OTC’s Weekly Retrospect 27/02–03/03/2023

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. Coinbase to Suspend Trading of BUSD Amid Regulatory Crackdown
2. UAE Central Bank revokes exchange company’s licence over serious violations
3. Ethereum Developers Target March 14 Date for Shanghai Upgrade on Goerli Testnet
4. Crypto Exchanges Have 30 Days To Register With Canadian Regulators
5. Crypto bank Silvergate plunges after warning on ability to survive

Story Summaries;

1. On Feb. 27, 2023, Coinbase announced that it will suspend trading of Binance USD (BUSD) following a recent regulatory crackdown on the stablecoin by the New York State Department of Financial Services (NYDFS) on February 13. Reports indicated that the U.S. Securities and Exchange Commission (SEC) sent Paxos a Wells Notice regarding BUSD on that day. Paxos confirmed in a press release that the NYDFS directed the regulated firm to stop issuing the stablecoin.
2. The Central Bank of the UAE (CBUAE) on Monday said it revoked the licence of Al Rasheed exchange company for “serious regulatory misconduct.” “The exchange house was found to have been deliberately suppressing remittance turnover, failing to meet its liquidity requirements, providing incorrect information to the Central Bank, engaging in serious anti-money laundering malpractice and transferring its licence without obtaining a letter of no objection from the CBUAE,” the regulator said on Monday.
3. Ethereum developers are targeting March 14 for the Goerli test network (testnet) to run through the Shanghai upgrade, the much-anticipated move to enable withdrawals of staked ether (ETH) from the blockchain. The developers agreed on the targeted date during their biweekly call. The test on Goerli is going to be highly watched, given that it is the largest public Ethereum testnet and the last chance for staking providers to make sure that staked ETH is withdrawable before Shanghai reaches the mainnet.
4. The Canadian Securities Administrators have put crypto asset trading platforms (CTPs) on notice. Such entities not already registered with the agency have until March 23 to complete “pre-registration requirements” or cease operations in the country. The new guidance, which expands upon rules put forward in December, includes a laundry list of new “commitments” exchanges must make in order to complete the pre-registration and eventual actual registration process.
5. Shares of crypto-focused bank Silvergate shed almost half their value in early trading on Thursday 2nd March after the lender said it was evaluating its ability to survive as a going concern. California-based Silvergate, one of just a few US banks to focus heavily on crypto, has been hit hard by the recent collapse of digital token prices and the implosion of Sam Bankman-Fried’s FTX empire, which was a banking client.

And that’s all for this week’s news! Wishing you a great weekend ahead!