Leading cryptocurrency exchange Binance has revealed that Signature Bank won’t handle user transactions below $100,000 for its customers as it reduces its exposure to cryptocurrency markets.

Federal prosecutors have seized nearly $700 million in cash and assets connected to former FTX CEO Sam Bankman-Fried, primarily in the form of Robinhood shares that he owned.

Cryptocurrency revenue extorted by ransomware attackers has plunged last year as victims have started refusing to pay ransoms to the attackers. Many cryptocurrency addresses controlled by attackers are, however, yet to be identified.

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Top stories in the Crypto Roundup today:

• Binance SWIFT Partner to Ban Transfers Below $100,000
• Prosecutors Seize Nearly $700 Million in Assets Tied to SBF
• Ransomware Crypto Revenue Plunges as Victims Refuse to Pay
• Emerging Markets’ Digital Asset Usage Accelerates
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Binance SWIFT Partner to Ban Transfers Below $100,000

 

Leading cryptocurrency exchange Binance has revealed that Signature Bank won’t handle user transactions below $100,000 for its customers as it reduces its exposure to cryptocurrency markets.

No other banking partners were impacted by the move. The SWIFT network is used by financial institutions to transmit information and instructions to move funds around. Binance said in a statement:

“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than 100,000 USD as of February 1, 2023. This is the case for all of their crypto exchange clients.”

As a result, the exchange said, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.” Binance said it’s “actively working to find an alternative solution, and added that “0.01% of our average monthly users are serviced by Signature Bank.”

In December, New York-based Signature Bank said it wanted to divest as much as $10 billion in deposits from crypto clients as it pulls back from the industry.

Prosecutors Seize Nearly $700 Million in Assets Tied to SBF

Federal prosecutors have seized nearly $700 million in cash and assets connected to former FTX CEO Sam Bankman-Fried, primarily in the form of Robinhood shares that he owned.

The new CEO of FTX who has been guiding the exchange’s restructuring, John Ray, is said to be trying to rescue the funds that were lost by the cryptocurrency firm’s depositors when it went into bankruptcy.

The ownership of over 55 million Robinhood shares is currently at the center of a contentious dispute involving multiple parties, including Caribbean litigants, representatives of the bankrupt cryptocurrency lender BlockFi, Bankman-Fried, and the leadership of FTX's bankruptcy.

Federal prosecutors have claimed that the shares were bought using funds that were allegedly stolen from customers. In May, Bankman-Fried announced that he had acquired a 7.6% stake in Robinhood, stating that "we think it is an attractive investment."

Bankman-Fried has denied any allegations of misusing customer assets. The government seized three accounts held at Silvergate Bank, under the name of FTX Digital Markets, containing over $6 million.

Almost $50 million of the assets were custodied at Moonstone Bank, a U.S. financial institution with ties to FTX’s management. Prosecutors did not disclose the value of funds held at one Binance account and two Binance.US accounts.

Ransomware Crypto Revenue Plunges as Victims Refuse to Pay

Cryptocurrency revenue extorted by ransomware attackers has plunged last year as victims have started refusing to pay ransoms to the attackers. Many cryptocurrency addresses controlled by attackers are, however, yet to be identified.

According to Chainalysis, crypto revenue from ransomware attacks dropped 40.3% to $456.8 million last year, down from $765.6 million in the previous year. The decline did not correspond  to fewer attempted attacks, as more than 10,000 unique strains were reported in the first half of 2022, nearly doubling those of the previous six months.

Despite continuously high activity, the number of individuals in the ransomware space is believed to be small, as affiliates carry out attacks over multiple strains, creating the illusion of many attackers. These, however, re-use the same wallet addresses.

Chainalysis said that the evidence suggests the decrease in payments may be a result of more victims refusing to pay the ransom demands of cyber attackers.

Emerging Markets’ Digital Asset Usage Accelerates

Binance's growing market share in the space can be attributed to the growing popularity of cryptocurrencies, particularly in emerging markets. High inflation rates in these markets has led to a rise in investment in digital assets as people look to protect their wealth from depreciating currencies.

Being one of the most widely used exchanges, Binance has been able to take advantage of this trend and is often the preferred choice for users in emerging markets. For instance, it has seen a significant increase in RUB and BRL volumes, with its BTC volumes on Binance rising by 232% and 72% respectively.

Read more on CryptoCompare’s 2023 Q1 Outlook.

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