Crypto Exchange News & Updates

Microsoft Edge Is Experimenting With A Built-In Cryptocurrency Vault

A tech giant Microsoft is developing a new tool that will let users transfer and receive cryptocurrency through the companys primary online browser.　　Software documenter Albacore posted images of a new Ethereum (ETH) wallet that Microsoft intends to incorporate into its Edge browser, as first revealed by Bleeping Computer.　　“A crypto wallet is the newest addition to the long list of dubious forthcoming Microsoft Edge features. Im not sure how I feel about the primary browser having this kind of functionality built in.”　　According to the introduction sites, Microsoft is releasing a non-custodial cryptocurrency wallet that gives customers full access to their funds and secret keys. 　　“Because this device is non-custodial, you have total authority over your money. Your restore key and password are private to us. It is simple to use without adding any extensions because it is integrated in Edge.”　　The images also show that users can purchase cryptocurrency assets using the web3 infrastructure company MoonPay and the US-based digital asset market Coinbase.　　Additionally, the shared pictures hint at support for NFT marketplace perusing, a news stream feature, and a choice for users to manage their assets using either the built-in Edge wallet or an extension wallet.　　When pressed for additional information, a Microsoft

2023-03-20Deep Dive

Exchanges In Moscow Are Prepared To Send Money To London, According To A Report

Transparency International Russia has conducted a study revealing that certain Russian digital asset exchanges are willing to exchange digital coins for paper money in the UK without going through the necessary Know-Your-Customer (KYC) procedures. The study discovered that over 20 cryptocurrency exchanges are operating in Moscow International Business Center, with eight of them ready to exchange U.S. dollar-pegged stablecoins for British pounds and deliver the cash to London.Blacklisted Crypto Broker Suex Involved in Illicit Transactions　　One of the exchanges identified in the study was Suex, a crypto broker blacklisted by the US Treasury Departments Office of Foreign Assets Control (OFAC) in September 2021 for facilitating ransomware-linked transactions. The study also revealed that another blacklisted exchange, Garantex, had received significant amounts of money from a platform called Pridechange.Transfer Process for Russian Crypto Exchanges　　The transfer process for these exchanges was found to be similar in all cases. Customers would send tether (USDT) to a wallet address provided by the exchange, and once the payment was confirmed, a courier, typically a Russian speaker, would deliver the fiat cash to a specified location in London. Despite anti-money laundering regulations requiring cryptocurrency exchanges to verify the identity of customers, none of the Russian platforms asked to

2023-03-17Deep Dive

No Fees Required: Coinbase Allows Singapore Users to Transfer Funds via Standard Chartered

The well-known cryptocurrency exchange Coinbase has revealed that users in Singapore can now move money to and from their accounts without paying any costs by using local institutions. Traditional bank Standard Chartered makes transactions in Singapore currency possible. This action makes it possible for Singaporean buyers to engage in digital assets, particularly at a time when market worries about financial security and crypto banking are prevalent.　　Customers could only move cryptocurrency into and out of their Coinbase accounts or make cryptocurrency purchases using a Visa or Mastercard debit or credit card in the past. In an interview with Reuters, Hassan Ahmed, Coinbases country head for Singapore, stated that this development is a part of the businesss foreign growth plan and aims to expand its retail products in Singapore. The Monetary Authority of Singapore (MAS) granted Bitcoin preliminary permission to provide financial services in the city-state last year.　　Singapore has usually embraced cryptocurrency companies, but it has been careful about promoting consumer participation. The MAS put forth regulations in October 2022 that would prohibit trading companies from providing rewards or funding to private clients. The decision by Coinbase is a major development for Singapores cryptocurrency market and may draw in more private buyers.　　Following

