crypto firms

That is so even in Hong Kong, where government officials and regulators have launched a charm offensive to win crypto business. Their efforts have included scrapping a yearslong ban on cryptocurrency trading by small investors and launching a new licensing regime for crypto exchanges. The one snag: Crypto still makes a lot of banks in Hong Kong nervous. At least two global banks with operations in the city have ruled out any activity directly linked to…

The crypto industry's woes continued on Thursday as plunging deposits, layoffs and a lawsuit added to the tumult of 2022, which was dominated by sinking prices and high-profile bankruptcies. The fallout from the collapse of crypto exchange FTX and criminal charges leveled against its founder Sam Bankman-Fried weighed heavily on the sector this week. Among those hit were Genesis Global Capital, which laid off staff, and crypto-focused Silvergate Bank, which reported a large fall in deposits. Bankman-Fried on Tuesday…

Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies because of scant market regulation and the volatile prices of Bitcoin and other cryptocurrencies. Now, the collapse of FTX last month has amplified concerns.…