Month: September 2023

Binance.US not cooperating with investigation, US SEC says in filing

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The United States Securities and Exchange Commission (SEC) has accused Binance.US of non-cooperation in the ongoing investigation against the crypto exchange, according to a court filing dated Sept. 14. The SEC in its court filing noted that Binance.US’s holding company called BAM has produced only 220 documents during the discovery process. Many of the submitted documents under the Consent Order “consist of unintelligible screenshots and documents without dates or signatures.” SEC added that BAM has refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses…

Is Bitcoin Forming A Double Bottom? What Needs To Happen

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In recent days, Bitcoin has shown signs of a potential reversal, with the cryptocurrency charting three consecutive green daily candles. The last time such a pattern was observed was early July and between mid and late June, when Bitcoin rallied from just under $25,000 to over $31,000. This shift in price dynamics has led to a change in market sentiment, with the bearish outlook slowly giving way to a more bullish perspective. While Bitcoin has successfully averted the confirmation of a double top on the 1-week chart fo the moment,…

Genesis Ceases All of Its Crypto Trading Activities

The bankrupt crypto lender Genesis announced that it would cease all of its crypto operations for spot and derivatives trading, for institutional players as well. Bankrupt crypto group Genesis Global has ceased all of its crypto trading activities. As a result, the Digital Currency Group (DCG) subsidiary will stop offering crypto spot and derivatives trading through its British Virgin Islands unit. In its statement on Thursday, September 14, the bankrupt crypto lender said: “Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI).…

Binance.US Legal and Risk Executives Leave amid Major Staff Exodus

Binance.US has reduced its staff by nearly one-third which is the company’s second round of workforce reduction for the year 2023. Amid a strong exodus, top executives of Binance.US have been leaving the exchange recently. On Thursday, September 14, the Wall Street Journal reported that Binance.US head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya have left. Juvvadi joined the company in May 2022, while Majalya joined the exchange back in December 2021. Binance is encountering a challenging year as regulatory scrutiny intensifies, especially in the United States.…

Major Aussie bank takes next step to AUD stablecoin after Chainlink test transaction

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Australia and New Zealand Banking Group is one step closer to launching its bank-issued stablecoin A$DC after the bank successfully executed a test transaction on Chainlink’s Cross-Chain Interoperability Protocol (CCIP): ANZ’s banking services portfolio lead Nigel Dobson said the transaction was a “milestone” moment for the bank in a Sept. 14 statement: “ANZ recently worked with Chainlink CCIP to complete a test transaction to simulate the purchase of a tokenised asset, facilitated using A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.” Dobson said the firm has been experimenting with several networks —…

Bitcoin (BTC) Price Bounce Puts Solana (SOL) Bears at Risk

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Alternative cryptocurrencies like XRP, Ether (ETH), SOL, Tron’s TRX, Dogecoin (DOGE) and are tracking bitcoin higher, as they usually do. The altcoin bounce comes days after traders sold these tokens, pricing in the possibility of defunct exchange FTX securing approval from the bankruptcy court to sell assets from its multi-billion dollar cryptocurrency holdings. SOL fell over 8% on Monday, leading the decline in altcoins after a court filing showed FTX’s solana holdings at $1.6 billion. Original

South Korea Tries to Shake Off the Terra Debacle, With Gaming Dominating Web3 Activity

“From the discussions I had with the major ecosystem players, it did have a huge impact that forever changed the Korean [decentralized finance, or DeFi] ecosystem for institutions,” Hoon Kim, the chief technology officer at blockchain project Astar, told CoinDesk. “It made it harder for the retail investors to look at domestic projects, and companies started to look at all of their options with a critical lens.” Source

Algorand (ALGO) May Have A Chance For A Bullish Streak

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Algorand (ALGO) has recently announced significant changes to its protocol that are set to reshape the future of the blockchain network. These developments are aimed at increasing decentralization and fostering consensus among participants, signaling a bold step forward for the project. One of the most striking revelations in Algorand’s recent announcement is the network’s transition from relays to a peer-to-peer (P2P) network approach. This fundamental shift represents a departure from traditional blockchain architectures and underscores Algorand’s commitment to further decentralization.  By adopting a P2P network, Algorand aims to empower its…

Play-to-earn games are the reason ‘real’ gamers hate crypto: Atari founder

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It’s no secret that traditional gamers harbor a strong sense of disdain for crypto and non-fungible tokens (NFTs) in their games. The reason for this is clear, says Atari founder Nolan Bushnell, it all started with the insane rise of play-to-earn games. “I can tell you clearly where this disdain for crypto comes from,” Bushnell said. “The hatred comes from these play-to-earn games that pioneered blockchain gaming.” “Good gamers don’t like to grind. Grinding is shitty. What gamers want is fun, and unfortunately these play-to-earn games are 100% dependent on…