusual.</p>
<p>Through the creation of PromptNOW NFT, creators can encrypt private information using a symmetric encryption key obtained from the decentralized PromptNOW Network. To access the original content, the token holder must prove ownership of the NFT to the network and obtain a decryption key to decrypt.</p>
<p>PromptNOW Token (PNI) is built on the Arbitrum One and developed as the native token of the platform.The first project to tokenize prompts is expected to deploy on the arbitrum system.</p>
<p>The unique attraction of PromptNOW is its business model. PromptNow offers a variety of features and benefits to give customers more options for inspiration and creativity. PromptNow’s business model with focus on its three types of services: Marketplace, Engineer Feature, and Generative Feature.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1385.png"><img decoding="async" width="1024" height="596" alt="PromptNOW: The Next Booming Trend In AI Technology" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1385-1024x596.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385-300x175.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385-768x447.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385-750x436.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385-1140x663.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385.png 1200w" title="<strong>PromptNOW: The Next Booming Trend In AI Technology</strong> 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1385-1024x596.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176119 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="596" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1385-1024x596.png" alt="PromptNOW: The Next Booming Trend In AI Technology" class="wp-image-176119" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1385-1024x596.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385-300x175.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385-768x447.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385-750x436.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385-1140x663.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1385.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="<strong>PromptNOW: The Next Booming Trend In AI Technology</strong> 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<h3><strong>Marketplace</strong></h3>
<p>PromptNow’s marketplace provides clients with unique and valuable prompts. Clients can customize prompts by word count, genre, and theme.</p>
<p>They can also purchase collections of prompts grouped by theme or genre, collaborate with other writers and creatives to create unique prompts and participate in prompt contests.</p>
<p>AI technology generates automatically. Each prompt is unique and valuable. The platform generates revenue through a commission-based model, making it a sustainable business.</p>
<h3><strong>Engineer Features</strong></h3>
<p>This feature allows clients to hire highly skilled engineers for generative AI models. These engineers work closely with clients to understand their needs and preferences and create custom prompts, and the service is valuable to clients who need highly skilled engineers to create custom prompts.</p>
<p>PromptNow Engineers use generative AI models to create high-quality prompts, which can be purchased on the marketplace. They can also collaborate with other Prompt Creators or clients to develop prompts that have multiple perspectives and ideas.</p>
<p>PromptNow Engineers can also provide feedback to clients on their prompts to help them improve their writing and creative skills.</p>
<p>The Engineer Feature generates revenue through a fee-based model, where a negotiated fee or commission is taken on each custom prompt created by an Engineer.</p>
<p>This revenue stream is sustainable because it provides valuable services to clients who need highly skilled Engineers to create custom prompts based on their specific needs and preferences.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1384.png"><img decoding="async" width="1024" height="576" alt="PromptNOW: The Next Booming Trend In AI Technology" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1384-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384.png 1200w" title="<strong>PromptNOW: The Next Booming Trend In AI Technology</strong> 3" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1384-1024x576.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-176118 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1384-1024x576.png" alt="PromptNOW: The Next Booming Trend In AI Technology" class="wp-image-176118" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1384-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1384.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="<strong>PromptNOW: The Next Booming Trend In AI Technology</strong> 3"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<h3><strong>Generative Feature</strong></h3>
<p>This feature allows users to create, test, and refine text or voice-based prompts using various tools and features, including natural language processing and machine learning algorithms.</p>
<p>Users can sell their prompts on the PromptNow marketplace, with tools for tracking sales and monitoring performance.</p>
<p>Revenue is generated through a subscription-based model for premium features, providing additional value to users who are willing to pay.</p>
<p>A 10% transaction fee is applied to every NFT minting or trading transaction, while the remaining amount is directly given to the NFT seller or owner. There are no fees for prompts on the marketplace.</p>
<p>As of now, royalty fees have not been incorporated into the system, as there are legal issues regarding the categorization of NFTs as securities. However, this policy is subject to revision in the future as the legal framework continues to evolve.</p>
<h2 class="has-luminous-vivid-orange-color has-text-color"><span class="ez-toc-section" id="Conclusion"></span>Conclusion<span class="ez-toc-section-end"></span></h2>
<p>Above is our share about AI Prompts that are growing strongly and predicted to explode in the near future along with AI technology trends. In general, PromptNow is a complete marketplace that both provides prompt free and customization and is a channel to earn money through blockchain technology. Furthermore, the project has also provided a native token and is the first project to tokenize in the prompts projects planned to deploy on the Arbitrum system.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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PromptNOW: The Next Booming Trend In AI Technology

<p><strong>Key Points:</strong></p>
<ul>
<li><em>US Senator Ted Cruz is working to prevent the Federal Reserve from creating a central bank digital currency (CBDC).</em></li>
<li><em>The announcement emphasizes the importance of ensuring that U.S. digital currency policy.</em></li>
<li><em>According to Ted Cruz, CBDC centralizes Americans’ financial information, making it vulnerable to hacking.</em></li>
</ul>
<h5><strong>US Senator <a href="https://news.coincu.com/162870-ted-cruz-announcing-crypto-as-a-payment/" target="_blank" rel="noreferrer noopener">Ted Cruz</a> has introduced a bill that would ban the Federal Reserve from developing a direct-to-consumer central bank digital currency (CBDC).</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1288.png"><img decoding="async" width="768" height="505" alt="US Senator Ted Cruz Introduces CBDC Development Ban Bill" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1288.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1288-300x197.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1288-750x493.png 750w" title="US Senator Ted Cruz Introduces CBDC Development Ban Bill 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1288.png" data-sizes="(max-width: 768px) 100vw, 768px" class="wp-image-175827 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="768" height="505" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1288.png" alt="US Senator Ted Cruz Introduces CBDC Development Ban Bill" class="wp-image-175827" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1288.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1288-300x197.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1288-750x493.png 750w" sizes="(max-width: 768px) 100vw, 768px" title="US Senator Ted Cruz Introduces CBDC Development Ban Bill 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>US Senator Ted Cruz (R-TX) announced Tuesday that he has reintroduced a bill that would ban the Federal Reserve from developing a direct-to-consumer central bank digital currency. can be used as a financial monitoring tool by the federal government.</p>
<blockquote class="wp-block-quote">
<p>“The federal government has no authority to unilaterally establish a central bank currency,(…). This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States.”</p>
<cite>Cruz said in a <a href="https://www.cruz.senate.gov/newsroom/press-releases/sen-cruz-introduces-legislation-to-prohibit-the-fed-from-establishing-a-central-bank-digital-currency" target="_blank" rel="noreferrer noopener">press release</a>.</cite></blockquote>
<p>The bill, co-sponsored by Senators Braun (R-IN) and Grassley (R-IA), was first introduced last March.</p>
<p>The declaration emphasizes how crucial it is to make sure that U.S. digital currency policy safeguards financial privacy, upholds the dollar’s hegemony, and promotes innovation.</p>
<p>The lawmaker warned that it could be used as a tool to monitor the Federal government’s finances.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1289.png"><img decoding="async" width="1024" height="497" alt="US Senator Ted Cruz Introduces CBDC Development Ban Bill" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1289-1024x497.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289-300x146.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289-768x373.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289-750x364.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289-1140x554.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289.png 1458w" title="US Senator Ted Cruz Introduces CBDC Development Ban Bill 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1289-1024x497.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-175829 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="497" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1289-1024x497.png" alt="US Senator Ted Cruz Introduces CBDC Development Ban Bill" class="wp-image-175829" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1289-1024x497.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289-300x146.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289-768x373.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289-750x364.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289-1140x554.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1289.png 1458w" sizes="(max-width: 1024px) 100vw, 1024px" title="US Senator Ted Cruz Introduces CBDC Development Ban Bill 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“The American people must be able to spend their money the way they choose without the ability for the government to be able to track every transaction,”</p>
<cite>Another senator said.</cite></blockquote>
<p>The Texas senator pointed out that unlike decentralized cryptocurrencies like bitcoin, CBDCs consolidate financial data on Americans, making it more susceptible to attacks.</p>
<p>Reportedly, Senator Cruz is a <a href="https://news.coincu.com/92298-senator-ted-cruz-i-believe-bitcoin/" target="_blank" rel="noreferrer noopener">bitcoin investor </a>who buys BTC weekly. Expressing strong optimism towards the cryptocurrency, he explained that he is bullish on BTC because it is decentralized and untraceable.</p>
<p>In January of this year, he introduced a resolution encouraging Capitol gift shops to accept cryptocurrencies.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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US Senator Ted Cruz Introduces CBDC Development Ban Bill

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Cryptocurrency market is in the red with the decision to raise interest rates by 0.25%</em></li>
<li><em>Although this rate is lower than expected, the Fed’s long-term stance is still to contain inflation and bring it from 6% to only 2%.</em></li>
<li><em>Bitcoin had a substantial dump from $28,800 to $26,700.</em></li>
</ul>
<h5><strong>The latest interest rate hike by the US Federal Reserve (Fed) <a href="https://tradingeconomics.com/united-states/interest-rate#:~:text=Fed%20Delivers%20Another%2025bps%20Rate,2007%2C%20as%20inflation%20remains%20elevated." target="_blank" rel="noreferrer noopener">was 0.25%</a>, an increased rate unchanged from the January adjustment. After the news, the entire cryptocurrency market witnessed a level of decline.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1272.png"><img decoding="async" width="1024" height="479" alt="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1272-1024x479.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-300x140.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-768x359.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-1536x718.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-2048x958.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-750x351.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-1140x533.png 1140w" title="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1272-1024x479.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-175758 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="479" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1272-1024x479.png" alt="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision" class="wp-image-175758" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1272-1024x479.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-300x140.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-768x359.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-1536x718.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-2048x958.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-750x351.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1272-1140x533.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision 1"></noscript></a><figcaption class="wp-element-caption">Source: Coin360</figcaption></figure></div>
<p>The Fed’s current interest rate is 5%, 4.5% higher than last year, and the highest interest rate since the 2008 financial crisis.</p>
<p>With the US facing the risk of a crisis in the banking industry after the collapse of three central banks this March (Silvergate, Silicon Valley, Signature), observers have concluded that the Fed is under pressure and could not resume interest rate hikes to control US inflation.</p>
<p>However, in a press conference after the decision to raise interest rates, Fed Chairman Jerome Powell affirmed that although the US banking industry has just had some events, it requires supervisory authorities to have urgent policies to prevent the crisis. The crisis spread, but the Fed’s long-term stance was still to contain inflation and bring it from 6% to only 2%.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1273.png"><img decoding="async" width="981" height="597" alt="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1273.png 981w, https://news.coincu.com/wp-content/uploads/2023/03/image-1273-300x183.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1273-768x467.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1273-750x456.png 750w" title="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1273.png" data-sizes="(max-width: 981px) 100vw, 981px" class="wp-image-175759 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="981" height="597" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1273.png" alt="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision" class="wp-image-175759" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1273.png 981w, https://news.coincu.com/wp-content/uploads/2023/03/image-1273-300x183.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1273-768x467.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1273-750x456.png 750w" sizes="(max-width: 981px) 100vw, 981px" title="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>In order to realize this goal, the Fed will still have to adjust interest rates accordingly. Still, instead of continuously raising as planned at the end of 2022, the Fed’s board of governors will have meetings to monitor the bank’s situation to make adjustments closely.</p>
<p>This caused the largest coin in the BTC market to have a substantial dump from<a href="https://news.coincu.com/175491-feds-actions-halt-bitcoin-rally-at-28000/" target="_blank" rel="noreferrer noopener"> $28,800</a> to $26,700. BTC currently corrects to $27,300, down 3% in the last 24 hours.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1270.png"><img decoding="async" width="1024" height="634" alt="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1270-1024x634.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270-300x186.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270-768x476.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270-750x464.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270-1140x706.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270.png 1426w" title="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision 3" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1270-1024x634.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-175756 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="634" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1270-1024x634.png" alt="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision" class="wp-image-175756" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1270-1024x634.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270-300x186.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270-768x476.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270-750x464.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270-1140x706.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1270.png 1426w" sizes="(max-width: 1024px) 100vw, 1024px" title="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision 3"></noscript></a><figcaption class="wp-element-caption">24h BTC price chart. Source: CoinMarketCap</figcaption></figure></div>
<p>The crypto market also recorded a derivatives liquidation of nearly $225.61 million in the past 12 hours, with more than half of that coming from Bitcoin. The rate of long orders being burned reaches 74.92%.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1271.png"><img decoding="async" width="1024" height="399" alt="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1271-1024x399.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-300x117.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-768x299.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-1536x599.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-2048x798.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-750x292.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-1140x444.png 1140w" title="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision 4" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1271-1024x399.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-175757 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="399" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1271-1024x399.png" alt="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision" class="wp-image-175757" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1271-1024x399.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-300x117.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-768x299.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-1536x599.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-2048x798.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-750x292.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1271-1140x444.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="Cryptocurrency Market Drops Strongly After The Fed's New Rate Increase Decision 4"></noscript></a><figcaption class="wp-element-caption">Source: Coinglass</figcaption></figure></div>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
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Cryptocurrency Market Drops Strongly After The Fed’s New Rate Increase Decision

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Cryptocurrency company Auros Global receives a massive $17 million investment following the FTX crisis.</em></li>
<li><em>The investment came from trading firm TRADIVI Vivienne Court and leading bitcoin mining company Bit Digital.</em></li>
<li><em>It previously lost $20 million in the FTX explosion. But recently, the British Virgin Island court has announced the release of Auros from temporary liquidation following a significant debt restructuring.</em></li>
</ul>
<h5><strong>Auros Global chief investment officer Benjamin Roth revealed that he had weathered the FTX crisis and received a massive $17 million investment, according to <a href="https://www.coindesk.com/business/2023/03/21/crypto-trading-firm-auros-secures-17m-investment-as-it-recovers-from-ftx-woes/" target="_blank" rel="noreferrer noopener">Coindesk</a>.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1024x630.png"><img decoding="async" width="1024" height="630" alt="FTX Victim, Auros Global, Guaranteed New $17 Million Investment" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1024x630.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-300x185.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-768x473.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1536x946.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-750x462.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1140x702.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140.png 1600w" title="FTX Victim, Auros Global, Guaranteed New $17 Million Investment 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1024x630.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-175294 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="630" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1024x630.png" alt="FTX Victim, Auros Global, Guaranteed New $17 Million Investment" class="wp-image-175294" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1024x630.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-300x185.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-768x473.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1536x946.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-750x462.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140-1140x702.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px" title="FTX Victim, Auros Global, Guaranteed New $17 Million Investment 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>In a recent statement by the Chief Investment Officer of Auros, the company overcame the liquidity crisis after falling victim. It was stuck at $20 million on FTX due to its sudden collapse at the end of November 2022.</p>
<p>As updated in the previous post, after the collapse of FTX, the company was approved by the British Virgin Islands court in December, and Auros moved into a temporary liquidation phase.</p>
<p>Auros was released from temporary court-supervised liquidation last week after restructuring massive debt and securing $17 million in new investment by the high-frequency trading company. President Vivienne Court Trading and public bitcoin mining company Bit Digital (BTBT) lead the way.</p>
<p>M11 Credit, the principal creditor of Auros Global, a crypto trading firm affected by the bankruptcy of FTX, <a href="https://news.coincu.com/167672-m11-credit-and-auros-reach-resolution/" target="_blank" rel="noreferrer noopener">said</a> in a statement Wednesday that the company has resolved to restructure the deal lending with Maple Finance.</p>
<p>Auros has repaid 55% of the outstanding debt to the lending group, the statement said. Another 40% of debt is reissued at an annual rate of 8.64% over three 90-day cycles, with maturities of up to nine months. The remainder of the loan is repaid interest-free within 90 days.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1141.png"><img decoding="async" width="1024" height="663" alt="FTX Victim, Auros Global, Guaranteed New $17 Million Investment" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1141-1024x663.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141-300x194.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141-768x497.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141-750x485.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141-1140x738.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141.png 1360w" title="FTX Victim, Auros Global, Guaranteed New $17 Million Investment 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1141-1024x663.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-175295 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="663" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1141-1024x663.png" alt="FTX Victim, Auros Global, Guaranteed New $17 Million Investment" class="wp-image-175295" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1141-1024x663.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141-300x194.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141-768x497.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141-750x485.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141-1140x738.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1141.png 1360w" sizes="(max-width: 1024px) 100vw, 1024px" title="FTX Victim, Auros Global, Guaranteed New $17 Million Investment 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>After the FTX boom and as market participants feared a full-blown insolvency crisis for cryptocurrencies, lenders raced to collect outstanding debts to reduce and minimize potential losses. With a significant amount of money locked up on FTX, Auros faced a sudden lack of liquidity to repay all of its desperate creditors.</p>
<p>But thankfully, the company has now been able to pull through. Roth said the company is leaving the FTX shock behind.</p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“We’re the same company that we were pre-FTX,”</p>
<cite>He said</cite></blockquote>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<p></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/168251-bit-review-safe-reliable-exchange/" class="crp_link post-168251"><span class="crp_title">BIT Review: Safe, Reliable Cryptocurrency Exchange</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/167360-bit-index-ai-review-read-before-investing/" class="crp_link post-167360"><span class="crp_title">The Bit Index AI Review: Read Before Investing!</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/167672-m11-credit-and-auros-reach-resolution/" class="crp_link post-167672"><span class="crp_title">M11 Credit And Auros Reach Resolution For The $18 Million Debt On Maple Finance</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/153927-auros-global-launches-restructuring-plan/" class="crp_link post-153927"><span class="crp_title">Auros Global Launches Restructuring Plan To Restore Company</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/153786-auros-bankruptcy-after-stuck-20m-ftx/" class="crp_link post-153786"><span class="crp_title">Auros Filed For Bankruptcy After Being Stuck For $20 Million On FTX</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/170613-bitcoin-mining-made-simple/" class="crp_link post-170613"><span class="crp_title">Bitcoin Mining Made Simple: Everything You Need to Know in One Place!</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

FTX Victim, Auros Global, Guaranteed New $17 Million Investment

<p><strong>Key Points:</strong></p>
<ul>
<li><em>According to the FDIC statement, the 40 branches of Signature Bank will be handled by Flagstar Bancorp, a New York Community Bancorp subsidiary.</em></li>
<li><em>Flagstar Bank’s bid does not include $4 billion in deposits tied to Signature Bank’s previous digital banking operations.</em></li>
<li><em>Signature Bridge Bank depositors (not those affiliated with the digital bank) will automatically become Flagstar depositors and remain FDIC-insured up to the coverage limit.</em></li>
</ul>
<h5><strong>Yesterday, the FDIC said in a press release that under a purchase agreement, non-cryptocurrency-related deposits totaled $88.6 billion at the end of last year due to the former <a href="https://news.coincu.com/174437-congress-to-investigate-svb-crypto-failures/" target="_blank" rel="noreferrer noopener">Signature Bank</a> (now Signature Bridge Bank) will be taken over by Flagstar Bancorp, a subsidiary of New York Community Bancorp. This will take effect from Monday (US time).</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1078.png"><img decoding="async" width="1024" height="585" alt="Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1078-1024x585.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078-300x171.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078-768x439.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078-750x429.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078-1140x651.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078.png 1400w" title="Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1078-1024x585.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174941 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="585" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1078-1024x585.png" alt="Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp" class="wp-image-174941" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1078-1024x585.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078-300x171.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078-768x439.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078-750x429.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078-1140x651.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1078.png 1400w" sizes="(max-width: 1024px) 100vw, 1024px" title="Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The company also purchased $38.4 billion worth of loans and other assets previously held by Signature. However, some of the $60 billion in loans will remain with the FDIC, which took over Signature after it was shut down by New York state regulators last weekend.</p>
<p>Flagstar Bank’s bid does not include $4 billion in deposits tied to Signature Bank’s previous digital banking operations. According to the press release, the FDIC will offer these deposits directly to customers whose accounts are linked to the digital bank.</p>
<p>The agreement will enable Signature Bridge Bank depositors (deposits unrelated to crypto business) to automatically become Flagstar depositors and will continue to be FDIC insured under the insurance limit.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1079.png"><img decoding="async" width="1024" height="683" alt="Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1079-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079.png 1500w" title="Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1079-1024x683.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174942 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1079-1024x683.png" alt="Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp" class="wp-image-174942" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1079-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1079.png 1500w" sizes="(max-width: 1024px) 100vw, 1024px" title="Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The FDIC said Signature’s collapse would cost the Federal Deposit Insurance Fund – funded by bank payments – about $2.5 billion.</p>
<p>Earlier, the FDIC also stated that the sudden closure of the Signature Bank has nothing to do with the cryptocurrency sector. However, this sudden closure caused many crypto projects to freeze their deposits or quickly find another shelter to escape the wave of the banking crisis in the US.</p>
<p>The collapse of New York-based Signature Bank – which had $110 billion in assets last year – marked the third-largest bank demise in US history, following the collapse of the bank. The failure of Washington Mutual in 2008 and the failure of Silicon Valley Bank just two days before Signature was shut down.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
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Signature Bank Non-Crypto-Related Deposits Are Responsible For Flagstar Bancorp

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Sinovation Ventures President and CEO announced that he is preparing to build a new AI engine with the goal of not only the Chinese version of ChatGPT but also hopes to recruit people from all over the world.</em></li>
<li><em>The company is now hoping to “recruit talent” globally.</em></li>
<li><em>It was previously reported in February that former Meituan co-founder Wang Huiwen had invested $50 million into artificial intelligence and said he would build China’s OpenAI.</em></li>
</ul>
<h5><strong>China’s tech giants are showing their ambition to build a Chinese version of ChatGPT with a global footprint amid the artificial intelligence boom. Most recently, as president and CEO of Sinovation Ventures.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1081.png"><img decoding="async" width="1024" height="532" alt="Sinovation Ventures Ambitious To Build A New &quot;Chinese Version ChatGPT&quot;" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1081-1024x532.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-300x156.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-768x399.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-1536x799.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-750x390.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-1140x593.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081.png 2000w" title="Sinovation Ventures Ambitious To Build A New &quot;Chinese Version ChatGPT&quot; 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1081-1024x532.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174957 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="532" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1081-1024x532.png" alt="Sinovation Ventures Ambitious To Build A New &quot;Chinese Version ChatGPT&quot;" class="wp-image-174957" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1081-1024x532.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-300x156.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-768x399.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-1536x799.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-750x390.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081-1140x593.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1081.png 2000w" sizes="(max-width: 1024px) 100vw, 1024px" title="Sinovation Ventures Ambitious To Build A New &quot;Chinese Version ChatGPT&quot; 1"></noscript></a><figcaption class="wp-element-caption">Kai-fu Lee, Chairman and CEO of Sinovation Ventures</figcaption></figure></div>
<p><a href="https://baijiahao.baidu.com/s?id=1760844926296427149&amp;wfr=spider&amp;for=pc" target="_blank" rel="noreferrer noopener">The Paper</a> learned from a group of friends of Kai-fu Lee, Chairman and CEO of Sinovation Ventures, that Kai-fu Lee is preparing to launch Project AI 2.0, another new global AI company, in the hopes of “recruiting talents” on a worldwide scale.</p>
<p>In addition to personally preparing to establish a new company, Kai-Fu Lee also said that they are actively looking for investment opportunities related to AI 2.0 technology and application and accelerating the creation of a new business. New business for the ecosystem for AI 2.0.</p>
<p>Li Kaifu said AI 2.0 Project is the seventh company incubated at the top level of Innovation Work, and its goal is not just to create China’s version of ChatGPT.</p>
<p>It was previously reported in February that former Meituan Lianchuang Wang Huiwen had invested $50 million into artificial intelligence, saying he would build China’s OpenAI.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1082.png"><img decoding="async" width="650" height="406" alt="Sinovation Ventures Ambitious To Build A New &quot;Chinese Version ChatGPT&quot;" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1082.png 650w, https://news.coincu.com/wp-content/uploads/2023/03/image-1082-300x187.png 300w" title="Sinovation Ventures Ambitious To Build A New &quot;Chinese Version ChatGPT&quot; 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1082.png" data-sizes="(max-width: 650px) 100vw, 650px" class="wp-image-174958 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="650" height="406" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1082.png" alt="Sinovation Ventures Ambitious To Build A New &quot;Chinese Version ChatGPT&quot;" class="wp-image-174958" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1082.png 650w, https://news.coincu.com/wp-content/uploads/2023/03/image-1082-300x187.png 300w" sizes="(max-width: 650px) 100vw, 650px" title="Sinovation Ventures Ambitious To Build A New &quot;Chinese Version ChatGPT&quot; 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Wang Huiwen personally holds no shares; the funds hold 25% of the shares, and 75% of the shares are used to invite top R&amp;D talents. In the next funding round, top VCs signed up for US$230 million.</p>
<p>AI technology exploded this year when <a href="https://news.coincu.com/173837-chatgpt-4-uncover-real-time-vulnerabilities/" target="_blank" rel="noreferrer noopener">ChatGPT</a> is, a chat robot launched by artificial intelligence company OpenAI in November 2022. In just five days after its launch, the number of registered users exceeded 1 million. Two months after its launch, the number of users surpassed 100 million, making it the fastest-growing consumer app in history.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
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Sinovation Ventures Ambitious To Build A New “Chinese Version ChatGPT”

