Tether coin. Source: Adobe Amid struggles to maintain access to the global banking system, the companies behind Singapore-based USDT stablecoin issuer Tether used a mixture of fraudulent documents, obscured identities and shell companies, according to a new bombshell report by the Wall Street Journal. USDT’s value is pegged to the US dollar and backed 1:1...

Image source: Yahoo Finance Crypto-friendly bank Silvergate has been forced to return $9.85 million to BlockFi as part of the crypto lender’s ongoing bankruptcy proceedings. According to documents made available on the website of BlockFi’s restructuring advisor, the bankruptcy court overseeing BlockFi’s restructuring process ordered Silvergate to immediately release $9.85 million to the now-defunct crypto lender...

Silvergate. Source: Adobe Crypto-friendly US-based bank Silvergate Bank has begun the voluntary process of liquidation, according to a statement issued by the California Department of Financial Protection and Innovation (DFPI).  The announcement of Silvergate Bank’s liquidation comes just a day after reports surfaced suggesting that the bank was discussing ways to avoid a shutdown with...

Image Source: News24 Global banking giant HSBC has acquired the UK subsidiary of now-collapsed lender Silicon Valley Bank for £1 ($1.21) after all-night talks between the government, regulators, and other prospective buyers. The deal excludes the assets and liabilities of SVB UK’s parent company.  As of March 10, the UK arm of SVB had loans...

Image Source: BBC Consumer-focused UK bank NatWest is putting a limit on the amount of money customers can transfer to cryptocurrency exchanges in a move that shows deteriorating relationships between digital asset firms and financial institutions.  Users of the bank will be limited to payments of 1,000 British pounds ($1,218) per day and 5,000 British...