• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
US semiconductor stocks continued to rise in pre-market trading, with TSMC (TSM.N) up more than 4%, ASML (ASML.O) up 3.2%, Arm (ARM.O) up 4.8%, and Broadcom (AVGO.O) up more than 1.3%.On July 31st, Hong Kong stocks opened slightly lower this morning after four consecutive days of gains. The Hang Seng Index opened 21 points lower at 25837, and the market briefly dipped below the 250-day moving average, falling as much as 235 points to a low of 25622. It then gradually stabilized and rebounded, even turning positive at one point during the session. In the afternoon, the market continued to fluctuate around 25800. At the close, the Hang Seng Index rose 0.1%, with a gain of over 13% in July; the Hang Seng Tech Index rose 0.53%, with a gain of nearly 8% in July. The total turnover of the Hang Seng Index was HK$328.17 billion. On the sector front, storage concept stocks, AI newly listed stocks, and PCB concept stocks rebounded sharply, while brain-computer interface, electronic components, and commercial aerospace sectors also saw significant rebounds. Alcoholic beverages, consumer electronics, and mainland-traded stocks fluctuated and retreated, while automobile, paper, and dairy stocks weakened during the session. In terms of individual stocks, CSOPs double-leveraged long position in Hynix (07709.HK) surged over 67.5%, CSOPs double-leveraged long position in Samsung Electronics (07747.HK) surged over 48%, Zhipu (02513.HK) surged over 14.5%, MiniMax (00100.HK) surged over 13%, and Laopu Gold (06181.HK) surged over 10%; Xiaomi Group (01810.HK) fell over 7%, and Budweiser APAC (01876.HK) fell over 6.5%.The European Central Bank (ECB) reported that in June, the composite borrowing cost index for new corporate loans rose 15 basis points to 3.79%; the composite interest rate index for new household home loans remained largely unchanged at 3.51%. The composite interest rate for new corporate time deposits rose 17 basis points to 2.21%; the overnight corporate deposit rate rose 6 basis points to 0.59%. The composite interest rate for new household time deposits rose 13 basis points to 2.09%; the overnight household deposit rate remained largely unchanged at 0.28%.The Bank of Japans bond-buying program remained unchanged in August from that in July.Rivian (RIVN.O), the U.S. electric vehicle company, rose 4% in pre-market trading after the companys quarterly revenue exceeded expectations.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

微信截图_20220714142242.png


The California Department of Financial Protection and Innovation (DFPI), which regulates the activities of state-licensed financial institutions such as banks and premium finance businesses, has announced that it is investigating whether businesses that suspended customer withdrawals and transfers broke any laws.


More specifically, the government is looking at a number of cryptocurrency businesses with U.S. headquarters after some reputable lenders permanently stopped allowing transfers and withdrawals between user accounts.

Accounts for crypto assets that pay interest

In particular, the Department of Financial Protection and Innovation is concentrating on "multiple companies" that provide customers with interest-bearing crypto asset accounts, also known as crypto-interest accounts, as well as service providers who "may not have adequately disclosed risks customers face when they deposit crypto-assets onto [lenders'] platforms."


To ascertain if they are breaking any laws that fall within the purview of the Department is the main goal of the inquiry.


The DFPI previously emphasized that providers of crypto-interest accounts are not subject to the same regulations and safeguards as banks and credit unions, which is particularly concerning in light of some platforms' restrictions on customers' ability to withdraw money from and transfer funds among their accounts.


Because of this, the agency has advised customers to proceed with "great care" before answering any inquiries about investments or financial services.


Also pointing to two cease and desist orders it recently sent to BlockFi and Voyager Digital to suspend their sales in California, DFPI has shown how certain crypto-interest account providers have been promoting unregistered securities.

securing customer property

Following Voyager Digital, the second well-known cryptocurrency business to file for Chapter 11 bankruptcy in recent weeks, DFPI made its statement. The Toronto-based company calculates that it has between $1 and $10 billion in assets, over 100,000 creditors, and liabilities of the same amount.


According to Voyager Digital, the action is a part of a "Plan of Reorganization" that intends to provide customers access to their accounts once again. Customers will have the option of receiving cryptocurrency, money recovered from Three Arrows Capital, common shares in the newly reorganized business, and Voyager tokens.


Due to worries about liquidity, Celsius (CEL) has stopped withdrawals and transfers since June 12. There are rumors that the management of the firm has been discussing Chapter 11 bankruptcy with attorneys.


As it faces with the potential of bankruptcy, the business is presently seeking restructuring guidance from the advising firm Alvarez & Marsal.


Additionally, the turbulent market circumstances last week caused the Singapore-based cryptocurrency platform Vauld to stop operations. The business instantly halted all trading, deposits, and withdrawals, and said that, up until further notice, it would only accept client deposits for its collateralized loans product.


Currently, numerous platforms have had client money frozen for many weeks while the future of their depositors' assets is still unknown.