Giant banking firm HSBC Holdings Plc (HSBA) is planning to buy Silicon Valley Bank's British unit. According to the [filing](https://www.londonstockexchange.com/news-article/HSBA/hsbc-acquires-silicon-valley-bank-uk/15871682) released on 13 March, 2023, HSBC will acquire the firm for £1.

SVB UK collapsed, reeling from severe losses. The finance company had total debts of around £5.5 billion and had deposits of more than £6.7 billion until 10 March.

## UK Government facilitated the Silicon Valley Bank sale

On Monday, the Bank of England also released an [official statement](https://www.bankofengland.co.uk/news/2023/march/statement-on-silicon-valley-bank) regarding the matter. As per the statement, a number of other UK authorities were also involved. These included HM Treasury, the Prudential Regulation Authority, and the Financial Conduct Authority.
  
HSBC itself is regulated by the [FCA](/news/article/fca-crypto-regulation) and PRA, a fact which is likely help SVB UK recover from the losses. The statement issued by the Bank of England said that the step was taken to strengthen and stabilise the banking system of the United Kingdom. 

The central bank statement added that the move would ensure the continuity of banking services, minimise disruption to the country's tech sector, and support.

The Bank of England also guaranteed that all depositors' funds with the collapsed bank would be secured after its sale to HSBC.

## PM Rishi Sunak on the decline of SVB

The Bank of England released the official statement detailing plans for the sale of SVB UK just after [Britain's Prime Minister Rishi Sunak](/news/article/rishi-sunak-crypto-believer-uk-pm) assured the nation about the "sound" financial system of the country.

In talks with the media regarding the US bank's subsidiary's downfall, the Prime Minister said, "There's nothing to worry about."

He went on to add further reassurance that the country's financial health is "resilient" and would not be affected by the decline of SVB. The PM is currently in San Diego, where he will likely meet President Joe Biden.


silicon valley bank branch with red filter and money falling

Silicon Valley Bank UK to Be Bought by HSBC 

Peculiar to Proof-of-Stake (PoS) networks, crypto staking has become a popular means for holders to put their idle digital assets to use and earn passive income. Since there's good money to be made, this article explains what to consider when choosing the best platform to earn staking rewards besides proposing a few select ones.

## Understanding crypto staking 

[Crypto staking](/news/article/what-is-staking-crypto) imitates a regular savings account where users lock up their cryptocurrency for a specific time to secure the network. The platforms use the staked funds to process transactions and strengthen themselves from attack. Stakers, for their effort, earn staking rewards, a portion of the transaction fees made by the platform. Through staking, users of a particular blockchain unite to ensure the blockchain's integrity and security.

## How to stake crypto 

The process of staking crypto is usually similar for most PoS cryptocurrencies:

### Step 1: Buy a PoS cryptocurrency

### Step 2: Choose a digital wallet that supports staking (MetaMask and Atomic are good examples) for the coin you want to stake.  
 
### Step 3: Transfer your cryptocurrency to your digital wallet. (It’s safer using your wallet instead of the ones offered by exchanges).

### Step 4: Stake directly to a validator or join a staking pool

### Step 5: Start earning rewards. The system automatically adds your rewards to your staked amount, enabling you to earn more the in the next earning round.  

Considerations when choosing the best crypto staking platform
It would help to consider the following factors before deciding on the best staking service provider.

The number of stakeable coins: The greater the number of stakeable coins, the more avenues for generating passive income, meaning you can spread your risk across many tokens. 

APR on Offer: The Annual percentage return (APR), also known as annual percentage yield (APY), should be a key consideration. The higher the APR, the more income you generate. 

Fees: Research the fees charged when looking for the best crypto staking platform and weigh your options carefully since some offer zero fees for staking.

Security: The security of your cryptocurrency is paramount. Before signing the dotted line, determine if the platform is regulated by any global body and its security measures.  

## Best crypto platforms for staking

Since most native exchanges offer users a chance to earn passive income from staking, we will introduce five leading platforms so you can choose the best crypto staking platform for you.

1.  Crypto.com 
The Singapore-based [Crypto.com](https://crypto.com/earn) runs a crypto staking pool and allows users to stake on several leading coins, including Bitcoin (BTC), Cardano (ADA), Ethereum (ETH), its native token Cronos (CRO) and at least 40 others. The platform offers flexible and locked staking and charges 2.99% staking fees. The most notable features include the following: 

•	Deep liquidity.

•	A wide variety of assets.

•	Higher earnings if you stake Cronos.

•	Access crypto at the actual cost.

•	Lock-up period of up to 90 days.

•	APR – 14.5%.

2.  Binance Earn 
Launched in 2017 and considered the largest cryptocurrency exchange worldwide, Binance trades more than $65 billion daily and is loved by crypto users globally. It runs a crypto staking platform called [Binance Earn](https://www.binance.com/en/defi-staking) that offers DeFi, locked and flexible staking, and doesn’t charge staking fees. Some features include: 

•	Supports most PoS coins.

•	High-interest rates.

•	Different deposit options.

•	Lockup period up to 90 days maximum.

•	Supported coins: Most PoS coins.

•	APR is variable.

•	Interest distributed daily.

•	High-level security.

3.  Kraken 
The US-based [Kraken](https://pro.kraken.com/) cryptocurrency exchange is popular as it’s built to attract newbies and expert cryptocurrency investors, offering many tradable digital assets. Kraken provides a sizeable crypto staking library allowing users to earn from at least 12 coins. The platform offers an option to pay staking rewards in fiat currencies like the USD and Euro. Key features:    

•	Offers cryptocurrency and fiat staking.

•	Off-chain staking available.

•	Efficient staking experience.

•	Flexible and locked staking.

•	Interest paid twice weekly.

•	Variable staking fees.

•	Supports 12 PoS coins.

•	APR – Variable.

4.  eToro 
Staking is free for members of various [eToro](https://www.etoro.com/crypto/staking/) clubs, but the earnings vary based on the particular membership plan. The staking rewards are split according to membership category: Bronze - 75% of the yield, Silver, Gold, and Platinum – 85%, while Diamond and Platinum+ earn 90% of the yield. APR is between 5 and 6.25%. The eToro platform currently supports three cryptocurrencies for staking, namely Ethereum (ETH), Cardano (ADA), and Tron (TRX). Features include:

•	High yield ratio.