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The Fed, ECB, and other central banks work together to take coordinated steps to increase dollar liquidity.</em></li>
<li><em>The move to avoid the risk of a cash rush.</em></li>
<li><em>Bitcoin is also a cryptocurrency trending upwards as the banking crisis in the US is spreading to Europe.</em></li>
</ul>
<h5><strong>The Fed has partnered with central banks to increase liquidity for the dollar. The big move is aimed at avoiding a global cash rush. Bitcoin and risk assets, in general, tend to move in the opposite direction of the greenback.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1088.png"><img decoding="async" width="1024" height="576" alt="FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1088-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-1536x864.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088.png 2048w" title="FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1088-1024x576.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174988 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1088-1024x576.png" alt="FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity" class="wp-image-174988" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1088-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-1536x864.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1088.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" title="FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The Fed (USA) and a series of central banks from Canada, the UK, Japan, the EU, and Switzerland have just <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20230319a.htm" target="_blank" rel="noreferrer noopener">announced</a> a coordination mechanism to improve bank liquidity.</p>
<p>To improve the efficiency of the US dollar fund supply in the swap line, central banks that currently offer US dollar operations have agreed to increase the frequency of maturity operations from weekly to daily. The mechanism will begin today, March 20, and will continue at least until the end of April.</p>
<p>This network of swap lines between central banks is a ready-made toolkit and a vital liquidity safeguard against stress in global funding markets, thereby helping to reduce the impact of that strain on the provision of credit to households and businesses.</p>
<p>It follows the implosion of three banks in the US and the takeover of troubled Swiss lender Suisse by UBS and National Bank.</p>
<p>Demand for USD increases as institutions and banks want to keep cash while the crisis risk spreads. This mechanism helps central banks to access foreign currency easily, then distribute it to domestic and commercial banks. Thereby ensuring liquidity and minimizing stress in the market.</p>
<p>The Fed’s support for global dollar liquidity reduces the risk of a worldwide cash rush in March 2020 as investors sell everything, including bitcoin and cryptocurrencies other, and convert to cash, mainly USD.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1089.png"><img decoding="async" width="1024" height="538" alt="FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1089-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089.png 1200w" title="FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-1089-1024x538.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174989 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="538" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1089-1024x538.png" alt="FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity" class="wp-image-174989" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1089-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-1089.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>On Sunday, the top cryptocurrency by market value was seen mainly as a hedge against the banking system and <a href="https://news.coincu.com/174870-bitcoin-breaks-28k-confirms-bullish-market/" target="_blank" rel="noreferrer noopener">hit a nine-month high</a> above $28,000, bringing cumulative monthly gains to nearly 25%.</p>
<p>Covid 2020, the Fed provided a similar mechanism to solve the crisis. Many solutions have been proposed to stabilize the world financial situation; the Fed’s balance sheet size may even increase.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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FED Cooperates With A Series Of Central Banks To Enhance USD Liquidity

<h5><strong>Key Points:</strong></h5>
<ul>
<li><em>American residents would lose more than US$10 billion due to crypto fraud in 2022, with encrypted investment fraud losses amounting to US$2.57 billion.</em></li>
<li><em>The organization revealed that the most targeted demographic is persons aged 30 to 49. Past research has revealed that such individuals are quite active in the crypto sphere, but elder investors have yet to embrace the asset class.</em></li>
</ul>
<h5><strong>In 2022, American residents lost more than $10 billion due to internet fraud, with crypto investment schemes accounting for $2.57 billion of the total.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08.png"><img decoding="async" width="1024" height="508" alt="Crypto Investment Scams Cost US Investors $2.57 Billion In 2022" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-1024x508.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-300x149.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-768x381.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-1536x763.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-2048x1017.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-360x180.png 360w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-750x372.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-1140x566.png 1140w" title="Crypto Investment Scams Cost US Investors $2.57 Billion In 2022 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-1024x508.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174804 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="508" src="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-1024x508.png" alt="Crypto Investment Scams Cost US Investors $2.57 Billion In 2022" class="wp-image-174804" srcset="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-1024x508.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-300x149.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-768x381.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-1536x763.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-2048x1017.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-360x180.png 360w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-750x372.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.08-1140x566.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="Crypto Investment Scams Cost US Investors $2.57 Billion In 2022 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Losses from <a href="https://news.coincu.com/174613-3ac-shadow-bank-crypto-worst-failure/">crypto investment</a> fraud will total $907 million in 2021. The victims’ ages range primarily between 30 and 49 years old. The most typical method of fraud is to get users to connect their wallets to bogus liquidity mining software, stealing their cash or hijacking their social media accounts.</p>
<p>This unpleasant tendency is growing, as more and more individuals are being persuaded to spend their hard-earned money in these fraudulent schemes. It is critical to be attentive in the face of such frauds and to conduct extensive research before investing. Furthermore, it is critical to only interact with reputed and trustworthy brokers and exchanges to ensure the safety and security of your money.</p>
<p>Bitcoin scams are an increasing worry not only for Americans, but for people all around the world. Scams take many forms, including phony ICOs, Ponzi schemes, and phishing. According to a recent Federal Trade Commission (FTC) poll, the most impacted age group was persons aged 20 to 49, with men being the most afflicted.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18.png"><img decoding="async" width="1024" height="572" alt="Crypto Investment Scams Cost US Investors $2.57 Billion In 2022" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-1024x572.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-300x167.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-768x429.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-1536x857.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-2048x1143.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-750x419.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-1140x636.png 1140w" title="Crypto Investment Scams Cost US Investors $2.57 Billion In 2022 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-1024x572.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174803 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="572" src="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-1024x572.png" alt="Crypto Investment Scams Cost US Investors $2.57 Billion In 2022" class="wp-image-174803" srcset="https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-1024x572.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-300x167.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-768x429.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-1536x857.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-2048x1143.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-750x419.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/Anh-chup-Man-hinh-2023-03-19-luc-19.37.18-1140x636.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="Crypto Investment Scams Cost US Investors $2.57 Billion In 2022 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>It is important to note that the nature of cryptocurrencies and blockchain technology makes it an appealing target for fraudsters. Transactions are decentralized, and the anonymity of the persons involved makes tracing and recovering stolen assets difficult. This emphasizes the importance of exercising caution while dealing with bitcoin.</p>
<p>The crypto market is still an embryonic business with a poor history for the market’s firms. Yet, this is a promising subject that is expected to develop rapidly in the future. Government entities are working on legal issues in order to tighten the laws for both businesses and investors.</p>
<p>While investing in cryptocurrencies, it is important to be cautious and alert. Before investing your money, do your homework, engage with reputed brokers, and always confirm the genuineness of investment possibilities. Following these precautions will help you avoid being a victim of bitcoin investment scams.</p>
<p><strong><em>DISCLAIMER: </em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p>Join us to keep track of news: <a href="https://linktr.ee/coincu" target="_blank" rel="noopener">https://linktr.ee/coincu</a></p>
<p><strong>Chubbi</strong></p>
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Crypto Investment Scams Cost US Investors $2.57 Billion In 2022

<p><strong>Key Points:</strong></p>
<ul>
<li><em> Bitcoin saw a jump of 35.05% to reach $27,401, while Ethereum similarly spiked by 24.75% to close the week at $1,794.</em></li>
<li><em>Grayscale’s structured bitcoin trust surged by 33% for the week, while its Ethereum trust rose by 16%</em></li>
</ul>
<h5><strong>Last week was a volatile one for the cryptocurrency market, as Bitcoin and Ethereum saw significant gains amidst continuing turmoil in the banking industry. Bitcoin saw a jump of 35.05% to reach $27,401, while Ethereum similarly spiked by 24.75% to close the week at $1,794.</strong></h5>
<div class="wp-block-image is-style-default">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally.jpeg"><img decoding="async" width="1024" height="576" alt="Bitcoin And Ether Lead As Coinbase And MicroStrategy Rally" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-1024x576.jpeg 1024w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-300x169.jpeg 300w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-768x432.jpeg 768w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-750x422.jpeg 750w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-1140x641.jpeg 1140w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally.jpeg 1280w" title="Crypto Market Heats Up: Bitcoin And Ether Lead As Coinbase And MicroStrategy Rally 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-1024x576.jpeg" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174666 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-1024x576.jpeg" alt="Bitcoin And Ether Lead As Coinbase And MicroStrategy Rally" class="wp-image-174666" srcset="https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-1024x576.jpeg 1024w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-300x169.jpeg 300w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-768x432.jpeg 768w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-750x422.jpeg 750w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally-1140x641.jpeg 1140w, https://news.coincu.com/wp-content/uploads/2023/03/Bitcoin-And-Ether-Lead-As-Coinbase-And-MicroStrategy-Rally.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" title="Crypto Market Heats Up: Bitcoin And Ether Lead As Coinbase And MicroStrategy Rally 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Meanwhile, shares of Silvergate Bank plummeted by 38.62% to close the week at $2.05, while Coinbase shares rose by 33% and MicroStrategy gained 30%. Jack Dorsey’s Block also gained 5%.</p>
<p>Grayscale’s structured bitcoin trust surged by 33% for the week, while its Ethereum trust rose by 16%. Grayscale has suggested that if the banking crisis persists, it’s possible that the Federal Open Market Committee may forgo any interest rate increase when it meets on March 22. Before the crisis, it was widely assumed that the central bank would hike rates by 0.25%.</p>
<div class="wp-block-image is-style-default">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16.jpeg"><img decoding="async" width="1024" height="614" alt="Grayscales structured bitcoin trust surged by 33 for the week while its Ethereum trust rose by 16" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-1024x614.jpeg 1024w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-300x180.jpeg 300w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-768x460.jpeg 768w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-750x450.jpeg 750w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-1140x683.jpeg 1140w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16.jpeg 1201w" title="Crypto Market Heats Up: Bitcoin And Ether Lead As Coinbase And MicroStrategy Rally 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-1024x614.jpeg" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174667 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="614" src="https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-1024x614.jpeg" alt="Grayscales structured bitcoin trust surged by 33 for the week while its Ethereum trust rose by 16" class="wp-image-174667" srcset="https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-1024x614.jpeg 1024w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-300x180.jpeg 300w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-768x460.jpeg 768w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-750x450.jpeg 750w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16-1140x683.jpeg 1140w, https://news.coincu.com/wp-content/uploads/2023/03/Grayscales-structured-bitcoin-trust-surged-by-33-for-the-week-while-its-Ethereum-trust-rose-by-16.jpeg 1201w" sizes="(max-width: 1024px) 100vw, 1024px" title="Crypto Market Heats Up: Bitcoin And Ether Lead As Coinbase And MicroStrategy Rally 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Inflation, however, fell slightly in February, according to a report from the U.S. Department of Labor, which indicated a decrease from 6.4% in January to 6%.</p>
<p>The surge in Bitcoin and Ethereum comes as the cryptocurrencies continue to be seen as alternative investment options to traditional financial instruments. Many investors are increasingly turning to digital assets as a hedge against inflation and a potential store of value.</p>
<p>The recent volatility in the banking industry has only added to the appeal of cryptocurrencies, with some investors seeing them as a more stable and reliable option in uncertain times.</p>
<p>However, the cryptocurrency market remains highly speculative and subject to extreme volatility. As such, investors should exercise caution and do their due diligence before investing in digital assets.</p>
<p>Last week was a reminder of the ongoing turbulence in both the financial and cryptocurrency markets. As the banking crisis continues to unfold, it remains to be seen how the crypto market will respond and what opportunities and risks will arise for investors.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
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Crypto Market Heats Up: Bitcoin And Ether Lead As Coinbase And MicroStrategy Rally

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Coinbase plans to launch a new trading platform for cryptocurrencies outside the United States.</em></li>
<li><em>The nature of Coinbase’s overseas operations or location remains to be determined.</em></li>
<li><em>The plan comes as the regulatory and banking environment for crypto companies in the US is deteriorating.</em></li>
</ul>
<h5><strong>Cryptocurrency exchange <a href="https://news.coincu.com/174286-coinbase-nft-launches-creator-hub-to-drive-web3-innovation/" target="_blank" rel="noreferrer noopener">Coinbase </a>reportedly plans to launch a new platform overseas as part of its aggressive expansion outside the United States.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-955.png"><img decoding="async" width="1024" height="682" alt="Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-955-1024x682.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-955-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-955-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-955-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-955-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-955.png 1400w" title="Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-955-1024x682.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174456 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="682" src="https://news.coincu.com/wp-content/uploads/2023/03/image-955-1024x682.png" alt="Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened" class="wp-image-174456" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-955-1024x682.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-955-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-955-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-955-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-955-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-955.png 1400w" sizes="(max-width: 1024px) 100vw, 1024px" title="Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>According to a report by <a href="https://www.bloomberg.com/news/articles/2023-03-17/coinbase-coin-in-talks-over-crypto-trading-platform-outside-the-us#xj4y7vzkg" target="_blank" rel="noreferrer noopener">Bloomberg</a>, the US crypto giant has been in discussions with international clients, investment firms, and market makers about its plans to set up a new exchange.</p>
<p>The nature and location of Coinbase’s international activities are still unknown. However the UK, Ireland, Germany, Spain, Italy, France, the Netherlands, and Switzerland are all active participants in the exchange.</p>
<p>Coinbase is looking to international markets to drive growth amid fears of an impending crackdown on crypto businesses in the US. It is also facing some banking troubles after it was revealed that about $240 million of the company’s cash balances are stuck with New York-based Signature Bank for loans following when New York authorities abruptly shut down the bank.</p>
<p>To compete with its rivals, who are rapidly gaining ground outside of the US, Coinbase may be rushing overseas.</p>
<p>Although Coinbase is the largest cryptocurrency exchange in the United States, it faces stiff competition from players like Binance.</p>
<p>Together with the US license, this US crypto giant also holds grants from Germany, the UK Financial Conduct Authority, Italy, the Netherlands, and Ireland. In numerous key markets, additional registrations or licensing applications are being processed, according to local laws.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-956-1024x683.png"><img decoding="async" width="1024" height="683" alt="Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-956-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-956-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-956-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-956-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-956-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-956.png 1200w" title="Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-956-1024x683.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174457 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/03/image-956-1024x683.png" alt="Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened" class="wp-image-174457" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-956-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-956-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-956-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-956-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-956-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-956.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Earlier this month, Coinbase updated its retail platform in Singapore to reflect its new strategic banking partnership with Standard Chartered, allowing customers to transfer funds to and from accounts through local banks’ direction.</p>
<p>Coinbase customers in Singapore can now easily withdraw funds to or from their exchange accounts using a free wire transfer. The move gives users more flexibility and control over their assets as they were previously forced to use debit or credit cards to transact with this exchange.</p>
<p>Notably, recently, Coinbase has continuously made moves to adapt to the regulations of US authorities, such as delisting stablecoin BUSD and constantly fighting for reasonable legal limits for the Staking product segment.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Coinbase Opens New Exchange Outside Of The US When Crypto Are Strengthened

<p><strong>Key Points:</strong></p>
<ul>
<li><em>UBS Corporation (UBS) is in talks about a partial or complete acquisition of Credit Suisse, and the two sides will hold talks at the end of the week.</em></li>
<li><em>Struggling Credit Suisse said it would borrow up to nearly $54 billion from the Swiss National Bank. However, its share price still fell into the abyss.</em></li>
<li><em>In 2022, Credit Suisse lost $7.9 billion, wiping out all of the previous decade’s earnings.</em></li>
</ul>
<h5><strong>According to the UK’s <a href="https://www.ft.com/content/17892f24-4ca0-417f-9093-289b019a0852" target="_blank" rel="noreferrer noopener">Financial Times</a>, citing several people familiar with the matter, UBS Group (UBS) is in talks about a partial or complete acquisition of Credit Suisse, and the two sides will hold talks at the end of the week.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-959.png"><img decoding="async" width="919" height="635" alt="UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-959.png 919w, https://news.coincu.com/wp-content/uploads/2023/03/image-959-300x207.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-959-768x531.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-959-750x518.png 750w" title="UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-959.png" data-sizes="(max-width: 919px) 100vw, 919px" class="wp-image-174480 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="919" height="635" src="https://news.coincu.com/wp-content/uploads/2023/03/image-959.png" alt="UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis" class="wp-image-174480" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-959.png 919w, https://news.coincu.com/wp-content/uploads/2023/03/image-959-300x207.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-959-768x531.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-959-750x518.png 750w" sizes="(max-width: 919px) 100vw, 919px" title="UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The Swiss National Bank and the Swiss Financial Supervisory Authority will coordinate negotiations to boost market confidence in the Swiss banking sector.</p>
<p>Swiss regulators have told the Federal Reserve and the Bank of England that merging the two banks is their “Plan A”. But they said other options could continue to be considered.</p>
<p>According to previous news, Credit Suisse said it would borrow 50 billion Swiss francs (about 54 billion US dollars) from the Swiss National Bank. However, this has failed to stem the plunge in its share price, which has fallen to a record low after its biggest investor ruled out providing more capital, and its chairman acknowledges that an exodus of wealth management clients continues.</p>
<p>Credit Suisse shares continued to fall. Credit Suisse Shares closed nearly 7% on Friday but are down 24% weekly.</p>
<p>Credit Suisse started its slump earlier this week when it was revealed that its biggest backer, the National Bank of Saudi Arabia, could not provide additional financial support.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-960.png"><img decoding="async" width="1024" height="683" alt="UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-960-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-1536x1024.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-2048x1365.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-1140x760.png 1140w" title="UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-960-1024x683.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-174481 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/03/image-960-1024x683.png" alt="UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis" class="wp-image-174481" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-960-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-1536x1024.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-2048x1365.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-960-1140x760.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>According to the FT, in 2022, UBS generated $7.6 billion in profits, while Credit Suisse lost $7.9 billion, wiping out all of the previous decade’s earnings.</p>
<p>Last October, TRON Founder Justin Sun also expressed interest in <a href="https://news.coincu.com/130359-justin-sun-acquiring-credit-suisse/" target="_blank" rel="noreferrer noopener">buying assets or shares </a>of the struggling Credit Suisse, which is on the verge of bankruptcy, and putting it on Web3. At that time, the bank’s 5-year bad debt swap (CDS) contract fee increased to 250 basis points (2.5%).</p>
<p>The global banking sector is under increasing pressure following the failure of Silicon Valley Bank last week. Since that event, the crypto-focused Signature Bank has also been shut down by regional regulators, and banking stocks have lost millions of dollars in market capitalization.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<p class="has-text-align-right"></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173072-silvergates-silicon-valley-banks-failures/" class="crp_link post-173072"><span class="crp_title">The Surprising Differences Between Silvergate's And Silicon Valley Bank's Crypto Failures!</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173460-crypto-banking-open-crypto-business-in-2023/" class="crp_link post-173460"><span class="crp_title">Crypto Banking Chaos: Which US Banks Are Still Open For Crypto Business In 2023?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/165760-a-new-decade-of-ethereum-mev/" class="crp_link post-165760"><span class="crp_title">A New Decade Of Ethereum MEV Growth: From PBS To SUAVE</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/164042-2022-crypto-market-recap-pt-2/" class="crp_link post-164042"><span class="crp_title">2022 Crypto Market Recap Pt. 2: Market Environment Analysis</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173860-credit-suisse-ceo-reassures-investors/" class="crp_link post-173860"><span class="crp_title">Credit Suisse CEO Reassures Investors After Report Identifies Material Weakness</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/168814-web3-big-reshuffle/" class="crp_link post-168814"><span class="crp_title">Web3 Big Reshuffle: East Advances West Retreat</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

