Day: February 6, 2023

Binance Halting US Dollar Deposits and Withdrawals via Bank Accounts – Exchanges Bitcoin News

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Global crypto exchange Binance is suspending deposits and withdrawals in U.S. dollars via bank accounts starting Wednesday as more and more banking institutions try to reduce their exposure to the crypto market. “We are working hard to restart service as soon as possible,” Binance said. Binance Suspending USD Deposits and Withdrawals Global cryptocurrency exchange Binance is reportedly suspending withdrawals and deposits in U.S. dollars using bank accounts starting Wednesday. Without providing a reason, a spokesperson for Binance told CNBC: We are temporarily suspending USD bank transfers as of February 8th.…

Genesis entity going up for sale as DCG makes creditor pact

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Genesis Global has announced it has reached an “agreement in principle” with Digital Currency Group (DCG) which will eventually see its crypto lending and trading arm sold as part of restructuring efforts. According to a Feb. 6 press release, DCG would contribute its equity in Genesis Global Trading, a trading subsidiary business, to Genesis Global Holdco, the holding entity for Genesis — bringing all Genesis-related entities under the same holding company. After the transactions are final — pending necessary court approval — Genesis will seek to put its then-owned Genesis…

DCG Creditor Pact Revealed With Plan to Sell Genesis Trading Unit as Part of Bankruptcy

“Under the settlement, DCG would contribute that entity, [Genesis Global Trading], to [Genesis Global Holdco] … that will happen on the effective date,” O’Neal said. “In the meantime, during these cases, we will actually be marketing and trying to sell not only the debtors’ assets, but also GGT’s because they form a nice package, and we believe that by packaging them together, we can maximize the recoveries to the estate.” Source

Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report

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Fans watching the Kansas City Chiefs face off against the Philadelphia Eagles in Super Bowl LVII on Feb. 12 will reportedly not see a plethora of ad spots for cryptocurrency companies as they did in 2022. According to a Feb. 6 Associated Press report, there had been four potential deals with crypto firms for commercials costings roughly $6 to $7 million in the 2023 Super Bowl, all of which fell apart following the FTX bankruptcy filing in November. Fox Sports’ executive vice president of ad sales Mark Evans reportedly said…

Former Bitcoin Dev Gavin Andresen Revises 2016 Blog Post, Calls Trust in Craig Wright a ‘Mistake’ – Bitcoin News

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During the first week of Feb. 2023, the United Kingdom Court of Appeal overturned a High Court decision from March 2022 in the case of Craig Wright’s Tulip Trading Limited (TTL) vs. 16 cryptocurrency developers. The case will proceed to trial as Wright, who claims to be Satoshi Nakamoto, stated his team was “delighted” with the judges’ decision to overturn the March dismissal. Meanwhile, former Bitcoin core developer Gavin Andresen revised a 2016 blog post, insisting that it was a “mistake to trust Craig Wright as much as I did.”…

How Bitcoin NFTs Might Accidentally Fix Bitcoin’s Security Budget

For those lucky enough to be unfamiliar with the politics of Crypto Twitter, you should know this has stirred up a fiery controversy. There are many Bitcoin influencer types who have staked a meaningful part of their reputations on hating NFTs – as they’re a distraction and technologically unsound – so Ordinal NFTs haven’t been a hit with them. To their credit, no matter how much crypto pluralists have bashed Bitcoin for being a pet rock project that only does peer-to-peer, borderless, censorship-resistant transactions in a decentralized manner, being very…