Insolvent Banking

Latest News for: Insolvent banking

Bitfinex Reopens Deposits but Stays Silent About Bank Arrangements

Bitcoinist 16 Oct 2018

Cryptocurrency exchange Bitfinex confirmed it has reopened fiat currency deposits for all users October 16th, while remaining secretive about changes in its banking relationships ... Bitfinex has faced a raft of rumors in recent weeks ranging from allegations it was insolvent, to suspicions it had failed to find new banking support after allegedly opting to cut ties with major reserve institution Noble Bank ... Mystery Bank(s)....

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India needs a strong, decisive leadership at Centre: Arun Jaitley

The Times of India 16 Oct 2018

The government has embarked upon several second generation reforms like direct benefit transfer (DBT) scheme and the Insolvency and Banking Code. He said the government is saving ₹ 90,000 crores per annum because of Aadhaar enabled DBT alone, whereas the IBC is helping the banks deal with the problem of debts turning bad and also providing the exit ......

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Tether Crashes as Bitfinex Promises to Fix Fiat Problems

The Bitcoin News 16 Oct 2018

Bitfinex has published an update describing its recent freeze on fiat deposits and has partially explained why it took this course of action ... The deposit freeze was preceded by rumors that Bitfinex is suffering from insolvency. Some have suggested that Bitfinex’s breakaway from its reserve bank, Noble Bank International, may be also impacting its services ... Suggested Reading . Learn how Bitfinex compares to Coinbase here ... Unhashed ... ....

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Spread between BTC/USD and BTC/USDT Crosses $300

Cryptocoin News 16 Oct 2018

The imbalanced peg between the US Dollar and Tether LLC’s USDT has resulted in a $300-spread in Bitcoin price ... Meanwhile, on Tether exchanges like BitFinex, the same forex rate is above 6700-fiat ... The USDT decline itself surfaced owing to growing community mistrust of Tether after its prime exchange BitFinex dropped Noble Coin as its banking partner, eventually becoming insolvent, according to reports ... USDT FUD ... ....

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Op-Ed: Stablecoins and Bank Failure — The Unmitigated Risk of Fiat-Backed Tokens

Cryptocoin News 15 Oct 2018

Recently news broke that Noble Bank, one of the early banks associated with safeguarding Tether’s ... The idea was that banks that want to take on riskier positions must have commensurately sized capital reserves to act as a buffer in case these investments failed and to prevent the insolvency of the banks, thus avoiding the “too big to fail scenario.”....

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Bitcoin Explodes to $7,000 within 24 Hours; What Caused the Short-Term Rally?

NewsBTC 15 Oct 2018

Weak USDT Pumps Bitcoin ... The coin’s issuer, Hong Kong-based Tether, and its close ally Bitfinex, an international cryptocurrency exchange, recently dropped Noble Bank as their chief banking partner after news of insolvency started surfacing. Tether, which was reportedly holding the funds that backed USDT supply in Noble Bank, couldn’t maintain the peg for the same reasons. Hence, the price fell ... Bitcoin Real Value Undecided ... ....

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Tether Forces Bitcoin to Achieve $7,500, Crypto Market Adds $20 Billion

NewsBTC 15 Oct 2018

Dollar (USD) peg amid a growing sense of confusion within the cryptosphere. Tether, Bitfinex Worries Plague Crypto Market ... Some wild move on crypto ... Bitfinex, which was recently subject to a multitude of bank account scares, is slated to give an update on its banking situation within the next week, which should restore trust in the exchange and Tether, which have both been rumored to be insolvent and fraudulent on multiple occasions ... ....

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Tether Tanks as Traders ‘Lose Trust,’ Other Cryptos See Price Boost

The Bitcoin News 15 Oct 2018

Monday, Oct. 15 ... Market visualization by Coin360 ... 8, Bitfinex has also been prompted to officially respond to online rumors that claimed the exchange was “insolvent” and possibly facing banking issues. The exchange’s rebuttal was partly prompted by reports that its banking partner, Puerto Rico’s Noble Bank International, is now seeking a buyer and had lost both Bitfinex and affiliated firm Tether as clients ... 16 ... ....

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Ghanaian public asked to trust financial institutions for the economy to thrive

Ghana Business News 14 Oct 2018

He said although some banks and financial institutions had been hit by financial insolvency leading to their collapse, there were many out there that were solid, standing tall as regards efficiency and these must be trusted to stand any turbulence in the financial sector ... Asmah was speaking at the official opening of the third branch of the Amenfiman Rural Bank in Ashanti, at Suame in Kumasi....

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IL&FS Crisis, Rupee Plunge Indicate Government Unable To Manage Economy: Chidambaram

Yahoo Daily News 14 Oct 2018

The senior Congress leader said defaults in the shadow-banking sector has cast a shadow on the nation’s markets. The debt crisis in the insolvent infrastructure company, Infrastructure Leasing and Financial Services Ltd., came to light in September, resulting in a bear ride in the markets that wiped out all their gains made year-to-date....

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Firm that provided guarantee in trouble

The Hindu 13 Oct 2018

The Chennai Bench of National Company Law Tribunal (NCLT) has ordered insolvency proceedings against Fatheypori Gardens Pvt Ltd, which provided corporate guarantee of ₹1,547.17 crore for loans availed by Surana Corporation Ltd, from a consortium of banks led by State Bank of India (SBI)....

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Rustem Magdeev's philanthropy: Praying for forgiveness or building thought-out strategy?

Pravda RU 13 Oct 2018

As a result, Halcyon Gallery, initially suspended and this year finally terminated all of its business with Equix, fearing for its reputation.There was a clear reason behind Mr Magdeev' patronage plans - recently, he became widely known for his participation in various conflicts, some of which now threaten the political future of his boss, Mr ......

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Supreme Court rejects Jaiprakash’s plea to restrain ICICI Bank from initiating insolvency proceedings

Live Mint 12 Oct 2018

The Allahabad High Court had allowed RBI to direct banks to initiate insolvency proceedings against Jaypee Infratech’s holding company Jaiprakash Associates ... The Supreme Court on Friday dismissed a plea by Jaiprakash Associates Ltd (JAL) seeking to restrain ICICI Bank from initiating insolvency proceedings against it ... Rs 30,000 crore to 30 banks....

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