Pacwest Stock Plummets Over 35% Following Release of Q1 Earnings Report Amidst Turmoil in Banking Industry
Following the acquisition of First Republic Bank by JPMorgan Chase, several regional banks such as Pacwest and Western Alliance experienced a significant drop in their stock prices. On Tuesday afternoon, all four major U.S. benchmark stock indexes are in decline as regional bank stocks hit new lows. Banking Industry on Edge as Pacwest Shares Sink […]
Former US President Donald Trump Launches Second NFT Card Collection
On April 18, former U.S. president Donald Trump announced a second series of his digital Trump card collection, following the “great success” of his initial non-fungible token (NFT) trading cards. Despite selling out rapidly, Trump stated on Truth Social that he maintained the initial card prices for the new collection. Trump Unveils Series 2 NFT […]
The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy
Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers […]
Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses
According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with […]
Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency Operations
On Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its assets. Flagstar assumed nearly all of Signature’s deposits, except for $4 billion of deposits related to the […]
British Bank Natwest Implements New Limits on Cryptocurrency Payments to Combat UK Crypto Scams
On March 14, 2023, the U.K.-based bank Natwest Group announced new limits on cryptocurrency payments, citing crypto scams that cost U.K. consumers £329 million annually. The limit imposed on crypto exchanges is £1,000 daily ($1,215), with a 30-day limit of £5,000 ($6,077). Natwest’s Cautious Approach Towards Crypto Assets Prompts Another Transfer Limit Amid the banking […]
US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual
After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for […]
Pakistan Banks to Use Blockchain Technology for KYC
Banks in Pakistan plan to launch an electronic platform for know-your-customer procedures that will be operating on a national level. The blockchain-based system will allow them to exchange the personal information of customers through what they describe as a decentralized and self-regulated network. Banks of Pakistan Looking to Employ Blockchain for KYC Checks Pakistan Banks’ […]
Crypto Exchange Bitzlato Restores Access to User Funds
Russia-linked cryptocurrency exchange Bitzlato has begun processing withdrawals of digital assets belonging to its customers. The trading platform was shut down in an operation carried out by law enforcement agencies in the U.S. and Europe alleging that it had been used to launder dirty money. Bitzlato Allows Withdrawals After Staying Offline for Weeks Users who […]
Celsius Custody customers finally begin withdrawals 263 days after freeze
Celsius users with funds held in its custody program have finally begun to withdraw funds, but users report delays due to a backlog of requests.This post was originally published on this site