Hey there! Big news for all our Singaporean readers - Coinbase has partnered with Standard Chartered bank to offer free bank transfers for Singaporean users! This means that you can now transfer funds to and from your Coinbase account using any Singaporean bank or Visa/Mastercard debit/credit cards. And the best part? Coinbase has also integrated with Singpass, Singapore's digital identity app, to make joining the crypto exchange even easier. This move is part of Coinbase's expansion strategy in Singapore, where crypto adoption is on the rise and regulations are improving to protect investors.
Unfortunately, the recent collapse of major crypto-friendly banks has caused volatility in the global market, leading to fears about the financial system. But fear not! To prevent further collapses, the US Federal Reserve is considering tougher regulations for midsize banks, which handle assets between $100 billion to $250 billion. The central bank is reviewing capital and liquidity requirements imposed on these banks and assessing their annual stress tests. It's no secret that this has affected the crypto market, with Bitcoin dropping below $20k. However, the price has since rebounded and even broken the $26k level on Tuesday!
In other news, Binance has announced major changes to its zero-free Bitcoin trading program and BUSD zero-maker fee promotion. Starting from March 22 at 00:00 UTC, the BTC/TUSD will be the only zero-fee spot trading pair. Zero maker fees will still apply to BNB/TUSD and ETH/TUSD trading pairs. These changes come after the crackdown against Binance USD (BUSD) stablecoin, and Binance is shifting its zero-fee Bitcoin trading facility to TUSD only.
Meanwhile, Cathie Wood, the CEO of ARK Invest, has been singing praises for digital asset networks during the recent US banking crisis. She attacked the traditional banking system for its centralized and opaque points of failure and urged regulators to focus on the banking crisis instead of blocking decentralized financial platforms. Deposits in the US banking system were on a decline on a year-over-year basis, which is happening for the first time since 1920, according to Wood.
Lastly, Signature Bank, a cryptocurrency-friendly bank, was reportedly being investigated by the Justice Department and the Securities and Exchange Commission prior to its collapse. The Justice Department was examining whether Signature took adequate measures to detect potential money laundering by its clients and properly vetted account holders. The SEC was also investigating the bank, but the nature of the probe was not reported. It's unclear when the investigations began and if they had any effect on the decision by New York state regulators to close the bank. However, Signature and its staff are not accused of wrongdoing, and the investigations may conclude without any charges or further action for more updates follow Coinpedia official website.