•	High-level security.

•	Social trading capabilities.

•	Locked staking.

•	Variable staking fees.

•	Interest paid monthly.

5.  Gemini 
[Gemini exchange](/news/article/gemini-staking-support-launches) is a state-of-the-art crypto staking platform offering staking rewards of up to 8.5% APR besides allowing staking for stablecoins. The platform provides zero transfer and withdrawal fees, with no minimum staking amount or hidden costs. Some notable features include:    

•	Supports over 40 coins.

•	Offers cold storage.

•	Regulated by New York State Department of Financial Services.

•	No staking fees.

•	Variable APR.

•	Interest paid monthly.

## Conclusion

This guide has discussed crypto staking, choosing the best platform, and a rundown of the leading platforms and the coins they allow staking on. If you're going to put your hand into your pocket to trade, do more research and only put in an amount you can afford to lose.


Best Crypto Staking Platform Review

A crypto firm backed by US rapper Jayceon Terrell Taylor, also known as "The Game", had its licence revoked by the US Securities and Exchange Commission [for violating securities laws](/news/article/sec-probe-paxos-over-busd) after falling short of submitting the necessary periodic reports.

The crypto startup, called ParagonCoin Limited, leverages blockchain technology for the legal cannabis sector and was founded in 2017 by Jessica VerSteeg.

## Why was ParagonCoin Limited’s registration revoked?

According to a class-action suit against ParagonCoin Limited in January 2018, the cryptocurrency startup [allegedly violated securities laws](/news/article/crypto-exchange-kraken-faces-sec-probe) in the initial coin offering (ICO) it held back in 2017, raising $70M.

The cannabis crypto firm promoted its native token 'PRG' as a currency for the legal cannabis industry and hired American rapper The Game to promote its offering. 

However, it failed to register its token sale with the SEC.
As such, a civil penalty was imposed on the cryptocurrency startup, requiring it to pay a fine of $250,000, register its token PRG as a security, and file periodic reports with the SEC.

The SEC was prompted to commence legal proceedings against the firm in February 2022, as it violated the [terms of its settlement with the SEC](/news/article/paul-pierce-settles-with-sec). ParagonCoin Limited failed to file a report since March 2019, in which the company stated that it lost more than $10M in 2018.

According to the SEC, the cannabis cryptocurrency startup ignored a delinquency letter sent to it by the SEC.
Additionally, [the SEC pointed out](/news/article/sec-crypto-enforcement-warning) that ParagonCoin Limited did not reply to its order commencing proceedings in February 2022, nor did it respond five months later to offer reasons why it should not be found guilty as things stand.

This is not the first mess The Game and the startup have found themselves in. However, this could be the last for ParagonCoin Limited. Back in 2021, both the rapper and the cryptocurrency startup's executives were found to be liable for more than $12M in a class-action lawsuit. You can read more here.

It is yet to be seen what steps ParagonCoin Limited will take to salvage the situation. Rapper The Game, meanwhile, continues to thrive in the Web3 space, with numerous partnerships in place, including as co-founder of the popular Web3 live-streaming platform, Shiller.


red image of rapper "the Game" and Paragon coin logo

Rapper The Game's Crypto Firm Licence Revoked

[Duelbits](https://duelbits.com/) UK website is an online gaming and gambling platform offering users in the United Kingdom a diverse range of games using CSGO money or skins.

![duelbits.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/duelbits_4c70ccc91b.png)
 
The site has been designed to appeal to a broad range of players, attracting more and more people to the platform. The operators of Duelbits have integrated casino gaming and CSGO [gambling](/news/article/betfury-crypto-dapp) games, including a live casino section where real-life dealers play alongside the players.

## User-friendly interface and payment methods

The Duelbits UK platform has been developed with a simplistic design and easy navigation, ensuring users can use the site efficiently and maximize their gaming experience. The user interface of Duelbits has a clear layout, making it easier for users to browse the available games and choose their preferred options.

Furthermore, the platform offers standard payment methods such as PayPal and credit cards. Players can use these methods to deposit money into their CSGO gambling account. Signing up for Duelbits and using cryptocurrency payment options is quick and straightforward without undergoing KYC verification.

## Games and community chat

The Duelbits UK website's homepage showcases various live games, such as dice and roulette, that allow users to participate in [crypto](/news/article/crypto-events-to-attend-uk) sports betting. The top menu provides access to all the essential features of the platform, such as customer service, a provably fair system, and bonuses offered.

In addition to this, there is a community chat box that displays the number of online users. The website's modern design features a simple layout, allowing users to stay engaged and entertained for extended periods. The platform lets players view previous wins and gives the community a transparent and privileged gambling experience.

## Is it legit or a scam?

Duelbits is a legitimate online [casino](/news/article/review-rollbit-exchange) that offers a fair gaming experience to its players. The casino operates on a provably fair system that allows players to transparently verify the randomness and fairness of a game's results, which ensures that Duelbits' operators cannot rig the games.

The Duelbits UK platform stands out from the crowd as it has earned a great reputation in the online casino industry for not being associated with malicious activities.

It provides instant deposits and withdrawals to its players, another significant aspect proving the site's legitimacy. Duelbits processes withdrawals and deposits instantly, never blocking client funds, which allows players to withdraw lump sums of money immediately. Therefore, Duelbits is a trusted and legitimate crypto casino that players can enjoy without any concerns about being scammed.


Duelbits UK Review 

The upcoming budget proposal to be presented by US President Joe Biden will usher in a few surprises for [crypto](/news/article/is-crypto-dead) industry stakeholders.

Among them is cracking down on the entire decentralized finance (DeFi) industry concerning wash sales, according to a [Wall Street Journal](https://www.wsj.com/articles/biden-budget-to-propose-saving-hundreds-of-billions-by-cutting-drug-prices-fraud-5fa0f927) news report.

[Wash sale](https://www.investopedia.com/terms/w/washsale.asp) is a strategy some traders and investors use whereby they trade or sell a security at a loss and then buy a similar security 30 days before or after the sale.

The Wash Sale Rule was enacted by the Internal Revenue Service (IRS) in the 1920s and helped prevent investors from using losses from their capital to their advantage when the time comes for them to pay their taxes. 

