Day: September 15, 2023

Binance Begins Process Of Axing BUSD Stablecoin

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Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were…

Hong Kong regulator warns on crypto firms mislabeled as ‘banks’

The Hong Kong Monetary Authority has cautioned the public against crypto firms that describe themselves as banks or offer products termed as deposits. On Sept. 15, the Hong Kong Monetary Authority (HKMA) issued a public statement expressing concern over crypto companies labeling themselves as “banks” and offering what they describe as “deposits.” According to HKMA, such categorizations may contravene Hong Kong’s Banking Ordinance, which strictly forbids unlicensed entities from using the term ‘bank’ or making any representations that suggest they are conducting banking activities in the region. The authorities consider…

Government objects to ‘unnecessary,’ ‘prejudicial’ SBF jury selection questions

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On Sept. 15, the United States government responded to questions the defense has suggested posing to potential jurors during their selection for the case against former FTX CEO Sam Bankman-Fried. He faces seven charges of fraud and money laundering in connection with the collapse of the cryptocurrency exchange that could land him in prison for decades. The sides submitted their proposed questions to the court on Sept. 11 and showed drastically different standards for selection. In a letter addressed to Judge Lewis Kaplan of the U.S. District Court for the…

Gemini legal team accuses DCG of ‘gaslighting’ Genesis creditors

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Lawyers representing Gemini Trust have pushed back against a plan proposed by Digital Currency Group (DCG) for creditors of Genesis Global. In a Sept. 15 filing in the United States Bankruptcy Court for the Southern District of New York, the legal team accused DCG of gaslighting Genesis creditors through “contrived, misleading, and inaccurate assertions” in the recovery plan. The plan, filed in bankruptcy court on Sept. 13, claimed that unsecured creditors could have a “70–90% recovery with a meaningful portion of the recovery in digital currencies” while Gemini Earn users…

Crypto Analyst Predicts $45,000 Price Ahead of Halving

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Crypto Michael, a cryptocurrency analyst in the crypto space, has recently shared some insights on the possible market trend of the Bitcoin (BTC) price before the halving commences. These insights were shared in a video uploaded on the analyst’s YouTube channel. Signs Of A Potential Bull Run According to the recent revelations by Crypto Michael, Bitcoin might be on the brink of a new bull run. In his video, which has garnered over 2,000 views on YouTube, the analyst suggests that the cryptocurrency shows considerable resilience and potential for a…

PayPal rolls out crypto ramps, Franklin Templeton joins BTC ETF race, and more

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Without aggressive marketing tactics, fintech giant PayPal is quietly and consistently venturing deeper into the crypto space, rolling out features and building key partnerships to advance its digital assets strategy. This week, PayPal unveiled new on-ramps and off-ramps for cryptocurrencies for its clients in the United States — a noteworthy step for the country, particularly as many crypto firms struggle with supporting fiat-crypto conversions since the United States Securities and Exchange Commission began its controversial crackdown on the industry. Also deepening ties with the crypto ecosystem is the traditional asset…

SEC reverses decision on sealing, redacting some documents in Binance.US case

Observers should soon get a look at least some of the sealed documents in the United States Securities and Exchange Commission’s (SEC) case against Binance. The documents were sealed at the SEC’s request with the agreement of both sides, and are being unsealed at the request of the SEC itself. District of Columbia District Court Magistrate Judge Zia Faruqui issued an order Sept. 15 granting the SEC’s motion to unseal the documents. The order lists 18 sealed documents and another nine partially sealed or redacted documents. Filing of sealed documents…

Holesky Testnet Takes Flight On Merge Anniversary Amidst Ethereum 30-Day Slump

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One year has passed since the Ethereum (ETH) Merge, which marked the integration of Ethereum’s proof-of-stake (PoS) Beacon Chain with the Ethereum Mainnet.  This significant milestone facilitated the transition of the Ethereum blockchain from the legacy proof-of-work (PoW) system to a PoS model, giving rise to Ethereum 2.0. The completion of the Merge on September 15, 2022, brought about a major shift in Ethereum’s energy consumption, with an expected reduction of 99.95%. Additionally, this transition opened up new possibilities for scaling the Ethereum ecosystem. The merge involved migrating the entire…

Sam Bankman-Fried says, ‘I did what I thought was right,’ in leaked docs: Report

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Former FTX CEO Sam Bankman-Fried, facing multiple criminal charges related to alleged misuse of user funds, reportedly denied many of the allegations against him in documents containing a draft of a thread on X (formerly Twitter) that he never posted.  According to a Sept. 14 report from The New York Times, documents provided by crypto influencer Tiffany Fong revealed details about Bankman-Fried’s life while under house arrest as well as his thoughts on the legal team handling FTX’s bankruptcy case. The former CEO, who also goes by SBF, reportedly drafted…