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FDIC Requires Potential Buyers of Failed U.S. Banks to Give Up Crypto Services
The FDIC has asked banks interested in acquiring failed U.S. lenders, Silicon Valley Bank and Signature Bank, to submit bids by March 17. The authority will only accept bids from banks with an existing bank charter, prioritizing traditional lenders over private equity firms. The FDIC has also required any buyer of Signature to agree to give up all cryptocurrency business at the bank. This news comes amid concerns expressed by U.S. Representative Tom Emmer that the federal government is “weaponizing” issues around the banking industry to go after crypto.
Bank of England halts Silicon Valley Bank UK branch operations
The Bank of England has ordered the Silicon Valley Bank's UK branch to halt its operations as it has limited presence and no critical functions supporting the financial system. The bank will be placed into a Bank Insolvency Procedure, and eligible depositors will be paid out by the Financial Services Compensation Scheme up to the protected limit of £85,000, with the remaining assets and liabilities being managed by bank liquidators. UK venture capitalists and a nonprofit organization have expressed concern as several startups and investors have significant exposure to the SVB UK, including prominent blockchain VCs who have over $6 billion in assets at the bank.
SBF Denies Insolvency Rumours of FTX, FTT Token Slumps Over 6% during Intraday
FTX CEO Sam Bankman-Fried retreated his crypto exchange and assets are fine, trying to boost confidence to his investors, as speculation mounted over the weekend about the solvency of the exchange.
KuCoin CEO Clarifies Insolvency Rumours as FUD Spreads
KuCoin Exchange’s Chief Executive Officer, Johnny Lyu, has continued to dispel all rumours that the trading platform is turning insolvent.
Celsius is "Deeply Insolvent", Says Vermont's Financial Regulator
Vermont's Department of Financial Regulation also said that Celsius Network is also not honouring its obligations to customers and creditors as it does not have the assets and liquidity to do so.
Celsius Denies Allegation of CEO Leaving US
Celsius Network has denied its CEO's leaving from the US, claiming that all related allegations are false. Alex Mashinsky was reportedly stopped by authorities, amid insolvency rumours about his company.
Three Arrows Capital Becomes 2nd crypto issuer Facing Insolvency
The unfavorable market conditions continue to impact firms operating in the crypto industry. Three Arrows Capital is the latest firm identified to be facing a bankruptcy risk.

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