FTX collapse is about to claim its first victim

Plus: Circle adds support for Apple Pay

November 16, 2022

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Markets & News

FTX Collapse About To Claim Its First Victim: BlockFi May File For Bankruptcy (3 minute read)BlockFi, the crypto lender with a "significant exposure" to the now-bankrupt FTX and its affiliates, has retained the services of a restructuring firm that is often sought for bankruptcy proceedings and implicitly suggested to its employees the possibility of job cuts, reports claimed.

Bitcoin Rises on Encouraging Inflation News (4 minute read)The latest inflation data on Tuesday suggested that the U.S. central bank was winning its campaign against inflation, and crypto investors relished the news. Bitcoin was recently trading above $16,700, up more than 2% over the past 24 hours. The largest cryptocurrency has been inching up since Monday even as fallout from crypto exchange FTX’s liquidity crisis and filing for Chapter 11 bankruptcy protection widens.

Binance gets regulatory nod for institutional crypto custody in Abu Dhabi (1 minute read)Binance has secured permission from regulators in Abu Dhabi to operate as a crypto custodian for institutional clients. The crypto exchange received the regulatory nod from Abu Dhabi’s Financial Services Regulatory Authority. This body is a unit of the Abu Dhabi Global Market, which functions as the financial center of the United Arab Emirate’s capital city.

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Misc

Circle Adds Support for Apple Pay (2 minute read)Circle adds support for Apple Pay meaning customers can easily make payments and checkout using their mobile devices privately and safely. The new integration, according to Circle, will be beneficial for crypto-native businesses. It will also help customers buy cryptocurrencies using Apple Pay on their preferred exchanges.

US national crypto laws should look like New York's, says state regulator (2 minute read)The superintendent of the New York Department of Financial Services (DFS) joined a nationwide regulatory discussion in the aftermath of the FTX collapse with a fresh take. Adrienne Harris believes that any federal crypto legislation to come should not override state regulatory regimes. She Proposed “We would like for there to be a framework nationally that looks like what New York has, because I think it is proving itself to be a very robust and sustainable regime.”

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