While the FTX crisis is continuing to unfold, the former head of risk at Credit Suisse believes the exchange's fall from grace should be the last catastrophic event — at least in this market cycle. CK Zheng, the former head of valuation risk at Credit Suisse and now co-founder of crypto hedge fund ZX Squared Capital said that FTX’s fall was part of a “deleveraging process” that began after the COVID-19 pandemic and further accelerated after the fall of Terra Luna Classic (LUNC), formerly Terra (LUNA). “When LUNA blew up a few months ago, I expected a huge amount of …

Analysts who closely monitor traditional markets have started calling for a volatility spike in cryptocurrencies due to dire macroeconomic conditions. Signs of stress coming from credit markets took investors by surprise after the British pound hit a record low against the U.S. dollar on Sept. 26 and liquidity concerns surrounding major global banks like Credit Suisse and Deutsche Bank are boosting traders’ bearish sentiments. According to the Labor Department, unemployment in the United States reached 3.5% in September, the lowest in 43 years. Although that might sound positive at first mention, it indicates that the economy continued to overheat despite …

Bitcoin (BTC) starts a new week in a precarious place as global macro instability dictates the mood. After sealing a weekly close just inches above $19,000, the largest cryptocurrency still lacks direction as nerves heighten over the resilience of the global financial system. Last week proved a testing time for risk asset investors, with gloomy economic data flowing from the United States and, moreover, Europe. The Eurozone thus provides the backdrop to the latest concerns of market participants, who are watching as the financial buoyancy of major banks is called into question. With the war in Ukraine only escalating and …

Bitcoin (BTC) failed to hold $20,000 into the September monthly close as one trader eyed a final comeback before fresh downside. Trader's $20,500 upside target remains Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying lower after finishing the month at around $19,400. Capping 3% losses, the monthly chart failed to rally on Oct. 1, with BTC/USD down another 0.7% in “Uptober” so far, according to data from on-chain data resource Coinglass. Dismal financial data from macro markets contributed to the lack of appetite for risk assets, and among crypto traders, the outlook remained gloomy. For popular Twitter account …

Caroline Pham, currently serving as a commissioner at the United States Commodity Futures Trading Commission, or CFTC, has announced a former head of U.S. regulatory policy at investment banking firm Credit Suisse Securities will be joining her staff. In a Friday announcement, Pham said Keaghan Ames will be her counselor and senior policy adviser at the CFTC starting May 23. Ames worked at Credit Suisse for more than two years as vice president and head of U.S. regulatory policy, which included advising executives on digital assets regulation. He will be joining the CFTC from the Institute of International Bankers, where …

Bitcoin Suisse has begun offering decentralized finance (DeFi) services to its clients with the addition of the Liquity protocol to its product lineup. It allows customers to post Ether (ETH) collateral in the protocol to mint and borrow the Liquity Dollar (LUSD) stablecoin. In an announcement on April 20, Bitcoin Suisse said it will perform all smart contract interactions and system monitoring on its client’s behalf and allow the borrowed LUSD token to be exchanged into any fiat currency. Bitcoin Suisse is a centralized crypto and financial services company founded in 2013 and based in Switzerland, offering services such as …

Leaked data shows that until recently, Swiss bank Credit Suisse held accounts valued at more than $100 billion for sanctioned individuals and heads of state reportedly accused of money laundering. The New York Times reported on Feb. 20 that the data leak included more than 18,000 bank accounts. The data goes back to accounts that were open from the 1940s until into the 2010s, but not current operations. Among the account holders holding “millions of dollars in Credit Suisse” were King Abdullah II of Jordan and Venezuela’s former vice-minister of energy, Nervis Villalobos. King Abdullah has been accused of misappropriating …

Paxos, a United States-based stablecoin operator, announced Tuesday that it will apply for a formal clearing agency license with the Securities and Exchange Commission in a move that would bring another practical use case for blockchain technology in traditional markets. As Reuters reported, the pursuit of an agency license by Paxos follows a successful pilot test of its same-day settlement system. Credit Suisse, a Zurich-based financial institution; and Instinet, the trading arm of Nomura Holdings Inc, participated in the pilot by settling U.S.-listed stock trades on the same day. Paxos says the trades represented the first live application of blockchain …

Major European Bitcoin (BTC) mining company Northern Data is reportedly considering going public in the United States. Germany-based Northern Data is planning to raise up to $500 million in an initial public offering, or IPO, Bloomberg reported on Monday. The company is working with Swiss investment bank Credit Suisse to proceed with the IPO, anonymous people familiar with the matter told the publication. According to the report, the company is considering conducting a sale of new shares later in 2021, intending to boost Northern Data’s shareholder base along with its global profile. Northern Data’s shareholders include investors like Galaxy Digital …

Major international banks like Credit Suisse and HSBC are reportedly scrutinizing their Hong Kong clients amid the ongoing protests over China-backed national security law. According to a July 19 report by Reuters, global banks including Credit Suisse, HSBC, Julius Baer, and UBS are now screening their clients in Hong Kong on potential ties to the city’s pro-democracy movement. Social media spies Citing a group of anonymous people familiar with the matter, the report says that the banks are scanning clients’ records for political and government ties in order to impose additional diligence requirements. The records include comments made by clients …

Paxos, a New York-regulated financial firm and the issuer of a USD-pegged stablecoin, has launched its blockchain-based settlement platform. After announcing Paxos Settlement Service in late 2019, Paxos Trust Company has launched the product to settle select United States-listed equity trades between the two broker-dealers, Swiss financial services firm Credit Suisse and Nomura Group-owned Instinet, according to a Feb. 20 announcement. Paxos to apply with the SEC for clearing agency registration later in 2020 As reported, Paxos Settlement Service is being launched under no-action relief from the U.S. major financial regulator, the Securities and Exchange Commission (SEC). The no-action relief …

Two global financial giants, BNY Mellon and Credit Suisse, were reportedly involved in Telegram’s $1.7 billion Gram (GRAM) token sale in 2018. Telegram allegedly informed its investors that it was using BNY Mellon and Credit Suisse to move and store fiat currency raised in the GRAM sale, industry publication Coindesk reports, citing court filings released on Dec. 10. A Telegram employee reveals the details in a series of messages attached to the filings Shyam Parekh, a Telegram employee who is expected to give a deposition before the New York Southern District Court today, Dec. 10, reportedly provided details on how …