UBS Negotiating To Buy Part Or All Of Credit Suisse Crisis

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The FDIC has given until March 17 (Friday) a deadline for financial institutions interested in purchasing the bankrupt Silicon Valley Bank and Signature Bank.</em></li>
<li><em>The FDIC aims to sell SVB and Signature in their entirety, while offers for parts of the banks could be considered if a sale of the entire company does not happen.</em></li>
<li><em>Any purchaser of Signatures must agree to forego all crypto business at the bank.</em></li>
</ul>
<h5><strong>The FDIC has set the bid deadline for SVB and Signature Bank to be March 17. Buyers will have to give up all crypto-related business.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-828.png"><img decoding="async" width="740" height="423" alt="SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-828.png 740w, https://news.coincu.com/wp-content/uploads/2023/03/image-828-300x171.png 300w" title="SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-828.png" data-sizes="(max-width: 740px) 100vw, 740px" class="wp-image-173998 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="740" height="423" src="https://news.coincu.com/wp-content/uploads/2023/03/image-828.png" alt="SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services" class="wp-image-173998" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-828.png 740w, https://news.coincu.com/wp-content/uploads/2023/03/image-828-300x171.png 300w" sizes="(max-width: 740px) 100vw, 740px" title="SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>According to Reuters, regulators at the US Federal Deposit Insurance Corporation (FDIC) have set a deadline of March 17 (Friday) for financial institutions interested in purchasing the <a href="https://news.coincu.com/173514-silicon-valley-bank-ceo-cfo-sued-for-fraud/" target="_blank" rel="noreferrer noopener">Silicon Valley Bank</a> and Signature Bank went bankrupt.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Exclusive: U.S. regulator eyes Friday bids for SVB, Signature Bank-sources <a href="https://t.co/a6dw1Z0rVw" target="_blank">https://t.co/a6dw1Z0rVw</a> <a href="https://t.co/tK6FrBxABL" target="_blank">pic.twitter.com/tK6FrBxABL</a></p>— Reuters (@Reuters) <a href="https://twitter.com/Reuters/status/1636181830859730944?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 16, 2023</a></blockquote>
</div></figure>
<p>The goal is to sell all of Silicon Valley Bank and Signature Bank. If it is not possible to sell all of it, consider selling part of the shares of the two banks.</p>
<p>According to sources obtained by Reuters, only bidders with existing bank charters are allowed to research banks’ finances before submitting their offers, a move intended to give donors an advantage traditional loans compared to private equity firms.</p>
<p>It is reported that the purchaser of Signature Bank must agree to give up all of the bank’s cryptocurrency business.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-829.png"><img decoding="async" width="860" height="573" alt="SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-829.png 860w, https://news.coincu.com/wp-content/uploads/2023/03/image-829-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-829-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-829-750x500.png 750w" title="SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-829.png" data-sizes="(max-width: 860px) 100vw, 860px" class="wp-image-173999 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="860" height="573" src="https://news.coincu.com/wp-content/uploads/2023/03/image-829.png" alt="SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services" class="wp-image-173999" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-829.png 860w, https://news.coincu.com/wp-content/uploads/2023/03/image-829-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-829-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-829-750x500.png 750w" sizes="(max-width: 860px) 100vw, 860px" title="SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Known to be two crypto-friendly banks, regulators have emphasized that Signature Bank’s closure is due to a crisis of confidence in its management, not involvement with cryptocurrency companies. However, its leadership still considers it an operation to prevent the relationship between banks and crypto service providers.</p>
<p>The FDIC declined to comment on its behalf, and Silicon Valley Bank, and both Signature Bank and Piper Sandler, the entity responsible for the auction, immediately responded to requests for comment.</p>
<p>The new auctions show how the FDIC is concerted to return lenders to the private sector after regulators took over Silicon Valley Bank (SVB) on Friday and Signature Bank (SBNY.O) on Sunday, in a tumultuous weekend that has reverberated through the global financial system.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173072-silvergates-silicon-valley-banks-failures/" class="crp_link post-173072"><span class="crp_title">The Surprising Differences Between Silvergate's And Silicon Valley Bank's Crypto Failures!</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172917-silicon-valley-bank-3-57m-stock-sold/" class="crp_link post-172917"><span class="crp_title">Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173427-fdic-silicon-valley-bank-bridge-bank/" class="crp_link post-173427"><span class="crp_title">FDIC: Transfer All Silicon Valley Bank (SVB) Deposits To Bridge Bank</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173460-crypto-banking-open-crypto-business-in-2023/" class="crp_link post-173460"><span class="crp_title">Crypto Banking Chaos: Which US Banks Are Still Open For Crypto Business In 2023?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172894-stablecoin-depeg-silicon-valley-banks/" class="crp_link post-172894"><span class="crp_title">Stablecoin Market Depeg Strong Due To The Fall Of Silicon Valley Banks</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173137-fed-fdic-fund-guarantee-failing-banks/" class="crp_link post-173137"><span class="crp_title">FED And FDIC Are Considering Establishing A Fund To Guarantee Deposits For Failing Banks</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Gary Gensler, SEC Chairman, told reporters Wednesday that PoS tokens should be considered securities and need to be registered.</em></li>
<li><em>The profit received by the token holder from staking indicates that the token is a security, which needs to be registered under US law.</em></li>
<li><em>Previously, many representatives of the US legal authorities believed that ETH was security.</em></li>
</ul>
<h5><strong>On Wednesday, SEC Chairman Gary Gensler told reporters that PoS tokens that use the <a href="https://news.coincu.com/173966-coinbase-withdrawal-staked-eth-shapella/" target="_blank" rel="noreferrer noopener">staking protocol</a> could be considered securities. Gensler said the profits received by token holders from staking indicate that the token is a security that must be registered under US law.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-823.png"><img decoding="async" width="600" height="315" alt="SEC President: PoS Tokens Are Security And Need To Be Registered" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-823.png 600w, https://news.coincu.com/wp-content/uploads/2023/03/image-823-300x158.png 300w" title="SEC Chairman: PoS Tokens Are Security And Need To Be Registered 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-823.png" data-sizes="(max-width: 600px) 100vw, 600px" class="wp-image-173979 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="600" height="315" src="https://news.coincu.com/wp-content/uploads/2023/03/image-823.png" alt="SEC President: PoS Tokens Are Security And Need To Be Registered" class="wp-image-173979" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-823.png 600w, https://news.coincu.com/wp-content/uploads/2023/03/image-823-300x158.png 300w" sizes="(max-width: 600px) 100vw, 600px" title="SEC Chairman: PoS Tokens Are Security And Need To Be Registered 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“The investing public is anticipating a return, anticipating something on these tokens, whether they’re proof-of-stake tokens, where they’re also looking to get returns on those proof-of-stake tokens and getting 2%, 4 %, 18% returns,(…). Whatever they’re promoting and putting into a protocol, and locking up their tokens in a protocol, a protocol that’s often a small group of entrepreneurs and developers are developing, I would suggest that each of these token operators … seek to come into compliance, and the same with the intermediaries.”</p>
<cite>Gensler said.</cite></blockquote>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Gensler suggests proof-of-stake tokens are securities <a href="https://t.co/f063E4TJRJ" target="_blank">https://t.co/f063E4TJRJ</a></p>— The Block (@TheBlock__) <a href="https://twitter.com/TheBlock__/status/1636091480195448844?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 15, 2023</a></blockquote>
</div></figure>
<p>This is not the first time the SEC chairman has expressed his opinion on the need to control ETH or most cryptocurrencies on the market except BTC.</p>
<p>Gensler has previously said that US securities laws may govern proof-of-stake protocols.</p>
<p>In addition, New York Attorney General Letitia James said in a lawsuit against crypto company KuCoin that Ether is unregistered security and that its founders, including Vitalik Buterin, have infringed securities laws of the United States.</p>
<p>The SEC also recently took its first staking service enforcement action and settled with Kraken last month.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-824.png"><img decoding="async" width="1024" height="683" alt="SEC President: PoS Tokens Are Security And Need To Be Registered" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-824-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-824-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-824-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-824-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-824-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-824.png 1200w" title="SEC Chairman: PoS Tokens Are Security And Need To Be Registered 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-824-1024x683.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-173980 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/03/image-824-1024x683.png" alt="SEC President: PoS Tokens Are Security And Need To Be Registered" class="wp-image-173980" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-824-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-824-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-824-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-824-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-824-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-824.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="SEC Chairman: PoS Tokens Are Security And Need To Be Registered 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Contrary to the above comments, the statement of US Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam last week was quite the opposite, Rostin Behnam said at the time that ether is a commodity.</p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“It’s not a coincidence that those futures were listed on CFTC markets. We did the analysis, the listing exchange did the legal analysis, and the analysis led to the conclusion that ether is a commodity. I’ve been pretty consistent with that in the past.”</p>
<cite>He said.</cite></blockquote>
<p>As the 2nd largest cryptocurrency in the market, Ethereum has always generated mixed opinions regarding whether it is an unregistered security, especially the idea of the SEC chairman is, reinforced after Ethereum officially moved from Proof of Work (PoW) to Proof of Stake (PoS) in September 2022.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/163627-slashing-in-pos/" class="crp_link post-163627"><span class="crp_title">Slashing In PoS: Severe Punishment For Bad Actors' Fraud</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/167138-ethereum-is-a-security/" class="crp_link post-167138"><span class="crp_title">Ethereum Is A Security: Is It A Controversial Absurdity From The SEC's Tightening Policy?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/123059-ethereum-the-merge/" class="crp_link post-123059"><span class="crp_title">Ethereum The Merge: Origins, Contexts, and Misunderstandings of The Merge 2022</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/160896-eth-staking-should-know-before-it-breaking/" class="crp_link post-160896"><span class="crp_title">ETH Staking: All You Should Know Before It Breaking</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/139096-gary-gensler-cited-enforcement-actions/" class="crp_link post-139096"><span class="crp_title">SEC Chairman Gary Gensler Cited Enforcement Actions Against Crypto Firms</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/163018-sec-risks-associated-crypto-gary-gensler/" class="crp_link post-163018"><span class="crp_title">SEC Risks Associated With Crypto Investments By Gary Gensler</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

SEC Chairman: PoS Tokens Are Security And Need To Be Registered

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The recent government bank rescue of depositors impacted by Silicon Valley Bank’s failure has provided a boost to sentiment in the short term.</em></li>
<li><em>The new program will provide loans of up to one year in exchange for securities valued at 100 cents on the dollar, but market participants are concerned about the potential for moral hazard in the long term.</em></li>
<li><em>Some investors may opt for a flight to quality and prefer to invest in “Too Big Too Fail But Now Have Been Regulated Into Having Tons of Liquidity and Capital Banks” such as JPMorgan, Bank of America, and Wells Fargo.</em></li>
</ul>
<h5><strong>Silicon Valley Bank’s recent failure and subsequent government bank rescue of depositors is having a significant impact on various markets, from the US economy to interest rate outlooks. In an effort to calm fears and prevent panic in the financial system, authorities have promised to fully protect depositors’ money and offer easier loan terms to banks, as per<a href="https://www.bloomberg.com/news/articles/2023-03-13/here-s-what-the-fed-s-us-bank-rescue-means-for-markets?srnd=economics-v2#xj4y7vzkg" data-type="URL" data-id="https://www.bloomberg.com/news/articles/2023-03-13/here-s-what-the-fed-s-us-bank-rescue-means-for-markets?srnd=economics-v2#xj4y7vzkg" target="_blank" rel="noreferrer noopener"> Bloomberg</a>.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-661.png"><img decoding="async" width="1024" height="683" alt="Experts Warn: Fed's US Bank Rescue Could Trigger Recession And More Bank Failures" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-661-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-661-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-661-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-661-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-661-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-661.png 1200w" title="Experts Warn: Fed's US Bank Rescue Could Trigger Recession And More Bank Failures 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-661-1024x683.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-173361 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/03/image-661-1024x683.png" alt="Experts Warn: Fed's US Bank Rescue Could Trigger Recession And More Bank Failures" class="wp-image-173361" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-661-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-661-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-661-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-661-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-661-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-661.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Experts Warn: Fed's US Bank Rescue Could Trigger Recession And More Bank Failures 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>While this move has provided a boost to sentiment in the short-term, market participants are concerned about the potential for moral hazard in the long-term. Some industry experts, such as Bill Ackman and Jeffrey Gundlach, are warning that more banks could fail and that the Treasury market is signaling an imminent recession.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-660.png"><img decoding="async" width="1024" height="769" alt="Experts Warn: Fed's US Bank Rescue Could Trigger Recession And More Bank Failures" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-660-1024x769.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-660-300x225.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-660-768x576.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-660-750x563.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-660-1140x856.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-660.png 1279w" title="Experts Warn: Fed's US Bank Rescue Could Trigger Recession And More Bank Failures 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-660-1024x769.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-173360 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="769" src="https://news.coincu.com/wp-content/uploads/2023/03/image-660-1024x769.png" alt="Experts Warn: Fed's US Bank Rescue Could Trigger Recession And More Bank Failures" class="wp-image-173360" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-660-1024x769.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-660-300x225.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-660-768x576.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-660-750x563.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-660-1140x856.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-660.png 1279w" sizes="(max-width: 1024px) 100vw, 1024px" title="Experts Warn: Fed's US Bank Rescue Could Trigger Recession And More Bank Failures 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The new program will provide loans of up to one year in exchange for securities valued at 100 cents on the dollar. The loans will be fixed at 10 basis points above the overnight bank borrowing gauge known as OIS.</p>
<p>According to Priya Misra, the global head of interest rates strategy at TD Securities, the program will provide liquidity for banks and help boost sentiment, but could lead to worsening lending standards and added downside risks. </p>
<p>Michael Every and Ben Picton, strategists at Rabobank, caution that the program could lead to moral hazard and a massive easing of financial conditions, while Goldman Sachs Group Inc’s Jan Hatzius and team predict a Fed pause in rate hikes.</p>
<p>In response to the news, some investors may opt for flight to quality and prefer to invest in “Too Big Too Fail But Now Have Been Regulated Into Having Tons of Liquidity and Capital Banks” such as JPMorgan, Bank of America, and Wells Fargo. </p>
<p>John Bromhead, strategist at Australia &amp; New Zealand Banking Group, suggests that the policy response could quell fears in the system and lead to a relief rally, resulting in further pressure on the USD.</p>
<p>While the recent government intervention may prevent contagion and the spread of financial risk, experts warn that there is no guarantee it will work and that irrational fear can lead to unforeseen consequences.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Thana</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173072-silvergates-silicon-valley-banks-failures/" class="crp_link post-173072"><span class="crp_title">The Surprising Differences Between Silvergate's And Silicon Valley Bank's Crypto Failures!</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172917-silicon-valley-bank-3-57m-stock-sold/" class="crp_link post-172917"><span class="crp_title">Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172894-stablecoin-depeg-silicon-valley-banks/" class="crp_link post-172894"><span class="crp_title">Stablecoin Market Depeg Strong Due To The Fall Of Silicon Valley Banks</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172920-circle-3-3-billion-usdc-silicon-valley-bank/" class="crp_link post-172920"><span class="crp_title">Circle Revealed That It Had $3.3 Billion In USDC Collateral On Silicon Valley Bank</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173257-weekly-top-crypto-news-march-7-march-13/" class="crp_link post-173257"><span class="crp_title">Weekly Top Crypto News (March 7 - March 13)</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172730-silicon-valley-bank-rejected-crypto-funds/" class="crp_link post-172730"><span class="crp_title">Silicon Valley Bank's Bank Account Met Technical Error After Being Rejected&nbsp; By Crypto Funds</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

Experts Warn: Fed’s US Bank Rescue Could Trigger Recession And More Bank Failures

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The market value of crypto assets hit an all-time high of $3.4 trillion in January 2023, with Bitcoin accounting for 45% of that value.</em></li>
<li><em>Crypto assets have the potential to revolutionize financial services but also pose significant risks to financial stability, consumer protection, and anti-money laundering efforts.</em></li>
<li><em>One of the key concerns is the potential for crypto to facilitate illicit activities such as money laundering, terrorist financing, and tax evasion.</em></li>
</ul>
<h5><strong>A recent <a href="https://www.imf.org/-/media/Files/Research/imf-and-g20/2023/g20-report-macrofinancial-implications-crypto-assets-feb23.ashx" target="_blank" data-type="URL" data-id="https://www.imf.org/-/media/Files/Research/imf-and-g20/2023/g20-report-macrofinancial-implications-crypto-assets-feb23.ashx" rel="noreferrer noopener">report </a>from the International Monetary Fund (IMF) and the Group of 20 (G20) has highlighted the macro-financial implications of crypto assets, shedding light on the potential benefits and risks associated with their use.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-667.png"><img decoding="async" width="1024" height="538" alt="IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-667-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-667-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-667-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-667-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-667-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-667.png 1200w" title="IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-667-1024x538.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-173377 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="538" src="https://news.coincu.com/wp-content/uploads/2023/03/image-667-1024x538.png" alt="IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion" class="wp-image-173377" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-667-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-667-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-667-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-667-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-667-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-667.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The report, titled “Macrofinancial Implications of Crypto Assets,” notes that the total market value of crypto assets reached an all-time high of $3.4 trillion in January 2023, with Bitcoin accounting for nearly 45% of that value. While crypto have the potential to revolutionize financial services and increase efficiency, the report cautions that they also pose significant risks to financial stability, consumer protection, and anti-money laundering efforts.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-666.png"><img decoding="async" width="628" height="451" alt="IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-666.png 628w, https://news.coincu.com/wp-content/uploads/2023/03/image-666-300x215.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-666-120x86.png 120w, https://news.coincu.com/wp-content/uploads/2023/03/image-666-350x250.png 350w" title="IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-666.png" data-sizes="(max-width: 628px) 100vw, 628px" class="wp-image-173376 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="628" height="451" src="https://news.coincu.com/wp-content/uploads/2023/03/image-666.png" alt="IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion" class="wp-image-173376" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-666.png 628w, https://news.coincu.com/wp-content/uploads/2023/03/image-666-300x215.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-666-120x86.png 120w, https://news.coincu.com/wp-content/uploads/2023/03/image-666-350x250.png 350w" sizes="(max-width: 628px) 100vw, 628px" title="IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>One of the key concerns highlighted by the report is the potential for crypto assets to facilitate illicit activities, such as money laundering, terrorist financing, and tax evasion. The report notes that the anonymity of crypto transactions makes them particularly vulnerable to misuse, and highlights the need for strong regulatory frameworks and international cooperation to mitigate these risks.</p>
<p>Another area of concern highlighted by the report is the potential for crypto assets to disrupt traditional financial institutions and markets. While crypto assets can increase access to financial services and reduce costs, they also pose a threat to the stability of traditional financial systems. The report notes that the growing popularity of stablecoins, which are designed to maintain a stable value relative to traditional currencies, could exacerbate these risks by blurring the line between crypto and traditional financial instruments.</p>
<p>Despite these risks, the report acknowledges that cryptos have the potential to improve financial services and promote financial inclusion. The report suggests that policymakers should adopt a balanced approach to regulating crypto assets, focusing on promoting innovation while mitigating the risks associated with their use.</p>
<p>Overall, the report emphasizes the need for a coordinated global response to the challenges posed by crypto assets. As the use of crypto assets continues to grow, it will be increasingly important for regulators and policymakers to work together to ensure that they are used in a safe and responsible manner.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Thana</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
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IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Binance moves $1 billion from BUSD to BTC, ETH, and BNB.</em></li>
<li><em>BTC, ETH, and BNB continue to surge despite SVB’s recent collapse.</em></li>
<li><em>CZ’s move is well-received by the crypto community and seen as “bullish”.</em></li>
</ul>
<h5><strong>Binance has decided to convert its Industry Recovery Initiative funds worth $1 billion from Binance USD Coin (BUSD) to Bitcoin (BTC, Ethereum (ETH), and Binance Coin (BNB). This move by Binance CEO Changpeng Zhao comes amidst the U.S. government’s recent scrutiny of BUSD, a stablecoin. </strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-658.png"><img decoding="async" width="1024" height="682" alt="BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-658-1024x682.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-1536x1024.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-658.png 2000w" title="BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-658-1024x682.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-173353 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="682" src="https://news.coincu.com/wp-content/uploads/2023/03/image-658-1024x682.png" alt="BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds" class="wp-image-173353" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-658-1024x682.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-1536x1024.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-658-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-658.png 2000w" sizes="(max-width: 1024px) 100vw, 1024px" title="BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The Industry Recovery Initiative was launched after FTX, Binance’s rival exchange, collapsed in November, and it aimed to provide aid to cryptocurrency projects experiencing liquidity issues post the FTX crash. The fund initially consisted of $1 billion worth of BUSD. CZ announced the conversion of these funds to native crypto in a tweet and stated that some fund movements will occur on-chain.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Given the changes in stable coins and banks, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BTC</a>, <a href="https://twitter.com/hashtag/BNB?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BNB</a> and ETH. Some fund movements will occur on-chain. Transparency.</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1635131601884700674?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 13, 2023</a></blockquote>
</div></figure>
<p>BTC, ETH, and BNB continue to surge despite the recent collapse of SVB. <a href="https://coinmarketcap.com/currencies/bitcoin/" data-type="URL" data-id="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin </a>experienced a nearly 10% daily surge and was trading at $22,502 at the time of writing. </p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-657.png"><img decoding="async" width="1024" height="576" alt="BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-657-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-657-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-657-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-657-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-657-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-657.png 1366w" title="BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-657-1024x576.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-173351 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-657-1024x576.png" alt="BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds" class="wp-image-173351" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-657-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-657-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-657-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-657-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-657-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-657.png 1366w" sizes="(max-width: 1024px) 100vw, 1024px" title="BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds 2"></noscript></a><figcaption class="wp-element-caption"> BTC Chart, <em>Source: Coinmarketcap</em></figcaption></figure></div>
<p>Meanwhile, <a href="https://coinmarketcap.com/currencies/ethereum/" data-type="URL" data-id="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum’s </a>price rose by 9.62% over the last 24 hours and was priced at $1,615. <a href="https://coinmarketcap.com/currencies/bnb/" target="_blank" data-type="URL" data-id="https://coinmarketcap.com/currencies/bnb/" rel="noreferrer noopener">Binance Coin</a>, unaffected by the BUSD drama, saw a 9.43% increase in price and was trading at $305.31.</p>
<p>The move to convert the remaining Industry Recovery Initiative funds to native crypto has been well received by the cryptocurrency community. Many have lauded CZ for his “bullish” move, while others have noted the $1 billion buying pressure on BTC, ETH, and BNB. The decision to convert BUSD to BTC, ETH, and BNB is also attributed to the changes in stablecoins and banks that have been taking place lately.</p>
<p>As Binance prepares to shift the focus of the Industry Recovery Initiative towards native crypto, it remains to be seen how this move will impact the exchange’s standing in the crypto market. Nonetheless, it is clear that Binance is not willing to sit back and watch as the cryptocurrency industry continues to evolve rapidly.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Thana</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173108-evaluation-will-usdc-survive-through-mess/" class="crp_link post-173108"><span class="crp_title">Quick Evaluation: Will USDC Survive Through This Mess And Back To $1?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/168175-busd-suspended-stablecoin-landscape/" class="crp_link post-168175"><span class="crp_title">After BUSD Was Suspended, The Stablecoin Landscape Is Changing More Interesting</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/165421-exploring-the-big-cosmos-opportunities/" class="crp_link post-165421"><span class="crp_title">Exploring The Big Cosmos Opportunities In 2023: Which Trends Will Shine?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/143561-the-impacts-of-ftx-collapse-part-2/" class="crp_link post-143561"><span class="crp_title">The Impacts Of FTX Collapse - The Series Of Business Termination | Part 2</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/168814-web3-big-reshuffle/" class="crp_link post-168814"><span class="crp_title">Web3 Big Reshuffle: East Advances West Retreat</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/143553-the-impacts-of-ftx-collapse-part-1/" class="crp_link post-143553"><span class="crp_title">The Impacts Of FTX Collapse - Who Has Exposure To? | Part 1</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

BTC, ETH, And BNB Surge 10% As Binance Converts $1 Billion Recovery Initiative Funds

