Day: March 18, 2023

Switzerland preparing emergency measures for UBS’ takeover of Credit Suisse: Report

Ciaran Lyons

The Swiss National Bank (SNB) and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland’s largest bank, is the “only option” to prevent a “collapse in confidence” in Credit Suisse. According to a March 18 Financial Times report citing three people familiar with the situation, Switzerland is preparing to use “emergency measures” to accelerate the takeover by UBS of Credit Suisse, in an effort to finalize the acquisition before “markets open on Monday.” It was noted that the emergency measures set in place…

Binance Replaces BUSD with TUSD and USDT in SAFU Fund

Luisa Crawford

Binance, one of the world’s largest cryptocurrency exchanges, announced on March 17 that it has replaced the Binance USD (BUSD) holdings in its Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos’ recent move to stop minting new BUSD, which has led to the asset’s market capitalization falling. SAFU is an emergency insurance fund established by Binance in July 2018 to protect users’ funds in case of security breaches or other unforeseen events. Binance committed a percentage of trading fees…

Sam Bankman-Fried to propose revised bail package ‘by next week’

Arijit Sarkar

The lawyer representing crypto entrepreneur Sam Bankman-Fried (SBF) in the ongoing FTX case will soon present a revised bail package to Judge Lewis Kaplan of the Southern District of New York. The move comes after Kaplan expressed displeasure about SBF’s use of encrypted-messaging apps and virtual private network (VPN) services while out on bail. Legal proceedings around FTX’s downfall led SBF to avoid possible jail time with a $250 million bail bond. However, while on bond, the entrepreneur used Signal, an end-to-end encrypted messaging service, to contact former FTX and…