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On April 29th, Japanese Prime Minister Sanae Takaichi posted on social media: "We have confirmed that a Japanese-affiliated vessel that was previously stranded in the Persian Gulf safely passed through the Strait of Hormuz on April 29th and has now withdrawn from the Persian Gulf, heading towards Japan. There were three Japanese crew members on board. Japan has consistently maintained that it is imperative to ensure the freedom and safety of all vessels, including Japanese ships, in the Strait of Hormuz as soon as possible. Japan will seize every opportunity to engage with Iran. I have personally conveyed this position of our country to Iranian President Pezechzian."The main contract for the container shipping index (European route) rose by 3.00% during the day, currently trading at 2295.0 points.April 29 - Kazakhstans Energy Ministry said on Wednesday that it has no plans to withdraw from OPEC+, a day after the United Arab Emirates announced its withdrawal from the oil-producing organization amid the energy crisis triggered by the war with Iran.April 29th - The World Gold Council estimates that global central banks increased their gold reserves at the fastest pace in over a year in the first quarter, driven by a buying spree triggered by falling gold prices. Data shows that official institutions made net purchases of 244 tons of gold in the first quarter, up from 208 tons in the previous quarter. Poland, Uzbekistan, and China were the largest disclosed buyers, with some purchases remaining undisclosed. Gold prices have fluctuated significantly this year, hitting a record high at the end of January before falling in March following the outbreak of the Iraq War. John Reade, chief strategist at the World Gold Council, stated, "This is the first significant pullback in gold prices in some time, allowing central banks that may have been waiting on the sidelines to enter the market and buy heavily." Several other central banks also reduced their holdings in the first quarter. Turkey, Russia, and Azerbaijan, along with other smaller central banks and sovereign wealth funds, reduced their holdings by approximately 115 tons. These moves initially raised concerns about continued institutional buying, a trend that has been a key driver of gold price increases for many years.Mercedes CFO: Increased electric vehicle production is expected to boost sales in the second half of the year, but this is also expected to dilute profits to some extent.

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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