Crypto Chronicle with NewsCrypto
Welcome to another edition of the NewsCrypto newsletter, where we dissect the latest and greatest (or not-so-great) happenings in the crypto world.
This week, we're diving into Binance's settlement with the U.S. Department of Justice and the surprisingly stable aftermath. Plus dissecting if spot Bitcoin ETF is already confirmed.
Let's get into it!
Here's what we got on the menu today:
1. Will Binance follow FTX?
2. Spot Bitcoin ETF confirmed?
3. Funny meme
Will Binance follow FTX?
In a move that has shook the whole crypto space., Binance, the world's largest crypto exchange, has reached a settlement with the U.S. DOJ. The price tag? A cool $4.3 billion for violating U.S. Anti-Money Laundering laws. As part of the deal, Changpeng "CZ" Zhao has agreed to step down as CEO.
This settlement has been compared to the BitMEX exchange's deal, where its CEO also stepped down. But with a much heftier check. Instead of $100 million Binance has to pay $4.3 billion.
Who did the market react? Mostly positive, with many seeing this as a clearing of the air for Binance and a potential bullish signal. Some are even whispering about the long-awaited approval of a spot Bitcoin ETF in the U.S. But let's not get ahead of ourselves.
The Aftermath: No Mass Exodus from Binance
Now, you might think that after such a settlement, Binance users would be running for the hills, but that's not the case. According to blockchain analytics firm Nansen, there's been no mass exodus of funds from Binance. Sure, about $1 billion in value left the exchange, but let's put that into perspective: Binance still holds over $65 billion in assets. Just a drop in the ocean.
Richard Teng is the new CEO
With CZ stepping down, Richard Teng, former global head of regional markets, is taking the reins as CEO. The crypto community is watching closely to see how Teng will steer the ship in these choppy regulatory waters.
Conclusion: Binance Weathers the Storm
In conclusion, Binance's settlement with the DOJ and the leadership change might have caused a stir, but it's not the crypto apocalypse some feared (like FTX). The platform remains robust, and the industry seems to be taking this development in stride. As always, in the ever-evolving world of crypto, the only constant is change (and a bit of drama).
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Spot Bitcoin ETF confirmed?
The BlackRock recently met with the SEC. The topic? The much-anticipated and somewhat elusive spot Bitcoin ETF. During the meeting, BlackRock presented two models for its proposed iShares Bitcoin Trust: an in-kind or an in-cash redemption model. For those scratching their heads, it as choosing between getting paid in securities (such as stocks) or the equivalent in cash.
Will They, Won't They?
The SEC has been playing hard to get with spot BTC ETFs, having delayed and rejected numerous applications in the past. However, with BlackRock's recent push and the SEC's meetings with other firms like Grayscale, the winds of change might be blowing. Will the SEC finally swipe right on a spot BTC ETF? Only time will tell but we expect it. Especially now that the main competitor, Binance, is out of the States.
Potential Crypto Milestone
If the SEC gives the green light to a spot BTC ETF, it could be a game-changer for mainstream crypto adoption. Imagine a world where investing in Bitcoin is as easy as buying shares of your favorite tech company. That's the kind of world a spot BTC ETF could usher in.
A Step Towards a Crypto Legitimacy?
BlackRock's meeting with the SEC is more than just a discussion about investment products. It's a symbol of the growing legitimacy and acceptance of cryptocurrencies in the traditional financial world. Whether or not the SEC approves a spot BTC ETF, the fact that these conversations are happening is a positive sign for the future of crypto.