<p>Key Points:</p>
<ul>
<li><em>Two giants, HSBC and JP Morgan, are considering buying the UK’s troubled Silicon Valley Bank (SVB).</em></li>
<li><em>The agreement remains uncertain, and the Bank of England’s decision to bring SVB UK into bankruptcy proceedings could still happen in the next few hours.</em></li>
<li><em>HSBC is more likely among global lenders to pursue a transaction.</em></li>
<li><em>The collapse of SVB’s US-listed parent company, which the government already controlled.</em></li>
</ul>
<h5><strong>The shock collapse of the Silicon Valley Bank (SVB) has attracted the attention of payment companies participating in the bid to acquire, including two giants, HSBC and JP Morgan.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-647.png"><img decoding="async" width="1024" height="576" alt="HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-647-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-1536x864.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-647.png 2048w" title="HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-647-1024x576.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-173288 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-647-1024x576.png" alt="HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition" class="wp-image-173288" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-647-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-1536x864.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-647-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-647.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" title="HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Sky News learned that HSBC was considering an offer for the struggling technology-focused lender’s British division on Sunday night, joining many smaller competitors in the emergency sale process set off by the fall into the government hands of its US parent.</p>
<p>The US financial goliath JP Morgan has also been requested to review a bid.</p>
<p>According to an insider, a settlement was still in doubt, and the Bank of England might yet decide to file insolvency papers against SVB UK within the next few hours.</p>
<p>Of the two major lenders, HSBC is viewed as being more likely to seek a purchase.</p>
<p>If successful, HSBC will increase its exposure to corporate clients in its home UK market in the technology and biotechnology sectors.</p>
<p>Besides HSBC and JP Morgan among the international central banks, Barclays and Lloyds Banking Corporation and Oaknorth Bank, a business lending firm founded by prominent former Baoviet donor investors and the Bank of London, are required to consider participating in the sale before insolvency.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-646.png"><img decoding="async" width="960" height="369" alt="HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-646.png 960w, https://news.coincu.com/wp-content/uploads/2023/03/image-646-300x115.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-646-768x295.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-646-750x288.png 750w" title="HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-646.png" data-sizes="(max-width: 960px) 100vw, 960px" class="wp-image-173287 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="960" height="369" src="https://news.coincu.com/wp-content/uploads/2023/03/image-646.png" alt="HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition" class="wp-image-173287" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-646.png 960w, https://news.coincu.com/wp-content/uploads/2023/03/image-646-300x115.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-646-768x295.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-646-750x288.png 750w" sizes="(max-width: 960px) 100vw, 960px" title="HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The government and banking regulators are racing to solve the crisis before the markets open on Monday morning. Rothschild, the investment bank, has asked SVB UK to handle the resolution process expedited processing with the consent of the Bank of England.</p>
<p>“The government recognizes that, given the importance of Silicon Valley Bank to its customers, its failure could impact the liquidity of the significant tech ecosystem. The government is treating this issue as a high priority, with discussions between the Governor of the Bank of England, the prime minister, and the chancellor taking place over the weekend.”</p>
<p>The collapse of SVB’s US-listed parent company, which the government already controls, was one of the biggest global bank failures since the 2008 financial crisis. As updated in an earlier Coincu News article, affected by this collapse, the crypto-friendly Signature Bank <a href="https://news.coincu.com/173274-signature-bank-close-silicon-valley-banks/" target="_blank" rel="noreferrer noopener">was also ordered by the FDIC to close</a> yesterday to prevent the crisis from spreading.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172240-asia-the-engine-for-blockchain-gaming/" class="crp_link post-172240"><span class="crp_title">Asia: The Engine for Blockchain Gaming</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172943-elon-musk-silicon-valley-bank-acquisition/" class="crp_link post-172943"><span class="crp_title">Elon Musk Excited About The Crisis Silicon Valley Bank Acquisition</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173072-silvergates-silicon-valley-banks-failures/" class="crp_link post-173072"><span class="crp_title">The Surprising Differences Between Silvergate's And Silicon Valley Bank's Crypto Failures!</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173228-uk-tech-in-turmoil-silicon-valley-bank-uk/" class="crp_link post-173228"><span class="crp_title">UK Tech Industry In Turmoil As Silicon Valley Bank UK Collapses, Emergency Cash Lifeline</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173108-evaluation-will-usdc-survive-through-mess/" class="crp_link post-173108"><span class="crp_title">Quick Evaluation: Will USDC Survive Through This Mess And Back To $1?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172917-silicon-valley-bank-3-57m-stock-sold/" class="crp_link post-172917"><span class="crp_title">Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The U.S. Federal Reserve (FED) has announced a $25 billion grant to support banks and other depository firms.</em></li>
<li><em>The bailout package was launched when significant banks, including Silicon Valley Bank, Silvergate Bank, and Signature Bank, had to close because of the crisis.</em></li>
<li><em>The market was filled with green after the announcement. Bitcoin increased by nearly 9% in 24 hours.</em></li>
</ul>
<h5><strong>In the face of the risk of some central banks in the U.S. collapsing (Silvergate, <a href="https://news.coincu.com/173284-hsbc-and-jp-morgan-uk-svb-acquisition/" target="_blank" rel="noreferrer noopener">Silicon Valley Bank</a>, or most recently, Signature Bank was closed), the U.S. Federal Reserve (FED) has announced a support amount of $25 billion to support banks and other depository companies.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-649.png"><img decoding="async" width="650" height="406" alt="FED Launches $25 Billion Banks Relief Package, Markets Excited Again" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-649.png 650w, https://news.coincu.com/wp-content/uploads/2023/03/image-649-300x187.png 300w" title="FED Launches $25 Billion Banks Relief Package, Markets Excited Again 1" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-649.png" data-sizes="(max-width: 650px) 100vw, 650px" class="wp-image-173302 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="650" height="406" src="https://news.coincu.com/wp-content/uploads/2023/03/image-649.png" alt="FED Launches $25 Billion Banks Relief Package, Markets Excited Again" class="wp-image-173302" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-649.png 650w, https://news.coincu.com/wp-content/uploads/2023/03/image-649-300x187.png 300w" sizes="(max-width: 650px) 100vw, 650px" title="FED Launches $25 Billion Banks Relief Package, Markets Excited Again 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>This amount of funds will ensure that banks have enough liquidity to meet the withdrawal needs of customers during such turbulent times.</p>
<p>In a statement on March 12, the $25 billion was named the Bank Term Funding Program, which provides loans with terms of up to one year to “banks, savings associations, credit unions, and other qualified depository institutions”.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/federalreserve?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@federalreserve</a> announces Bank Term Funding Program (BTFP) to support American businesses and households, assure banks have ability to meet needs of all their depositors: <a href="https://t.co/JIMjkooIDV" target="_blank">https://t.co/JIMjkooIDV</a></p>— Federal Reserve (@federalreserve) <a href="https://twitter.com/federalreserve/status/1635043886409326594?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 12, 2023</a></blockquote>
</div></figure>
<p>Companies wanting to qualify for the program must pledge U.S. Treasuries, agency debt, and mortgage-backed securities or other “qualifying assets” as collateral. These assets will be priced at “par” – the price at which the asset was originally issued.</p>
<p>The Fed added that this would be an additional source of liquidity for high-quality securities, removing the need for an institution to quickly sell those securities to meet liquidity in times of stress.</p>
<p>This decision was made in the context of SVB Bank’s announcement on March 8 that it needed to sell a large number of assets and shares to raise more capital, which scared many depositors and created risks of a “bank run.” After that, SVB had to close, leading to the depeg of a series of significant stablecoins on the market, typically USDC issued by Circle when Circle was also an organization stuck with money on SVB.</p>
<p>The program debuted the same day the Federal Reserve reported that Treasury Secretary Janey Yellen had authorized measures enabling the FDIC to protect depositors’ interests adequately. At the same time, regulators had closed on the grounds of systemic risk, Signature Bank.</p>
<p>These actions will reduce stress throughout the financial system, support financial stability, and mitigate any impact on businesses, households, taxpayers, and the broader economy.</p>
<p>Immediately after the announcement of the Fed, the cryptocurrency market came to life again in the green. Bitcoin recovered to the $22,000 mark, having increased by nearly 9% in the past 24 hours.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-648.png"><img decoding="async" width="1024" height="388" alt="FED Launches $25 Billion Banks Relief Package, Markets Excited Again" data-srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-648-1024x388.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-300x114.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-768x291.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-1536x583.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-2048x777.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-750x284.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-1140x432.png 1140w" title="FED Launches $25 Billion Banks Relief Package, Markets Excited Again 2" data-src="https://news.coincu.com/wp-content/uploads/2023/03/image-648-1024x388.png" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-173298 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="388" src="https://news.coincu.com/wp-content/uploads/2023/03/image-648-1024x388.png" alt="FED Launches $25 Billion Banks Relief Package, Markets Excited Again" class="wp-image-173298" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-648-1024x388.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-300x114.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-768x291.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-1536x583.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-2048x777.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-750x284.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-648-1140x432.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="FED Launches $25 Billion Banks Relief Package, Markets Excited Again 2"></noscript></a><figcaption class="wp-element-caption">Source: Coin360</figcaption></figure></div>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173072-silvergates-silicon-valley-banks-failures/" class="crp_link post-173072"><span class="crp_title">The Surprising Differences Between Silvergate's And Silicon Valley Bank's Crypto Failures!</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172792-signature-bank-enjoying-the-advantage/" class="crp_link post-172792"><span class="crp_title">How Is Signature Bank Enjoying The Advantage When Silvergate's Rival Collapses?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/171359-silvergate-hit-a-crypto-dead-end/" class="crp_link post-171359"><span class="crp_title">Will Silvergate Hit A Crypto Dead End?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172894-stablecoin-depeg-silicon-valley-banks/" class="crp_link post-172894"><span class="crp_title">Stablecoin Market Depeg Strong Due To The Fall Of Silicon Valley Banks</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/173257-weekly-top-crypto-news-march-7-march-13/" class="crp_link post-173257"><span class="crp_title">Weekly Top Crypto News (March 7 - March 13)</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172917-silicon-valley-bank-3-57m-stock-sold/" class="crp_link post-172917"><span class="crp_title">Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

FED Launches $25 Billion Banks Relief Package, Markets Excited Again

<p>Key Points:</p>
<ul>
<li><em>Before the collapse of Silicon Valley Bank, $SIVB , the CEO sold $3.57 million of stock within the past two weeks.</em></li>
<li><em>This trader made around 2000% in three days after pushing SIVB down with 100% bearish warning and leaving his position today.</em></li>
<li><em>about 95% of Silicon Valley Bank deposits are uninsured FIDC.</em></li>
<li><em>Nearly half of all US venture capital-backed startups are related to Silicon Valley Banks.</em></li>
<li><em>Circle’s USDC fell into the abyss at $0.9364 after announcing a $3.3 billion exposure to Silicon Valley Bank.</em></li>
</ul>
<h5><strong>The <a href="https://news.coincu.com/172883-silicon-valley-bank-biggest-bank-crash/" target="_blank" rel="noreferrer noopener">Silicon Valley Bank</a> is said to have foreseen their end so its CEO sold $3.57 million in stocks within the past two weeks.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-569.png"><img decoding="async" width="900" height="506" alt="Previous The Silicon Valley Bank Crash $3.57M Shares Sold Within The Last Two Weeks" data-srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569.png?lossy=1&amp;strip=1&amp;webp=1 900w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569-300x169.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569-768x432.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569-750x422.png?lossy=1&amp;strip=1&amp;webp=1 750w" title="Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks 1" data-src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569.png?lossy=1&amp;strip=1&amp;webp=1" data-sizes="(max-width: 900px) 100vw, 900px" class="wp-image-172926 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="900" height="506" src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569.png?lossy=1&amp;strip=1&amp;webp=1" alt="Previous The Silicon Valley Bank Crash $3.57M Shares Sold Within The Last Two Weeks" class="wp-image-172926" srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569.png?lossy=1&amp;strip=1&amp;webp=1 900w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569-300x169.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569-768x432.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-569-750x422.png?lossy=1&amp;strip=1&amp;webp=1 750w" sizes="(max-width: 900px) 100vw, 900px" title="Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>According to Unusual Whales, before the collapse of Silicon Valley Bank, $SIVB , its CEO sold $3.57 million of stock within the past two weeks.</p>
<p>Silicon Valley is the 16th largest bank in the United States, holding $210 billion in assets. Before the closure and forfeiture orders were issued by US authorities, the stock price of $SIVB was down 60%.</p>
<p>The CEO of Silicon Valley Bank, Greg Becker, released a statement trying to reassure investors and entrepreneurs on Thursday afternoon. The company did not open for trading at 9:30 a.m. after its stock fell 62% in premarket trading.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-570.png"><img decoding="async" width="658" height="493" alt="Previous The Silicon Valley Bank Crash $3.57M Shares Sold Within The Last Two Weeks" data-srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-570.png?lossy=1&amp;strip=1&amp;webp=1 658w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-570-300x225.png?lossy=1&amp;strip=1&amp;webp=1 300w" title="Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks 2" data-src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-570.png?lossy=1&amp;strip=1&amp;webp=1" data-sizes="(max-width: 658px) 100vw, 658px" class="wp-image-172930 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="658" height="493" src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-570.png?lossy=1&amp;strip=1&amp;webp=1" alt="Previous The Silicon Valley Bank Crash $3.57M Shares Sold Within The Last Two Weeks" class="wp-image-172930" srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-570.png?lossy=1&amp;strip=1&amp;webp=1 658w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-570-300x225.png?lossy=1&amp;strip=1&amp;webp=1 300w" sizes="(max-width: 658px) 100vw, 658px" title="Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The bank is said to be in talks to sell itself after trying to raise capital without success, according to CNBC. A hired advisor is also hired by the bank to see if a sale is possible. All those efforts failed.</p>
<p>In addition, before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of shares within the past two weeks.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Notably, Silicon Valley Bank has had a majority of sales by insiders in the last few months.<br><br>Unusual.<br><br>Read more: <a href="https://t.co/w8f1Wjk2mq" target="_blank">https://t.co/w8f1Wjk2mq</a> <a href="https://t.co/MHk1YrRn2u" target="_blank">pic.twitter.com/MHk1YrRn2u</a></p>— unusual_whales (@unusual_whales) <a href="https://twitter.com/unusual_whales/status/1634270744216739841?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 10, 2023</a></blockquote>
</div></figure>
<p>Meanwhile, the flow on $SIVB has been declining for a while, since at least Feb. 15. People have pushed SIVB down with 100% bearish warnings.</p>
<p>However, take a look at the announcements open in the last ten days. You will see mostly bearish traders, with many trades open (e.g: new positions).</p>
<p>Traders have been out of their positions since today. This trader made around 2000% in three days.</p>
<p>Besides, as of December, about 95% of Silicon Valley Bank deposits were uninsured FIDC, according to CNBC. Nearly half of all US venture capital-backed startups are related to Silicon Valley Banks, according to Bloomberg.</p>
<p>SIVB is now federally controlled. Silicon Valley Bank, $SIVB, has been shut down by regulators, which are now responsible for the bank’s deposits, according to a release submitted by the Federal Deposit Insurance Corporation.</p>
<p>Affected by these negative news, the stablecoin market has seen <a href="https://news.coincu.com/172894-stablecoin-depeg-silicon-valley-banks/" target="_blank" rel="noreferrer noopener">a series of peg losses to the $1 mark</a>. The hardest hit was that the price of USDC/USDT fell to $0.9364 on Coinbase as investors rushed to jump from USDC to USDT when it was no longer possible to convert directly to USD. This is the lowest price threshold since the stablecoin was born in 2018.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-571.png"><img decoding="async" width="1024" height="699" alt="Previous The Silicon Valley Bank Crash $3.57M Shares Sold Within The Last Two Weeks" data-srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-1024x699.png?lossy=1&amp;strip=1&amp;webp=1 1024w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-300x205.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-768x525.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-750x512.png?lossy=1&amp;strip=1&amp;webp=1 750w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-1140x779.png?lossy=1&amp;strip=1&amp;webp=1 1140w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571.png?lossy=1&amp;strip=1&amp;webp=1 1426w" title="Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks 3" data-src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-1024x699.png?lossy=1&amp;strip=1&amp;webp=1" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-172931 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="699" src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-1024x699.png?lossy=1&amp;strip=1&amp;webp=1" alt="Previous The Silicon Valley Bank Crash $3.57M Shares Sold Within The Last Two Weeks" class="wp-image-172931" srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-1024x699.png?lossy=1&amp;strip=1&amp;webp=1 1024w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-300x205.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-768x525.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-750x512.png?lossy=1&amp;strip=1&amp;webp=1 750w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571-1140x779.png?lossy=1&amp;strip=1&amp;webp=1 1140w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-571.png?lossy=1&amp;strip=1&amp;webp=1 1426w" sizes="(max-width: 1024px) 100vw, 1024px" title="Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks 3"></noscript></a><figcaption class="wp-element-caption">Source: TradingView</figcaption></figure></div>
<p>Stablecoin company Circle said the amount affected by the collapse of Silicon Valley Bank was $3.3 billion, accounting for 8.25% of total assets of $40 billion backed by USDC, much higher than previously predicted. This means Circle could incur a loss of up to $1.2 billion.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p class="has-text-align-right" id="block-4fa7c042-0908-4ee5-9ff4-91607eb34413"><strong>Foxy</strong></p>
<p class="has-text-align-right" id="block-84ea04e6-519a-4165-8e39-faa42e0200e5"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172894-stablecoin-depeg-silicon-valley-banks/" class="crp_link post-172894"><span class="crp_title">Stablecoin Market Depeg Strong Due To The Fall Of Silicon Valley Banks</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/168814-web3-big-reshuffle/" class="crp_link post-168814"><span class="crp_title">Web3 Big Reshuffle: East Advances West Retreat</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172920-circle-3-3-billion-usdc-silicon-valley-bank/" class="crp_link post-172920"><span class="crp_title">Circle Revealed That It Had $3.3 Billion In USDC Collateral On Silicon Valley Bank</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172883-silicon-valley-bank-biggest-bank-crash/" class="crp_link post-172883"><span class="crp_title">Silicon Valley Bank – Biggest Bank Crash Since 2008</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172906-blockfi-stuck-227m/" class="crp_link post-172906"><span class="crp_title">BlockFi Stuck $227 Million At Silicon Valley Bank</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/172730-silicon-valley-bank-rejected-crypto-funds/" class="crp_link post-172730"><span class="crp_title">Silicon Valley Bank's Bank Account Met Technical Error After Being Rejected&nbsp; By Crypto Funds</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

Silicon Valley Bank Crash, $3.57 Million Stock Sold Within The Last Two Weeks

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The US government has ordered the 16th largest commercial bank in the US, Silicon Valley Bank, to close and confiscate its assets.</em></li>
<li><em>The FDIC said it would open the withdrawal gate for insured deposits with a value of less than $250,000 following Monday.</em></li>
<li><em>This was the most severe bank failure since the 2008 Financial Crisis, with $209 billion in losses.</em></li>
<li><em>Share prices of other central banks in the United States all recorded a sharp decrease in the trading session on March 10 after the news appeared.</em></li>
</ul>
<h5><strong>After a week of fighting the crisis, the 16th largest commercial bank in the US, <a href="https://news.coincu.com/wp-admin/post.php?post=172819&amp;action=edit" target="_blank" rel="noreferrer noopener">Silicon Valley Bank</a>, was ordered by the US government to close and confiscate its assets. This is the biggest bank crash since 2008.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-558.png"><img decoding="async" width="640" height="360" alt="Silicon Valley Bank – Biggest Bank Crash Since 2008" data-srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-558.png?lossy=1&amp;strip=1&amp;webp=1 640w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-558-300x169.png?lossy=1&amp;strip=1&amp;webp=1 300w" title="Silicon Valley Bank – Biggest Bank Crash Since 2008 1" data-src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-558.png?lossy=1&amp;strip=1&amp;webp=1" data-sizes="(max-width: 640px) 100vw, 640px" class="wp-image-172885 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="640" height="360" src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-558.png?lossy=1&amp;strip=1&amp;webp=1" alt="Silicon Valley Bank – Biggest Bank Crash Since 2008" class="wp-image-172885" srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-558.png?lossy=1&amp;strip=1&amp;webp=1 640w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-558-300x169.png?lossy=1&amp;strip=1&amp;webp=1 300w" sizes="(max-width: 640px) 100vw, 640px" title="Silicon Valley Bank – Biggest Bank Crash Since 2008 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>According to the United States Federal Deposit Insurance Corporation (FDIC) announcement, this unit and the California state government have decided to close Silicon Valley Bank and confiscate assets.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">🫡<br><br>Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.<a href="https://t.co/s1X5wSYdg6" target="_blank">https://t.co/s1X5wSYdg6</a></p>— db (@tier10k) <a href="https://twitter.com/tier10k/status/1634232849380327424?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 10, 2023</a></blockquote>
</div></figure>
<p>The FDIC said it would open the withdrawal gate for insured deposits with a value of less than $250,000 following Monday. Meanwhile, customers with uninsured deposits will receive a certificate of debt and wait until the FDIC liquidates the bank’s assets to receive compensation.</p>
<p>The above information officially marked the collapse of Silicon Valley Bank, the 16th largest commercial bank in the United States, with assets of 209 billion USD. Some major US newspapers even called this the most severe bank failure since the 2008 financial crisis, second only to Washington Mutual bank, which went bankrupt with assets of $ 307 billion.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-559.png"><img decoding="async" width="900" height="599" alt="Silicon Valley Bank – Biggest Bank Crash Since 2008" data-srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559.png?lossy=1&amp;strip=1&amp;webp=1 900w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559-300x200.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559-768x511.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559-750x499.png?lossy=1&amp;strip=1&amp;webp=1 750w" title="Silicon Valley Bank – Biggest Bank Crash Since 2008 2" data-src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559.png?lossy=1&amp;strip=1&amp;webp=1" data-sizes="(max-width: 900px) 100vw, 900px" class="wp-image-172887 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="900" height="599" src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559.png?lossy=1&amp;strip=1&amp;webp=1" alt="Silicon Valley Bank – Biggest Bank Crash Since 2008" class="wp-image-172887" srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559.png?lossy=1&amp;strip=1&amp;webp=1 900w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559-300x200.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559-768x511.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-559-750x499.png?lossy=1&amp;strip=1&amp;webp=1 750w" sizes="(max-width: 900px) 100vw, 900px" title="Silicon Valley Bank – Biggest Bank Crash Since 2008 2"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Silicon Valley Bank earlier this week announced a loss of $21 billion in securities and announced plans to issue an additional $2.25 billion of shares to raise more money.</p>
<p>Investors immediately expressed concern at the unexpected developments from the bank, speculating that it might be short of money and deciding to withdraw money.</p>
<p>SIVB’s share price continuously dropped by over 60% for three consecutive days, which further caused a delay in the US market.</p>
<p>The concern of crypto investors right now is whether any projects, especially stablecoin issuers, keep money on Silicon Valley Bank. In response to the interest, Binance CEO Changpeng Zhao and a representative of stablecoin issuer Paxos have denied having any contact with Silicon Valley Bank.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> does not have exposure to SVB. Funds are <a href="https://twitter.com/hashtag/SAFU?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#SAFU</a>.</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1634245776002916377?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 10, 2023</a></blockquote>
</div></figure>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Statement from Paxos: Paxos has no relationship with Silicon Valley Bank. For further certainty, Paxos stablecoins have zero exposure to Silicon Valley Bank failure.</p>— Paxos (@PaxosGlobal) <a href="https://twitter.com/PaxosGlobal/status/1634242623916642304?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 10, 2023</a></blockquote>
</div></figure>
<p>It can be seen that not only are banks warning about contact with electronic money service providers, but legislative agencies in the US also are very active in monitoring and investigating to intervene promptly. The time from the discovery of the problem to the intervention of the FDIC is less than 5 days, much shorter than the crises in the crypto industry in 2022, such as LUNA-UST or FTX.</p>
<p>Following the news, the stock prices of other central banks in the United States recorded a sharp decrease in the trading session on March 10.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-560.png"><img decoding="async" width="900" height="900" alt="Silicon Valley Bank – Biggest Bank Crash Since 2008" data-srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560.png?lossy=1&amp;strip=1&amp;webp=1 900w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-300x300.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-150x150.png?lossy=1&amp;strip=1&amp;webp=1 150w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-768x768.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-75x75.png?lossy=1&amp;strip=1&amp;webp=1 75w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-350x350.png?lossy=1&amp;strip=1&amp;webp=1 350w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-750x750.png?lossy=1&amp;strip=1&amp;webp=1 750w" title="Silicon Valley Bank – Biggest Bank Crash Since 2008 3" data-src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560.png?lossy=1&amp;strip=1&amp;webp=1" data-sizes="(max-width: 900px) 100vw, 900px" class="wp-image-172888 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="900" height="900" src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560.png?lossy=1&amp;strip=1&amp;webp=1" alt="Silicon Valley Bank – Biggest Bank Crash Since 2008" class="wp-image-172888" srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560.png?lossy=1&amp;strip=1&amp;webp=1 900w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-300x300.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-150x150.png?lossy=1&amp;strip=1&amp;webp=1 150w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-768x768.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-75x75.png?lossy=1&amp;strip=1&amp;webp=1 75w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-350x350.png?lossy=1&amp;strip=1&amp;webp=1 350w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-560-750x750.png?lossy=1&amp;strip=1&amp;webp=1 750w" sizes="(max-width: 900px) 100vw, 900px" title="Silicon Valley Bank – Biggest Bank Crash Since 2008 3"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Before that, the crypto-friendly Silvergate Bank also had a rough time and decided to close.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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Silicon Valley Bank – Biggest Bank Crash Since 2008

