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Binance, the world's largest cryptocurrency trading platform, and its CEO Changpeng Zhao have been hit with a law suit by the United States Commodity Futures Trading Commission which alleges the company had engaged in "willful evasion" of it's compliance obligations.
The US Securities and Exchange Commission has been on a quest to crack down on digital currencies, more so after the fall of crypto exchange FTX.
First Republic Bank was cut to junk by S&P Global Ratings amid concern that clients pull holdings from the lender, a move that comes after US regulators pledged support for the banking sector.
Industry observers believe that some 100 Irish companies were doing business with Silicon Valley Bank in the US, which was closed by US regulators on March 11
The likely impact of the US lender’s collapse is that China’s tech elite will look to banks in Hong Kong, Singapore and even Europe.