Cointime News Wrapup-Afternoon: Dogecoin Surges 30% as Elon Musk Announces Avatar as New Twitter Logo
Dogecoin's price surged as much as 30% on Monday, reaching an intraday high of around $0.1026, and its daily traded volume is up approximately 458% to stand at about $4.16 billion during the early Asian market on Tuesday.
Signature Bank Insiders Sold $100 Million in Stock During Crypto Surge
Insiders at collapsed Signature Bank red down pointing triangle sold more than $100 million of shares in the years after the bank pivoted to attract cryptocurrency companies and became a stock-market darling, according to a Wall Street Journal analysis.
Binance.US Temporarily Suspends Various Transfer Methods, Including Wire and Debit Card Deposits
Binance.US is transitioning to new banking and payment service providers over the next several weeks.
Banking Sector Wary of Crypto After Silvergate, Signature Closures
The banking sector is becoming increasingly wary of the cryptocurrency industry, following the closure of accounts by Silvergate Bank and Signature Bank for crypto-related businesses. The closures have raised concerns about the potential risks and challenges associated with providing banking services to the cryptocurrency industry.
US Treasury Official: Crypto Had No Direct Role in Bank Failures
Nellie Liang, the US Treasury Department's undersecretary for domestic finance, stated that crypto did not play a direct role in the recent failures of Silicon Valley Bank (SVB) and Signature Bank. While Signature Bank was particularly active in the sector, with about a fifth of its deposit base tied to crypto customers at the end of 2022, Liang did not believe that digital assets should be blamed for the banks' runs. The banks' failures were attributed to business risks that undermined their resilience.
Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations
Senate Banking Committee chairman Sherrod Brown claimed on Tuesday that Signature Bank “found itself in the middle of Sam Bankman-Fried’s crime spree at the crypto exchange FTX.”
FDIC Faces $23 Billion in Costs From Bank Failures. It Wants Big Lenders to Pay
The Federal Deposit Insurance Corp., facing almost $23 billion in costs from recent bank failures, is considering steering a larger-than-usual portion of that burden to the nation’s biggest banks, according to people with knowledge of the matter.
FDIC Seeking Signet Buyer, Returning Signature Crypto Deposits Next Week
The Federal Deposit Insurance Corporation (FDIC) is seeking a buyer for Signet, a digital asset custody platform, and plans to return Signature Bank's crypto deposits next week. The move is part of the FDIC's broader efforts to regulate the cryptocurrency industry and promote greater transparency and security in the market.
Signature Bank’s Crypto Clients Must Close Accounts Within A Week
The US Federal Deposit Insurance Corporation (FDIC) has ordered Signature Bank's remaining crypto clients to close all of their accounts at the bank by April 5. This comes after the FDIC took over Signature Bank, which had a negative balance at the Fed and was unable to provide accurate data regarding the amount of deficit incurred after Silicon Valley Bank went bankrupt. The FDIC's notice pertains to the $4bn in deposits from crypto customers that were excluded from New York Community Bancorp's takeover of most of Signature's deposits and loans. The fate of Signet, the bank's payment network developed for cryptocurrency payments, remains unclear.
Signature’s Crypto Clients Told to Close Their Accounts by April 5: Report
Signature Bank’s cryptocurrency clients have been reportedly given until April 5 to take their funds out and find another bank, or have their accounts closed by the federal regulator.