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Nonfarm, important data determines US interest rate hike strategy in March.</em></li>
<li><em>Nonfarm rates showing signs of decreasing is considered a negative signal, so the FED will likely continue raising interest rates.</em></li>
</ul>
<h5><strong>The monetary policies of the Fed always have a significant influence on the price of the Crypto market. In the context of investors excited about the Fed’s following <a href="https://news.coincu.com/172096-jerome-powell-fed-braced-for-hike-rates/" target="_blank" rel="noreferrer noopener">interest rate</a> information, the US Nonfarm data tonight on March 10 is also remarkable.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-527.png"><img decoding="async" width="660" height="440" alt="NonFarm Data - Key To FED's March Interest Rate Decisions Trending Negative" data-srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-527.png?lossy=1&amp;strip=1&amp;webp=1 660w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-527-300x200.png?lossy=1&amp;strip=1&amp;webp=1 300w" title="Nonfarm Data - Key To FED's March Interest Rate Decisions Trending Negative 1" data-src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-527.png?lossy=1&amp;strip=1&amp;webp=1" data-sizes="(max-width: 660px) 100vw, 660px" class="wp-image-172782 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="660" height="440" src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-527.png?lossy=1&amp;strip=1&amp;webp=1" alt="NonFarm Data - Key To FED's March Interest Rate Decisions Trending Negative" class="wp-image-172782" srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-527.png?lossy=1&amp;strip=1&amp;webp=1 660w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-527-300x200.png?lossy=1&amp;strip=1&amp;webp=1 300w" sizes="(max-width: 660px) 100vw, 660px" title="Nonfarm Data - Key To FED's March Interest Rate Decisions Trending Negative 1"></noscript></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>NonFarm or full name is Nonfarm Payrolls (abbreviated: NFP) is the payroll in the US nonfarm sector, part of the Employment Report released by the US Department of Labor.</p>
<p>This news mainly covers the number of new jobs created in the country last month. This is critical economic information because it shows the strength of the business world and the progress of jobs.</p>
<p>When there is strong employment growth, that can help strengthen the dollar and drive up prices in the market. Therefore, Nonfarm can increase or decrease the price of currencies, securities, and trading contracts.</p>
<p>During the hearing, Mr. Powell offered several points to reaffirm his message that higher and faster rate hikes are likely. However, he also stressed that the decision was made based on upcoming data and data ahead of the US central bank’s policy meeting in the next two weeks.</p>
<p>Nonfarm will be one of the critical metrics leading to the US central bank’s interest rate decision in March. If Nonfarm and unemployment are both low, the market will view this as a negative economy, leading to the USD price falling.</p>
<p>According to the forecast, Employment growth estimates for February ranged from 78,000 to 325,000. Average hourly earnings are expected to grow 0.3%, unchanged from January’s gain. Annual wage growth is expected to rise from 4.4% to 4.7%. Unemployment remained at a low of 3.4% last month, the lowest since May 1969.</p>
<p>The unemployment rate has shown improvement, so Nonfarm is the remaining important factor. However, the number of jobs created: was about 224,000 in February, down sharply from 517,000 the previous month. According to the forecast, this indicator will decrease tonight but will likely still be higher than forecast.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-526.png"><img decoding="async" width="1024" height="896" alt="NonFarm Data - Key To FED's March Interest Rate Decisions Trending Negative" data-srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-1024x896.png?lossy=1&amp;strip=1&amp;webp=1 1024w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-300x263.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-768x672.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-750x656.png?lossy=1&amp;strip=1&amp;webp=1 750w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526.png?lossy=1&amp;strip=1&amp;webp=1 1120w" title="Nonfarm Data - Key To FED's March Interest Rate Decisions Trending Negative 2" data-src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-1024x896.png?lossy=1&amp;strip=1&amp;webp=1" data-sizes="(max-width: 1024px) 100vw, 1024px" class="wp-image-172781 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img decoding="async" width="1024" height="896" src="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-1024x896.png?lossy=1&amp;strip=1&amp;webp=1" alt="NonFarm Data - Key To FED's March Interest Rate Decisions Trending Negative" class="wp-image-172781" srcset="https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-1024x896.png?lossy=1&amp;strip=1&amp;webp=1 1024w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-300x263.png?lossy=1&amp;strip=1&amp;webp=1 300w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-768x672.png?lossy=1&amp;strip=1&amp;webp=1 768w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526-750x656.png?lossy=1&amp;strip=1&amp;webp=1 750w, https://b3053475.smushcdn.com/3053475/wp-content/uploads/2023/03/image-526.png?lossy=1&amp;strip=1&amp;webp=1 1120w" sizes="(max-width: 1024px) 100vw, 1024px" title="Nonfarm Data - Key To FED's March Interest Rate Decisions Trending Negative 2"></noscript></a><figcaption class="wp-element-caption">United States Non Farm Payrolls. Source: <a href="https://tradingeconomics.com/united-states/non-farm-payrolls" target="_blank" rel="noreferrer noopener">Tradingeconomics</a><br></figcaption></figure></div>
<p>This may significantly impact the Fed’s intense action in raising interest rates and keeping interest rates to handle the inflation problem. This is entirely detrimental to financial markets such as crypto gold and stocks.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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Nonfarm Data – Key To FED’s March Interest Rate Decisions Trending Negative

<p>Key Points:</p>
<ul>
<li><em>The Korean Financial Intelligence Unit (FIU) plans to inspect 20 crypto exchanges this month comprehensively.</em></li>
<li><em>The FIU will focus on whether the exchange uses virtual assets to launder money.</em></li>
<li><em>After that, financial authorities will conduct inspections of five major money market exchanges in won, such as Upbit and Bithumb, etc.</em></li>
</ul>
<h5><strong>The Korean Financial Authority conducts a <a href="https://biz.chosun.com/stock/finance/2023/03/07/ATHDLQZ42ZHU3MNQHTOVG2CRN4/?utm_source=naver&amp;utm_medium=original&amp;utm_campaign=biz" target="_blank" rel="noreferrer noopener">comprehensive examination</a> of the virtual asset industry. This inspection will be conducted on about 20 coin market exchanges that have been reported to the rules. It is expected that those that have yet to be listed in the previous investigation list will be prioritized.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-346.png"><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-346-1024x576.png" alt="20 Korean Cryptocurrency Exchanges Will Be Under Full Inspection This Month" class="wp-image-171999" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-346-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-346-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-346-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-346-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-346-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-346.png 1280w" sizes="(max-width: 1024px) 100vw, 1024px" title="20 Korean Cryptocurrency Exchanges Will Be Under Full Inspection This Month 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Because the reliability of virtual assets dropped significantly due to many harmful factors last year, this year’s test will likely be conducted with high intensity.</p>
<p>According to financial authorities on the 7th, the Financial Intelligence Unit (FIU) of the Financial Services Commission plans to examine virtual asset operators this month comprehensively.</p>
<p><strong>About 20 exchanges in the coin market</strong>, including Foblegate, Gdac, and Flybit, <strong>were selected as targets for this test</strong>. Coinmarket exchanges typically run their business by charging bitcoin fees and using them to buy other coins.</p>
<p>The FIU is expected to<strong> focus on whether there is money laundering using virtual assets</strong> in the exchange through this examination. In addition, last year’s congressional audit has shown that <strong>cross-trading and the “reward list”</strong> of businesses, which are listed after receiving an amount, are shown to be problems significant problems. The authorities are expected to check if there are any problems with these.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-345.png"><img decoding="async" loading="lazy" width="560" height="369" src="https://news.coincu.com/wp-content/uploads/2023/03/image-345.png" alt="20 Korean Cryptocurrency Exchanges Will Be Under Full Inspection This Month" class="wp-image-171998" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-345.png 560w, https://news.coincu.com/wp-content/uploads/2023/03/image-345-300x198.png 300w" sizes="(max-width: 560px) 100vw, 560px" title="20 Korean Cryptocurrency Exchanges Will Be Under Full Inspection This Month 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>In addition, the FIU plans to check to see if the problems discovered during last year’s inspection have improved. If there is insufficient or no improvement, the level of punishment is expected to increase, such as the imposition of aggravating sanctions.</p>
<p>Financial authorities will then check other operators, including the five major won-denominated money markets exchanges such as Upbit and Bithumb. If there is a peculiarity in this year’s inspection, virtual asset operators who were not included in last year’s assessment will likely be inspected.</p>
<p>Since last May, <strong><a href="https://news.coincu.com/171648-korea-virtual-asset-cybercrime-ddos-attack/" target="_blank" rel="noreferrer noopener">South Korea </a></strong>has taken more measures to tighten fraud problems through virtual asset transactions. The price of Luna-Terra Coin plummeted 99% in less than a week, and recently is that FTX, one of the largest exchanges in the world, went bankrupt due to book manipulation.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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20 Korean Cryptocurrency Exchanges Will Be Under Full Inspection This Month

<p>Key Points:</p>
<ul>
<li><em>Federal Reserve Chairman Powell said at a US Senate Banking Committee hearing that they do not want to stifle the development of cryptocurrencies.</em></li>
<li><em>However, he thinks this is a mess, so Congress needs to develop a legal framework for digital senders in the United States.</em></li>
<li><em>The Fed Chairman said that stablecoins also need to be carefully monitored.</em></li>
<li><em>Earlier, the Chairman of the US Federal Reserve made the latest comment on the inflation situation in the world’s largest economy, which is still much higher than expected so that interest rates can be raised to a higher level higher.</em></li>
</ul>
<h5><strong>The Fed Chairman stated that he still warned banks to be careful when doing business with companies in the crypto industry. He assessed that this is a chaotic industry, so a specific legal framework is needed to manage it.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-390.png"><img decoding="async" width="1024" height="768" src="https://news.coincu.com/wp-content/uploads/2023/03/image-390-1024x768.png" alt="Fed Chair Says Crypto Is A Mess But They Won't Stop Crypto Innovation" class="wp-image-172136" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-390-1024x768.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-390-300x225.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-390-768x576.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-390-1536x1152.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-390-750x563.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-390-1140x855.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-390.png 2000w" sizes="(max-width: 1024px) 100vw, 1024px" title="Fed Chair Says Crypto Is A Mess But They Won't Stop Crypto Innovation 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Participating in a regular hearing before the US Senate Banking Committee on March 7, US Federal Reserve Chairman Jerome Powell answered a series of questions from lawmakers about a 2022 crisis in the cryptocurrency industry.</p>
<p>The general view of Mr. Powell is that while he<strong> does not want to “suffocate” the advancements</strong> that can be gained from the crypto space, in its current state, it is a place of risk and lack of regulation.</p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“We have to be open to the idea that – somewhere in there – there is the technology that can be featured in product innovation that makes people’s lives better,” </p>
<cite>Powell told committee members in his twice-yearly trip to testify on Capitol Hill.</cite></blockquote>
<p>The Fed and US regulators in early 2023 issued a warning to banks that are providing services to crypto companies, pointing out many risks to watch out for.</p>
<p>However, Silvergate Bank recently announced a delay in filing periodic reports with the SEC, leading to many speculations that it is the next name to be affected by the FTX chain collapse of the crypto market. Silvergate’s partner crypto companies quickly cut ties with the bank.</p>
<p>Even so, Mr. Powell acknowledged that there could still be helpful innovations from the crypto industry.</p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“We don’t want to stifle innovation,” </p>
<cite>He said.</cite></blockquote>
<p>Powell has been asked to address crypto issues several times during his testimony, which will continue Wednesday before the House Financial Services Committee. He believes there <strong>needs to be a specific legal framework </strong>to control the situation of this market in the United States.</p>
<p>Another topic of great interest is the “big question mark” about the future of stablecoins, cryptocurrencies pegged to the US dollar (USD). The Fed Chairman said that stablecoins also need to be carefully monitored.</p>
<p>Mr. Powell said <strong>stablecoins could become part of the financial industry if fully regulated </strong>but expressed concern about the risks of public blockchains, such as vulnerability to fraud, money laundering, and illegal activities. However, in the past, the Fed has stated that it is open to issuing a CBDC, or central bank-managed cryptocurrency.</p>
<p>Also, on the evening of March 7, the Chairman of the US Federal Reserve made the latest assessment of the inflation situation in the world’s largest economy, which is still much higher than the target of <strong><a href="https://news.coincu.com/172096-jerome-powell-fed-braced-for-hike-rates/" target="_blank" rel="noreferrer noopener">bringing inflation to 2% of this agency</a></strong>, so it can continue to raise interest rates to higher than previous projections. Bitcoin, the cryptocurrency market, and the US stock market have seen their volatility plummet because of Mr. Powell’s comments.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-385.png"><img decoding="async" loading="lazy" width="1024" height="421" src="https://news.coincu.com/wp-content/uploads/2023/03/image-385-1024x421.png" alt="Fed Chair Says Crypto Is A Mess But They Won't Stop Crypto Innovation" class="wp-image-172131" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-385-1024x421.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-385-300x123.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-385-768x316.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-385-1536x632.png 1536w, https://news.coincu.com/wp-content/uploads/2023/03/image-385-2048x843.png 2048w, https://news.coincu.com/wp-content/uploads/2023/03/image-385-750x309.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-385-1140x469.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="Fed Chair Says Crypto Is A Mess But They Won't Stop Crypto Innovation 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p id="block-522ef498-a505-4d0b-9a0d-b2e5cca12111">Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Fed Chair Says Crypto Is A Mess But They Won’t Stop Crypto Innovation

<p>Key Points:</p>
<ul>
<li><em>South Korea has listed dark web tracking, virtual asset analysis, and DDoS attacks as three central tasks in protecting network security.</em></li>
<li><em>The TF task force has been established with three divisions responsible for each mission.</em></li>
<li><em>Virtual assets are becoming increasingly popular, so the dark web is an anonymous means of payment to commit crimes.</em></li>
</ul>
<h5><strong>According to Money Today, South Korean police have listed dark web tracking, virtual asset analysis, and DDoS attacks as “three central tasks of the cyber-terrorism investigation” that the police must urgently address.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-283.png"><img decoding="async" width="836" height="627" src="https://news.coincu.com/wp-content/uploads/2023/03/image-283.png" alt="Korea Urgent In Combating Virtual Asset Cybercrime And DDoS Attacks" class="wp-image-171651" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-283.png 836w, https://news.coincu.com/wp-content/uploads/2023/03/image-283-300x225.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-283-768x576.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-283-750x563.png 750w" sizes="(max-width: 836px) 100vw, 836px" title="Korea Urgent In Combating Virtual Asset Cybercrime And DDoS Attacks 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>To this end, the Korean National Police Agency announced today that it has decided to establish a task force to respond to cybercrime platforms and that three sub-departments will carry out three main tasks blame.</p>
<p>The National Investigation Headquarters of the National Police Agency announced on the 6th that it has decided to establish and operate the TF Cybercrime Platform Response Task Force (Special Task Force).</p>
<p>This force will work to research response technology and investigate cyber-terrorism tracking technology. The TF consists of ‘three parts’ with the theme:</p>
<ul>
<li><em>Dark Web Tracking</em></li>
<li><em>Cryptocurrency Analysis</em></li>
<li><em>DDoS attack monitoring</em></li>
</ul>
<p>It will be operated to research response technologies and investigative techniques to track down the heart of cyber-terrorist attacks.</p>
<p>Police explained that this technology, as an anonymous network and means of payment, is a significant threat to future security as it is abused in cyber-terrorism crimes and in cybercriminals in crimes in general.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-284-edited.png"><img decoding="async" loading="lazy" width="422" height="317" src="https://news.coincu.com/wp-content/uploads/2023/03/image-284-edited.png" alt="Korea Urgent In Combating Virtual Asset Cybercrime And DDoS Attacks" class="wp-image-171653" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-284-edited.png 422w, https://news.coincu.com/wp-content/uploads/2023/03/image-284-edited-300x225.png 300w" sizes="(max-width: 422px) 100vw, 422px" title="Korea Urgent In Combating Virtual Asset Cybercrime And DDoS Attacks 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The dark web is an online space that can only be accessed by installing a particular program as an anonymous network service. It has a feature that the server’s IP address and the visitor are not exposed. For this reason, the number of users continues to increase worldwide due to the distribution of malicious programs such as ransomware, drug trafficking, child sexual exploitation, and illegal filming.</p>
<p>Virtual assets have become a significant currency used on the dark web for anonymous payment. They are being abused to buy and sell various illegal vehicles or receive payments for criminal proceeds such as ransomware. A DDoS attack cripples Internet services by simultaneously sending large amounts of data to multiple systems.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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<div class="crp_related     crp-text-only"><div class="jeg_posts "> <div class="jeg_postsmall jeg_load_more_flag"><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/136494-south-korean-crypto-stop-money-laundering/" class="crp_link post-136494"><span class="crp_title">South Korean Crypto Whales Will Be Monitored To Stop Money Laundering</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/157904-ftx-task-force-recover-victim-assets-formed/" class="crp_link post-157904"><span class="crp_title">FTX Task Force To Recover Victims' Assets Was Formed Immediately After Sam Denied</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/160423-south-korea-has-ordered-sanctions-crimes/" class="crp_link post-160423"><span class="crp_title">South Korea Has Ordered Strict Sanctions For 5 Serious Crimes Related To Virtual Assets</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/165909-coinone-reviews-is-a-scam/" class="crp_link post-165909"><span class="crp_title">Coinone Reviews: Is A Scam?</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/166235-south-korea-blacklists-north-korean/" class="crp_link post-166235"><span class="crp_title">South Korea Now Prohibits Transactions Related To North Korean Crypto Theft</span></a></h3> </div> </article><article class="jeg_post jeg_pl_xs_4 format-standard"> <div class="jeg_postblock_content"> <h3 class="jeg_post_title"><a href="https://news.coincu.com/170471-renegade-a-new-decentralized-dark-pool/" class="crp_link post-170471"><span class="crp_title">Renegade: A New Decentralized Dark Pool Based On MPC And ZKP</span></a></h3> </div> </article></div></div><div class="crp_clear"></div></div>

Korea Urgent In Combating Virtual Asset Cybercrime And DDoS Attacks

<p>Key Points:</p>
<ul>
<li><em>Israel’s tax authority on Friday said it was investigating tax evasion by two Western Wall NFT creators.</em></li>
<li><em>The agency alleges that the two suspects sold 1,700 works since 2021 and obtained 620 Ethereum payments of approximately US$2.18 million.</em></li>
<li><em>Some of the funds received by the suspects were even transferred between digital wallets, which raised suspicions of the concealment of assets.</em></li>
<li><em>The judge presiding over the case allowed the suspects to be released on limited conditions, including handing over digital wallets in which they had stored ETH.</em></li>
</ul>
<h5><strong>According to <a href="https://www.jpost.com/business-and-innovation/all-news/article-733386" target="_blank" rel="noreferrer noopener">The Jerusalem Post</a>, a Friday notice from the Israeli tax authority said the agency is investigating tax evasion by two NFT creators. The duo Avraham Cohen and Antony Polak own the website Holyrocknft.com., through which they both sold their NFTs.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-259.png"><img decoding="async" width="400" height="400" src="https://news.coincu.com/wp-content/uploads/2023/03/image-259.png" alt="Israel Tax Authority Charges Western Wall NFT Authors With $2 Million Tax Evasion" class="wp-image-171509" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-259.png 400w, https://news.coincu.com/wp-content/uploads/2023/03/image-259-300x300.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-259-150x150.png 150w, https://news.coincu.com/wp-content/uploads/2023/03/image-259-75x75.png 75w, https://news.coincu.com/wp-content/uploads/2023/03/image-259-350x350.png 350w" sizes="(max-width: 400px) 100vw, 400px" title="Israel Tax Authority Charges Western Wall NFT Authors With $2 Million Tax Evasion 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>According to tax authorities, the two NFTs sold were generated based on 3D scans of the Western Wall rock through the website but did not report accurate taxes. The investigation revealed that since 2021, the suspect sold 1,700 works and received a payment of 620 ETH, or about NIS 8 million (about US$2.18 million) at the time of the transaction.</p>
<p>According to these findings, these receipts were, in fact, business income – but the couple did not report them as such.</p>
<p>According to the findings, the income was indeed business income, but the duo did not report it. The tax authority reports that the investigation is ongoing.</p>
<p>Some of the funds received by the suspects were even transferred between digital wallets, so there could be suspicions of an illegal stash of assets.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-260.png"><img decoding="async" loading="lazy" width="1024" height="536" src="https://news.coincu.com/wp-content/uploads/2023/03/image-260-1024x536.png" alt="Israel Tax Authority Charges Western Wall NFT Authors With $2 Million Tax Evasion" class="wp-image-171510" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-260-1024x536.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-260-300x157.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-260-768x402.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-260-750x393.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-260-1140x597.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-260.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Israel Tax Authority Charges Western Wall NFT Authors With $2 Million Tax Evasion 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The judge presiding over the case released the suspects under limited conditions, including handing over the digital wallet in which they had stored ETH.</p>
<p>Previously, Ben Benhorin, a graphic designer from Tel Aviv specializing in creating and selling NFT-type digital art, was also arrested by Israeli authorities on February 26 for failing to report his business collected a total of about 3 million NIS from his sales nor report the conversion of 30 Ethereum – the digital currency he received as payment.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Israel Tax Authority Charges Western Wall NFT Authors With $2 Million Tax Evasion

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Citadel Securities is said to be considering bailing out the troubled bank Silvergate.</em></li>
<li><em>Citadel will likely pour more money into Silvergate to help it out of the liquidity crisis.</em></li>
<li><em>Before that, the world’s largest market maker owned a 5.5% stake in Silvergate Bank ($SI).</em></li>
<li><em>After the collapse of FTX, Silvergate experienced a severe liquidity crisis due to users’ massive withdrawal of funds, and partnerships also withdrew to avoid risks.</em></li>
</ul>
<h5><strong>Crypto-friendly bank Silvergate is on the brink of bankruptcy following the collapse of its crypto empire market maker giant <a href="https://news.coincu.com/128907-citadel-ceo-it-true-irony-people-use-crypto/" target="_blank" rel="noreferrer noopener">Citadel Securities</a> may bail out FTX.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-178.png"><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-178-1024x576.png" alt="Market Maker Giant Citadel Securities Might Be Going to Rescue Silvergate's Crisis" class="wp-image-171229" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-178-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-178-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-178-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-178-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-178-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-178.png 1280w" sizes="(max-width: 1024px) 100vw, 1024px" title="Market Maker Giant Citadel Securities Might Be Going to Rescue Silvergate's Crisis 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Since the crash of FTX caused massive withdrawals of deposits, Silvergate had a steady stream of problems last year. &nbsp;As FTX failed, <strong>customers withdrew more than $8 billion in deposits from Silvergate</strong>.&nbsp;The withdrawal was a factor that led to <strong>Silvergate’s loss of nearly $ 1 billion</strong> over the previous three months of 2022. Besides, the bank also had trouble with legal authorities during the investigation because of its relationship close to FTX and its founder Sam Bankman-Fried.</p>
<p>The release of the publicly traded bank’s 2022 annual report has been postponed. It admitted there was “<strong>ongoing concern</strong>” about how it would make enough money. To assess “<strong>internal control over financial reporting</strong>,” Silvergate asked the Securities and Exchange Commission (SEC) for more time.</p>
<p>Rumor has it that global market maker giant Citadel Securities will step in to salvage the situation in Silvergate and possibly inject more money into cash-strapped Silvergate to help it emerge from a liquidity crunch.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-179.png"><img decoding="async" loading="lazy" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/03/image-179-1024x576.png" alt="Market Maker Giant Citadel Securities Might Be Going to Rescue Silvergate's Crisis" class="wp-image-171230" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-179-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-179-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-179-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-179-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-179-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image-179.png 1500w" sizes="(max-width: 1024px) 100vw, 1024px" title="Market Maker Giant Citadel Securities Might Be Going to Rescue Silvergate's Crisis 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“Internal rumors at Silvergate $SI that Citadel could step up and bail them out; cash infusion where capital shortfalls exist. “</p>
</blockquote>
<p>Citadel Securities primarily provides customized liquidity solutions with low market impact and consistent pricing to global clients (including banks, brokers, and system trading firms) and currently <strong>holds about 5.5% shares of Silvergate Bank.</strong></p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">UPDATE: Internal rumors at Silvergate <a href="https://twitter.com/search?q=%24SI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$SI</a> that Citadel could step up and bail them out; cash infusion where capital shortfalls exist. <br><br>**Citadel Securities is the worlds largest market maker and owns 5.5% of Silvergate Bank <a href="https://twitter.com/search?q=%24SI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$SI</a>.</p>— Andrew (@AP_Abacus) <a href="https://twitter.com/AP_Abacus/status/1631654402611134465?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 3, 2023</a></blockquote>
</div></figure>
<p>When the US stock market closed on Friday, <strong>Silvergate Capital Corp’s share price hit $5.77, up 0.87%</strong> from the previous day.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Market Maker Giant Citadel Securities Might Be Going to Rescue Silvergate’s Crisis

