{"id":19020,"date":"2023-06-02T22:06:23","date_gmt":"2023-06-02T22:06:23","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-biz-six-months-on-from-ftx-tether-mines-btc-and-nvidias-ai-superchips\/"},"modified":"2023-06-02T22:06:25","modified_gmt":"2023-06-02T22:06:25","slug":"crypto-biz-six-months-on-from-ftx-tether-mines-btc-and-nvidias-ai-superchips","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-biz-six-months-on-from-ftx-tether-mines-btc-and-nvidias-ai-superchips\/","title":{"rendered":"Crypto Biz: Six months on from FTX, Tether mines BTC, and Nvidia\u2019s AI superchips"},"content":{"rendered":"

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Just over six months after FTX\u2019s dramatic collapse, the crypto industry can finally begin analyzing the effects of the debacle. The quick ripple effect to other crypto businesses drained liquidity from the industry and prolonged the crypto winter, with Silvergate Bank, BlockFi and Genesis Global Capital among those hit by the exchange\u2019s collapse.<\/p>\n

FTX\u2019s bankruptcy has also affected the crypto regulatory landscape, with authorities cracking down on firms \u2014 employing controversial methods in some cases \u2014 to avoid a deepening blend of traditional finance with cryptocurrencies. <\/p>\n

Companies that closed their United States operations citing regulatory pressure in the past months included Bittrex, Nexo and Unbanked, to name a few. Coinbase CEO Brian Armstrong said this week that China stands to benefit most from restrictive crypto policies in the U.S., but only time will tell if this is true.<\/p>\n

Companies are also reviewing their business operations due to increased regulatory scrutiny. In response to crypto firms being debanked, Binance has even considered buying a bank in the past months, said its CEO Chanpeng Zhao. Now, the crypto exchange is gearing up for a layoff that will boost its compliance and regulatory capabilities. <\/p>\n

While the industry digests the recent events, FTX\u2019s new management claims FTX 2.0 could be launched as soon as next year, hopefully in time to join the club of crypto companies striving to remain in business after November 2022. <\/p>\n

This week\u2019s Crypto Biz also looks at Tether\u2019s Bitcoin (BTC) mining operations in Latin America, Tabi\u2019s funding round and Nvidia\u2019s efforts to power the next generation of artificial intelligence (AI) machines. <\/p>\n

Buying a bank won\u2019t solve crypto\u2019s debanking issue \u2014 Binance CEO<\/h2>\n

Binance is unlikely to buy up any banking institutions, but it plans to make minority investments in financial institutions that will \u201chopefully influence them to be more crypto-friendly,\u201d commented Zhao on the growing worry of crypto companies being debanked. The collapse of several U.S. banks in 2023 has prompted concerns that the pool of crypto-friendly banks is shrinking. Former key banking partners, Silvergate, Silicon Valley Bank and Signature Bank, have all capitulated this year. The exchange is also reportedly exploring a solution to reduce counterparty risk by allowing institutional clients to keep their trading collateral at a bank instead of on the crypto platform.<\/p>\n