While the rule applies to stocks and was later extended to options, contracts, and other types of trading and securities, the Wall Street Journal reports it will soon be applied to crypto.
This will end the use of the strategy and change the notion of the [crypto](/news/article/kraken-crypto-exchange-plans-bank-launch) sector being regarded as a tax haven. 

This Biden crypto rule is part of ameliorating the crypto tax treatment that aims to raise around $24 billion to help reduce the country's deficit by about $3 trillion over the next decade.

## Biden crypto rule changes are not the first

The latest stance taken by the US is seen as a positive on the global [regulatory](/news/article/is-crypto-regulated-across-the-globe#:~:text=Although%20crypto%20is%20not%20regulated,trading%20volume%20of%20centralized%20exchanges.) stage. Many industry experts believe that following actions by other regulatory bodies in countries such as Canada and Australia will help prevent crypto traders from taking advantage of the tax system and ensure they contribute their fair share in taxes, just like other investors profiting from trading.

## Capital gains to be doubled 

Capital gains tax (CGT) is paid on the profit made from selling an asset. The new US budget proposes doubling CGT from 20% to 39.6% on long-term investments that result in a minimum of $1 million in profits.

Aside from this, the budget plans to increase levies imposed on wealthy Americans and corporations.


Biden Crypto Rules to End Wash Sales Strategy 

Gambling has evolved into a booming industry. With the advent of technology, the online gambling market has exploded, providing easy access to various casino games to people worldwide. One [online gambling platform](/news/article/betfury-crypto-dapp) that has gained immense popularity is Gamdom.

Gamdom is a comprehensive online gambling platform that offers users a wide range of games. From traditional [games you'd find in a casino](https://www.casino.org/games/), like roulette, blackjack, and slots, to innovative games like crash, hi-lo, and Tradeup – it has something for everyone. The platform was launched in 2016 and is regulated and licensed by the Curacao authorities.

The fact that an entire state regulates a gambling platform indicates a degree of legitimacy and security. Gambling is an industry where one can definitely experience shady business regularly – so such a platform is a feasible option for gambling enthusiasts.

## Features of Gamdom

One of the standout features of Gamdom is its user-friendly interface. The platform is easy to navigate, and users can quickly find the games they seek. The website is also optimized for mobile devices, allowing users to gamble on the go. Additionally, this platform offers a seamless user experience with fast loading times and minimal lag.

Another notable feature is its social aspect. Users can chat with each other while playing games, creating a sense of community on the platform. The website also offers a live chat feature where users can talk to customer support representatives in real-time. The customer support team is available 24/7 and is known for its quick and helpful responses.

It also offers a range of bonuses and promotions to its users. New users can take advantage of a welcome bonus, which typically includes free coins that can be used to play games. Gamdom offers regular promotions, including daily bonuses, giveaways, and special events.

One major factor that sets Gamdom apart from other online gambling platforms is its focus on esports. The platform offers betting on a variety of esports games, including CS:GO, Dota 2, and League of Legends. This makes Gamdom an excellent choice for gamers interested in [esports betting](https://en.wikipedia.org/wiki/Sports_betting).

## Conclusion

To sum up, Gamdom is a comprehensive online gambling platform offering a wide range of games, a user-friendly interface, social features, and esports betting. With its focus on safety and security, Gamdom provides an environment that feels safe and secure for users to gamble online.

Additionally, its customer support team is known for its helpfulness and quick responses, making it a good choice for those seeking a reliable online gambling platform.


Gamdom Online Gambling Platform 

[Cryptocurrency](/news/article/cryptocurrency-books-guide) is becoming more popular, with increasing numbers of people investing in digital currencies like Bitcoin, Ethereum, and Litecoin. However, trading cryptocurrency can be a challenge at times. Some platforms charge more than others, some have more options, and some are easier to work with. Today we're discussing [BestChange](https://www.bestchange.com/), and why it’s becoming an increasingly popular crypto exchange platform.

BestChange is a cryptocurrency exchange aggregator that allows users to compare exchange rates from multiple exchange services in real time. The platform was launched in 2007 and has grown to become among the most popular exchange aggregators on the market. It currently supports more than 250 exchange services and offers exchange rates for more than 10,000 currency pairs.

## Features of BestChange

One of the standout features is its user-friendly interface. The platform is easy to navigate, and users can quickly find the exchange rates they are looking for. The website is also optimized for mobile devices, allowing users to check exchange rates on the go. Additionally, BestChange offers a seamless user experience with fast loading times and minimal lag.

The website design itself isn't really too glamorous or pleasing to the eye, like most other exchanges. It's designed to get the job done and be easy to operate for traders, and it nails that well.

Another notable feature is its reliability. The platform only works with trusted and verified exchange services, ensuring that users can exchange their currencies with confidence. Additionally, BestChange does not charge any fees for its services. Users only need to pay the fees charged by the exchange service they choose to use.

BestChange also offers a range of tools to help users make informed decisions when choosing an exchange service. The platform provides information on the reliability and security of each exchange service, as well as user reviews and ratings. Users can also use the platform's calculator to calculate fees and exchange rates for a specific transaction.

Using BestChange allows users to find the best exchange rates for a variety of digital currencies. The platform supports popular cryptocurrencies like [Bitcoin](https://bitcoin.org/en/), [Ethereum](https://ethereum.org/en/), and [Litecoin](https://litecoin.com/en/), as well as lesser-known currencies like Ripple, Dash, and Zcash. This makes it a good choice for anyone looking to buy or sell digital currencies.

## Using BestChange for your businesses

BestChange is not only a great platform for cryptocurrency enthusiasts, but also for businesses that deal with digital currencies. The platform offers an API that allows businesses to integrate exchange rates into their websites or applications. You can find the API [here](https://pypi.org/project/bestchange-api/%5C).

This can be particularly useful for businesses that accept cryptocurrencies as payment or those that deal with international clients. By providing real-time exchange rates, businesses can ensure they always get the best deal when exchanging digital currencies.

## Conclusion

In conclusion, BestChange is a reliable and convenient platform that helps users find the best exchange rates for a variety of digital currencies. With its user-friendly interface, real-time exchange rates, and helpful tools, BestChange provides a seamless user experience for anyone looking to exchange cryptocurrencies.

