Tausi Insider

Binance has seen withdrawals of $1.9-billion in the last 24 hours, blockchain data firm Nansen said on Tuesday, as the world’s biggest crypto exchange said it had “temporarily paused” withdrawals of the USDC stablecoin. Scrutiny of how crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and regulators. FTX’s founder Sam Bankman-Fried was charged by the U.S. Securities and Exchange Commission on Tuesday with defrauding investors. Binance, whose dominance of crypto was cemented by the fall of FTX, last week tweeted a so-called proof-of-reserves report by audit firm Mazars. The report showed its holdings of bitcoin exceeded customer deposits on a single day in November. The $1.9-billion of token withdrawals based on the ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days....

Royal Bank of Canada’s RY-T proposed $13.5-billion takeover of HSBC Bank Canada will face scrutiny from Canada’s competition watchdogs in the year ahead, but critics say their leash is too short while efforts in the U.S. point to potential ways of doing it better. The proposed deal comes amid a widespread rethink in how corporate consolidation has been treated for decades, with potential new rules in the works both in Canada and the U.S. Current Canadian laws generally don’t challenge an acquisition over market power concerns if it leaves the company with less than 35 per cent of market share, which means many smaller deals don’t face enough scrutiny, said Keldon Bester, a fellow at the Centre for International Governance Innovation who studies competition and monopoly power. “A key issue is that our competition law really only pays attention to the big guys, and often misses the value that the small players play.” He said the loss of HSBC’s Canadian division would remove a player th...

Binance has seen withdrawals of $1.9-billion in the last 24 hours, blockchain data firm Nansen said on Tuesday, as the world’s biggest crypto exchange said it had “temporarily paused” withdrawals of the USDC stablecoin. Scrutiny of how crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and regulators. FTX’s founder Sam Bankman-Fried was charged by the U.S. Securities and Exchange Commission on Tuesday with defrauding investors. Binance, whose dominance of crypto was cemented by the fall of FTX, last week tweeted a so-called proof-of-reserves report by audit firm Mazars. The report showed its holdings of bitcoin exceeded customer deposits on a single day in November. The $1.9-billion of token withdrawals based on the ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days....