Which local bank will defy bnm guideline to open account for crypto exchange?

This post has been edited by icemanfx: Jun 30 2018, 12:31 PM

Luno Money Ltd paid up capital: US$100. so called "funding" is reported as loan.

https://beta.companieshouse.gov.uk/company/...=pdf&download=0

Likely not enough Eth on hand, waiting for transfer in.

They had Eth when you transferred.

How long luno could sustain without funding and support from dcg? Weeks or days?

How much of luno customers crypto is lended to genesis or related companies in dcg?

Will luno kena hack next?

This post has been edited by icemanfx: Nov 17 2022, 08:26 AM

The largest lender in crypto, Genesis Global Capital, engaged in the same kind of high-risk lending practices that have brought down similar firms, a Quartz investigation found.

Genesis abruptly halted operations last week, blaming crypto market declines and a crisis of confidence in the industry. It warned potential investors that it could face bankruptcy if it can’t raise more capital. The lender, which is owned by Digital Currency Group, an influential crypto conglomerate, said it had $2.8 billion worth of outstanding loans at the end of September (pdf).

https://qz.com/genesis-global-capital-unsec...oans-1849808185


Crypto trading firm Genesis, a renowned crypto lender listed among the world’s top lenders, is reportedly under the lens of regulators in Alabama and other U.S. states. The state securities department is undertaking a careful look at aspects that also concern the “interconnectedness of crypto firms.”

According to reports, the Alabama Securities Commission is looking into determining if the crypto firm has violated securities laws by failing to file the proper registrations. Genesis is pursuing a capital raise of at least $500 million to fill its funding gaps.

https://bitcoinist.com/genesis-under-scruti...ate-regulators/

Crypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins' crypto exchange Gemini $900 million, the Financial Times reported on Saturday.

https://www.reuters.com/technology/crypto-e...-ft-2022-12-03/

This post has been edited by icemanfx: Dec 4 2022, 02:50 AM

💍 ✋ 🚀

This post has been edited by icemanfx: Dec 20 2022, 05:29 PM

Many of those lost money in crypto still believe in crypto will bring them fortune of the lifetime, won't give up hope and willing to buy more for 🚀🚀🚀🌙

Ftx had branches in u.s, hk, Bermuda, etc.

💍 ✋ 🚀

This post has been edited by icemanfx: Dec 21 2022, 07:31 PM

US authorities are digging into the internal financial dealings of Barry Silbert’s expansive crypto empire, according to people familiar with the matter.

Federal prosecutors in Brooklyn are scrutinizing transfers between Digital Currency Group Inc. and an embattled subsidiary that offers crypto lending services, said the people, who asked not to be named because the probe hasn’t been made public. They’re also delving into what investors were told about those transactions.

Per Bloomberg

Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.

The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.

https://www.bloomberg.com/news/

Cryptocurrency lender Genesis Global Holdco LLC and two of its lending subsidiaries filed for bankruptcy protection late Thursday night in New York, the latest domino to fall after the failure of exchange giant FTX.

Possible liquidity shortage.

This post has been edited by icemanfx: Mar 15 2023, 07:46 AM