Tag Archives: Banks

Adrienne A. Harris – Superintendent of the New York State Department of Financial Services (NYDFS) – said the premise that the bank’s ties to crypto-related businesses were behind its closure is “ludicrous.”  The financial institution revealed severe operational difficulties last month and was shut down by American regulators to prevent further issues. Crypto Was not the Reason The head of the NYDFS assured in a recent interview that the relevant watchdogs closed Signature...

BTG Pactual – one of Latin America’s largest investment banks – will reportedly launch its own stablecoin, whose value will be tied to the American dollar.  The corporation joined the industry years ago by issuing a security token called ReitBZ and introducing a cryptocurrency exchange in Brazil. The Latest Push According to Reuters, Banco BTG Pactual S.A. (better known as BTG Pactual) will strengthen its presence in the digital asset sector by designing a stablecoin called...

The insiders of the now-defunct Signature Bank have reportedly sold over $100 million of shares in the years after the bank shifted its focus to attract cryptocurrency companies. According to an analysis conducted by the Wall Street Journal, Signature Bank’s chairman, its former chief executive officer, as well as his successor collectively sold around $50 million of shares over the past three years. The trio, whose sales accounted for around half of the amount sold, served...

The United States banking sector is hesitant to do business with crypto firms following the closures of the nation’s most crypto-supportive financial institutions earlier this month.  A collection of industry participants, bank executives, and investors are reporting various instances of banks making crypto partnerships more difficult, from forming lengthy application procedures for such companies to outright abandoning the industry.  Crypto’s Banking Problem As reported by...

The President of the United States – Joe Biden – thinks the turbulence that recently shook the banking sector is not entirely gone. As such, his cabinet is ready to impose further legislative changes to cope with any potential issues in the future. Two of America’s leading banks – Silicon Valley Bank (SVB) and Signature Bank – experienced severe operational issues and were shut down by regulators earlier this month. Major institutions outside the States, including Credit...

The financial watchdogs of Hong Kong will reportedly host a meeting between domestic cryptocurrency businesses and bankers. The initiative could ease financing for the industry as the region seeks to emerge as a global digital asset hub. Crypto firms based in Hong Kong have supposedly received support from leading Chinese banks in the past several weeks, although the authorities of the most populated country are predominantly against the asset class. Another Step Towards the...

The subsidiaries of some of the largest Chinese banking institutions, including the Bank of Communications, the Bank of China, and Shanghai Pudong Development Bank, have reportedly either started offering their services to cryptocurrency businesses based in Hong Kong or reached out to them. The special administrative region has recently emerged as a digital asset hub, attracting numerous industry players to settle in the area. One example is the crypto exchange Huobi Global...

Shares in Deutsche Bank – Germany’s largest lender – began to crash on Friday as financial industry fears continue to spread following a string of global bank failures this month.  Meanwhile, the cost of default insurance on the bank’s potential collapse has risen to four-year highs. Is Deutsche Bank Next? Deutsche Bank (DBK) shares fell from 9.06 EUR to 8.25 EUR on Friday – an 11% decline on the day, and 26% descent from a month prior. The bank’s slide was coupled by...

The cryptocurrency space rejoiced recently when several large US banks halted services, and the FDIC, as well as other regulators, had to intervene to stop the contagion. However, the crisis expanded to Europe this week, with two of the most prominent names facing significant problems. Credit Suisse was acquired by the largest Swiss bank – UBS, for almost $3.3 billion, which was more than 60% less than what the former was worth days ago. This propelled another leg up in terms...

Treasury Secretary Janet Yellen suggested that her department might be willing to further backstop bank deposits if needed, only one day after seemingly ruling out the possibility. Her comments were followed by brief fluctuations in bank stocks, which then continued their downward daily trend. Are Deposits Backstopped or Not? In her prepared testimony before the House Appropriations Subcommittee on Wednesday, Yellen reiterated comments from the day prior explaining that the...