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Tag: Customer
Open letter to crypto: What is wrong with this industry? Binance pools customer funds with collateral
Exasperation. Irony. Apathy. This week’s story about Binance and its mismanagement of reserves raises many emotions. If you missed it, Bloomberg reported that Binance “mistakenly” pooled collateral fo...
Binance Mixed-Up Customer Funds With B-Token Collateral
The Binance crypto exchange has mistakenly stored customer funds in the same wallet used to store collateral for its Binance-pegged tokens. PoR Reveals Funds Mix-Up According to a report published by...
Binance Commingled Customer Funds With Reserve Assets
Binance admitted that it keeps collateral for its BNB Smart Chain and BNB Beacon Chain versions of 94 crypto assets in the same wallet as customer funds amid uncertainty around its recent audit. Accor...
Binance Acknowledge This Mistake In Customer Funds
As per the Bloomberg report, Cryptocurrency exchange Binance has admitted that it has mistakenly stored collateral for some of its tokens in the same wallet as the exchange’s customer funds. Details A...
New York Regulator Releases Guidelines For Segregating Customer Funds
14 hours ago | 2 mins read Bitcoin News NYDFS sent a public letter to the sector explaining the need of segregating client funds. This warning comes as New York’s federal prosecutors delve more into t...
Binance Admits to Storing Customer Funds in the same wallet
Recent news articles state that the prominent cryptocurrency exchange Binance has acknowledged that it keeps some customer assets in the same wallet that it uses to store its own collateral for certai...
Crypto Banks Borrow $13,600,000,000 From Federal Home Loan Banks To Meet Customer Withdrawals: Report
Two crypto-friendly US banks have borrowed at least $13.6 billion from Federal Home Loan (FHL) Banks to deal with a tidal wave of customer withdrawals amid the digital asset bear market, according to ...
Binance Held Token Collateral And Customer Funds In The Same Wallet
– Advertisement – Binance held token collateral and user funds in the same cold wallet. The exchange claims it was a mistake and is currently rectifying the issue. The cold wallet curren...
Binance admits it commingled customer funds with token reserves
Listen to this article. Crypto exchange Binance has acknowledged that it failed to keep backing for dozens of tokens issued on Binance Smart Chain separate, and instead commingled it with customer fun...
New York Regulators Warn Crypto Companies Against Commingling Customer Funds
Crypto companies were put on notice on Monday when New York regulators issued a new warning about how to properly handle their customers’ digital assets. In an open letter addressed to the indus...
New York regulator urges crypto custodians to separate customer and corporate assets – Cryptopolitan
The New York Department of Financial Services (NYDFS) is urging crypto custodians to take extra precautions to protect customers and their assets as the crypto industry continues to witness an increas...
Customer Experience, Resilient Retail Take Center Stage At NRF 2023
Customers visit the booth of Lenovo at the Retail’s Big Show 2023, an annual expo held by the U.S. … [+] National Retail Federation in New York, the United States, Jan. 17, 2023. A group o...
NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry – Regulation Bitcoin News
On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial re...
Regulators in New York Taking Aim at Crypto Firms That Mishandle Customer Funds: Report
The New York state financial regulator is preparing to release new guidelines aimed at preventing another co-mingling crypto collapse like FTX. According to a new report from Reuters, the New York Sta...
Compass Sued Over Allegedly Failing to Return Customer Bitcoin Miners
Compass Mining, a reseller of and hosting service for Bitcoin mining machines, is being sued by its customers to the tune of $2 million. In a filing to a Florida court on January 17, the customers ac...
Distressed Crypto Firm Vauld Given New Deadline for Restructuring Plan as Customer Funds Remain Frozen: Report
Embattled crypto lender Vauld now has until February 28th to come up with a restructuring plan without getting hounded by claims from creditors. The company is initially set to submit its revival plan...
Customer reaction to ID.4 EV ‘has been incredible,’ with 20K on backorder
German auto giant Volkswagen (VOW.DE) delivered a whopping 8.26 million cars worldwide in 2022, a drop of 7% year over year as supply chain snarls hit growth. Despite the decline, Volkswagen was secon...
Get To Know Your Customer Firsthand – It’s The Key To Your Success
getty When I first became Brookdale’s CEO, I reached out to Bill Sheriff (Brookdale’s longest-serving CEO, leading from 1984 to 2013) to see if he would serve as a mentor for me. One of the most poign...
Wyre Secures New Funding, Lifts Customer Withdrawal Limits
Wyre tweeted about lifting 90% withdrawal limit effective immediately. The company had announced limiting the withdrawals a few days back. Wyre laid off 75 employees at the beginning of the year. In a...
Sam Bankman-Fried denies misusing customer funds
In the months leading up to his federal charges on m money laundering and misuse of customer funds, FTX co-founder Sam Bankman-Fried has repeatedly refuted US charges that he misused $8 billion in cli...
Wyre lifts 90% customer withdrawal limit after securing new funding
Wyre secured a new source of funding, allowing it to drop its recently introduced 90% customer withdrawal cap, the company said on Twitter today. “We’re excited to share that today we received f...
Voyager Gets Green Light To Sell Customer Accounts
Binance.US got one step closer to fully acquiring Voyager Digital, a crypto company that went belly up recently. According to to a report by Reuters, Voyager Digital won preliminary court clearance f...
Swyftx Closes Earn Program Citing Lack of Regulatory Clarity; Are customer funds safe?
Earn allows users to earn interest on their funds held on their Swyftx wallets. The exchange might have suggested that the move might be temporary. Swiyftx announced the move in December Australian cr...
Why Marketing Leaders Must Focus On Connectivity And Innovation In 2023
For sports fans the world over, the post-holiday season is where the action really begins to heat up and appetite for more achievements for a New Year kicks in. The same can be said for most CMOs who ...
Wyre limits withdrawals to 90% of funds held in customer accounts
Crypto payment provider Wyre announced a change in rules that will limit customers to withdrawing no more than 90% of the funds currently held in each account. “We are modifying our withdr...
Mt. Gox first customer repayments delayed until September
Creditors from the defunct crypto exchange Mt. Gox will have to wait longer before receiving their funds after the platform’s appointed trustee announced key deadline extensions to the compensation ti...
Celsius Wins Rights Over Customer Crypto Deposits
In the latest court ruling, Celsius Network has been rewarded the rights to interest-bearing accounts, pushing actual account holders to the end of the repayment queue. Big Blow For Earn Account Hold...
Crypto Bank Silvergate Faces $8 B In Customer Withdrawals
According to a report from The Street, crypto-friendly bank Silvergate (SI) retraced on a massive 27% rally following a preliminary quarter result. The financial institution recorded a steep decline i...
Celsius Network Acquires Ownership of Customer Cryptocurrency Deposits
31 mins ago | 2 mins read Bitcoin News Now, Celsius can take the control of $4.2B in cryptocurrency that consumers invested in its Earn program. Celsius has over 600,000 accounts in its Earn program ...
SDNY FTX Task Force Will Look for Lost Customer Funds in FTX Collapse
The US Attorney Damian Williams reportedly announced a task force to look over the case of crypto exchange FTX collapse. Williams is the federal prosecutor in FTX’s case including founder Sam-Bankman ...
$3.5 Billion In FTX Customer Crypto Custodied By Bahamian Watchdog
– Advertisement – Summary: The Bahamian Securities Commission took control of the assets on November 12 due to concerns that FTX was vulnerable to cyberattacks. Hackers stole nearly $400 m...