Day: November 28, 2023

Former Binance CEO CZ Sheds Light on Next Moves as He Plans to Invest Crypto in Biotech Research

Following his recent guilty plea and forthcoming sentencing, former Binance CEO Changpeng Zhao has outlined potential next steps, including crypto investments in biotech research. Changpeng Zhao announced his resignation as CEO of Binance after leading the cryptocurrency exchange since its inception. This news comes on the heels of a settlement with US regulators over Binance’s regulatory violations. Despite the fact that no customer funds embezzlement or market manipulation were alleged, he pleaded guilty to lesser charges, accepting a $175 million fine and a maximum sentence of 18 months. CZ has…

Changpeng Zhao toys with idea of biotech investment in X post

The former head of Binance, Changpeng Zhao, hinted at newfound interests beyond running the exchange. In a Nov. 27 post on X the former CEO of Binance says he is “thinking about how to use crypto to accelerate research funding” in biotech. Been reading about biotech, thinking about how to use crypto to accelerate research funding there. Keep building! — CZ 🔶 BNB (@cz_binance) November 27, 2023 Zhao’s recent blog posts reflect his unwavering commitment to innovation. He is exploring ways to harness the power of digital currencies to support…

MasterCard Coming To XRP? Prominent Developer Teases Major Upgrade

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XRP investors may be looking at one of the most important upgrades yet according to a prominent developer in the community. This was revealed by the lead developer of one of the major projects building on the XRP Ledger, hinting that a MasterCard integration may be coming. Bringing MasterCard, Self-Custody, And More To XRP In a post that was shared on X (formerly Twitter), Xumm Wallet lead developer Wietse Wind excitedly announced to the community that self-custody is on the way. The announcement featured a screenshot that showed the option…

Upbit parent Dunamu’s profits drop 81% in Q3

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Dunamu, the owner of Upbit — one of South Korea’s biggest crypto exchanges by trading volume — saw a drop of 81.6% in net profit in the third quarter of 2023 compared to the same period last year. The company reported a net profit of 159.9 billion Korean won (KRW), worth around $123 million, in 2022 Q3. However, on Nov. 28, the company said that in the third quarter of this year, it could only generate 29.5 billion KRW, worth around $23 million. This marks a drop of 81% in the company’s…

Why Binance’s US plea deal could be positive for crypto adoption

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Many predicted that Binance would never embrace regulation — it would only pretend to comply in jurisdictions like the United States.  No more. Binance pleading guilty to money laundering and other federal charges on Nov. 21 means it’s giving up its free-booting ways. It will also pay a $4.3 billion fine, the largest in the history of the U.S. Treasury Department. Moreover, Binance’s founder, CEO and principal owner Changpeng “CZ” Zhao — deemed by many the most powerful individual in crypto — will be sidelined from the firm for at…

FTX failure reveals flaws in multifunction crypto-asset intermediaries — FSB

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The Financial Stability Board (FSB) — the global body that monitors the financial services industry — released a report on Nov. 28 claiming the crypto industry might need additional regulations to prevent another catastrophe on the scale of the FTX scandal. According to the report, the FSB said the market turmoil that ensued from the collapse of cryptocurrency exchange FTX brought to light the flaws in multifunction crypto-asset intermediaries (MCIs), which are platforms that combine trading and related activities. “MCI vulnerabilities are not very different from those of traditional finance,…

Spot Bitcoin (BTC) ETFs in Brazil Find Hefty Demand

As investors await approval of a spot bitcoin exchange-traded fund (ETF) in the U.S., a check in Brazil finds hefty demand for such vehicles, which have been trading there for more than two years. Together, those ETFs have $96.8 million of assets under management (AUM) as of Nov. 21, led by Hashdex’s Nasdaq Bitcoin Reference Price FDI (BITH11) with $57.8 million in AUM, or a market share of about 60%. For comparison, the largest ETF in the nation, iShares Ibovespa Index (BOVA11), has $2.41 billion in AUM and the second…

$48,000 By January Forecasts Proven Indicator

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A recent analysis by crypto expert CryptoCon, focusing on the Ichimoku Cloud indicator, suggests a bullish outlook for Bitcoin, with a potential rally to $48,000 by early January. CryptoCon, in his latest analysis, highlighted the reliability of the Weekly Ichimoku Cloud, stating, “The Weekly Ichimoku cloud called our last Bitcoin rise to $38,000 2 months in advance with the cross projected in the future.” The analyst’s confidence stems from the indicator’s historical performance, which has reportedly signaled previous price movements with considerable accuracy – 11 weeks, 7 weeks, and 13…

59% of Americans Say Money Can Buy Happiness

Americans remained primarily positive regarding financial contentment despite the recent economic challenges, like rising costs and student loans. According to a recent study conducted by Empower, a US-based financial services company, many Americans believe that money can buy happiness, and the price tag for financial bliss is $1.2 million. Based on responses from 2,034 adults in the United States, the study revealed that a significant majority, 59%, affirm that wealth is intricately linked to happiness. Exploring the Link Between Money and Happiness For centuries, the question of whether money can…

Private Cryptocurrencies Have No Future, Retiring MAS Director Said

The retiring MAS director believes the future monetary system will revolve around CBDCs, tokenized bank liabilities, and stablecoins. The Director of the Monetary Authority of Singapore (MAS), Ravi Menon, has emphasized that private cryptocurrencies have no future. Menon shared his thoughts as a panelist at an event jointly hosted by the Hong Kong Monetary Authority and the Bank for International Settlements. Earlier, Mr Menon, who spearheaded the fintech revolution in Singapore, announced his plans to retire after thirteen years on the post. Despite his experience, the retiring MAS director affirms…