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Visa denied the report would “<a href="https://news.coincu.com/170530-visa-and-mastercard-exit-crypto-projects/" target="_blank" rel="noreferrer noopener">slow down</a>” Reuter’s partnerships with crypto companies.</em></li>
<li><em>The recent setbacks or crypto winter have kept the payments giant’s crypto strategy the same.</em></li>
<li><em>The firm’s position hasn’t changed: fiat-backed digital currencies operating on open blockchains have the potential to be crucial components of the payments ecosystem.</em></li>
</ul>
<h5><strong>Payments giant Visa (V) said on Tuesday that despite recent setbacks in the crypto industry, the company remains committed to investing in crypto and supporting the technology. <a href="https://finance.yahoo.com/news/visa-mastercard-pause-crypto-push-122356546.html" target="_blank" rel="noreferrer noopener">Reuters’ report</a> of slowing down the partnership is not accurate, according to <a href="https://www.coindesk.com/business/2023/02/28/visas-crypto-strategy-intact-despite-crypto-winter/" target="_blank" rel="noreferrer noopener">Coindesk</a>.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image.png"><img decoding="async" width="1024" height="614" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1024x614.png" alt="Visa Smashes Rumors Stop Working With Crypto Companies" class="wp-image-170607" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1024x614.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-300x180.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-768x461.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-750x450.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1140x684.png 1140w, https://news.coincu.com/wp-content/uploads/2023/03/image.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Visa Smashes Rumors Stop Working With Crypto Companies 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Reuters reported Tuesday that Visa is “breaking the brakes” on new partnerships with crypto-related firms. The industry faces renewed scrutiny from regulatory agencies and law enforcement following the collapse of Sam Bankman-Fried’s massive crypto empire FTX. A spokesperson for the payments company directly denied this to Coindesk.</p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“The recent failures do not change our crypto strategy and focus on serving as a bridge, helping connect platforms and emerging technologies in the crypto ecosystem (…).That is where we have been investing and plan to continue to support.”</p>
<cite>They said.</cite></blockquote>
<p>In addition, Visa’s head of crypto, Cuy Sheffield, also posted publicly on Twitter that reports of Visa wanting to slow down its partnership with the crypto space are untrue. He also emphasized that Visa continues to work closely with crypto firms.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼<a href="https://t.co/oAEaj7MsX0" target="_blank">https://t.co/oAEaj7MsX0</a></p>— Cuy Sheffield (@cuysheffield) <a href="https://twitter.com/cuysheffield/status/1630600554069082112?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 28, 2023</a></blockquote>
</div></figure>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“Despite the challenges and uncertainty in the crypto ecosystem, our view has not changed that fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem,” </p>
<cite>Cuy Sheffield said.</cite></blockquote>
<p>The fact that Visa recently agreed to a long-term <a href="https://www.google.com/url?sa=i&amp;url=https%3A%2F%2Fwirexapp.com%2Fen-us&amp;psig=AOvVaw3TTQb9RYZOfTZJmNbw2y0H&amp;ust=1677720971494000&amp;source=images&amp;cd=vfe&amp;ved=2ahUKEwjewsnly7n9AhVLCN4KHQIXA1EQr4kDegUIARC0AQ" target="_blank" rel="noreferrer noopener">worldwide agreement</a> with the cryptocurrency payments app Wirex to increase its presence in Europe is evidence of the company’s long-standing relationships with crypto firms. Further payment methods will be available to consumers in APAC and the UK.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/03/image-1.png"><img decoding="async" loading="lazy" width="1024" height="624" src="https://news.coincu.com/wp-content/uploads/2023/03/image-1-1024x624.png" alt="Visa Smashes Rumors Stop Working With Crypto Companies" class="wp-image-170608" srcset="https://news.coincu.com/wp-content/uploads/2023/03/image-1-1024x624.png 1024w, https://news.coincu.com/wp-content/uploads/2023/03/image-1-300x183.png 300w, https://news.coincu.com/wp-content/uploads/2023/03/image-1-768x468.png 768w, https://news.coincu.com/wp-content/uploads/2023/03/image-1-750x457.png 750w, https://news.coincu.com/wp-content/uploads/2023/03/image-1.png 1040w" sizes="(max-width: 1024px) 100vw, 1024px" title="Visa Smashes Rumors Stop Working With Crypto Companies 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Reuters previously reported that Visa and Mastercard are pausing new partnerships with cryptocurrencies. Their spokespersons said they still intend to work with partners to bring solutions and programs to match fit.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Visa Smashes Rumors Stop Working With Crypto Companies

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The National Assembly of Korea held a subcommittee to consider the first bill this morning but continued not to discuss the “Digital Asset Basics Act.”</em></li>
<li><em>Crypto investors are increasingly concerned about the damage caused by the regulatory vacuum.</em></li>
<li><em>Although South Korean politicians expressed hope to develop the “Basic Law on Digital Assets” by 2022, it has been continuously ignored.</em></li>
</ul>
<h5><strong>This morning, South Korea’s National Assembly held a subcommittee to consider the first bill. Still, it should have discussed the Digital Asset Basics Act, known as the Omnibus Act, related to virtual assets, according to <a href="https://www.techm.kr/news/articleView.html?idxno=107307" target="_blank" rel="noreferrer noopener">TechM</a> communication.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-2098.png"><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/02/image-2098-1024x576.png" alt="image 2098" class="wp-image-170243" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-2098-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-2098-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-2098-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-2098-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-2098-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-2098.png 1280w" sizes="(max-width: 1024px) 100vw, 1024px" title="Korea's Act Review Committee Neglects &quot;Digital Property Law&quot; - Again! 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Although 17 bills related to virtual assets were submitted that day, the discussions failed as they were pushed to a lower priority due to the amended Capital Markets Act. Especially with the full session of the National Assembly this afternoon, there<strong> is not enough time to discuss the bill.</strong></p>
<p>According to the report, although South Korean politicians expressed hope to develop a “Basic Law on Digital Assets” by 2022, the Bill Review Committee <a href="https://news.coincu.com/161023-korea-digital-assets-bill-not-passed-again/" target="_blank" rel="noreferrer noopener">paused</a> discussion on the bill last month.</p>
<p>Therefore, the prescribed vacancy period is expected to be extended further. Unlike the country’s rapid release of ST0 regulatory guidelines in the past, this is due to the lack of smooth political consultations.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-2095.png"><img decoding="async" loading="lazy" width="600" height="400" src="https://news.coincu.com/wp-content/uploads/2023/02/image-2095.png" alt="Korea's Act Review Committee Neglects &quot;Digital Property Law&quot; - Again!" class="wp-image-170240" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-2095.png 600w, https://news.coincu.com/wp-content/uploads/2023/02/image-2095-300x200.png 300w" sizes="(max-width: 600px) 100vw, 600px" title="Korea's Act Review Committee Neglects &quot;Digital Property Law&quot; - Again! 2"></a><figcaption class="wp-element-caption">Chairman of the Political Committee Baek Hye-ryun</figcaption></figure></div>
<p>The continuous refusal to consider and discuss the Digital Asset Law <strong>makes many investors worry about legal gaps that will cause severe damage.</strong></p>
<p>The Digital Assets Act has been prepared in response to the emergence of the need to regulate behavior due to the Terra Luna incident last May. A consensus has emerged that there should be regulations on unfair practices in the virtual asset industry, such as insider trading and market manipulation.</p>
<p>Even after the Terra Luna incident, various incidents such as FTX bankruptcy, Rug-pull projects, and distribution volume disclosure issues continued. Especially when the virtual asset market entered a recession, rug pull activities became more popular. Rug pull is selling virtual assets to investors, closing the business, and disappearing.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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Korea’s Act Review Committee Neglects “Digital Property Law” – Again!

<p><strong>Key Points:</strong></p>
<ul>
<li><em>CoinEx users received an email informing them that the exchange would stop serving US citizens due to regulatory hurdles.</em></li>
<li><em>The action comes after the exchange received a lawsuit from the New York Attorney General over offering unregistered securities.</em></li>
<li><em>The exchange has asked US users to withdraw their assets within 60 days (until April 24).</em></li>
</ul>
<h5><strong>According to an email received by users, cryptocurrency exchange CoinEx will stop providing services to users in the United States, according to a report from Cryptoslate.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-2004.png"><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/02/image-2004-1024x576.png" alt="CoinEx Stop Providing Services To US Customers Due To Strict Legal Regulations" class="wp-image-169946" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-2004-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-2004-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-2004-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-2004-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-2004-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-2004.png 1280w" sizes="(max-width: 1024px) 100vw, 1024px" title="CoinEx Stop Providing Services To US Customers Due To Strict Legal Regulations 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“Due to regulatory requirements, we regret that CoinEx can no longer provide services to US citizens or residents.”</p>
<cite>Email stated.</cite></blockquote>
<p><strong>CoinEx had asked US users to withdraw their assets within 60 business days (before April 24) </strong>and said it would “<strong>phase out the relevant accounts</strong>” after that. The exchange will identify US users by IP address.</p>
<p>As previously reported, <strong><a href="https://news.coincu.com/169163-new-york-attorney-general-sued-coinex/" target="_blank" rel="noreferrer noopener">New York State Attorney General Letitia James sued CoinEx</a></strong>, claiming that it sold goods and securities not registered in New York.</p>
<p>The petition seeks to prevent CoinEx from engaging in unauthorized activity in the state and wants to block New York IP addresses from using the exchange. James also requested “a full account of the CoinEx New York account.”</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-2009.png"><img decoding="async" loading="lazy" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/02/image-2009-1024x576.png" alt="CoinEx Stop Providing Services To US Customers Due To Strict Legal Regulations" class="wp-image-169953" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-2009-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-2009-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-2009-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-2009-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-2009-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-2009.png 1280w" sizes="(max-width: 1024px) 100vw, 1024px" title="CoinEx Stop Providing Services To US Customers Due To Strict Legal Regulations 2"></a><figcaption class="wp-element-caption">New York Attorney General (NYAG) Letitia James</figcaption></figure></div>
<p>Recently, regulatory authorities have continuously tightened regulations on cryptocurrency trading providers to build a clear regulatory framework for this activity to avoid similar fraud risks like the collapse of FTX.</p>
<p>The New York Attorney General, known for his aggressiveness in previous legal actions, also prompted Nexo to withdraw from the US market in December because of regulatory concerns, even though there is no regulatory body for any reason that directly compels them to do so.</p>
<p>The exchange’s token is also <strong>slightly affected by the above news and recorded a drop of about 1.5% in 24h</strong>. Currently, CET is <strong>trading at $0.0407.</strong></p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1998.png"><img decoding="async" loading="lazy" width="1024" height="616" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1998-1024x616.png" alt="CoinEx Stop Providing Services To US Customers Due To Strict Legal Regulations" class="wp-image-169939" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1998-1024x616.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1998-300x180.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1998-768x462.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1998-750x451.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1998-1140x686.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-1998.png 1465w" sizes="(max-width: 1024px) 100vw, 1024px" title="CoinEx Stop Providing Services To US Customers Due To Strict Legal Regulations 3"></a><figcaption class="wp-element-caption">24h CET price chart. Source: CoinMarketCap</figcaption></figure></div>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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CoinEx Stop Providing Services To US Customers Due To Strict Legal Regulations

<p>Key Points:</p>
<ul>
<li><em>The FTX failure prompted Indonesia to reform the crypto sector by establishing a national digital asset exchange.</em></li>
<li><em>The country’s exchange hopes to be launched on June 6, 2023.</em></li>
<li><em>The government is looking into which companies meet all the conditions to be part of a cryptocurrency exchange.</em></li>
</ul>
<h5><strong>According to <a href="https://www.bloomberg.com/news/articles/2023-02-25/ftx-debacle-spurs-indonesia-to-revamp-crypto-by-setting-up-national-exchange?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto#xj4y7vzkg" target="_blank" rel="noreferrer noopener">Bloomberg News</a>, Indonesia’s Commodity Futures Trading Authority oversees digital assets and plans to set up a state-backed cryptocurrency exchange in the coming weeks. This year and private platforms will execute transactions on the exchange.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1934.png"><img decoding="async" width="1024" height="538" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1934-1024x538.png" alt="Indonesia Promotes A National Cryptocurrency Exchange In 2023 After The Fall Of FTX" class="wp-image-169804" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1934-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1934-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1934-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1934-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1934-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-1934.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Indonesia Promotes A National Cryptocurrency Exchange In 2023 After The Fall Of FTX 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Indonesia<strong> is relying on the structure of the stock market to reform cryptocurrency exchanges</strong> and reduce the risks caused by the collapse of the digital asset exchange FTX.</p>
<p>As previously reported, in February of this year, Indonesian Trade Minister Zulkifli Hasan announced that he hopes to have a cryptocurrency exchange by June 2023.</p>
<p>Other planned state-backed agencies will handle clearing and custody to protect assets and avoid any repeat of the alleged fraud at FTX.</p>
<p>The design, which separates trading, clearing, and custody under official monitoring similar to how stock markets operate, is released as regulators worldwide intensify their examination of private cryptocurrency exchanges. The tumultuous bankruptcy of the FTX exchange in November left an $8 billion financial void and raised concerns that there are too many opaque and dangerous platforms for investors.</p>
<p>According to the report, <strong>the exchange was originally<a href="https://news.coincu.com/158082-indonesia-to-launch-crypto-exchange/" target="_blank" rel="noreferrer noopener"> scheduled to operate</a> in 2021</strong>, but it has been delayed several times due to the complexity of the process.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1935.png"><img decoding="async" loading="lazy" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1935-1024x683.png" alt="Indonesia Promotes A National Cryptocurrency Exchange In 2023 After The Fall Of FTX" class="wp-image-169805" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1935-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1935-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1935-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1935-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1935-1140x761.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-1935.png 1304w" sizes="(max-width: 1024px) 100vw, 1024px" title="Indonesia Promotes A National Cryptocurrency Exchange In 2023 After The Fall Of FTX 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The government <strong>is looking into which companies meet all the conditions to be part of a cryptocurrency exchange</strong>.</p>
<p>So far, of the<strong> 25 exchanges registered with the Commodity Futures Trading Authority, five are active “de facto dealers of crypto assets,”</strong> also known as exchanges electronic money transactions.</p>
<p>On the other hand, the US is one of the countries cracking down after last year’s<strong> $1.5 trillion market meltdown</strong> caused a number of crypto organizations to blow up. Indonesian officials are viewed as being more open-minded about digital assets.</p>
<p><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Indonesia Promotes A National Cryptocurrency Exchange In 2023 After The Fall Of FTX

<p>Key Points:</p>
<ul>
<li><em>Hong Kong is in the process of consulting to legalize a form of retail cryptocurrency trading in the territory.</em></li>
<li><em>The mainland government in Beijing is a regular guest at meetings on cryptocurrency issues, and they endorse the idea subtly.</em></li>
</ul>
<h5><strong>The mainland government in Beijing may be covertly encouraging the idea as Hong Kong <a href="https://news.coincu.com/168488-hong-kong-investors-trade-btc-and-eth/" target="_blank" rel="noreferrer noopener">gets ready for a consultation process that might eventually authorize a type of retail crypto trading</a> in the territory, according to <a href="https://www.bloomberg.com/news/articles/2023-02-21/hong-kong-s-crypto-hub-ambitions-win-quiet-backing-from-beijing#xj4y7vzkg" target="_blank" rel="noreferrer noopener">Bloomberg</a>.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1605.png"><img decoding="async" width="1024" height="538" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1605-1024x538.png" alt="Hong Kong's Ambition To Be A Crypto Hub Quietly Backed By The Beijing" class="wp-image-168624" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1605-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1605-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1605-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1605-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1605-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-1605.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Hong Kong's Ambition To Be A Crypto Hub Quietly Backed By The Beijing 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>In October, Hong Kong rolled out the red carpet for crypto businesses to help revive the struggling financial hub. Signs are emerging that <strong>the push has implicit backing from Beijing</strong>, giving mainland Chinese companies an incentive to return.</p>
<p><strong>Representatives from China’s Liaison Office and other officials have been frequent guests</strong> at the city’s crypto gatherings over the past months, exchanging business cards and WeChat details which are familiar with the company. In this matter, the person asked to remain anonymous to discuss personal information.</p>
<p><strong>Residents said the meetings were friendly</strong>, with officials checking developments, requesting reports, and sometimes making follow-up calls. The Liaison Office, the mainland’s top agency based in Hong Kong, did not respond to a request for comment.</p>
<p><strong>Some stakeholders think this can be seen as an endorsement of Hong Kong’s efforts to become a crypto hub</strong>, with China’s Special Administrative Region using its own legal and market system its separate market to serve as a testing ground – in the same way, that Hong Kong did China’s first test of open markets in the 20th century.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1606.png"><img decoding="async" loading="lazy" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1606-1024x576.png" alt="Hong Kong's Ambition To Be A Crypto Hub Quietly Backed By The Beijing" class="wp-image-168625" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1606-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1606-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1606-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1606-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1606-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-1606.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Hong Kong's Ambition To Be A Crypto Hub Quietly Backed By The Beijing 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“As long as one doesn’t violate the bottom line, to not threaten financial stability in China, Hong Kong is free to explore its pursuit under ‘One Country, Two Systems,”</p>
<cite>Bloomberg quotes Nick Chan, a National People’s Congress member, and a crypto lawyer, as saying.</cite></blockquote>
<p>On Monday, Hong Kong’s Securities and Futures Commission (SFC) made its first push to open the door to retail crypto trading, beginning a consultation process for Virtual Asset Service Providers (VASPs) seeking a license to provide trading services for retail.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><strong><em>DISCLAIMER:&nbsp;</em></strong><em>The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p>
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Hong Kong’s Ambition To Be A Crypto Hub Quietly Backed By The Beijing

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Although not yet official, the US Securities and Exchange Commission (SEC) is most likely preparing to take action against Paxos.</em></li>
<li><em>If the SEC does act, any other stablecoin issuer should either sign up or be prepared to receive a lawsuit from the SEC.</em></li>
<li><em>Paxos disagrees with the arguments from the regulator. If Paxos takes action against the SEC, it could incur huge costs.</em></li>
</ul>
<h5><strong>If the US Securities and Exchange Commission formally files a lawsuit against Paxos, it will have a significant impact on the $137 billion stablecoin market, as reported by <a href="https://www.cnbc.com/2023/02/20/how-the-sec-and-paxos-busd-fight-could-impact-the-stablecoin-market.html" target="_blank" rel="noreferrer noopener">CNBC</a>.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1538.png"><img decoding="async" width="768" height="384" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1538.png" alt="SEC May Sue Against Paxos, Stablecoin Market Suffers Huge Impact" class="wp-image-168362" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1538.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1538-300x150.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1538-360x180.png 360w, https://news.coincu.com/wp-content/uploads/2023/02/image-1538-750x375.png 750w" sizes="(max-width: 768px) 100vw, 768px" title="SEC May Sue Against Paxos, Stablecoin Market Suffers Huge Impact 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Although there has been no formal action yet, there are indications that the regulator has <strong>targeted Paxos and all other stablecoin issuers.</strong></p>
<p>On February 13, the<a href="https://news.coincu.com/166860-sec-plans-to-sue-paxos-binance-stablecoin/" target="_blank" rel="noreferrer noopener"> SEC issued</a> a “Wells Notice” to Paxos, announcing that it plans to sue Paxos over BUSD; The New York State Department of Financial Services has ordered <strong><a href="https://news.coincu.com/167112-circle-reported-paxos-busd-mistakes/" target="_blank" rel="noreferrer noopener">Paxos to stop issuing new BUSD tokens</a></strong>. Soon after, the New York State Department of Financial Services ordered Paxos to halt issuing new BUSD tokens, and Paxos also agreed to enforce it.</p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“If the SEC charges Paxos, any other stablecoin issuer should register or prepare to file a lawsuit with the SEC,”</p>
<cite>Renato Mariotti, a partner at BCLP said</cite></blockquote>
<p>Mariotti believes that the SEC will likely settle with Paxos and that Paxos recognizes BUSD as security, prompting other stablecoins to follow suit and sign up.</p>
<p><strong>Paxos can take the initiative to sue the SEC, but the cost of doing so will be huge</strong>. Litigation will take years and risks. Mariotti says another consequence is that the SEC could regulate what assets are used to support stablecoins and requirements for digital currency matters to save money exposed to the market.</p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“Litigation will take years, and the risk of losing the case before the SEC will be huge. Paxos going against the SEC would create risks and potentially make BUSD less attractive to the market.”</p>
</blockquote>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1539.png"><img decoding="async" loading="lazy" width="1024" height="695" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1539-1024x695.png" alt="SEC May Sue Against Paxos, Stablecoin Market Suffers Huge Impact" class="wp-image-168363" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1539-1024x695.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1539-300x203.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1539-768x521.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1539-750x509.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1539.png 1035w" sizes="(max-width: 1024px) 100vw, 1024px" title="SEC May Sue Against Paxos, Stablecoin Market Suffers Huge Impact 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>While the SEC has yet to issue specific fees, the announcement to <strong>Paxos focuses on whether stablecoins are securities.</strong></p>
<p>For its part, Paxos said it “completely disagrees with the SEC employee because BUSD is not a security under federal securities laws.”</p>
<p>Tether and USDC also need to wait for the SEC’s ruling on what Paxos and BUSD are. Reportedly, Tether and Circle, the issuer of USDC, are “close to the US government.” Circle CEO Jeremy Allaire has previously called for more regulation of stablecoins.</p>
<p><em><strong>DISCLAIMER:&nbsp;The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.</strong></em></p>
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SEC May Sue Against Paxos, Stablecoin Market Suffers Huge Impact

<p>Key Points:</p>
<ul>
<li><em>The two countries, South Korea and Hong Kong will work closely together in an effort to crack down on illegal foreign exchange transactions involving cryptocurrencies.</em></li>
<li><em>The two countries’ leaders held a bilateral meeting in Hong Kong yesterday to discuss the plan.</em></li>
<li><em>South Korea says more than 60 percent of illegal forex trading funds under investigation have flowed into companies in Hong Kong.</em></li>
</ul>
<h5><strong>The <a href="https://news.coincu.com/167505-south-korea-efforts-to-become-a-crypto-hub/" target="_blank" rel="noreferrer noopener">South Korea</a> Customs Service announced today that it has decided to activate the exchange of information on foreign exchange crimes with the Hong Kong customs authority to crack down on illegal foreign exchange transactions involving virtual assets.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1278.png"><img decoding="async" width="1024" height="682" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1278.png" alt="South Korea And Hong Kong Strengthen Cooperation To Suppress Illegal Cryptocurrency Transactions" class="wp-image-167650" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1278.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1278-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1278-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1278-750x500.png 750w" sizes="(max-width: 1024px) 100vw, 1024px" title="South Korea And Hong Kong Strengthen Cooperation To Suppress Illegal Cryptocurrency Transactions 1"></a><figcaption class="wp-element-caption">Yoon Tae-shik, Commissioner of the Korea Customs Service, attends the plenary session of the 1st Asia-Pacific High-Level Drug Control Forum held in Hong Kong on the 16th (local time).</figcaption></figure></div>
<p>The customs authorities of the two countries wish to<strong> sign a memorandum of understanding (MOU)</strong> on cooperation in suppressing foreign exchange crimes in order to exchange information related to<strong> illegal foreign exchange transactions.</strong></p>
<p>The customs authorities of the two countries are expected to hold the 34th Korea-Hong Kong Customs Commissioner’s Conference in Seoul this year.</p>
<p>Yoon Tae-Sik, head of the Korea Customs Service, <strong>held a bilateral meeting in Hong Kong yesterday </strong>with Hong Kong Customs Commissioner Ho Pei-shan<strong> to discuss the plans.</strong></p>
<p>The Korea Customs Service believes that <strong>more than 60% of the illegal foreign exchange transactions under investigation flowed into Hong Kong-based corporations.</strong></p>
<p>At the plenary session, Commissioner Yoon explained the results of the joint international drug smuggling operation led by the Korean Customs Service last year and emphasized the will to strengthen drug control and international cooperation.</p>
<p>Previously, the Korea Customs Department conducted a bilateral joint raid (Operation Siren) and a multilateral joint raid (Operation Siren Intelligence) twice in May and November last year.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1279.png"><img decoding="async" loading="lazy" width="1000" height="667" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1279.png" alt="South Korea And Hong Kong Strengthen Cooperation To Suppress Illegal Cryptocurrency Transactions" class="wp-image-167651" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1279.png 1000w, https://news.coincu.com/wp-content/uploads/2023/02/image-1279-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1279-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1279-750x500.png 750w" sizes="(max-width: 1000px) 100vw, 1000px" title="South Korea And Hong Kong Strengthen Cooperation To Suppress Illegal Cryptocurrency Transactions 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>This year, South Korea is also <strong>strengthening the regulation and formation of regulatory frameworks for cryptocurrencies.</strong> This became even more urgent after the demise of Terra-LUNA in May 2022.</p>
<p>In the South Korean capital Seoul, 300 members of the country’s National Assembly are currently<strong> debating 17 proposals related to cryptocurrencies </strong>– from implementing reserve requirements at exchanges to securing fair trading – to <strong>create better protection for Korean crypto investors</strong>.</p>
<p>The culmination of this debate will be the Digital Asset Basics Act (DABA), a comprehensive regulatory framework that will provide regulatory guidelines for South Korea’s burgeoning crypto industry.</p>
<p><strong><em>DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.</em></strong></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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South Korea And Hong Kong Strengthen Cooperation To Suppress Illegal Cryptocurrency Transactions

