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On June 8th, the Beijing Humanoid Robotics Innovation Center and Digua Robotics announced that their jointly developed full-size general-purpose humanoid robot, Tiangong 3.0, will begin mass production and delivery in the second half of 2026. It is understood that this model is equipped with Digua Robotics Sunrise S600 intelligent high-computing-power chip and will be applied to industrial manufacturing, commercial services, and complex 3D scene operations. According to reports, leveraging its technological architecture and the advantages of large-scale mass production, the overall cost of Tiangong 3.0 is expected to decrease by more than 50%. After mass production, Tiangong 3.0 will be deployed in production line operations, warehousing and logistics, intelligent services, and special environment maintenance, among other real-world applications.The China Earthquake Networks Center officially reported that a magnitude 4.3 earthquake occurred at 18:52 on June 8 in Kangding City, Ganzi Prefecture, Sichuan Province (29.92 degrees north latitude, 101.95 degrees east longitude), with a focal depth of 9 kilometers.Stifel: Lowered its price target for Adobe (ADBE.O) from $400 to $350.On June 8th, Santander analysts stated in a report that they expect the European Central Bank (ECB) to characterize its interest rate hikes as a policy adjustment to the high energy price environment, rather than the start of a rate hike cycle. "We expect the ECB to again formulate its staff forecasts around multiple scenarios. In its base case scenario, we expect a 50 basis point rate hike in 2026, with 25 basis points in June and 25 basis points in September," they stated. This move would raise the deposit rate to 2.5%. As the energy shock gradually subsides, Santander expects a 50 basis point rate cut in 2027. However, analysts pointed out that in the severe scenario of a breakdown in negotiations between the US and Iran after the summer, the ECB could raise interest rates to 3.75% by the end of 2026.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.0 occurred near Kangding City, Ganzi Prefecture, Sichuan Province (29.91 degrees north latitude, 101.97 degrees east longitude) at 18:52 on June 8. The final result is subject to the official rapid report.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

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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.