2023-03-15Deep Dive

Signature Bank Was Under Criminal Investigation Prior To Its Downfall

Before authorities took the lender over the weekend, Bloomberg News reported that US investigators were looking into Signature Banks connections to cryptocurrency customers. Investigators from the US Justice Department in Washington and Manhattan were looking into whether the now-defunct bank took the required precautions to stop possible money laundering by its customers. Furthermore, the firm was under investigation by the Securities and Exchange Commission (SEC).　　The claim comes after a declaration from New Yorks financial authority that its closure of Signature Bank was not influenced by cryptocurrencies but rather by a serious loss of trust in the banks management following the failure of Silicon Valley Bank. in the form of an a, and as they have been, and the current, and the current, the current and the current and the present, and the current and the current and the present.　　The third-largest collapse in U.S. financial history, New York-based Signature Bank was shut down by state authorities on Sunday. A failure at Silicon Valley Bank (SVB) two days prior to the shutdown left billions of dollars in assets abandoned.　　As of September of last year, the bank had a large connection to the bitcoin market; nearly a quarter of its investments originated from

2023-03-15Deep Dive

Silicon Valley Bank's Collapse Raises Concerns for Stablecoin Ecosystem

The recent depegging of USDC from $1 has raised concerns within the cryptocurrency industry about the stability of the stablecoin ecosystem. The collapse of Silicon Valley Bank (SVB), where Circle held $3.3 billion or 8.2% of its USDC reserves, caused uncertainty and resulted in USDCs initial depegging on Friday. The stablecoin fell to as low as 88 cents on Saturday before recovering to $1 after the funds became available on Monday morning. However, this incident highlighted a crucial flaw in the design of existing fiat-backed stablecoins, according to Nevin Freeman, co-founder and CEO of Reserve.　　Freeman noted that stablecoin issuers have no choice but to rely on fractional reserve banks when providing liquidity to their users. If any of the banks fail without a bailout and the issuer cant fill the hole with their own capital or a new capital injection, it would either force a bank run on the stablecoin, leaving the last to redeem with nothing, or the issuer would have to close down and go into bankruptcy to prevent such a run. USDCs price acted as a live prediction market for whether SVB depositors would be made whole, Freeman said. The stablecoin rallied from 97 cents to 99

2023-03-14Deep Dive

After SVB's Failure, Regulators Close Signature Bank, A Cryptocurrency-Friendly Bank

The continuing financial catastrophe in the US has claimed its newest victim: Signature Bank. On Sunday, the New York-based financial organization suddenly stopped operating, raising concerns among both clients and authorities. As of December 31, 2022, the bank had 40 locations spread across five states, with total assets of $110.4 billion and savings of $82.6 billion. Approximately 30% of the banks savings came from the cryptocurrency sector, and it offered financial services to businesses in the real estate, legal, and cryptocurrency industries.　　Because the government felt that the closing of Signature Bank posed a structural danger to the nations financial system, it intervened to safeguard the economy. The U.S. Treasury Department, the FDIC, and the Federal Reserve all declared that they would be rendering all of the institutions customers whole in a combined statement. They added that no costs would be carried by the government, similar to Silicon Valley Banks resolve.　　The main reason Silicon Valley Bank and Signature Bank were connected was because of their work in the bitcoin sector. The crypto industry became more worried about the financial viability of their banking counterparties as the SVB crash developed. Due to USDC, a well-known stablecoin administered by Circle, which is a

2023-03-14Deep Dive

Coinbase Challenges US SEC “Regulation By Enforcement” As Crypto Recovers

In support of dismissing the SEC v. Wahi insider trading case, Coinbase has filed an amicus brief, stating that the U.S. Securities and Exchange Commission (SEC) should prioritize the development of appropriate rules and guidance related to securities instead of pursuing misguided securities lawsuits.　　On March 14, Paul Grewal, Coinbases chief legal officer, announced on Twitter that the company had submitted an amicus brief in support of dismissing the lawsuit.　　According to Paul Grewal, Coinbase does not currently list securities. However, the company petitioned the SEC last year to establish rules for digital asset securities, as the existing regulations do not apply to digital assets. Coinbase is currently developing a plan to offer securities in the crypto market.　　Grewal stated, “Although Coinbase does not currently list securities, we are interested in doing so. Last year, we submitted a petition to the SEC, requesting that they establish a regulatory framework for digital asset securities. We provided a list of 50 questions that needed to be addressed before we could list securities, but we have not yet received any response from the SEC.”　　According to Coinbase, the SEC is not focusing on developing appropriate rules or registration options for the crypto industry but rather on misguided