<p>Key Points:</p>
<ul>
<li><em>The Korea Financial Supervisory Service has established a task force to examine the securities properties in circulating virtual assets.</em></li>
<li><em>In the immediate future, the organization will compile a list of virtual assets to evaluate securities properties.</em></li>
<li><em>The organization will also receive all inquiries related to this issue.</em></li>
</ul>
<h5><strong>The Korean Financial Supervisory Service has begun directly reviewing whether each virtual asset has <a href="https://news.coincu.com/165218-south-korea-issues-guidelines/" target="_blank" rel="noreferrer noopener">securities properties</a>. The regulator established a task force on February 10 to determine the securities properties of virtual assets circulating in Korea.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1090.png"><img decoding="async" width="647" height="455" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1090.png" alt="image 1090" class="wp-image-167192" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1090.png 647w, https://news.coincu.com/wp-content/uploads/2023/02/image-1090-300x211.png 300w" sizes="(max-width: 647px) 100vw, 647px" title="Korea Forms A Special Group To Review Virtual Assets With Securities Properties 1"></a><figcaption class="wp-element-caption">Financial Supervisory Service Governor Lee Bok-hyun at a press conference on the Financial Supervisory Services Business Plan 2023 on February 6, 2023.</figcaption></figure></div>
<p>This month, the task force will compile a list of assessments of virtual asset securities properties, examine the technical specificities of virtual assets and the relevance of securities concepts, and <strong>start discussing stock attributes based on specific cases next month.</strong></p>
<p>In addition, to guide the crypto industry in assessing whether their virtual assets have securities properties, the Korea Financial Supervisory Service <strong>plans to accept inquiries from asset exchanges virtual and other parties and organize symposiums and briefings</strong> on the issue.</p>
<p>There are also plans to <strong>create a group of external experts</strong>, including academics and researchers, related organizations, the securities industry, and the legal community. Through this, we will gather a wide range of expert opinions through in-depth discussions on critical issues.</p>
<p>Earlier on February 6, the Korean Financial Services Commission planned<strong><a href="https://www.fsc.go.kr/no010101/79386" target="_blank" rel="noreferrer noopener"> to allow ST0 to be issued and circulated as securities</a></strong>, which is different from virtual assets.</p>
<p>The dean of the Korean Financial Supervisory Service said that <strong>the evaluation criteria for the “security properties”</strong> of the tokens<strong> will be unified and will be held this month.</strong></p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="640" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1091-1024x640.png" alt="image 1091" class="wp-image-167193" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1091-1024x640.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1091-300x188.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1091-768x480.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1091-1536x960.png 1536w, https://news.coincu.com/wp-content/uploads/2023/02/image-1091-750x469.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1091-1140x713.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-1091.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" title="Korea Forms A Special Group To Review Virtual Assets With Securities Properties 2"><figcaption>Korea Forms A Special Group To Review Virtual Assets With Securities Properties 3</figcaption></figure>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“As announced in the Token Securities Guide, virtual asset handlers such as issuers and exchanges must determine whether or not the assets virtual assets in circulation are securities. If the issue of investor protection is raised through, etc., the supervisory authority will make the case to determine the nature of the securities through a case-by-case analysis.”</p>
<cite>An official from the Financial Supervisory Service said</cite></blockquote>
<p>Earlier today, it was reported that Korean authorities are studying cases such as the US SEC lawsuit against XRP for reference in the development of regulations related to ST0.</p>
<p><strong><em>DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.</em></strong></p>
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<p>Website:&nbsp;<a href="http://coincu.com/" target="_blank" rel="noreferrer noopener">coincu.com</a></p>
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Korea Forms A Special Group To Review Virtual Assets With Securities Properties

<p><strong>Key Points:</strong></p>
<ul>
<li><em>In 2022, the number of crypto-related lawsuits increased by 42% compared to 2021, recording a record increase.</em></li>
<li><em>Among them, lawsuits related to unregistered cryptocurrencies are the main category.</em></li>
</ul>
<h5><strong>A new study of crypto lawsuits in the United States since 2018 shows signs of a record high of 42% by 2022. Most cases come from the US Securities and Exchange Commission (SEC).</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1024.png"><img decoding="async" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1024-1024x683.png" alt="Research: US Crypto Lawsuits Increase Over 40% In 2022, Reaching Record High" class="wp-image-166955" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1024-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1024-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1024-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1024-1536x1024.png 1536w, https://news.coincu.com/wp-content/uploads/2023/02/image-1024-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1024-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-1024.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px" title="Research: US Crypto Lawsuits Increase Over 40% In 2022, Reaching Record High 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Bitcoin.com reported that according to the latest research published by hedgewithcrypto.com, similar to the price cycle that cryptocurrencies go through, the number of crypto-related lawsuits filed in the United States annually also fluctuates.</p>
<p>The study notes that <strong>crypto lawsuits have increased by 40% from 2018 to 2022 </strong>but have fallen between highs. Of all the years, 2022 was the year with the highest number of lawsuits in the United States, <strong>with 41 cases</strong>.</p>
<p><strong>About 19 of the 2022 crypto lawsuits came from the United States Securities and Exchange Commission (SEC)</strong>. Over the years, cases related to unregistered securities and services have been the most common in the crypto industry, with a total of 53 lawsuits as of 2018. Initial coin offering fraud (ICO) accounted for 12 lawsuits as of 2018, while theft or fraud accounted for 10.</p>
<p>According to Google News, one prominent case in October saw the SEC charge celebrity superstar Kim Kardashian for promoting EthereumMax, which has more than 50,000 articles about the case.</p>
<p>Another major scandal occurred in December following <strong>the collapse of the FTX exchange</strong>. Former CEO Sam Bankman-Fried is currently out on $250 million bail while facing various charges that could lead to a maximum sentence of 115 years in prison (Bankman-Fried did not plead guilty). This developing story could become the most significant case in the history of crypto lawsuits and has garnered tremendous interest online, with commentators offering various opinions and conspiracy theories around the issue.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-1025.png"><img decoding="async" loading="lazy" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/02/image-1025-1024x683.png" alt="Research: US Crypto Lawsuits Increase Over 40% In 2022, Reaching Record High" class="wp-image-166957" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-1025-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-1025-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-1025-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-1025-1536x1024.png 1536w, https://news.coincu.com/wp-content/uploads/2023/02/image-1025-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-1025-1140x760.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-1025.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" title="Research: US Crypto Lawsuits Increase Over 40% In 2022, Reaching Record High 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Over the past half-decade, the most common issue in crypto lawsuits filed by the SEC has involved unregistered crypto assets or services. Almost half of all cases are related to this type of crime.</p>
<p>This is because the SEC believes that “of the nearly 10,000 tokens on the market, the majority are securities,” meaning that they are subject to US securities laws (including regulation and registration of crypto assets). cryptocurrency) and as a result, the SEC considers most of the crypto industry to be operating illegally.</p>
<p><em><strong>DISCLAIMER:&nbsp;The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</strong></em></p>
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Research: US Crypto Lawsuits Increase Over 40% In 2022, Reaching Record High

<p>Key Points:</p>
<ul>
<li><em>Banco do Brasil, the oldest Bank in South America, announced that it would support the use of cryptocurrencies to pay taxes.</em></li>
<li><em>Brazilian bank customers can use the service through a partnership with Bitfy, a fintech specializing in blockchain.</em></li>
<li><em>The partnership is an effort to expand the use and access to the digital asset ecosystem with nationwide coverage.</em></li>
</ul>
<h5><strong>In a recent announcement, Banco do Brasil, the oldest Bank in South America has just allowed taxpayers with cryptocurrencies held in Bitfy to pay taxes with these assets.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-947.png"><img decoding="async" width="868" height="644" src="https://news.coincu.com/wp-content/uploads/2023/02/image-947.png" alt="Banco do Brasil Bank Now Supports Crypto Tax Payments" class="wp-image-166648" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-947.png 868w, https://news.coincu.com/wp-content/uploads/2023/02/image-947-300x223.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-947-768x570.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-947-750x556.png 750w" sizes="(max-width: 868px) 100vw, 868px" title="Banco do Brasil Bank Now Supports Crypto Tax Payments 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Bitfy is a startup specializing in blockchain solutions and has invested in BB’s Enterprise Venture Capital Program – CVC. With the arrangement, it will begin acting as the Bank’s debt collection partner. This service allows partners (financial institutions, fintech, etc.) to <strong>provide solutions for paying tax bills, fees, and obligations</strong> to their customers using the agreements BB has signed with public service entities and franchisees.</p>
<p>This initiative puts Banco do Brasil at the forefront of modern and efficient solutions while democratizing <strong>access to new financial technologies and<a href="https://news.coincu.com/163376-crypto-card-from-mastercard-and-binance/" target="_blank" rel="noreferrer noopener"> providing convenience for customers</a> as it expands the options for receiving taxes from the public sector.</strong></p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“This partnership makes it possible to expand the use and access to the ecosystem of digital assets with national coverage,” </p>
<cite>Bitfy CEO Lucas Schoch said Friday in a statement from Banco do Brasil, which is partially owned by the state.</cite></blockquote>
<p>Currently, this option is only available to Bitfy App users.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-948.png"><img decoding="async" loading="lazy" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/02/image-948-1024x576.png" alt="Banco do Brasil Bank Now Supports Crypto Tax Payments" class="wp-image-166649" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-948-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-948-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-948-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-948-1536x864.png 1536w, https://news.coincu.com/wp-content/uploads/2023/02/image-948-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-948-1140x641.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-948.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" title="Banco do Brasil Bank Now Supports Crypto Tax Payments 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>It works the same way when a customer pays for a ticket with a barcode. All he has to do is select the cryptocurrency on which he wants to pay taxes, capture a barcode or enter a sequence of numbers. All tribute information will appear to be validated before payment confirmation.</p>
<p>In this solution, the conversion and payment with Reais of the chosen cryptocurrency are instant, with a secure and flexible experience, for citizens and public institutions without needing a new agreement or changing the way taxes are received.</p>
<p><em><strong>DISCLAIMER:&nbsp;The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</strong></em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Banco do Brasil Bank Now Supports Crypto Tax Payments

<p>Key Points:</p>
<ul>
<li><em>SEC Commissioner Hester Peirce<a href="https://www.sec.gov/news/statement/peirce-statement-kraken-020923?s=31" target="_blank" rel="noreferrer noopener"> said </a>she disagrees with the SEC shutting down Kraken’s services and thinks it helps investors.</em></li>
<li><em>She thinks the SEC’s current approach to addressing registration violations could shut down a program that has served people well.</em></li>
<li><em>Enforcement actions like the SEC’s “patriarchal and lazy” approach to regulation.</em></li>
</ul>
<h5><strong>Faced with the SEC shutting down the request and paying a $30 million fine against the Kraken crypto exchange’s staking service, one SEC commissioner disagreed with the decision and how the SEC worked.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-802.png"><img decoding="async" width="1024" height="576" src="https://news.coincu.com/wp-content/uploads/2023/02/image-802-1024x576.png" alt="SEC Commissioner Criticizes SEC Patriarchal And Lazy For Closing Kraken's Staking Service" class="wp-image-166190" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-802-1024x576.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-802-300x169.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-802-768x432.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-802-750x422.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-802-1140x642.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-802.png 1400w" sizes="(max-width: 1024px) 100vw, 1024px" title="SEC Commissioner Criticizes SEC Patriarchal And Lazy For Closing Kraken's Staking Service 1"></a><figcaption class="wp-element-caption">SEC Commissioner Hester Peirce</figcaption></figure></div>
<p>Hester Peirce, a member of the U.S. Securities and Exchange Commission (SEC) and “the mother of cryptocurrencies,” <a href="https://www.sec.gov/news/statement/peirce-statement-kraken-020923?s=31" target="_blank" rel="noreferrer noopener">released</a> a statement on the SEC’s official website today, saying that <strong>she reacted against the SEC’s plan to shut down Kraken.</strong></p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“The Commission argues that this staking program should have been registered with the SEC as a security. Whether one agrees with that analysis or not, the more fundamental question is whether SEC registration would have been possible. In the current climate, crypto-related offerings are not making it through the SEC’s registration pipeline.”</p>
<cite>Peirce pointed to the SEC’s argument.</cite></blockquote>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“A controversial staking product like this raises a complex set of questions, including whether the staking program will be registered entirely or whether the staking program for individual tokens will be posted individually signed or not, what are the material disclosures and what are the accounting implications for Kraken.”</p>
</blockquote>
<p>Peirce believes that the SEC should issue guidelines on cryptographic engagements rather than opting to rephrase through enforcement actions. Additionally, she notes that staking services are heterogeneous, so past execution actions and cookie-cutter analysis won’t solve the problem.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="614" src="https://news.coincu.com/wp-content/uploads/2023/02/image-804-1024x614.png" alt="SEC Commissioner Criticizes SEC Patriarchal And Lazy For Closing Kraken's Staking Service" class="wp-image-166192" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-804-1024x614.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-804-300x180.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-804-768x460.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-804-750x449.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-804.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="SEC Commissioner Criticizes SEC Patriarchal And Lazy For Closing Kraken's Staking Service 2"><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Peirce raised her concern that the SEC’s current approach to addressing registration violations could shut down a program that has served people well. <strong>She calls enforcement actions such as the SEC’s “patriarchal and lazy” approach to regulation.</strong></p>
<p>Ultimately, Peirce thinks more transparency around crypto staking schemes like Kraken is good. Besides that, a question arises: <strong>Is a unified regulatory solution needed, and is it best provided by a crypto-hostile regulator?</strong></p>
<p>As was updated in an <a href="https://news.coincu.com/166133-kraken-shut-down-staking-service-fine/" target="_blank" rel="noreferrer noopener">earlier Coincu News article</a>, the SEC announced that <strong>Kraken would “immediately” terminate its crypto staking service</strong> to U.S. customers and pay a<strong> fine of $30 million to the SEC</strong> to settle allegations that it offered unregistered securities.</p>
<p>SEC Chairman Gary Gensler said staking service providers must register and provide investor protections and disclosures. The law enforcement agency argues that the main goal in regulating cryptocurrencies throughout 2023 is to make cryptocurrency exchange and lending platforms compliant.</p>
<p><strong><em>DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.</em></strong></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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SEC Commissioner Criticizes SEC Patriarchal And Lazy For Closing Kraken’s Staking Service

<p>Key Points:</p>
<ul>
<li><em>The Korean Tax Department will conduct tax investigations against celebrities and YouTubers suspected of tax evasion.</em></li>
<li><em>A total of 84 people are under investigation, and the amount of tax evasion amounted to nearly 10 billion won (about 7.92 million US dollars).</em></li>
<li><em>These YouTubers promote virtual asset exchanges, entice fans to join, and collect virtual asset handling fees from referrers, thus bypassing tax returns.</em></li>
</ul>
<h5><strong>On February 9, the Korean National Tax Agency announced that it is conducting a tax investigation against celebrities suspected of using virtual currencies and other forms of tax evasion, according to media <a href="https://www.yna.co.kr/view/AKR20230209065900002" target="_blank" rel="noreferrer noopener">Yonhap</a>.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-696.png"><img decoding="async" width="1024" height="537" src="https://news.coincu.com/wp-content/uploads/2023/02/image-696.png" alt="Korea Investigating Tax Evasion Of Famous Youtubers Who Advertise Cryptocurrency" class="wp-image-165924" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-696.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-696-300x157.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-696-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-696-750x393.png 750w" sizes="(max-width: 1024px) 100vw, 1024px" title="Korea Investigating Tax Evasion Of Famous Youtubers Who Advertise Cryptocurrency 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The National Tax Service of Korea has conducted a tax investigation on artists, athletes, and YouTubers suspected of tax evasion. A total of <strong>84 people were investigated (real names are not disclosed), and the amount of tax evasion up to nearly 10 billion won (about $7.92 million)</strong>.</p>
<p>These include a Youtuber promoting a virtual asset exchange, enticing fans to join, and collecting virtual asset handling fees from referrers, thus bypassing tax returns.</p>
<p>The National Tax Service describes them as “<strong>popular stock YouTubers</strong>” and “<strong>financial technology broadcasters loved by young people</strong>” but under the National Basic Tax Act, their real names are not be revealed.</p>
<p>Among them, there are 26 social media influencers (SNS), such as YouTubers and shopping mall operators, and 19 operators of <strong>online investment information platforms and services such as stocks, coins, and Real estate is also subject to tax investigations.</strong></p>
<p>For example, a YouTuber <strong>specializing in financial technology received broadcast income and viewer contributions</strong> under his borrowed name and hid his earnings. They advertised the virtual asset exchange to get viewers to sign up, receive a referral fee in virtual assets, and then ignore the report.</p>
<p>Or a securities YouTuber, who <strong>received billions of won from selling lecture videos at an online investment information service company</strong> that he operated with accounts that borrowed his name or virtual currency and then stole them, also founded about ten management consulting firms under his name, employees make fake tax invoices in the name of outsourcing service charges.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-699.png"><img decoding="async" loading="lazy" width="730" height="360" src="https://news.coincu.com/wp-content/uploads/2023/02/image-699.png" alt="Korea Investigating Tax Evasion Of Famous Youtubers Who Advertise Cryptocurrency" class="wp-image-165929" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-699.png 730w, https://news.coincu.com/wp-content/uploads/2023/02/image-699-300x148.png 300w" sizes="(max-width: 730px) 100vw, 730px" title="Korea Investigating Tax Evasion Of Famous Youtubers Who Advertise Cryptocurrency 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The celebrities in the survey are known actors and singers, and the athletes are known to be professional baseball players and golfers. However, their real names were not revealed.</p>
<p>Oh Ho-Seon, head of the investigation officer of the National Tax Service, said, “Some of these cases have been closed, but most of them are currently under investigation.”</p>
<blockquote class="wp-block-quote has-small-font-size">
<p class="has-small-font-size">“There is a court precedent that states that taxpayer information in the area of National Tax Basic Law and tax investigations is not disclosed, so real names are not disclosed. revealed. Everyone’s privacy needs to be protected.”</p>
<cite>Director Oh said.</cite></blockquote>
<p>Besides not participating in tax obligations for making profits from cryptocurrencies, there are still personal business services, tax evasion by setting up a one-person company in the family name, reducing income, paying false labor costs for relatives, or stealing donations and advertising revenue from borrowed accounts.</p>
<p><em><strong>DISCLAIMER:&nbsp;The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</strong></em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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Korea Investigating Tax Evasion Of Famous Youtubers Who Advertise Cryptocurrency

<h5><strong>Key Points:</strong></h5>
<ul>
<li><em>Kazakhstan officially enacted a new law on digital assets that will take effect on April 1, 2023.</em></li>
<li><em>The new law requires cryptocurrency miners to limit energy.</em></li>
<li><em>The law requires mining companies to be licensed by the authorities and make minor adjustments to the tax regime for the industry.</em></li>
</ul>
<h5><strong>According to a statement on the president’s website, Kazakhstan’s President Tokayev has <a href="https://online.zakon.kz/Document/?doc_id=38779038&amp;pos=1;-16#pos=1;-16" target="_blank" rel="noreferrer noopener">signed</a> a law restricting the energy use of cryptocurrency miners in the country.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-592.png"><img decoding="async" width="1024" height="538" src="https://news.coincu.com/wp-content/uploads/2023/02/image-592-1024x538.png" alt="Kazakhstan Officially Enacts New Law On Digital Assets, Effective From April 1" class="wp-image-165628" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-592-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-592-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-592-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-592-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-592-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-592.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Kazakhstan Officially Enacts New Law On Digital Assets, Effective From April 1 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The new law requires mining companies only to use the national grid when there is an excess of electricity, effectively<strong> limiting the industry’s energy use</strong>. Excess electricity will be distributed to licensed operators, who<strong> will bid for electricity</strong>.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Kazakhstan will be limiting how much energy crypto miners can pull from the grid, according to a new law signed by its President <a href="https://twitter.com/TokayevKZ?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@TokayevKZ</a>. <a href="https://twitter.com/egreechee?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@egreechee</a> reports<a href="https://t.co/5Xtp5tMEvb" target="_blank">https://t.co/5Xtp5tMEvb</a></p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1623026596394242062?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 7, 2023</a></blockquote>
</div></figure>
<p><strong>Miners using renewable energy, importing electricity, or producing their own will not be affected by this limit.</strong> The bill also stipulates that mining companies must obtain a license issued by the relevant authorities and make some adjustments to the tax system for the industry.</p>
<p>In addition, the government <strong>will approve the list of mining pools that miners can use and force miners to sell their mined cryptocurrencies to crypto exchanges registered in the special economic zone of the country</strong>, Astana International Financial Center.</p>
<p>Cryptocurrency miners will be obliged to sell cryptocurrencies mined in Kazakhstan on cryptocurrency exchanges registered with AIFC.</p>
<p><strong>Miners will have to sell half of their crypto to such exchanges by 2024 and 75% by 2025</strong>.</p>
<p>The competent authority will record the hardware used for digital mining (a list of mining equipment located in Kazakhstan). The list of digital assets that can be issued in Kazakhstan will be approved, i.e., there will be specific types of assets/services/assets that can be tokenized.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://news.coincu.com/wp-content/uploads/2023/02/image-593-1024x683.png" alt="Kazakhstan Officially Enacts New Law On Digital Assets, Effective From April 1" class="wp-image-165629" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-593-1024x683.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-593-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-593-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-593-1536x1024.png 1536w, https://news.coincu.com/wp-content/uploads/2023/02/image-593-2048x1366.png 2048w, https://news.coincu.com/wp-content/uploads/2023/02/image-593-750x500.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-593-1140x760.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="Kazakhstan Officially Enacts New Law On Digital Assets, Effective From April 1 2"><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>On the enactment of new legislation, which helps to establish clear rules for crypto business in Kazakhstan and requirements for tracking and taxing crypto business profits.</p>
<p>However, it could increase the cost of the cryptocurrency industry in the country as a whole and seriously impact small-scale miners that may have to decide to leave the country. Besides, large-scale miners may suffer some effects during a crypto downturn.</p>
<p><strong><em>DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></strong></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p>Website:&nbsp;<a href="https://coincu.com/" target="_blank" rel="noreferrer noopener">coincu.com</a></p>
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Kazakhstan Officially Enacts New Law On Digital Assets, Effective From April 1

