Tag: Report

Binance.US Relying on Middleman To Store User Funds As Crypto Exchange Struggles To Find Banking Partner: Report

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The US arm of leading crypto exchange Binance is reportedly searching for a new banking partner after Silvergate Capital and Signature Bank collapsed last month. The Wall Street Journal reports that Binance.US is struggling to find a bank that will directly hold its customers’ cash following the failure of Signature and Silvergate, which were the two most widely used banks for US crypto firms. The exchange reportedly failed to establish direct banking relationships with New Jersey-based lender Cross River Bank, which accommodates crypto and financial technology firms, and Pennsylvania-based regional…

Bitcoin proponents respond to New York Times’ BTC mining report

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The New York Times’ latest report on Bitcoin (BTC) mining, titled “The Real-World Costs of the Digital Race for Bitcoin,” has irked many BTC proponents — some of whom took to Twitter to call out certain aspects of the report, including saying it was “cherry-picking” data. The NYT article says Bitcoin mining has a “voracious” appetite and claims it uses as much energy as all residences in New York City. In response, Daniel Batten — a Bitcoin environmental, social and governance (ESG) analyst — pointed toward what he said were…

Report Uncovers Former FTX US President’s Resignation and Accounting Failures at Failed Crypto Exchange

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A recent report reveals that the former President of FTX US, Brett Harrison, stepped down from his position in September 2022 due to an ongoing disagreement with CEO of FTX, Sam Bankman-Fried, and his circle. In addition, the report alleges accounting downfalls at the now-failed crypto exchange, which Bankman-Fried and his colleagues could have better managed. As per the report, employees were instructed by an unnamed higher-up to provide “some numbers” for a portfolio summary in June 2022, but the information was inaccurate. Harrison expressed worries regarding the management of…

Google ChatGPT rival AI faces in-house resistance: Report

Artificial intelligence (AI) has become a major talking point after the rise to prominence of AI chatbot ChatGPT from OpenAI and generative AI image makers like Midjourney and DALL-E 2. However, not everyone sees eye to eye with this emerging technology. A new report from the New York Times revealed that in March two Google employees tried to stop the company from launching its own AI chatbot rivaling that of OpenAI. According to the NYT report, the jobs of the employees are specifically to review Google’s AI products. Allegedly the…

Binance.US unable to find bank partners in the United States: Report

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The United States arm of global crypto exchange Binance has been facing challenges in establishing a new bank partner to serve as a fiat on-ramp and off-ramps for its clients in the country, according to a Wall Street Journal report on April 8.  The recent failures of Silvergate and Signature Bank left Binance.US without banking services, depending on middleman’s banks to store funds on its behalf, according to the WSJ, citing “people familiar with the matter”. The regulatory crackdown on banks with crypto clients is also another factor contributing to…

Over 99% of crypto investors don’t report taxes, report indicates

As the cryptocurrency market continues to grow, tax authorities worldwide face mounting challenges in ensuring compliance.  A recent study by Divly, a crypto-tax platform, reveals that a mere 0.53% of cryptocurrency investors globally declared their crypto activities to local tax authorities in 2022.  STUDY: Divly, a tax preparation service in Sweden, conducted a survey which found that only 0.53% of global crypto holders pay taxes on digital assets. Finland had the highest percentage of taxpayers at about 4%. — Coingraph | News (@CoingraphNews) April 7, 2023 This article delves into…

Bitcoin leads crypto market recovery as regulators turn up heat: Report

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March has been a turbulent month for the crypto industry. Bitcoin (BTC) recorded its highest weekly close in 10 months and raised hopes among many that the bear market is over. One of the key drivers of this expectation was a series of banking collapses in the United States. This made investors hope for falling interest rates later this year, despite Federal Reserve Chair Jerome Powell’s insistence that lower rates were not part of the base scenario for 2023.  However, optimism about the macro environment risks being offset by the…

Thai political party looking at PM race promises $300 in crypto upon victory: Report

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The Pheu Thai Party, a political party in opposition to the current Thailand prime minister’s, has reportedly proposed giving nearly every citizen of the country roughly $300 in digital currency should it win the next election. According to an April 7 report from the Bangkok Post, the Pheu Thai Party announced at an April 5 campaign event that it planned to give all Thai residents 16 years and older a stipend of 10,000 baht — roughly $292 at the time of publication. One of the party’s candidates for prime minister,…