Additionally, the platform's focus on reliability and security ensures that users can exchange their currencies with confidence. Whether you're a seasoned cryptocurrency investor or a newcomer to the world of digital currencies, BestChange is worth checking out.


hands transferring an ethereum cryptocurrency

BestChange: Find the Best Crypto Rates

Bankrupt cryptocurrency lender Voyager Digital has been granted [court approval](/news/article/voyager-review-binance-deal) to sell more than $1 billion of its assets to Binance US, according to a [Bloomberg report](https://www.bloomberg.com/news/articles/2023-03-07/binance-us-approved-to-buy-voyager-after-judge-spurns-regulators#:~:text=Voyager%20Digital%20Ltd.%20won%20court,the%20approximately%20%241%20billion%20deal.) on 7 March.

US bankruptcy judge Michael Wiles granted the approval after four days of arguments presented by the company and the United States Securities Exchange Commission.
According to the judge's decision, the trading platform will close the sale and issue repayment tokens to impacted customers, giving them back approximately 73% of what they are owed.

Arguments from the SEC that redistributing funds to [Binance](/news/article/stop-minting-binance-stablecoin) US from Voyager would violate US securities laws were rejected. However, Peter M. Aronoff, a lawyer with the Department of Justice, said at the hearing that the federal officials are considering appealing Wiles' decision. The ruling comes days after 97% of 61,300 Voyager account holders favored the current Binance US restructuring plan.

## Voyager to decide on completing sale or liquidating on its own

The trading platform now has the option to complete the sale or liquidate on its own and turn over the proceeds to account holders, depending on how it views the ongoing federal investigations of Binance in the US.

The decision will also be influenced by Voyager's bankruptcy court dispute with [Alameda Research](/news/article/ftx-funds-political-donations-to-be-recovered), the sister company of FTX, which is demanding that Voyager hand over what was originally lent out. The company has agreed to reserve $445 million if it loses that dispute.

Customer payouts will be affected by Voyager's bankruptcy court dispute with Alameda Research and its decision to sell its assets to Binance. Brian Tichenor, the lead investment banker, said in a court hearing that if the approved restructuring plan is executed, customers will receive about $100 million more than if the trading company liquidated on its own.

The price of VGX tokens increased 32.9% to $0.50 in the four hours of the news before cooling off to $0.46 at the time of writing, according to CoinGecko data.


Binance US Cleared to Buy Voyager Assets 

CoinsKid is a website highlighting the most popular crypto projects at the time, including hot crypto projects and trending cryptos.

Crypto financial recommendations, analyst reports, top crypto 2023, currency trends, technical analysis, forecasts, and hot markets are among the things to be found on the [CoinsKid](https://www.coinskid.com/) website.

The site also includes:

•	Links to the most recent and popular cryptocurrencies.

•	Connections to offers and trades.

•	Social networking links.

There are 18,612 cryptos on the watchlist, with a total market value of $1.17 trillion.

The CoinsKid website tries to answer the following questions: Which cryptocurrency is popular now? Will the price of it rise? Will the price of cryptocurrency fall? Is the price of cryptocurrency rising? Is cryptocurrency a good investment? When will the price of cryptocurrency drop?

## How to find market capitalisation on the CoinsKid website

Market [capitalisation](https://www.fidelity.com/learning-center/trading-investing/fundamental-analysis/understanding-market-capitalization), often known as Marketcap, is the value of a cryptocurrency project. In most circumstances, it is simple to compute simply by multiplying the price of a cryptocurrency by its supply. The CoinsKid website has a market capitalisation calculator.

## Dedicated section to MoonShot crypto on the CoinsKid website

[MoonShot crypto](https://project-moonshot.me/) is a unique sort of cryptocurrency asset. It is a "deflationary, self-regenerating autonomous liquidity supplying protocol". The website also has a section dedicated to the most recent MoonShot crypto projects. 

MoonShot crypto initially had a total quantity of one quadrillion tokens. Presently, almost 300 billion tokens have been permanently destroyed. The term "protocol" merely refers to the blockchain definition underpinning the [crypto](/news/article/crypto.com-under-investigation) asset. A "liquidity supplying" system is a blockchain that pays out money to MoonShot token holders.

Every transaction on the [blockchain](/news/article/blockchain-energy-fud) results in 4% of the transaction value being paid directly to MoonShot holders. Also, 6% of each transaction is added to the liquidity pool, helping to reduce volatility and maintain a rising price floor.


What is on the CoinsKid Website? 

In a recent [podcast episode](https://open.spotify.com/episode/2iBhhDShX30sfdKOiU2agw) of The Scoop, The Block's Frank Chaparro and Kraken Chief Legal Officer Marco Santori discussed the crypto exchange's plan to launch a bank.

Kraken's ultimate goal is to support other crypto companies finding it difficult to establish a relationship with banks.

## US banks hesitant to accept crypto firms as new clients

Given increased crypto regulatory actions in the US, banks are hesitant about taking on cryptocurrency firms as new clients. The US Securities and Exchange Commission (SEC), led by Chair Gary Gensler, believes that most crypto assets offered by cryptocurrency companies are securities, thereby [subject to regulation.](/news/article/sec-probe-giving-advice-for-crypto-trading)

Following the unceremonious decline of major industry [players such as FTX](/news/article/ftx-funds-political-donations-to-be-recovered) and BlockFi, the SEC has put the US-based segment of the industry under the microscope. Following a [reported SEC probe of the Kraken](/news/article/crypto-exchange-kraken-faces-sec-probe) crypto exchange over unregistered securities, the cryptocurrency trading platform agreed to pay a $30M fine.

This resulted in the Kraken [suspending its staking operations](/news/article/crypto-tumbles-as-kraken-suspends-staking) with retail investors. This decision by the SEC did not go well with the community, investors, and even politicians.

That said, there is a silver lining for Kraken, and it is in the form of a [recent incident involving Silvergate](/news/article/silvergate-bank-crisis-sees-crypto-tank). In early March 2023, Silvergate 'missed' the deadline for 10K filings. This led the SEC to warn the bank about its capacity to carry on as a "going concern".

