BREAKDOWN: Does Crypto Have a Banking Problem?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 23 January 2023
⏱️ 16 minutes
🧾️ Download transcript
Summary
Signature Bank is pulling back services to Binance and other major crypto firms.
On today’s episode, NLW breaks down the latest news from the weekend, including:
- Signature Bank limiting services, and what it means for the industry as a whole
- U.S. government seizing $700 million of assets associated with Sam Bankman-Fried
- Genesis first-day bankruptcy hearing information
(Genesis and CoinDesk are both subsidiaries of Digital Currency Group.)
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Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26–28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Craig Hastings/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Signature Bank announced in December that it was seeking to reduce its exposure to crypto firms |
| 0:04.4 | and flag that this would mean shedding up to $10 billion in deposits. So the logical conclusion |
| 0:09.3 | is that this news forms part of Signature's plans to sever its ties with the crypto industry. |
| 0:14.2 | Now, while this news doesn't represent the worst-case scenario that it seemed to initially, |
| 0:18.4 | only two U.S. banks, signature and Silvergate, |
| 0:24.9 | provide the vast majority of banking services to the industry. In other words, there's very little redundancy available to crypto firms. Welcome back to The Breakdown with me, |
| 0:31.4 | NLW. It's a daily podcast on macro, Bitcoin, and and the Big Picture Power Shifts remaking our world. |
| 0:38.7 | The breakdown is produced and distributed by CoinDesk. |
| 0:44.1 | What's going on, guys? It is Monday, January 23rd, and today we are asking whether |
| 0:49.1 | crypto has a banking problem. Before we dive into that, however, if you are enjoying the breakdown, |
| 0:54.0 | please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper |
| 0:57.8 | into the conversation, come join the breakers discord. You can find a link in the show notes or go |
| 1:01.8 | to bit.ly slash breakdown pod. All right, friends, welcome back to another week of the breakdown, |
| 1:07.6 | and there was a pretty good cluster of news there at the very end of last |
| 1:11.9 | week heading into the weekend, to say nothing of over the weekend, so today we're going to go |
| 1:15.7 | over what we missed and see where it leaves us heading into this final week of January. |
| 1:20.5 | Let's start on Saturday morning, where we had some fairly sensational reporting before |
| 1:25.5 | things calmed down a bit. On Saturday, a headline from the publication |
| 1:29.2 | Asia Markets sent a shockwave through crypto Twitter. The headline was Swift Payments Network |
| 1:34.8 | access cut to crypto exchanges, which, if it were what the headline suggested, would be a |
| 1:39.8 | pretty big deal. So what it was actually about was changes to policies affecting Binance. These changes |
| 1:45.8 | would prevent customers from processing transactions to and from the exchange in amounts |
... |
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