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US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’
9.4.2023
The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to $105 billion in the last two weeks of March, which is the largest decline on record. Additionally, Elon Musk, a Tesla...
New York Regulator Calls Crypto Theories Associated With Signature Bank Closure ‘Ludicrous’
7.4.2023
Adrienne A. Harris, the superintendent of New York’s Department of Financial Services, has branded as “ludicrous” the claims that the closure of Signature Bank was related to its crypto business. Harris insisted that the bank’s “high percentage of uninsured...
Deposits to zkSync surpass $110M as its DeFi ecosystem explodes
4.4.2023
Crypto traders are actively investing in projects launching on zkSync as the hype around its potential governance token airdrop increases
How the Federal Reserve Is Now Competing With Banks for Deposits: Enter the Reverse Repo Facility
4.4.2023
The U.S. Federal Reserve could be competing with commercial banks due to a facility called the “overnight reverse repurchase agreement facility,” which has currently drawn in more than $2 trillion in deposits. According to analysts, this has affected bank deposits, as investors run...
BUSD deposits and withdrawals via OCBS suspended on Binance.US
31.3.2023
Binance.US said it temporarily disabled One Common Billing System and BUSD stablecoin pairs after halting Apple Pay and Google Pay deposits
FDIC plans to return $4B in Signature crypto deposits 'by early next week' — Martin Gruenberg
29.3.2023
The Treasury Department's Under Secretary for Domestic Finance Nellie Liang said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks
Top U.S. Treasury Official Says Crypto Had No ‘Direct Role’ In Bank Failures
29.3.2023
Nellie Liang, the U.S. Treasury Department's undersecretary for domestic finance, doesn’t believe that the digital assets sector should be blamed for the runs on Silicon Valley Bank (SVB) and Signature Bank that led to their quick demise earlier this month
Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC Lawsuit
28.3.2023
After the U.S. Commodity Futures Trading Commission sued Binance for alleged violations of trading and derivatives rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows $400 million in Ethereum-based funds were withdrawn in...
First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B
27.3.2023
According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that...
Experts Predict More Bank Failures in the US Following Interest Rate Hike and Unsettled Banking Crisis
27.3.2023
After the recent bank collapses in the U.S., a number of people believe that more failures are coming following the Federal Reserve’s increase of the benchmark interest rate by 25 basis points (bps). American journalist Charles Gasparino insists that Wall Street’s “low-rate”...
First Citizens to Buy Silicon Valley Bank's Deposits, Loans in $55.5B Agreement With FDIC
27.3.2023
Federal Deposit Insurance Corporation says the 17 former branches of Silicon Valley Bank will re-open as First Citizens Bank & Trust Company on Monday, March 27
A Look at the Fed’s Recent Custodia Bank Denial and the Central Bank’s Push Back Against Narrow Banking
27.3.2023
Over the past century, the number of American banks has significantly decreased, dropping from 30,000 banks in 1921 to 4,997 U.S. banks in 2021, according to data from the Federal Reserve. Recently, the U.S. central bank denied Custodia Bank of Wyoming, a financial institution that holds $1.08...
Report: Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025
26.3.2023
Regulations governing tokenized deposits and crypto assets are likely to become effective on Jan. 1, 2025, a senior fintech analyst at the South African central bank has revealed. However, according to the analyst, regulators are still trying to understand or learn the risks that come with using...
Billionaire Bill Ackman on US Banking Crisis: ‘I Fear We Are Heading for a Train Wreck’
26.3.2023
Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and confidence are earned over many years, but can be wiped out in a few days,” he said. “Hopefully,...
Kraken Suspends Automated Clearinghouse Deposits and Withdrawals Due to Silvergate’s Closure – What Does This Mean for Users?
23.3.2023
Kraken will suspend automated clearinghouse (ACH) deposits and withdrawals beginning March 27 due to the recent closure of its banking partner Silvergate Bank.
“As of March 27, 2023, Kraken clients will no longer be able to use ACH deposits and withdrawals through Silvergate,” the crypto exchange...
Kraken to suspend Plaid withdrawals and deposits via ACH Silvergate
23.3.2023
Joined the Silvergate Exchange Network back in 2019, Kraken is now looking for new ACH funding options
Rapid Bank Runs Reveal Deposits Are Now Magic Internet Money, Too
22.3.2023
Xapo Bank to enable USDC deposits and withdrawals
22.3.2023
According to the Bitcoin custodian, utilizing the USDC stablecoin will allow members to deposit and withdraw funds without fees
Kraken to Suspend ACH Deposits and Withdrawals Following Silvergate Shutdown
22.3.2023
The exchange says no other services will be affected by this change
Deposits in American banks are getting drained out
22.3.2023
Throughout the past year, it has become abundantly evident that American banks are seeing a dramatic decline in deposits. It has been calculated that there has been a drop of about half a trillion dollars, which is equivalent to a staggering 3%. This is having a significant impact on commercial...