Day: November 21, 2023

Court unseals indictments against Binance and CZ, detailing expected guilty pleas

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A federal court has released the indictments against Binance and CEO Changpeng “CZ” Zhao filed under seal on Nov. 14, in which the United States government said it expected the cryptocurrency exchange and CZ to enter guilty pleas.  In Nov. 14 filings in the U.S. District Court for the Western District of Washington at Seattle, the U.S. government said it requested to file the indictments against Binance and CZ under seal, as any potential plea deals with the exchange and CEO and any regulatory settlements were “likely to have a…

Binance charged with three major crimes by the DoJ, including conspiracy 

Binance is charged with three criminal charges by the U.S. DoJ, including conspiracy, unlicensed money transmission and sanctions violations, as CEO Changpeng Zhao is prepared to plead guilty. Binance, the world’s largest cryptocurrency exchange, has been hit with three major charges by the U.S. government. These charges include conspiracy, operating an unlicensed money transmitting business and violating the International Emergency Economic Powers Act.  According to several sources, earlier today, Binance’s CEO, Changpeng Zhao, agreed to plead guilty to anti-money laundering charges in a Seattle federal court. Zhao is currently residing…

Data privacy solution Privy completes $18m financing round

Privy, the Web3 data privacy solution, is reported to have completed a series A financing round that was led by Paradigm and participated in by Sequoia Capital and other well-known names who acted as earlier investors. On the same day, Privy announced that Huang, a former partner at Sequoia Capital, was joining the startup’s board of directors. Connecting to the blockchain Fortune’s article describes Privy as being a solution that collaborates with established companies to develop blockchain-based services that enhance their operational capabilities. In the instance of Blackbird, initiated by the founder…

How XRP Current Value Signals An Imminent Market Triumph

Ben Armstrong, a well-known crypto analyst and YouTuber has recently offered an intriguing perspective on XRP’s current trading value. XRP, a token closely watched in the crypto community, particularly after its legal battle with the US Securities and Exchange Commission (SEC), currently trades at around $0.60. While this figure might not represent an all-time high, Armstrong highlights why this price point might be pivotal for XRP. The Bigger Picture: Institutional Interest And Market Dynamics Armstrong’s analysis begins with the “adamantium” support level of $0.60 for XRP. Drawing an analogy with…

What New Yorkers Think of the SEC’s War Against Crypto

Emma Sanchez, in Tuckahoe, for instance, didn’t have her mind made up on crypto itself but thought “regulation is a good thing,” at least generally speaking. While Jason D., who works at a local metals machining facility, said that crypto represents competition to established financial actors, and that’s essentially all you need to know about why regulators have taken such an aggressive approach towards crypto. Source

Crypto Market Reacts: Binance CEO Changpeng Zhao Steps Down

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In a shocking turn of events, Binance CEO Changpeng Zhao has agreed to step down from the crypto exchange and has plead guilty to “violating US anti-money laundering requirements.” The news is currently being priced into the crypto market, leading to extreme volatility in Bitcoin and altcoins, plus a lot of chatter on social media. Let’s take a closer look at how the market and speculators are reacting so far. CZ To Step Down, Pleads Guilty, Company Charged $4B In Fines Earlier today, the US Department of Justice revealed it…

BNB price pops, then drops, following news of DOJ-Binance settlement

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BNB’s (BNB) price breakout to a 5-month high at $271.90 comes as reporting from the Wall Street Journal highlighted the United States Department of Justice’s plan to announce a $4.3 billion dollar settlement with Binance to end its case. WSJ also reported that Binance founder Changpeng “CZ” Zhao has agreed to step down as CEO of the crypto exchange.  BNB’s intraday rally to a 5-month high quickly reversed as additional information about the DOJ’s settlement with Binance emerged.  While the exact details of the settlement remain unclear until the Nov.…

Celsius Network’s Shift Towards Bitcoin Mining Plan

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Bankrupt crypto lender Celsius Network has revealed that the company planning on switching to a Bitcoin mining-only company, following its bankruptcy court’s confirmation of the plan. Celsius Transition To Mining NewCo Celsius Network‘s transition into a mining company coincides with its bankruptcy proceedings. Over the past year, the digital assets company has experienced financial challenges, which led to its bankruptcy filing. In September, Celsius filed for a reimbursement plan as its bankruptcy plan to resolve the financial challenges in the company. This saw over 95% of Celsius’ creditors voting in…

Spot Bitcoin (BTC) ETF is a Buy the News Event, but Coinbase (COIN) Could be Pressured

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Those developments were “buy the rumor, sell the news” events, wrote Morehead Monday. “This time is different,” he said, well aware of the red warning flag typically raised upon utterance of that phrase. Neither of those events, he argued, had any impact on the actual demand for bitcoin. A BlackRock ETF, on the other hand, “fundamentally changes access to bitcoin … It will have a huge (positive) impact.” Original

US Justice Department seizes 9M USDT amid $225M illicit funds frozen by Tether

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The United States Department of Justice announced it had seized roughly $9 million worth of Tether (USDT) following the stablecoin issuer freezing funds connected to a criminal organization responsible for romance scams. In a Nov. 21 announcement, the Justice Department said the seized funds came from “scammers who stole millions from victims across the United States” and were presumably part of Tether’s efforts to freeze $225 million worth of USDT in “external self-custodied wallets” connected to the scam. The funds were allegedly tied to an organization responsible for “pig butchering”…