January 6, 2023 @ 9:55 am By JD Alois  |  

The drums are pounding for institutional crypto trading firm Genesis and its parent company Digital Currency Group (DGC). Genesis halted redemptions in November following “abnormal withdrawal requests which have exceeded our current liquidity.” This event has impacted the crypto trading platform Gemini as it utilized… Read More

January 6, 2023 @ 9:27 am By JD Alois  |  

Rating service Moody’s has downgraded Silvergate Capital (NYSE:SI) following the revelation that deposits rapidly declined during Q4 of 2022, and the bank had to shore up its balance sheet. Moody’s downgraded the ratings of Silvergate Capital and its bank subsidiary Silvergate Bank, following the downgrade… Read More

January 5, 2023 @ 5:29 pm By JD Alois  |  

Add another casualty to the crypto contagion pile. Crypto firm Wyre is said to be shutting down, according to multiple reports. Earlier this week, Axios reported that the collapse of the deal by Bolt to acquire Wyre was the final nail in the coffin. Industry… Read More

January 5, 2023 @ 5:00 pm By JD Alois  |  

  New York Attorney General Letitia James has filed a lawsuit against the beleaguered founder and former CEO of Celsius Network, Alex Mashinsky. Celsius is in the midst of bankruptcy proceedings. Once a high-profile crypto executive, Mashinsky exited the firm this past September. According to… Read More

January 5, 2023 @ 4:46 pm By JD Alois  |  

Worthy Financial has announced a new office in Alpharetta, Georgia. At the same time, the company as announced a new offering, Worthy Property Bonds, an SEC-qualified real-estate-backed debt product.   Sally Outlaw, CEO of Worthy Financial, said that Worthy remains steadfast in its commitment to… Read More

January 5, 2023 @ 3:02 pm By JD Alois  |  

Genesis, part of the Digital Currency Group (DCG) and previously a big crypto lender, is considering filing for Chapter 11 bankruptcy, according to a report. The institutional-focused digital asset platform revealed issues in November when it temporarily suspended redemptions. Genesis, like some other crypto firms,… Read More

January 5, 2023 @ 11:59 am By JD Alois  |  

This past week, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the US Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement cautioning banks on their activities that involve digital assets (crypto). The joint statement… Read More

January 5, 2023 @ 11:29 am By JD Alois  |  

Funding Circle US, a subsidiary of the UK firm Funding Circle (LSE:FCH) has selected a new Managing Director to lead operations. According to a release, Steve Allocca will take over the US operations of the SME online lending platform, reporting directly to Funding Circle CEO… Read More

January 5, 2023 @ 11:01 am By JD Alois  |  

Silvergate (NYSE:SI), a west-coast regulated bank that has moved into the digital asset sector in a big way, announced that it was writing down its purchase of Diem to zero. Diem was the digital currency project launched by Facebook – META (NASDAQ:FB) that attempted to create… Read More

January 5, 2023 @ 10:45 am By JD Alois  |  

Silvergate (NYSE:SI) shares are tanking today, dropping by approximately 46% – as of this writing. Silvergate has been a crypto-friendly regulated bank accepting deposits from crypto firms where other banks feared to tread. Bankrupt crypto exchange FTX was one of Silvergate’s customers. In recent weeks,… Read More

January 5, 2023 @ 10:18 am By JD Alois  |  

Celsius Network, once a high-flying digital asset platform that promised incredible returns for its investors, is meandering its way through the bankruptcy process as the platform collapsed last year. Yesterday, the courts published an Opinion that Celsius Earn investors will not like. Last June, Celsius… Read More

January 5, 2023 @ 9:12 am By JD Alois  |  

Securrency, a Fintech/Regtech enabling the issuance of compliant digital assets, has selected a new Chief Executive Officer, according to a release. Nadine Chakar will assume the CEO role effective January 9th, 2023. Dan Doney, Securrency’s founder who has served as CEO since the company’s launch, will… Read More

January 4, 2023 @ 9:39 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed fraud charges against CoinDeal and its creators involving $45 million in a crypto plot. The SEC has charged Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC… Read More

January 4, 2023 @ 3:33 pm By JD Alois  |  

Digital assets saw inflows totaling $433 million during 2022 – the lowest amount since 2018 went inflows topped $233 million. In 2021, inflows totaled $9.1 billion, significantly higher. This is according to a report distributed by Coinshares (Nasdaq Stockholm: CS)(OTCQX: CNSRF). According to the firm,… Read More

January 4, 2023 @ 3:00 pm By JD Alois  |  

Coinbase (NASDAQ:COIN) will pay $50 million to the New York Department of Financial Services (NYDFS) to settle a “compliance investigation.” Coinbase has been licensed by the regulator to conduct a virtual currency business and money-transmitting business in the State of New York since 2017. DFS… Read More

January 4, 2023 @ 10:27 am By JD Alois  |  

During 2022, Reg CF, the smallest crowdfunding securities exemption, took a bit of a hit as the number of investors declined, and the total amount of investments dropped by 12.8% from $578.8 million in 2021. This is according to a report by Crowdfund Capital Advisors… Read More

January 3, 2023 @ 10:29 pm By JD Alois  |  

Earlier today, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the US Federal Reserve made the interesting move to jointly issue a statement cautioning banks about working with crypto firms. The joint statement… Read More

January 3, 2023 @ 5:21 pm By JD Alois  |  

Three federal bank regulators, including the Office of the Comptroller of the Currency (OCC), US Federal Reserve Bank, and Federal Deposit Insurance Corporation (FDIC), have joined to caution the public on “crypto asset” risks to banking firms. The statement follows a year of turmoil in… Read More

January 3, 2023 @ 4:44 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has published its annual report of consumer and credit reporting complaints which is critical of the top firms in the sector, TransUnion, Equifax, and Experian. The CFPB states that the three largest nationwide consumer reporting agencies (NCRAs) top the… Read More

January 3, 2023 @ 4:09 pm By JD Alois  |  

Real estate crowdfunding platform CrowdStreet has announced a new addition to its Board of Advisors. According to a release today, Shawn Lese of Nuveen Real Estate has joined the platform as an advisor. At the same time, in an indication of commitment, Lese is expected… Read More