<p>Key Points:</p>
<ul>
<li><em>The SEC warns that crypto investments in individual retirement accounts (IRAs) could be considered unregistered securities.</em></li>
<li><em>According to the SEC, many trading platforms for these crypto-assets refer to themselves as “exchanges,” misleading investors into thinking they are registered.</em></li>
<li><em>The companies argued that the SEC did not provide a realistic route to register the exchange, so electronic assets cannot be considered securities.</em></li>
</ul>
<h5><strong>The SEC warns investors that electronic investments in individual retirement accounts (IRAs) may be considered unregistered securities.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-584.png"><img decoding="async" width="749" height="499" src="https://news.coincu.com/wp-content/uploads/2023/02/image-584.png" alt="New SEC Warns Cryptocurrency IRA Investments Could Be Securities" class="wp-image-165610" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-584.png 749w, https://news.coincu.com/wp-content/uploads/2023/02/image-584-300x200.png 300w" sizes="(max-width: 749px) 100vw, 749px" title="New SEC Warns Cryptocurrency IRA Investments Could Be Securities 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>On Tuesday, the U.S. Securities and Exchange Commission (SEC) warned investors that crypto assets are typically unregistered securities traded on unregistered exchanges. So they<strong> should be wary of cryptocurrency’s individual retirement accounts (IRAs)</strong>.</p>
<p>Self-directed IRAs sometimes offer crypto investments, the SEC said, and those “may be securities that are offered without SEC registration or a valid exemption from registration, and may not be accompanied by complete or accurate information to aid investors in making informed decisions. “</p>
<p>The SEC has warned that <strong>many trading platforms offering these crypto assets refer to themselves as “exchanges”</strong> which could <strong>give investors the illusion that they are registered with the SEC</strong>.</p>
<p>However, industry lobbyists and corporate executives often assert that <strong>the agency does not provide a realistic route to exchange registration</strong>, and they argue that many cryptocurrencies are not securities.</p>
<p>In the SEC’s latest developments on crypto regulation, U.S. broker-dealers, and investment advisors dealing in cryptocurrencies will be scrutinized more closely by Securities and Exchange Commission judges this year, according to the agency’s annual inspection priorities.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://news.coincu.com/wp-content/uploads/2023/02/image-583-1024x538.png" alt="New SEC Warns Cryptocurrency IRA Investments Could Be Securities" class="wp-image-165609" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-583-1024x538.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-583-300x158.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-583-768x403.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-583-750x394.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-583-1140x599.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-583.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="New SEC Warns Cryptocurrency IRA Investments Could Be Securities 2"><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>Investment firms registered with the SEC that offer or advise on cryptocurrencies will be the focus. The regulator will ensure that the companies “follow their respective standards of care when making their offering” recommend, recommend or provide investment advice.”</p>
<p>SEC Chair Gary Gensler, who has long viewed most cryptocurrencies as being securities that need registration, said these priorities for the examination division aim to protect investors “in a time of growing markets, evolving technologies, and new forms of risk.”</p>
<p><strong><em>DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></strong></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
<p>Website:&nbsp;<a href="https://coincu.com/" target="_blank" rel="noreferrer noopener">coincu.com</a></p>
<p class="has-text-align-right"><strong>Foxy</strong></p>
<p class="has-text-align-right"><strong>Coincu</strong>&nbsp;<strong>News</strong></p>
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New SEC Warns Cryptocurrency IRA Investments Could Be Securities

<p>Key Points:</p>
<ul>
<li><em>CowSwap <a href="https://news.coincu.com/165019-defi-hacks-top-6-billion/" target="_blank" rel="noreferrer noopener">hacked</a> and caused the decentralized exchange to lose about $200,000.</em></li>
<li><em>Most analysis suggests that the vulnerability lies in the SwapGuard contract licensing “unlimited” to various tokens.</em></li>
<li><em>The hacker transferred most of the money to the Tornado Cash mixer to erase the traces.</em></li>
</ul>
<h5><strong>CowSwap hacked this morning through a security hole. Estimated damages ranged from $200,000, and most of the money was transferred to the Tornado Cash crypto mixer to remove traces.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-515.png"><img decoding="async" width="1024" height="535" src="https://news.coincu.com/wp-content/uploads/2023/02/image-515-1024x535.png" alt="CowSwap Hacked Cause $200,000 Stolen Through A Security Vulnerability" class="wp-image-165409" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-515-1024x535.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-515-300x157.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-515-768x401.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-515-750x392.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-515-1140x596.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-515.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="CowSwap Hacked Cause $200,000 Stolen Through A Security Vulnerability 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>As discovered, <strong>the attacker’s wallet address was added to the Solver list,</strong> the middle third party to connect purchases on CowSwap’s platform, by the multisig admin wallet. The attacker wallet then adopted the SwapGuard contract to extract DAI.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">1/ Looks like 0x55a37a2e5e5973510ac9d9c723aec213fa161919 was added as a "solver" of <a href="https://twitter.com/CoWSwap?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@CoWSwap</a> by the multisig in this tx: <a href="https://t.co/7jXhh2vBKh" target="_blank">https://t.co/7jXhh2vBKh</a> <br><br>Then 0x55a invokes the tx to approve DAI to SwapGuard<a href="https://t.co/VjlfXHn5GF" target="_blank">https://t.co/VjlfXHn5GF</a> <a href="https://t.co/bHLvWnsckn" target="_blank">pic.twitter.com/bHLvWnsckn</a></p>— BlockSec (@BlockSecTeam) <a href="https://twitter.com/BlockSecTeam/status/1622823101569572864?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 7, 2023</a></blockquote>
</div></figure>
<p>This process takes place off-chain to avoid unnecessary costs for users. However, in his analytical tweet series, the smart contracts.eth account said this turned out to be a bottleneck for the product’s design.</p>
<p>Most analysis currently suggests that<strong> the vulnerability lies in the fact that the SwapGuard contract grants “unlimited” permission to a variety of tokens</strong>, making it possible for an attacker to hack into and withdraw funds from the GPv2Settlement contract.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">It seems (1) <a href="https://twitter.com/CoWSwap?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@CoWSwap</a>'s GPv2Settlement contract has been tricked 10 days ago to approve SwapGuard for DAI spending and (2) SwapGuard was just triggered to transfer out DAI from GPv2Settlement. Here are the two related txs: <a href="https://t.co/Tb8Sk5xqMR" target="_blank">https://t.co/Tb8Sk5xqMR</a> and <a href="https://t.co/JS7ejDhiAs" target="_blank">https://t.co/JS7ejDhiAs</a> <a href="https://t.co/Wpbeq4UoEP" target="_blank">https://t.co/Wpbeq4UoEP</a> <a href="https://t.co/oRWIzeOLzz" target="_blank">pic.twitter.com/oRWIzeOLzz</a></p>— PeckShield Inc. (@peckshield) <a href="https://twitter.com/peckshield/status/1622801412727148544?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 7, 2023</a></blockquote>
</div></figure>
<p>The attacker has now <strong>transferred 551 BNB to Tornado Cash to remove the traces</strong>. This amount corresponds to $181,000 in damages.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-514.png"><img decoding="async" loading="lazy" width="1024" height="369" src="https://news.coincu.com/wp-content/uploads/2023/02/image-514-1024x369.png" alt="CowSwap Hacked Cause $200,000 Stolen Through A Security Vulnerability" class="wp-image-165404" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-514-1024x369.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-514-300x108.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-514-768x276.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-514-750x270.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-514-1140x410.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-514.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="CowSwap Hacked Cause $200,000 Stolen Through A Security Vulnerability 2"></a><figcaption class="wp-element-caption">551 BNB transferred to Tornado Cash</figcaption></figure></div>
<p>Faced with information, the project only said that the above vulnerability is related to the contract to manage transaction fees collected for the product. The above agreement does not affect the user’s assets. Besides, <strong>details of the hack are yet to be revealed</strong>.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Users don't need to revoke approvals!<br>The CoW Swap settlement contract only stores fees that the protocol accrued over the week. <br>It cannot access user funds directly without providing an order signed by the user and giving them at least their limit-buy amount in return. <a href="https://t.co/t5VL05bHfe" target="_blank">https://t.co/t5VL05bHfe</a></p>— CoW Swap | Better than the best prices (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1622852472694796288?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 7, 2023</a></blockquote>
</div></figure>
<p>CowSwap is a Meta DEX aggregator that allows users to buy and sell tokens using peer-to-peer settled gas-free orders between its users or to any online source of liquidity any route while providing MEV protection.</p>
<p>The current Dex transaction aggregator relies entirely on third-party liquidity, which can reduce slippage and improve trading efficiency, but still incur transaction fees.</p>
<p><em><strong>DISCLAIMER:&nbsp;The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</strong></em></p>
<p>Join us to keep track of news:&nbsp;<a href="https://linktr.ee/coincu" target="_blank" rel="noreferrer noopener">https://linktr.ee/coincu</a></p>
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CowSwap Hacked Cause $200,000 Stolen Through A Security Vulnerability

<p>Key Points:</p>
<ul>
<li><em>The Chairman of the CFTC said that the Commission is trying to strengthen the supervision of cryptocurrency transactions.</em></li>
<li><em>The CFTC is also looking ahead to a pivotal 2023 with crypto enforcement actions.</em></li>
<li><em>20% of CFTC enforcement cases last year involved digital assets.</em></li>
</ul>
<h5><strong>CFTC Chairman Behnam said his agency is preparing for another year of significant action in the crypto industry as he tries to strengthen its enforcement team.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-267.png"><img decoding="async" width="1024" height="701" src="https://news.coincu.com/wp-content/uploads/2023/02/image-267-1024x701.png" alt="CFTC Chairman Strengthens Regulation Of Cryptocurrency Trading In 2023" class="wp-image-164652" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-267-1024x701.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-267-300x205.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-267-768x526.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-267-750x513.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-267-1140x780.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-267.png 1486w" sizes="(max-width: 1024px) 100vw, 1024px" title="CFTC Chairman Strengthens Regulation Of Cryptocurrency Trading In 2023 1"></a><figcaption class="wp-element-caption">Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission</figcaption></figure></div>
<p>The Chairman of Rostin Behnam, one of the US agencies <strong>trying to increase oversight of cryptocurrency trading</strong>, the Commodity Futures Trading Commission (CFTC), is looking ahead to a pivotal year with actual actions electronic money test. According to Behnam, in 2022, 20% of CFTC enforcement cases last year involved digital assets.</p>
<p>His agency is <strong>“working towards another strong year of precedent-setting cases,”</strong> Behnam said in remarks prepared for delivery Friday at an American Bar Association event. He said budget increases at the CFTC will help support “growing our enforcement and surveillance teams.”</p>
<p>“The CFTC has brought important, precedent-setting cases against those who failed to offer derivatives or leveraged, margined or financed digital asset products to US customers or operate within the United States,” he said. He promised to use “the full breadth of the commission’s authority” in going after illegal transactions in digital assets.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-268.png"><img decoding="async" loading="lazy" width="1013" height="675" src="https://news.coincu.com/wp-content/uploads/2023/02/image-268.png" alt="CFTC Chairman Strengthens Regulation Of Cryptocurrency Trading In 2023" class="wp-image-164653" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-268.png 1013w, https://news.coincu.com/wp-content/uploads/2023/02/image-268-300x200.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-268-768x512.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-268-750x500.png 750w" sizes="(max-width: 1013px) 100vw, 1013px" title="CFTC Chairman Strengthens Regulation Of Cryptocurrency Trading In 2023 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>The top US financial regulator called on lawmakers to act quickly to establish a regulatory framework for digital assets following the spectacular collapse of a cryptocurrency exchange FTX.</p>
<p>According to the regulator, if the crypto sector goes unchecked, <strong>the consequences could spread to the rest of the financial system</strong>. Earlier, the CFTC Chairman also mentioned in the case of LedgerX, which did not file for bankruptcy with FTX, that because the CFTC manages it, customer assets are safe.</p>
<p>Furthermore, the CFTC advises crypto exchanges that want to serve ordinary investors to register with the federal market regulator.</p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><em><strong>DISCLAIMER:&nbsp;The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</strong></em></p>
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CFTC Chairman Strengthens Regulation Of Cryptocurrency Trading In 2023

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The Indian government has introduced new crypto tax penalties, including for non-payment of crypto tax at source (TDS).</em></li>
<li><em>India still regulates Crypto income and remains taxed at 30%, while TDS stays at 1%.</em></li>
<li><em>Those who fail to pay source tax on crypto transactions can be sentenced to up to 7 years in prison.</em></li>
</ul>
<h5><strong>On February 1, 2023, India presented the Union Budget 2023. It included a 30% tax on crypto profits and a 1% tax withheld at source (TDS) on all transactions. Failure to do so can result in a penalty of up to 7 years in prison.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18.png"><img decoding="async" width="1024" height="513" src="https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18-1024x513.png" alt="India Issues New Cryptocurrency Tax Policy, Penalty Up To 7 Years In Jail" class="wp-image-164117" srcset="https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18-1024x513.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18-300x150.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18-768x385.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18-360x180.png 360w, https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18-750x376.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18-1140x571.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/Anh-man-hinh-2023-02-02-luc-16.17.18.png 1384w" sizes="(max-width: 1024px) 100vw, 1024px" title="India Issues New Cryptocurrency Tax Policy, Penalty Up To 7 Years In Jail 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>India has kept its restrictive crypto tax rules in place in 2023, i.e., last year. The country imposed complex taxes on crypto transactions: <strong>a 30% tax on profits and a 1% withholding tax (TDS) on all cryptocurrency transactions.</strong></p>
<p>Accordingly, the nationwide crypto trading volume has plummeted as <strong>approximately<a href="https://news.coincu.com/158404-3-8-bil-transferred-out-india-crypto-market/" target="_blank" rel="noreferrer noopener"> $3.852 billion was transferred</a> from India’s domestic crypto exchanges to foreign exchanges</strong> between the two countries. February to October 2022, according to a study by the Esya Center, a technology policy think tank in India.</p>
<p>In other words, to dodge tax rules, crypto investors in this country have taken the global exchange route as, unlike Indian crypto exchange platforms, popular international crypto exchanges like <strong>Binance and KuCoin do not levy the 1% TDS</strong>. However, they do perform know-your-customer (KYC) checks before allowing trading on their platforms.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/02/image-127.png"><img decoding="async" loading="lazy" width="1024" height="569" src="https://news.coincu.com/wp-content/uploads/2023/02/image-127-1024x569.png" alt="India Issues New Cryptocurrency Tax Policy, Penalty Up To 7 Years In Jail" class="wp-image-164115" srcset="https://news.coincu.com/wp-content/uploads/2023/02/image-127-1024x569.png 1024w, https://news.coincu.com/wp-content/uploads/2023/02/image-127-300x167.png 300w, https://news.coincu.com/wp-content/uploads/2023/02/image-127-768x427.png 768w, https://news.coincu.com/wp-content/uploads/2023/02/image-127-750x417.png 750w, https://news.coincu.com/wp-content/uploads/2023/02/image-127-1140x634.png 1140w, https://news.coincu.com/wp-content/uploads/2023/02/image-127.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="India Issues New Cryptocurrency Tax Policy, Penalty Up To 7 Years In Jail 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>As such, Finance Minister Nirmala Sitharaman presented the 2023 Union Budget to parliament on Wednesday, emphasizing the need for “a common approach to regulating the crypto ecosystem.”</p>
<p>Cryptocurrency tax company Koinx explained on Twitter that the penalty for failure to withhold or pay crypto source tax includes the amount that the general trusts will levy with the unpaid source tax, noting that for late payments, an<strong> annual tax of 15% will apply</strong>. And according to India Today, those <strong>who fail to pay source tax on crypto transactions can be sentenced to up to 7 years in prison.</strong></p>
<p id="block-643c4ba8-b40b-4525-9a96-f280dbfbeb9d"><em><strong>DISCLAIMER:&nbsp;The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</strong></em></p>
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India Issues New Cryptocurrency Tax Policy, Penalty Up To 7 Years In Jail

<p><strong>Key Points:</strong></p>
<ul>
<li><em>The digital yuan (e-CNY) is already available in some regions in 17 Chinese provinces.</em></li>
<li><em>The Central Bank of China is still actively promoting activities to develop e-CNY to optimize payment methods.</em></li>
<li><em>Since 2022, the piloting of a e-CNY has made breakthroughs in many ways.</em></li>
</ul>
<h5><strong>The Central Bank said many places have piloted the digital yuan and will continue to implement innovative applications of the digital yuan in the future.</strong></h5>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://news.coincu.com/wp-content/uploads/2023/01/image-1556.png"><img decoding="async" width="680" height="410" src="https://news.coincu.com/wp-content/uploads/2023/01/image-1556.png" alt="Digital Yuan Is Available In 17 Provinces And Actively Promoted By the Central Bank Of China" class="wp-image-163221" srcset="https://news.coincu.com/wp-content/uploads/2023/01/image-1556.png 680w, https://news.coincu.com/wp-content/uploads/2023/01/image-1556-300x181.png 300w" sizes="(max-width: 680px) 100vw, 680px" title="Digital Yuan Is Available In 17 Provinces And Actively Promoted By The Central Bank Of China 1"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>On January 30, according to <a href="https://www.guandian.cn/article/20230130/328871.html" target="_blank" rel="noreferrer noopener">CCTV news</a>, since 2022,<strong> the e-CNY’s piloting has made many breakthroughs.</strong></p>
<p>Up to now, the People’s Bank of China has piloted the digital yuan in some areas of 17 provinces. By 2022, <strong>nearly 30 digital yuan consumer red envelope activities</strong> will be carried out in each pilot area around the themes of <strong>“promoting consumption” </strong>and<strong> “low-carbon tourism.”</strong></p>
<p>The People’s Bank of China stated that in the future, they would continue to implement innovative applications of e-CNY to realize the connection between the digital yuan system and traditional electronic payment tools so that <strong>consumers can “scan with a code”</strong> and merchants can <strong>support various transactions without increasing costs as much as possible.</strong></p>
<p>As updated in an earlier Coincu News article, The Soochow Securities mobile application now allows investors to <a href="https://news.coincu.com/161200-e-cny-now-accessible-for-securities-trading/" target="_blank" rel="noreferrer noopener"><strong>purchase securities using the e-CNY</strong></a>. The e-CNY payment feature of Soochow Securities, which was introduced in collaboration with the Bank of China, enables investors to buy wealth management products with the digital yuan.</p>
<p>Earlier in July 2022, China also <a href="https://news.coincu.com/108840-china-increase-number-of-e-cny-test-sites/" target="_blank" rel="noreferrer noopener">increased</a> the number of <strong>e-CNY testing locations from 11 to 23</strong> to make the e-CNY more widespread.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/01/image-1557.png"><img decoding="async" loading="lazy" width="1024" height="1024" src="https://news.coincu.com/wp-content/uploads/2023/01/image-1557-1024x1024.png" alt="Digital Yuan Is Available In 17 Provinces And Actively Promoted By the Central Bank Of China" class="wp-image-163222" srcset="https://news.coincu.com/wp-content/uploads/2023/01/image-1557-1024x1024.png 1024w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557-300x300.png 300w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557-150x150.png 150w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557-768x768.png 768w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557-1536x1536.png 1536w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557-75x75.png 75w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557-350x350.png 350w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557-750x750.png 750w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557-1140x1140.png 1140w, https://news.coincu.com/wp-content/uploads/2023/01/image-1557.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" title="Digital Yuan Is Available In 17 Provinces And Actively Promoted By The Central Bank Of China 2"></a><figcaption class="wp-element-caption"> </figcaption></figure></div>
<p>By launching its national digital currency, China hopes to reshape the way its government-backed currency works with standards different from cash and digital deposits.</p>
<p>Unlike Bitcoin, which is designed to be decentralized so that no company or government can control it, central banks will issue digital currencies to give them the advantage of financial control. These currencies are a cash alternative and can make it easier for governments to track financial transactions to prevent money laundering, financial fraud, and terrorist financing.</p>
<p><em><strong>DISCLAIMER:&nbsp;The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.</strong></em></p>
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Digital Yuan Is Available In 17 Provinces And Actively Promoted By The Central Bank Of China

<p><strong>Key Points:</strong></p>
<ul>
<li><em>Bitcoin hashrate reached 271.34 EH/s, an all-time high after recording a 10.26% increase in Bitcoin mining difficulty.</em></li>
<li><em>The market started to revive when Bitcoin (BTC) hit the $21,000 mark.</em></li>
</ul>
<h5><strong>Since last week, the market has had an impressive transformation after receiving positive information about US CPI and inflation. Bitcoin’s continuous increase led to the recovery of the market. Bitcoin hashrate reached 271.34 EH/s, an all-time high.</strong></h5>
<p>Bitcoin mining difficulty since the most significant drop since China’s BTC mining ban in 2021 in early December 2022 (about 7.32%), then after a BTC jump to $21,200 within the week, on the second week of 2023, this index quickly recorded an impressive <strong>increase of 10.26%</strong>, dispelling all adverse movements about activities on the Bitcoin network in the past.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45.png"><img decoding="async" width="1024" height="732" src="https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45-1024x732.png" alt="Bitcoin Hashrate Hits 271.34 EH/s All-Time High As Bitcoin Crosses $21,000" class="wp-image-161005" srcset="https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45-1024x732.png 1024w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45-300x215.png 300w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45-768x549.png 768w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45-120x86.png 120w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45-350x250.png 350w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45-750x536.png 750w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45-1140x815.png 1140w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.17.45.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" title="Bitcoin HashRate Rises To 271.34 EH/s All Time High As Bitcoin Crosses $21,000 1"></a><figcaption class="wp-element-caption">Source: BTC.com</figcaption></figure></div>
<p>This impressive recovery can be attributed to the positive signs of the traditional market. In the last week, the US released <a href="https://news.coincu.com/159804-bitcoin-soars-18k-before-cpi-results/" target="_blank" rel="noreferrer noopener">December CPI</a>. According to the most recent December 2022 CPI report, <strong>experts forecast that inflation will continue to fall to 6.5%</strong>. US monetary policies are expected to breathe easier in 2023.</p>
<p>The impressive acceleration in mining difficulty and hashrate – the two “backbone” indicators to gauge the efficiency around the Bitcoin network, probably comes from the fact that investor confidence has been significantly strengthened after<strong> the shares of Bitcoin mining companies recovered strongly right </strong>at the time when the US stock market (SP500 and Nasdaq) recorded a historic long rally with five consecutive green sessions.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> miners ripping today.<br><br>Shorts covering into an illiquid market. <a href="https://t.co/mwSwIB7K23" target="_blank">pic.twitter.com/mwSwIB7K23</a></p>— Dylan LeClair 🟠 (@DylanLeClair_) <a href="https://twitter.com/DylanLeClair_/status/1612501993993474077?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 9, 2023</a></blockquote>
</div></figure>
<p><strong>BTC has continuously increased by 23%</strong> in the past seven days. At its peak, <strong>the price hit the $21,000 mark</strong> and is currently trading around the $20,800 mark.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03.png"><img decoding="async" loading="lazy" width="1024" height="469" src="https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03-1024x469.png" alt="Bitcoin Hashrate Hits 271.34 EH/s All-Time High As Bitcoin Crosses $21,000" class="wp-image-161007" srcset="https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03-1024x469.png 1024w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03-300x137.png 300w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03-768x352.png 768w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03-1536x704.png 1536w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03-2048x938.png 2048w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03-750x344.png 750w, https://news.coincu.com/wp-content/uploads/2023/01/Anh-man-hinh-2023-01-16-luc-11.19.03-1140x522.png 1140w" sizes="(max-width: 1024px) 100vw, 1024px" title="Bitcoin HashRate Rises To 271.34 EH/s All Time High As Bitcoin Crosses $21,000 2"></a><figcaption class="wp-element-caption">24h BTC price chart. Source: <a href="https://coincu.com/currencies/btc-bitcoin/" target="_blank" rel="noreferrer noopener">Coincu.com</a></figcaption></figure></div>
<p>Thanks to BTC’s rise, all remaining altcoins had recorded impressive gains over the past week, bouncing above the lows set in June 2022 – when BTC first plunged to $17,500 due to the recent drop in price collapse of LUNA/UST, such as Ethereum trading above $1550 or BNB above $300.</p>
<p><strong><em>DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></strong></p>
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CEO Brian Armstrong Sells $1.6 Million Worth Of Coinbase Shares

A document filed by Coinbase with the US SEC shows that Coinbase CEO Brian Armstrong sold more than 30,000 A Coinbase shares for $1.6 million on November 11.

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CEO Brian Armstrong Sells $1.6 Million Worth Of Coinbase Shares

A document filed by Coinbase with the US SEC shows that Coinbase CEO Brian Armstrong sold more than 30,000 A Coinbase shares for $1.6 million on November 11.

Most Read

Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks

Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches

US Government Considers Extending Emergency Credit Lines For Banks

Markets Falling Before Deutsche Bank Bankruptcy Contagion Worries

PromptNOW: The Next Booming Trend In AI Technology

Related news

SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services

SEC Chairman: PoS Tokens Are Security And Need To Be Registered

Experts Warn: Fed’s US Bank Rescue Could Trigger Recession And More Bank Failures

IMF And G20 Report Highlights Risks Of Crypto Assets With Market Value at $3.4 Trillion

Latest News

Crypto Chart

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