As a result, Ledger, Circle, Paxos Trust Company, Coinbase, and several other high-end industry clients publicly cut ties with the cryptocurrency bank. This led Kraken crypto exchange to decide to launch its own bank and support cryptocurrency firms.
 
Scrolling to the bottom of Kraken's [website](https://www.kraken.com/bank), you will see the Kraken Bank option. The facility has yet to be launched, but you can sign up for updates by filling out a short form.

According to the website, Kraken is "planning a phased launch in 2022". This may be a typing error, or the webpage needs to be updated with the latest content. It should be noted that the trading platform is the first cryptocurrency firm to be handed a US state banking charter.

Operating as an independent affiliate of the Kraken network of products, the “[Bitcoin bank](/news/article/crypto-banks-access)" will be based out of Wyoming, with a forward-facing regulatory framework. Good news may follow later this year.


Kraken Crypto Exchange Plans Bank Launch 

UK-based payment processor specializing in linking crypto firms to the banking world, BCB Group, is ramping up its dollar-to-crypto capabilities following Silvergate Exchange Network (SEN) shutting down. The firm hopes to have the [fiat-to-crypto system](/news/article/crypto-banks-access) ready to roll early in the second quarter.

Speaking during a [media interview](https://www.coindesk.com/business/2023/03/06/crypto-banking-firm-bcb-readies-us-dollar-payments-to-plug-silvergate-gap/), the group's CEO, Oliver von Landsberg-Sadie, stated that the BCB Liquidity Interchange Network Consortium (BLINC) is a dollar component that has been in the pipeline for the last year and which will launch soon. He said the move is meant to plug the hole left by the departure of SEN, besides providing continuity to BCB and Silvergate clients. 

## BCB has a payment license from UK financial regulator

Launched in Mid-2020, BLINC facilitates a real-time settlement system for fiat currencies like the Euro, British Pound, and the Swiss Franc, similar to what Silvergate did for US-based crypto clients transacting in dollars. The firm provides fiat-to-crypto solutions to Europe's leading institutional players, including Galaxy Digital, Bitstamp, Kraken, and Gemini. London-based BCB has a payment license from the Financial Conduct Authority (FCA), the UK's regulator.

According to Landsberg-Sadie, unlike SEN, BLINC is multicurrency and not tied to a particular credit institution. It's purposely designed as a payment institution that provides onramps to numerous banks in the UK, Switzerland, and several other European countries.

Considering Silvergate's waterloo was when the firm allowed long-term Bitcoin bets against short-term cash deposits, a titanic feat during 2022's crazy markets, Landsberg-Sadie said the group's funds are 1:1, no leverage, no pledge, and always fully protected with safeguarded funds.

## An alternative to the Silvergate and Signature Bank networks

The firm’s move will help widen the space for crypto companies struggling to integrate with traditional banking systems by including USD capabilities.

The groups’ entry and launch of BLINC will offer an alternative to the Silvergate and New York-based Signature Bank's networks. BLINC introduces a decentralized model that provides excellent stability and security to clients, giving it great potential within the crypto payments space. Signature's Signet is currently the following largest network for USD instant settlement.

Crypto companies that hoped to revitalize traditional banking by integrating cryptocurrency have always been skating on thin ice. Consequently, the accompanying [crashes such as FTX](/news/article/is-crypto-dead) and scandals that sparked a cacophony of responses from US-based regulators are almost suffocating the nascent crypto-banking startups.


BCB Group Acts to Close Silvergate Gap

## Silvergate Bank crisis sees crypto market tanking

[Silvergate Bank](/news/total-crypto-market-cap-takes-a-hit-amid-silvergate-bank-crisis), one of the leading institutions for innovative businesses in the cryptocurrency and financial technology (Fintech) industry, has seen its market value plunge by 60% in March, data from Yahoo Finance showed. 

Due to the bank’s standing as a key player in the on-and off-ramping of the cryptocurrency space, seeing its stock 'SI' trade in red has led to a huge sell-off in the cryptocurrency market. 

Overall, [approximately $70 billion](https://www.tradingview.com/chart/1okY2Hep/?symbol=CRYPTOCAP%3ATOTAL) has been wiped off the total market capitalization of the entire decentralized finance sector, with current metrics at around $984 billion after the industry soared above the $1 trillion mark on the opening day of March.

![tradingview graph of crypto market cap](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_03_06_at_10_59_10_c20ecbacf6.webp)

 
While Bitcoin and Ethereum (ETH) always lead gains and losses, altcoins such as Klaytn (KLAY), Theta Network (THETA), Basic Attention Token (BAT), Zilliqa (ZIL), Optimism (OP), Lido DAO (LDO), Flow (FLOW), and the Sandbox (SAND) have seen double percentage losses in the past week.  

## Silvergate Bank's stock price went down after the SEC filing disappointment

On Wednesday, 1 March, the financial institution disclosed in a US Securities and Exchange Commission (SEC) [filing](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001312109/14a9b861-b10a-458d-8f9d-44f0d18bc75e.pdf) that its annual 10-K report will not be submitted in time. 

The [10-K](investopedia.com/terms/1/10-k.asp) is an annual report filed by publicly-traded companies about their financial performance within a 365-day period. It covers the organization's history, structure, executive compensation, financial statements, and earnings per share (EPS).


Not being able to fulfil this requirement raised eyebrows among the company's various stakeholders after the firm said it would be examining its ability to continue operating.
In addition, the bank said it is re-evaluating its business strategies under the [regulatory and business challenges](/news/article/is-crypto-regulated-across-the-globe) it faces.   

## Many crypto firms are moving away from the bank 

In light of the company's stock price decrease, cryptocurrencyy heavyweights such as Galaxy Digital and Coinbase Global [announced](https://www.cnbc.com/2023/03/03/coinbase-galaxy-digital-abandon-silvergate-after-bank-warns-about-its-viability.html) on Thursday, 2 March, that they have dropped Silvergate as their banking partner. 

Aside from these powerhouses in the [crypto](/news/article/dash-cryptocurrency-price-prediction) economy, the European cryptocurrency exchange Bitstamp, CBOE’s digital asset exchange, and stablecoin issuers Circle and Paxos have also discontinued their partnerships with the financial institution.

