1 March

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1 March

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5:30 PM

Crypto News – November 29, 2022

  1. Silvergate Provides Statement on Minimal Exposure to BlockFi

Crypto bank Silvergate Capital said that less than $20 million of its total deposits came from crypto customers and lenders from BlockFi which filed for bankruptcy as of November 28, 2022.

According to a representative of Silvergate Capital, Silvergate does not invest in BlockFi.

“BlockFi is not a custodian for Silvergate’s bitcoin-collateralized [Silvergate Exchange Network] leverage loans, which to date have continued to perform as expected with zero losses and no forced liquidations. Furthermore, Silvergate has no investments in BlockFi.”

BlockFi filed for Chapter 11 bankruptcy protection on November 28, disclosing that it has more than 100,000 creditors and assets, and liabilities of between $1 billion and $10 billion.

  1. Ukrainian government puts Binance payment service integration on hold

Ukraine has paused its planned integration of Binance’s crypto payment service into the government’s official app after backlash from the embattled nation’s crypto community.

That integration is now on hold to “clarify a few moments” first, according to a government minister.

The outrage was prompted by the government’s plans to integrate the service from the world’s largest exchange by volume at a time when Binance continues to do business with Russia, which invaded Ukraine in February. The nation’s crypto exchanges don’t want a foreign company to provide a service that they can do as well. They showed their displeasure by blocking trades of Binance’s BNB token on their platforms.

  1. Kraken settles with US Treasury’s OFAC for violating US sanctions

Kraken, a U.S. cryptocurrency exchange, agreed on Monday to pay more than $360,000 to the Treasury Department to settle accusations of sanctions violations on Iran.

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