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Home»TRADING NEWS»Former Binance CEO Faces Travel Ban Crisis BTC ETF
TRADING NEWS

Former Binance CEO Faces Travel Ban Crisis BTC ETF

By Crypto FlexsDecember 4, 20235 Mins Read
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Former Binance CEO Faces Travel Ban Crisis BTC ETF
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Changpeng Zhao, former CEO of Binance, faced a setback. The Bitcoin spot ETF craze continues as BlackRock and Grayscale revise their filings. BTC has occupied the $39,000 position amid the continued market upward trend.

Former Binance CEO’s travel ban

  • The U.S. Justice Department opposed Zhao’s departure to the UAE, adding that he may not return to the United States to be sentenced because the country does not have an extradition treaty with the UAE.
  • District Judge Richard Jones this week agreed with authorities to restrict Zhao from leaving the country before he is sentenced next February. Zhao must remain in the United States until then.

Zhao resigns as Binance US Chairman due to investigation

  • Despite the global Binance company admitting financial violations and being fined $4.3 billion, US authorities are still sticking by the Binance brand. The U.S. Securities and Exchange Commission (SEC) recently announced that it is continuing its investigation into the operations of Binance.US.
  • The agency believes the exchange may have employed backdoor mechanisms similar to those utilized by FTX for illicit financial operations involving customer assets.
  • A day after the SEC made the disclosure, Binance.US announced that Zhao had resigned from his position as Chairman of the company’s Board of Directors. Binance.US also emphasized its independence from the global Binance entity.

Ronaldo caught up in Binance woes in the Philippines

  • This week, soccer icon Cristiano Ronaldo was caught up in the Binance story. Binance customers have launched a class action lawsuit against Al-Nassr forward, claiming that his promotion of Binance caused them losses.
  • Binance’s woes don’t end in the United States, and extended to Southeast Asia this week. In particular, the Philippine SEC issued a warning statement on November 28, revealing that Binance was operating in the Philippines without a valid license.
  • Shortly after this disclosure, reports indicated that Philippine securities regulators were looking to enact measures to block Binance’s operations in the country.

Spot BTC ETF: Grayscale Amends BlackRock Documentation

  • The cryptocurrency community has also seen developments surrounding the filing of a spot BTC ETF. According to a document on the SEC website, Grayscale has modified the GBTC contract to make it suitable for a spot ETF pending conversion approval.
  • BlackRock also changed its filings. Minutes of the asset manager’s meeting with the SEC show that the company amended its spot BTC ETF filing to address concerns raised by the regulator.

Debate Surrounding BTC ETF

  • Amid delays in approval of the spot BTC ETF, discussions surrounding the investment product arose this week. When asked, SEC Chairman Gary Gensler declined to comment on the approval process for several documents filed on the regulator’s desk.
  • However, Gensler highlighted the cryptocurrency industry’s vulnerability to fraud and market manipulation. Meanwhile, Bloomberg ETF analyst James Seyffart said: exposed It was announced on November 30 that the next period for approval would be between January 5 and January 10 next year.
  • As efforts to gain approval intensify. Grayscale hired John Hoffman, a former Invesco executive, to lead its partnerships and distribution team. This move was in preparation for approval for the submission of a spot BTC ETF.

Scams, hacks and everything in between

  • This week has seen no shortage of incidents involving fraud, hacking, and enforcement. The US Treasury has sanctioned Sinbad, another cryptocurrency mixer, claiming North Korean hackers used it to launder stolen scams from protocols such as Atomic Wallet and Ronin Bridge.
  • Meanwhile, the KyberSwap hacker who stole $47 million from the protocol on November 23 has finally demanded the return of his funds. The attackers demanded complete control of the protocol and changes to its governance.
  • USDC issuer Circle has denied claims that it is actively facilitating illicit financial transactions, including flows linked to Hamas. Circle’s rebuttal came in response to concerns from U.S. Senators Sherrod Brown and Elizabeth Warren.

UN switches to Algorand and MSTR buys more BTC.

  • Despite growing concerns surrounding illicit blockchain and cryptocurrency activity, adoption has not slowed down this week. The United Nations has partnered with the Algorand Foundation to provide blockchain training to its staff.
  • The report further validates MicroStrategy’s continued optimism about Bitcoin. This week’s disclosure revealed that the company had invested $593.3 million in 16,130 additional BTC tokens at an average price of $36,785.
  • Meanwhile, Circle has turned its attention to Japan, partnering with Japanese financial giant SBI Holdings with plans to offer stablecoin services in the East Asian country.
  • Blockchain and cryptocurrencies are increasingly being adopted across most sectors, but the report suggests a different story in the gaming industry. According to a CoinGecko report this week, more than 75% of Web3 games over the past five years have not been successful.

Bitcoin conquers $39,000

  • Bitcoin has extended its weeks-long rally into this week amid continued strength. With broader markets showing strength last week, CoinShares saw digital asset products hit an 18-month high with inflows of $346 million.
  • Starting this week at $37,447, BTC put together an impressive rally, conquering two important psychological resistance thresholds. The asset soared past $38,000 on December 1, closing at $38,682, and then surpassed $39,000 on December 2.
  • After the massive price surge, IntoTheBlock revealed that over 80% of BTC holders are taking profits. Bitcoin is currently well above $39,000. It was hovering just above $39,641 at last check on December 3 and is aiming to regain the $40,000 area.

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