Despite the crypto market being down by $70 billion in March, the entire industry has been on a rebound in 2023 with a spike of 30% year-to-date (YTD) from about $756 billion on 1 January to more than $980 billion on 6 March.


red image of silvergate bank with crypto falling down

Silvergate Bank Crisis Sees Crypto Market Tank

The global non-fungible token (NFT) market was on its way to surpassing [$50 billion](https://www.cryptoslam.io/nftglobal) in February 2023. With the profits available, it is no wonder people query the UK stance on NFT income tax.

The market is dominated by the Ethereum blockchain, which houses popular [NFT](/news/article/pixelmon-nft-everything-to-know) collections such as the [Bored Ape Yacht Club](/news/article/bored-ape-nft) (BAYC), Mutant Ape Yacht Club (MAYC), Otherside for Otherdeeds, CryptoPunks, Art Blocks, Azuki, Moonbirds, and CloneX. 

The other projects in the top ten, NBA Top Shot and Axie Infinity, are deployed on Flow and Ronin blockchains, respectively. With CryptoPunks #5822 selling for $23.8 million, CryptoPunks #4156 exchanging hands for $10.2 million, CryptoPunks #5577 being taken off the market for $7.7 million, and Ringers #109 also selling for $6.9 million, it is only right that authorities have set their sights on how NFTs should be taxed due to the enormous gains made by traders.

With several multiple percentage profits to be made in a short period, it is also understandable to find NFT tax UK rules being queried.

But before we zoom into NFT tax UK, let us examine how [NFTs](/news/article/shopify-nft-merchants-get-more-tools) are bought and sold on marketplaces so that you are enlightened from the buying and selling stage to the taxing phase.

## How to buy and sell NFTs

NFTs are digital art representing sneakers, sports cards, and real estate, among others. If you want to buy a piece by Leonardo Da Vinci or a Pablo Picasso painting, you have to find an art store or gallery. If you want NFTs, you have to locate a marketplace. There are many NFT marketplaces around today, including Nifty Gateway, X2Y2, LooksRare, Known Origin, Blur, Rarible, SuperRare, Foundation, and OpenSea.

OpenSea remains the largest NFT marketplace by all-time volume. Despite a decrease in industry-wide interest in digital collectibles, OpenSea still saw more than [$270 million](https://www.theblock.co/data/nft-non-fungible-tokens/marketplaces/nft-marketplace-monthly-volume) in volume in January 2023. As a result, we would like to focus our short guide on how to buy NFTs on OpenSea. 

You need to have a crypto wallet that has Ether (ETH), the novel token of Ethereum. Popular wallets that support Ethereum include Rainbow, Trust Wallet, and MetaMask.

With a wallet filled with ETH coins, you can create an account on OpenSea, connect your wallet, search for the NFT project of your choice, and make a purchase. Once the purchase is complete, the NFT will be sent to your wallet.

If you want to sell your [NFT],(/news/article/loaded-lions-nft-explained) you make it available on OpenSea and set a quote. Once a buyer bids for your NFT and you accept, the sale is completed.

Since you hold the private keys to your wallet, you are responsible for protecting the digital collectibles from cybercriminals and malicious programs.

Now that you know how to buy and sell NFTs, let us examine how they are taxed by authorities in the United Kingdom. 

## What are the NFT tax UK rules? 

His Majesty’s Revenue and Customs (HMRC) is responsible for the taxation of NFTs. Capital gains and income tax are two principal taxation types to take note of as a UK resident. 

Capital gains are profits earned from the sale of an asset that has spiked in value over a given period. A great example of this can be attributed to buying a Bored Ape for £10,000 and selling the NFT for £95,000. The difference, which represents the profit, is £85,000 (capital gains). 

According to [GOV.UK](https://www.gov.uk/guidance/capital-gains-tax-rates-and-allowances#:~:text=Capital%20Gains%20Tax%20is%20charged%20at%20a%20flat%20rate%20of%2018%25.), it is the gains made that are subject to tax, not the entire money from the sale. Therefore, £85,000 will be taxed, and not £95,000.

According to the HMRC, disposing of NFTs includes selling them, gifting them to loved ones, swapping them for other NFTs or digital currencies, and getting some compensation for them (such as an insurance payout when something is destroyed or lost).

As of February 2023, capital gains tax (CGT) is between 10% and 20%. From the example given, the owner of the sold NFTs would pay 20% CGT because it is above £50,270. If capital gains from the sale of a digital collectible are below £50,270, you are subject to 10% in CGT.

Income tax is paid on earnigns by UK residents. There are professional traders out there who trade stocks, cryptocurrencies, and now NFTs for a living.

If you make less than £12,570 from NFT sales, you will pay 0% in income tax. But if you earn above that and it rises to £50,270, you'd pay 20% in income taxes. 

For those earning £50,270 up to £150,000, tax is charged at 40%. NFT traders that make more than £150,000 are subject to 45% in income taxes. 

## NFT tax UK conclusion

Monthly global NFT market sales are currently on a rebound. Knowing the percentages in taxes will be invaluable to your decision on whether to get involved in NFT trading and investing.


NFT Tax UK Rules Explored

DeFi Llama is a premier decentralised finance (DeFi) [analytics dashboard](/news/article/compass-nft) that primarily tracks the total valued locked (TVL) of blockchains and their decentralised applications (DApps).

In this guide, we have summarised each of the platform's offerings.
 
## Why should I use DeFi Llama?

If you look at the above image, you will see that the platform offers a variety of dashboards to track decentralised finance data (left-hand side of your screen). 

This includes Yields, Liquidations, Volumes, Fees/Revenue, Raises, Hacks, and more. Simply click on a category of your choice to view and analyse relevant data.

With the [help of available dashboards](https://defillama.com/), you can keep track of the entire decentralised finance sphere and conduct in-depth research into all major blockchains and DApps.
What makes this data even more interesting is that it allows you to visualise the [growth of the sector](/news/article/how-can-features-of-blockchain-support-sustainability-efforts) over time and see how major blockchains and DApps have developed.

While the available information may seem like an overload to new users, it is a fantastic opportunity to gain insights into potential gems if you figure out where to look, among other possibilities (please DYOR!).
 
For example, if we look at the above chain-by-chain breakup of the crypto sphere, we see that Ethereum (ETH) dominates the space, with a TVL of over $30B. Ethereum boasts 670 protocols at the time of writing, and if we click on it, we will see the collection of protocols on the blockchain.
 
