Cryptocurrency exchange Binance has introduced new restrictions for Russian users, in accordance with the latest European sanctions. The platform is restricting access to peer-to-peer (P2P) transactions in U.S. dollars and euros for traders based in the Russian Federation. Binance Prohibits US Dollar and Euro Transactions for Russians on Its P2P Market The world’s largest crypto
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Some Aave users who accidentally sent tokens to the wrong address may soon be able to recover them, according to the text of a proposal passed by the Aave decentralized autonomous organization (DAO) on March 10. The proposal, called “Rescue Mission Phase 1 Long Executor,” authorizes Aave developers to upgrade smart contracts that have been mistakenly
The writer is a former central banker and a professor of finance at the University of Chicago’s Booth School of Business In his testimony to Congress earlier this week, Federal Reserve chair Jay Powell indicated “the ultimate level of interest rates is likely to be higher than previously anticipated” and “restoring price stability will probably
Two and a bit months in, how is 2023 shaping up in financial markets? Bank of America sums it up well with a (sadly anonymised) quote from an investor: “Like watching a mad donkey thrashing around in a field bouncing off all the fences.” If anything, this may be a little harsh on mad donkeys,
There are only ten days into March, and volatility in the crypto markets has heightened, with both bitcoin and ethereum falling to two-month lows. A collapse in Silvergate Bank was one of the major catalysts leading to this month’s bearish sentiment, which now sees bitcoin trading under $20,000. With over three weeks remaining in March,
Classical music maestros are in uproar over the BBC’s decision to scrap the UK’s only full-time professional chamber choir and cut jobs for orchestral performers, warning the sector is grappling with a mounting funding crisis. In its latest response to its own financial pressures, the corporation this week laid down plans to abolish the 99-year-old
After three of the worst years on record in the movie business, there was an almost palpable sense of relief in Hollywood when two bona fide blockbusters appeared on this year’s list of best picture nominees for Sunday’s Academy Awards. The academy has often overlooked big commercial films in favour of recognising capital-C cinema. But
Amid the demise of Silvergate Bank and the troubles faced by Silicon Valley Bank (SVB), market analysts believe Signature Bank (SBNY) may be a buy as it’s considered the “last game in crypto-town,” according to Wells Fargo equity analyst Jared Shaw. Silvergate’s liquidation caused SBNY shares to sink on Friday, dropping more than 13% as
Underwriters completed pricing Thursday a $3.52 billion Texas securitization deal for natural gas providers, but the bonds may stay in investors’ hands only for a short time. The Texas Senate Finance Committee advanced a supplemental appropriations bill Wednesday that includes money to pay off the bonds and possibly debt incurred by other utilities as a
The private partner in a prominent Maryland public-private partnership dropped out Thursday, citing environmental delays, lawsuits, and disagreements with the state, in a move that leaves the fate of the country’s largest P3 in doubt. Australian-based toll road operator Transurban, the lead partner in a consortium known as Accelerate Maryland Partners, said it had submitted
President Biden’s proposed budget unveiled Thursday includes the lowering of the private activity bond threshold for Low Income Housing Tax Credits to 25% from 50% and muni lobbyists, though skeptical about the prospects of the budget passing as is, say they will work hard to include the provision in any final budget. “While the President’s
The collapse of crypto-friendly bank Silvergate will likley have a significant impact on the crypto ecosystem and its ties with the banking sector in the U.S. Earlier this week, the parent company of Silvergate Bank announced plans to wind down operations and liquidate the bank. The announcement came after the crypto-friendly bank had suffered 1$
Bitcoin (BTC) led a sharp sell-off in the cryptocurrency markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment. In addition, crypto-specific news of a suit filed by New York Attorney General Letitia James against cryptocurrency exchange KuCoin for selling securities and commodities without registration increased uncertainty about
Rishi Sunak and Emmanuel Macron pledged more money and an extra 500 police officers to curb cross-Channel migration on Friday, as the British prime minister and French president proclaimed “a new chapter” in the once-strained bilateral relationship. Sunak promised to pay France €541mn (£478mn) over three years to support increased police patrols, a new detention
The Swiss markets regulator has closed its investigation into comments made by Credit Suisse chair Axel Lehmann about customer outflows, saying there are no sufficient grounds for supervisory proceedings. Finma said on Friday that it had concluded a probe it began last month into possible violations of financial market law over remarks made by Lehmann
A project to repair a berth at the Port of Camden in New Jersey will receive a boost of support from this fiscal year’s federal omnibus spending bill. U.S. Rep. Donald Norcross, a Democrat whose district includes Camden, recently announced an additional $750,000 in federal funds to support work on long-neglected portions of the South
Fitch Ratings upgraded Orlando, Florida’s $166.925 million of Series 2017A senior tourist development tax revenue bonds to BBB from BBB-minus. The outlook on the bonds is stable. The bonds are a limited obligation of the city backed by a senior lien on 50% of the “6th-cent TDT,” which is a one-cent tax on hotel room
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After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for
In a rain-sodden stretch of wasteland on the edge of Dunkirk, the groups of people waiting for small boats to try and reach Britain from the northern French coast have thinned in recent days. Inclement weather, which has brought snow and choppy seas, has proved a deterrent for the regular crossings. But Britain’s newest legislative
Homes at Rivo Alto Island in Miami Beach, Florida, US, on Wednesday, Feb. 1, 2023. Eva Marie Uzcategui | Bloomberg | Getty Images The U.S. housing market is taking a hard hit from higher mortgage rates, and luxury home sales are seeing the worst of it. Sales of luxury homes dropped 45% during the three