BUSINESS

Crypto-focused bank Silvergate said late on Friday it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN) effective immediately.

The Silvergate Exchange Network, one of the bank's most popular offerings, enabled round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle.

Coinbase and Galaxy Digital also said they had minimal exposure to Silvergate, which has been plunged into a crisis stemming from a bank run after the collapse of major crypto exchange FTX in November spooked investors.

On the same day, New York's chief financial regulator said in a consumer alert that it had ordered Paxos to stop creating the token.

Morocco's neighbour and arch-rival Algeria is pushing to relaunch plans for a Trans-Saharan Gas Pipeline linking Nigeria to Algeria's Mediterranean coast via Niger.

Nishad Singh, the former director of engineering at now-bankrupt cryptocurrency exchange FTX, pleaded guilty to U.S.

Musk called US media "racist" on Sunday after multiple American newspapers announced they would stop publishing a popular comic strip whose creator called Black people a hate group.

U.S. Treasury Secretary Janet Yellen said there were no "deliverables" from the meeting, which was mostly organisational.

The top recommendation was to "safeguard monetary sovereignty and stability by strengthening monetary policy frameworks and do not grant crypto assets official currency or legal tender status."

To enforce Basel's crypto rules, the EU could either propose a new law, or expand the banking law it is now finalising as called for by the European Parliament.

The U.S. partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance CEO Changpeng Zhao operated as a market maker on its platform.

Over the first three months of 2021, more than $400 million flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd, according to records for the quarter, which were reviewed by Reuters.

Crypto companies offering their customers eye-popping yields through so-called "staking" products are earning the ire of the U.S.

A U.S. judge on Friday dismissed a lawsuit accusing Robinhood Markets Inc of misleading investors about the online brokerage's financials and growth prospects when conducting its 2021 initial public offering.

Given the sophisticated technologies involved with these virtual assets, countries must discuss whether a given regulation is needed, said Sitharaman, whose country is this year's G20 president.

The move will result in the creation of one of the biggest distributors of fuel and lubricants on the continent.

The settlement marks the SEC's first crackdown on staking, a common service offered at both centralized and decentralized crypto exchanges, including most of the major exchanges in the United States such as Coinbase and Binance US.

An MoU has been signed by the chemical business Omnia Group and WKN Windcurrent, a division of the German renewables company PNE, to gain access to the on-site generation of green hydrogen and ammonia in South Africa.

Food, consumer goods companies and retailers in South Africa are cranking up diesel generators and spending more on back up power supplies, adding to the pressure from soaring costs for raw materials, transportation and packaging.

Ishan Wahi, 32, pleaded guilty to two counts of conspiracy to commit wire fraud, after initially pleading not guilty last year.

Comair operated flights for British Airways and its own brand Kulula.com until it halted operations in June.

The African National Congress (ANC), the country's ruling party, recently chose a new national executive committee, which has fueled talk of a cabinet overhaul.

Meta sought to have the case struck down, arguing that the local employment and labour relations court had no jurisdiction over it because it is neither based in nor trades in Kenya.

South Africa is chairing the BRICS under the theme: "BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.

He is expected to hold talks with President Filipe Nyusi and government ministers, the sources said.

The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs across corporate America as companies look to rein in costs to ride out the downturn.

Digital asset investment products, often favored by institutional investors, saw inflows of over $117 million last week, the biggest weekly increase since last July, according to data from asset manager CoinShares.

Yellen spoke after touring Ford's plant in Silverton, a suburb of Pretoria, where she got behind the wheel of bright yellow new Ranger pickup truck and spoke with workers and company officials.

FTX said Guarding Against Pandemics' multimillion-dollar Washington, D.C., headquarters was purchased with misappropriated funds.