With the help of this data, we can determine the categories of Ethereum protocols, their TVL, TVL statistics, etc. This information could help us find great opportunities (again, DYOR!).

If we click on Lido (LDO), for example, further insights into the protocol, including important links, token information, methodology, competitors, raises, treasury, yields, fees, and revenue breakup, are available.
 
It should be noted that this is just one way of using the platform. To put it into perspective, there are 2,176 protocols listed on DeFi Llama currently - numerous data metrics are available and the number of possibilities is endless.


DeFi Llama: A Decentralised Analytics Dashboard 

One of the most popular US banks for cryptocurrency transactions, Silvergate Capital, is in danger of collapse. The firm is examining its position to decide whether it can continue its operations.

On 1 March, the bank reported to the US financial watchdog, the Securities and Exchange Commission (SEC), that it would not file its annual activities report on the deadline. It also reported to the SEC that it is deliberating its options to survive the crisis.

## Silvergate facing bankruptcy due to FTX contagion

Silvergate Capital is a bank that deals in crypto lending. It has become the first conventional finance house affected by the FTX contagion. Reportedly, it lent almost all its funds to the exchanges. Due to this, when the [FTX crypto exchange crashed](/news/article/curve-finance-leverage-ftx-crash), the California-based finance company suffered severe losses. 

Meanwhile, the [collapse of Sam Bankman-Fried's](/news/article/sam-bankman-fried) firm has affected several crypto-lending firms since November 2022. Some of the most prominent names are [BlockFi](/news/article/blockfi-bankrupt-court-documents), [Genesis](/news/article/genesis-bankruptcy-crypto-meltdown-continues) Global, and [Gemini Exchange](/news/article/gemini-crypto-exchange-falls-prey). 

In addition, many prominent lending partners are pulling out after the news of the bank's potential bankruptcy. The firms that have withdrawn include big names like [Coinbase Global](https://www.coinbase.com/price/global-cryptocurrency), [Galaxy Digital Holdings](https://www.galaxy.com/), [Crypto.com](https://crypto.com/), and [Paxos Trust](https://paxos.com/). The company will also have to deal with this loss of business.

## Silvergate shares plunged 

After the bank reported to the SEC about its financial situation, its share value plummeted. On Thursday, the firm's share value dropped by more than 55%. The overall stock price in the year has decreased by 67%.

Furthermore, [Silvergate has experienced losses](/news/article/silvergate-bank-loses-assets) of more than $1 billion in the past three months. Although many other firms also saw significant losses, Silvergate’s collapse could leave a lasting effect on the market. The main reason is that the firm is a traditional bank, which could likely shake investors' trust in the crypto market.


Silvergate Capital on Verge of Collapse

10bet has fought competitors over the years and has become a leading betting platform for many punters in the [United Kingdom](/news/article/crypto-regulation-uk).
11. 
Founded in 2003, it is a pioneer betting platform that became one of the fastest-growing online bookmakers in the UK.

Here, we look at what the betting company is, how to place a bet with it, the number of payment options supported, the type of markets it supports, and other features embedded into its system. 

## What is 10bet? 

As an online gambling company, 10bet offers casino, live casino, and sports betting services to gamblers.

Despite the stiff competition in the [UK](/news/article/uk-crypto-regulation) from other gambling companies such as Bet365, William Hill, Ladbrokes Coral, Betfair, Paddy Power, Betway, 888sport, and 32Red, among others, it uses promotions and offers to bring in new customers and maintain existing ones.

To entice new customers to the platform, the betting company has set a registration offer that enables punters to earn up to £25 in bonuses. Being eligible for this type of bonus relies on the amount of money you first deposit with the betting outlet. 

Aside from this, there are promotional offers that can see bettors earn up to 50% of their deposits up to a maximum of £50. To be eligible for a £50 bonus, you must fork out a minimum deposit of £100.

Although gambling has taken over the world of sports and become a part of our daily lives, not all financial institutions have thrown their backing behind betting. This begs the question, what types of payment methods are supported by 10bet? 

## Types of payment methods on 10bet

Many UK gamblers have become accustomed to using electronic wallets such as [PayPal](/news/article/paypal-crypto-reserves-$604-million), PaySafe Group's Skrill, and Neteller, as well as Apple Pay, EcoPayz, and Trustly, for their online gambling activities.

If you are interested in 10bet, you should note that the company accepts PayPal and bank cards (debit cards).

Unfortunately, popular e-wallets Skrill and Neteller are not supported. PayPal and debit card transactions are processed instantly and credited to punters' accounts within a few seconds. 

## What betting markets are on 10bet? 

There is a range of sports betting markets for wagers interested in holding an account with the gambling company.

For punters in the UK and the rest of the world except the US, [football](/news/article/cronos-crypto-falls-flat-world-cup) is the primary focus due to the success of the English Premier League (EPL) in the UK and abroad.

Aside from the Premier League, other international leagues such as the Spanish La Liga, Italian Serie A, French League One, and German Bundesliga are among a host of other European leagues and major football tournaments available on the platform.

For football, some of the most popular markets patronized by bettors include, but are not limited to, match results, anytime scorers, over/under goal markets, and both teams to score.

In addition to football, the platform supports wagering on motor racing, snooker, pool, handball, rugby league, ice hockey, baseball, golf, darts, cricket, boxing, National Football League (popularly known as American Football), greyhounds, basketball, and horse racing.

In addition, 10bet supports in-play betting and has a cash-out feature embedded in its platform.

In-play betting is where a  gambler places bets on ongoing live games. The cash-out feature allows bettors satisfied with the amount of money added to their initial wagering amounts to take off with the accumulated sum before the bet is settled.

With a thorough understanding of the types of payment methods and markets on the platform, you should know how to place a bet on the company’s website and mobile application. 

## How do I place a bet with 10bet? 

You cannot use social media applications without signing up for an account with them. The same holds for registering with gambling websites across the globe. To set up an account, you must be 18 years and above.

Firstly, you must locate 10bet by clicking [here](https://www.10bet.co.uk/). On the dashboard of the website, navigate to JOIN NOW, which can be found at the top right-hand corner of its online address.