2023-03-14Deep Dive

Bitcoin Price Soars to $22.6K As A Result Of Binance Converting $1 Billion Into BTC, BNB, And ETH

Over the past week, there have been a number of significant events in the financial world, including the cryptocurrency market. Silicon Valley Bank, one of the major banks in the US, experienced a bank run and was forced to shut down by authorities to prevent further panic. The government responded with a rescue plan but also shut down Signature Bank, one of the last remaining crypto-facing financial institutions in the US.　　Meanwhile, Binance CEO Changpeng Zhao announced on Twitter that they plan to convert the remaining $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. This announcement caused the cryptocurrency market to soar, with Bitcoins price hitting an intraday high of $22,600 on Binance, up 6% on the day. Ethereum also rose around 8% on the day, while BNB soared by roughly 10%.　　The Industry Recovery Initiative was announced by CZ back in November 2022, with the aim of reducing the negative effects of FTX by forming an industry recovery fund to help projects in a liquidity crisis. Now, Binance plans to convert the remaining funds into native crypto, providing more transparency and potentially boosting the value of these cryptocurrencies.　　Overall, these events highlight the volatility

2023-03-13Deep Dive

Another Issuer Of Digital Assets Is Registered With The Bank Of Russia

Five new licensed digital asset issuers have emerged in Russia.　　According to the Russian business news outlet RBC, the Central Bank of Russia (CBR) has registered Distributed Registry Systems and its Masterchain platform in its list of information system operators authorized to issue digital financial assets (DFAs). The CBR has previously registered four other issuers, including Sberbank and Alfa-Bank, the two largest state-owned and private banks in Russia, respectively. Lighthouse, a fintech firm, and Atomyze, a tokenization service, have also been included in the register.　　Distributed Registry Systems, established in April 2021, is an IT company that specializes in developing blockchain-based solutions for various industries, including finance, transport, and logistics. It is supported by several large Russian banks, the Moscow Stock Exchange, and the Association “Of Fintech.” The company plans to initially issue digital financial assets for the rights to monetary claims in the form of either unsecured bonds or structural instruments linked to various assets. The press release also stated that the company would launch other types of DFAs on its platform in the future.　　Recently, Moscow Credit Bank, Russias largest private regional bank, issued the countrys first digital bank guarantee in Chinese yuan using the Master chain platform.　　In January 2021, Russia

2023-03-13Deep Dive

After US Officials End Parent Firm, Bank of England Closes Silicon Valley Bank's UK Office

The Bank of England has closed Silicon Valley Bank (SVB), which was shut down by American authorities on Friday. The company will be subject to bank bankruptcy processes, the central bank stated.　　BOE is forced to close its U.K. branch as a result of the SVB failure.　　The U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (DFPI) have closed Silicon Valley Bank (SVB), the 16th-largest bank in the country. This is the result of ripple effect that has spread overseas to the companys U.K. subsidiary. SVB UK is no longer handling payments or taking donations as a result of the Bank of Englands (BOE) intervention. According to the BOE statement, the bank will enter a bank bankruptcy process, and qualified savers will receive payouts from the FSCS up to the safe maximum of £85,000 or up to £170,000 for combined accounts.　　Customers tried to extract $42 billion in savings via bank transfers after SVB failed, causing pandemonium. The companys U.K. affiliate has also been impacted by the banks failure, according to Susannah Streeter, director of money and markets at Hargreaves Lansdown, who claimed that it was unavoidable that the SVB UK branch would fail. Despite claims

2023-03-13Deep Dive

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