Day: November 22, 2023

AI tokens gain traction as Sam Altman heads back to OpenAI

AI tokens have been rising since the announcement of Sam Altman’s return to OpenAI as the company’s CEO. According to data provided by CoinGecko, the AI tokens category rose by around $50 million in the past few hours — rising from $6.45 billion at around 06:00 UTC to $6.5 billion at the time of writing.  The total 24-hour trading volume for the AI category has reached $793 million, per CoinGecko data. The rise comes after OpenAI announced the return of Altman with a new board of Bret Taylor, Larry Summers,…

Binance Gets New CEO Following Sudden Departure of Changpeng Zhao (CZ)

New Binance CEO Richard Teng has a rich track record in the financial regulatory environment, having worked in Dubai and Singapore for the past years. After a lengthy fight between the United States government through the Department of Justice (DoJ), and the leading cryptocurrency exchange by registered users and daily traded volume Binance Holdings Ltd, co-founder Changpeng Zhao (CZ) agreed to step down as part of the resolution. Notably, Binance announced that it has reached a resolution with the DoJ, the Commodity Futures Trading Commission, the Office of Foreign Assets…

FTC enhances investigative procedures to deal with AI-related lawbreaking

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The United States Federal Trade Commission (FTC) approved a new streamlined process for investigating cases involving the unlawful use of artificial intelligence (AI), marking an increased focus on addressing potential legal violations related to AI applications. The FTC unanimously approved a measure to streamline its staff’s ability to issue civil investigative demands (CIDs) — a form of compulsory process similar to a subpoena — in investigations relating to AI while retaining its authority to determine when CIDs are issued. The FTC issues CIDs to obtain documents, information and testimony that…

Binance Drama Causes Crypto Prices To Dance On The Edge

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The prices of prominent cryptocurrencies, such as bitcoin and Binance Coin, experienced a decline subsequent to the emergence of reports indicating that Changpeng Zhao, the founder and CEO of Binance, admitted guilt in relation to charges of anti-money laundering and several other criminal violations. This admission was made as part of a substantial settlement, amounting to billions of dollars, reached between Zhao and regulatory authorities in the United States. Binance Coin had a decline of almost 6% following an earlier increase of up to 5% during the day. This fluctuation…

Fed Gives No Hints of Future Rate Cuts, Wall Street Remains Cautious

Fed Chair Jerome Powell said that the FOMC is not thinking of rate cuts at all amid their continued fight against inflation. The FOMC members have hinted deceleration in economic growth during he fourth quarter this year. During their latest meeting, Federal Reserve (Fed) officials indicated a reluctance to reduce interest rates in the near future. This is especially true considering the persistent inflationary pressures exceeding their target, as revealed in the released minutes on Tuesday, November 21. The summary of the meeting, conducted from October 31 to November 1,…

CZ departure, Binance deal lead to purge of $175M of crypto longs

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As crypto exchange Binance and the departure of its CEO Changpeng “CZ” Zhao hit the headlines in the last 24 hours, the digital asset space went into a rollercoaster mode that saw the market liquidate close to $175 million for traders betting on long positions. On Nov. 21, developments in Binance and CZ’s case with the U.S. Department of Justice saw CZ announce he would plead guilty to violating Anti-Money Laundering requirements and step down as the CEO of Binance. In addition, the U.S. Justice Department also announced a $4.3…

Binance Founder Changpeng Zhao Steps Down as CEO, Pleads Guilty to Federal Charges

As part of the plea deal with prosecutors, Binance has agreed to pay the United States Department of Justice (DoJ) $4.3 billion. The chief executive officer (CEO) of Binance Changpeng Zhao (CZ) has pleaded guilty to federal money laundering charges and announced he is stepping down from the helm of affairs at the world’s largest cryptocurrency exchange. Zhao stepped down as part of a deal that could let Binance continue its operations uninterrupted, according to a WSJ report. The former CEO pleaded guilty in Seattle federal court on Tuesday. Changpeng Zhao…

Bitcoin leading crypto charge, analysts upbeat on Polkadot and Meme Moguls in 2024

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Bitcoin (BTC) generally leads the way in crypto bull runs, and 2023 is no different, with the “digital gold” doubling to a recent peak of $37,000. Such a run has analysts predicting that gains from Bitcoin will flow to other altcoins like Polkadot (DOT) and Meme Moguls (MGLS). Bitcoin is setting the crypto pace Unsurprisingly, Bitcoin (BTC) is leading the current crypto wave. The crypto king usually moves first as investors flock to the most established asset during bull runs.  Nonetheless, this cycle is slightly different. The potential for a…

Spot Bitcoin ETF Odds ‘Might Have Increased To 100%’: Matrixport

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Matrixport, a leading digital finance platform, today, November 22, released a comprehensive research note focusing on the significant implications of yesterday’s developments in the crypto industry, particularly regarding the prospects of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States. Following the guilty plea of Binance CEO Changpeng Zhao (CZ) and the substantial financial settlements involved, Matrixport suggests that the path for approving a spot Bitcoin ETF might have become significantly clearer. The note highlights the regulatory crackdowns and compliance upgrades in the crypto sector, indicating a shift towards…