Secondly, provide authentic details of yourself. In the space provided, you must provide your full legal name, verifiable email address, phone number, and home address. Much emphasis has been placed on legality and authenticity because, like all gambling companies, it will pass you through a verification process called Know Your Customer (KYC).

Thirdly, you must provide legal documents to confirm your identity. In compliance with rules and regulations, the company vets new bettors. As a result, you will need to upload an identification card such as a passport, a national ID card, or a driver's license. In addition, demands will be made for a bank statement, internet, or utility bill not more than six months old to help verify your home address. This will also help the company find consistency in the address linked to the PayPal account or debit cards used as payment methods.

Fourthly, make a deposit using the aforementioned payment methods. 
Lastly, navigate the sports betting markets, place a bet on your preferred market, and wait for the bets to settle. 

## Does the company have an app? 

Yes, 10bet comes with a mobile application, making it one of the best and fastest places to gamble. The application can be found and downloaded on the Google Play Store and Apple Stores.

As a highly accessible platform, it also doubles up as a user-friendly app that simplifies betting for even the most novice of all punters. 

## Conclusion 

10bet is among the best betting sites for new and existing bettors in the UK.

While competition will always be tough due to the potential profits that could be made within a short period, the company has lined up promotions and bonuses to keep it active in the market.

This explains why it has more than 1 million active users and is present in over 100 countries.


Is 10bet Among the Best Betting Platforms? 

US payment goliaths Visa and Mastercard are pausing the launch of certain [crypto-based services and products](/news/article/visa-crypto-wallet-plans-outlined) in the wake of numerous high-profile collapses in the crypto industry, such as [FTX](/news/article/ftx-funds-political-donations-to-be-recovered) and BlockFi.

The bankruptcies/shortcomings of several major players in the industry, current market conditions, and [increased regulatory scrutiny](/news/article/imf-crypto-regulation-g20-summit) have led Visa and Mastercard to change their plans with immediate effect.

## Why have Visa, Mastercard pushed back the launch of crypto services and products?

Over the past few years, card giants such as Visa and [Mastercard explored partnerships](/news/article/mastercard-start-path) with leading crypto firms. They set up dedicated teams to survey and potentially integrate blockchain technology into their products and services.

In April 2022, Mastercard and Nexo teamed up to launch the world’s first [crypto-backed payment card](/news/article/nexo-card-or-binance-card).

In October 2022, [Visa announced](/news/article/visa-crypto-consulting) global debit card agreements with disgraced cryptocurrency exchange FTX as part of an expanded partnership. Following the downfall of the crypto trading platform a few weeks later, Visa terminated the partnership in November.

In 2021, American Express said it would consider using cryptocurrency to redeem reward points.

An unnamed American Express spokesperson said that while the organisation continues to explore the significant use cases of blockchain technology, crypto will not replace their "core payment and lending services", "in the near term".

While Visa and Mastercard have put a halt to [crypto service and product](/news/article/visa-bitcoin-debit-card-review) rollout at the time of writing, they are optimistic about the future of blockchain technology. Their cryptocurrency-centric strategy and focus remain unchanged.

In a conversation with [Reuters](https://www.reuters.com/), a Visa spokesperson said the high-profile failures seen recently in the sector act as "an important reminder" that there is a long way to go before cryptocurrency is "part of mainstream payments and financial services".

Talking to Reuters, a Mastercard spokesperson commented on how the company intends to continue to apply blockchain technology to “build more efficient systems” that “help address current pain points”.
It should be noted that the delayed launch of cryptocurrency services and products by massive payment corporations like Visa, Mastercard, and American Express and the halt on the forging of new partnerships is not a poor reflection of blockchain technology. Instead, it is a sign of the times.

With [global crypto regulatory frameworks](/news/article/australia-crypto-regulation) being built as we speak, it makes the utmost sense to explore blockchain technology further and play the waiting game while the market settles and consumer/investor confidence rebuilds itself.


visa and mastercard cards with red filter

Visa, Mastercard Pause Crypto Services Launch 

[Becca Balint](https://vtdigger.org/2023/02/28/becca-balints-1-million-crypto-benefactor-pleads-guilty-to-campaign-finance-fraud/), a member of the US House of Representatives from the state of Vermont, has been thrown into the spotlight again after Nishad Singh, an ex-executive of insolvent cryptocurrency exchange FTX who contributed $1 million in advertising money to her congressional push, pleaded guilty to campaign finance fraud on 28 February.

Singh said he is sorry for his role in the bankrupt crypto firm. He reiterated that he only knew by mid-2022 that Alameda Research, the hedge fund run by founder [Sam Bankman-Fried](/news/article/sam-bankman-fried-bail-co-signers-revealed) (SBF), was borrowing customer funds at [FTX](/news/article/ftx-funds-political-donations-to-be-recovered) without informing depositors.

The association of the politician with FTX has added more fuel to the fire as allies of SBF, which included Singh, contributed a minimum of $26,000 directly to support her campaign. Aside from that, the Democratic Party in Vermont was also a beneficiary of FTX contributions. 

SBF's inner circle continues to crumble. Singh is the third member of the once-thriving crypto firm to collaborate with US prosecutors with the hope of working out a deal. 
  
The latest link to Bankman-Fried's ally comes a few days after a superseding [indictment](https://vtdigger.org/2023/02/23/becca-balint-cooperating-with-federal-prosecutors-as-new-allegations-against-sam-bankman-fried-emerge/) filed on 23 February laid out an alleged scheme by the founder and former CEO to illegally move investor money to political campaigns to help improve his standing with representatives in Washington, DC.

Prosecutors believe his consistent donations were a way of pushing decision-makers to consider his preferred regulatory agenda for the entire decentralized finance economy.  

## Becca Balint is cooperating with authorities 

According to her campaign manager, Natalie Silver, Vermont's leader in the House of Representatives is fully cooperating with federal authorities in the investigation into SBF's scheme to pour a minimum of $1 million into a super PAC (political action committee) to support a candidate who favoured LGBTQ issues.   

After serving as a member of the Vermont Senate, Balint made history by becoming the first person from the LGBTQ+ community to be elected to Congress.


red image of becca balint and sam bankman-fried in front of sign saying guilty

Becca Balint Contributor Admits Fraud 