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On June 7, during a television program broadcast local time, Russian Presidential Aide Ushakov stated that there have been both public and private contacts between Russia and Ukraine. The public contacts reportedly refer to the previous rounds of negotiations.The China Earthquake Networks Center officially reported that a magnitude 5.0 earthquake struck Greece at 18:02 on June 7, with a focal depth of 10 kilometers.Russian Presidential Aide Ushakov: Moscow maintains close contact with Kyiv.On June 7th, Christodoros Pazalides, a member of the European Central Banks Governing Council and Governor of the Central Bank of Cyprus, stated that it is time for Europe to abandon its long-standing political resistance to joint debt issuance, as large-scale "safe assets" would help enhance the EUs sovereignty and stability. Europe has long discussed creating a benchmark financial instrument through joint borrowing to challenge the status of US Treasury bonds, but some countries, particularly Germany and the Netherlands, have opposed it, fearing that their taxpayers would ultimately foot the bill for the fiscal irresponsibility of other countries. This lack of common safe assets has left the EUs financial architecture incomplete, leading to higher borrowing costs and reduced competitiveness, thus prompting the ECB to increasingly push for this policy shift. In a commentary, Pazalides stated, "The current economic, geopolitical, and institutional conditions are unusually synchronized, providing a strong justification for issuing European common safe assets." He also pointed out that such instruments could not only reduce financing costs but also provide the necessary funding for joint projects in areas such as green and digital transformation, artificial intelligence projects, defense, public health preparedness, and energy security.Ukrainian President Zelensky: Russias deliberate attack on nuclear fuel storage facilities was an "extremely despicable" attack.

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.


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