1. Binance SWIFT banking partner set to ban USD transfers below $100K
📰 Binance has informed its retail customer base of a potential incoming service disruption that may halt on and off-ramp bank payment transfers.
📰 From Feb 1 onwards, users of U.S Dollar-held bank accounts that are looking to buy or sell cryptocurrencies for less than $100,000 via the SWIFT payment system will not be able to do so.
📰 In an email to its customers, Binance also said that they are “actively seeking” a new SWIFT (USD) partner to avoid service disruptions for future bank payment transfers.
https://cointelegraph.com/news/binance-s-swift-banking-partner-set-to-ban-usd-transfers-below-100k
2. Crypto lender Genesis files for bankruptcy
📰 Genesis filed for Chapter 11 bankruptcy protection in New York after being pummeled by two of 2022's biggest industry collapses.
📰 In its filing, Genesis Global Capital, the partner firm to Gemini's defunct Earn program, estimated more than 100,000 creditors and between $1 billion and $10 billion in liabilities, as well as assets. The two other entities estimated their assets and liabilities in the $100 million and $500 million range, respectively.
https://www.coindesk.com/business/2023/01/20/genesis-global-files-for-bankruptcy-protection/
3. Ex-Genesis execs claimed they raised millions for crypto hedge fund as company heads for bankruptcy
📰 A former Genesis employee sent a message to a prospective investor in December, regarding a fund he was starting called Hunting Hill Digital.
📰 The fund would be run by three ex-Genesis employees, the message said.
📰 Genesis, which is owned by Barry Silbert’s Digital Currency Group, filed for bankruptcy protection on Thursday.
4. U.S. home-loan banks lent billions of dollars to crypto banks
📰 The United States Federal Home Loan Banks System (FHLB) is lending billions of dollars to two of the largest cryptocurrency banks in an effort to mitigate the effects of a surge in withdrawals.
📰 The FHLB is a consortium of 11 regional banks across the United States that provide funds to other banks and lenders, and has $1.1 trillion in assets and over 6,500 members.
📰 The FHLB lent nearly $10 billion to commercial bank Signature Bank and at least $3.6 billion to Silvergate in the last quarter of 2022.
https://cointelegraph.com/news/u-s-home-loan-banks-lent-billions-of-dollars-to-crypto-banks-report
5. Central African Republic eyes legal framework for crypto adoption
📰 Central African Republic (CAR), a developing country in Central Africa, set up a 15-member committee responsible for drafting a bill on the use of cryptocurrencies and tokenization in the region.
📰 According to Faustin-Archange Touadéra, the president of CAR, cryptocurrencies can potentially help eradicate the country’s financial barriers.
📰 He believed in creating a business-friendly environment supported by a legal framework for cryptocurrency usage.
https://cointelegraph.com/news/central-african-republic-eyes-legal-framework-for-crypto-adoption
About Making Cents
Making Cents #CENT $CENT is the leading social, marketing and education platform built on the VITE network. Get weekly news highlights in the cryptocurrency space by following us on our socials!
Website: https://www.makingcents.xyz
Twitter: https://twitter.com/BeMakingCents
Telegram: https://t.me/bemakingcents
Discord: https://discord.gg/makingcents
Publish0x: https://www.publish0x.com/@MakingCents
Wortheum: https://wortheum.news/@makingcents/
