• Wed. Feb 28th, 2024

Binance’s Secret Influence on US Affiliate, JP Morgan on Bitcoin’s Prospects, Implications of US Jobs Data for Crypto Markets

Binance’s Secret Influence on US Affiliate, JP Morgan on Bitcoin’s Prospects, Implications of US Jobs Data for Crypto Markets

The Hidden Power of Binance Executives in US Operations: What You Need to Know

High-ranking Binance executive Guangying Chen, a trusted ally of Binance CEO Changpeng Zhao, was the main controller of five bank accounts linked to Binance.US, an autonomous US subsidiary, according to disclosed bank documents.

> One of these accounts contained funds of American clients.

> Documents from this period revealed that these accounts were approved by US financial institution Silvergate Bank in 2019 and 2020 under Chen’s supervision.

> As a result, Chen and her subordinates were empowered to collect money in these bank accounts. Employees of Binance.US, the US arm, had to reach out to Chen’s team to make payments, even for payroll. Details here.

Uncovering the Impact of US Job Growth on Crypto Markets

Friday’s jobs data report showed a buoyant U.S. labor market that beat economists’ expectations, with a notable increase in nonfarm payrolls and a slight uptick in the unemployment rate.

> Still, the implications of these figures on the future trajectory of cryptocurrency markets have sparked a vigorous debate among industry pundits.

> Andy Lien, the acclaimed author of the book ‘NFT: From Zero to Hero’, interprets this positive job data as a potential catalyst for governments around the world to reevaluate their stance on cryptocurrencies.

> In his view, a thriving crypto industry presents an irresistible opportunity for economic development and innovation.

> “Positive employment data may influence governments to take a more favorable stance toward cryptocurrencies,” Lian said. More here.

JP Morgan predicts Bitcoin boom ahead of 2024 halving

According to a recent research paper published by JP Morgan, continued enthusiasm for Bitcoin from individual investors is expected to continue in the coming year.

> The research report credits the recent surge in retail interest in part to the emergence of Bitcoin Ordinals and BRC-20 tokens.

> But the main factor driving future retail investor demand for Bitcoin is the prospect of a halving event scheduled for April 2024, the report suggests.

> The halving process, a scheduled event that will halve Bitcoin mining rewards, “technically will increase the production cost of Bitcoin to around $40,000, which will create positive sentiment among investors,” explained the research team led by Nicholas Panigirtzoglou. Full report here.

JP Morgan is leading the blockchain revolution in India’s banking sector

JPMorgan Chase & Co. is launching a groundbreaking initiative in India, partnering with a sextet of leading regional banks to implement a blockchain-oriented platform aimed at streamlining interbank dollar transactions within the country’s emerging international financial hub.

Kaustubh Kulkarni, JP Morgan’s senior country officer for India and vice-chairman for Asia Pacific, explained in a talk, “In the coming months, we will be leading a pilot project to gather insights into banks’ experiences with this cutting-edge technology. .”

> HDFC Bank Limited, ICICI Bank Limited, Axis Bank Limited, Yes Bank Limited and IndusInd Bank Limited are among the prestigious list of Indian financial institutions collaborating in this project. More details.

Cryptocurrency giant Binance is under SEC scrutiny in the US

In a recent legal document filed with the Securities and Exchange Commission, Binance Holdings Ltd. sued its chief executive officer, Changpeng Zhao, for allegedly violating US regulations.

> The US Commodity Futures Trading Commission filed a lawsuit against Binance in March, charging the company with violating trading and derivatives laws.

> The legal case contends that Binance facilitated transactions in various cryptocurrencies, including Bitcoin, Ether, Litecoin, Tether, and its own Binance Coin, referred to as Commodity in the context of the lawsuit.

> The lawsuit alleges that Zhao, who serves as Binance’s guiding force, instructed his workers to use virtual private networks (VPNs) as a means of hiding geographic locations. Details here.

The Metropolitan Museum of Art will reimburse $550,000

In recent developments, New York’s Metropolitan Museum of Art has confirmed its intention to return $550,000 in donations it received from the now-defunct cryptocurrency exchange FTX, as indicated in court documents released Friday.

> The museum has committed to full repayment of funds donated by FTX’s US branch, West Realm Shires Services, in March and May of the previous year.

The move eliminates the need for additional litigation, according to court filings.

> The FTX court filing stated that the museum and FTX’s creditors entered into “good faith and restitution negotiations.”

> The agreed amount is scheduled to be returned within a month after approval by the court. More here.

Evertas Skyrockets Its Cryptocurrency Insurance Coverage to $420 Million

Cryptocurrency insurance firm Evertus has been approved to provide coverage of up to $420 million per policy, a dramatic increase from its previous limit of $5 million, as revealed in a recent Reuters report.

> Arch Insurance International, a syndicate of the prestigious Lloyds of London based in London, has approved Evertus to raise its coverage limit.

> This applies to individual policies for cryptocurrency custodians and exchanges and signifies a significant advance in risk management within the cryptocurrency sphere.

> Based in New York, Evertas offers protection to crypto wallets from breaches and thefts that frequently tarnish the sector’s reputation and hinder wider adoption. Continue here.

Montenegro court approves Terra founder’s bail in passport forgery case

A Montenegro court handling Terra founder Dr Kwon’s passport forgery case has accepted his 400,000 euro ($428,000) bail request after a previous court overturned a previous one, according to a statement on Friday.

> Kwon was arrested in Montenegro in March for traveling with false documents along with former Terra executive Han Chang-joon.

> South Korea and the US have requested Kwon’s extradition following the trial in Montenegro.

> The court found that the bail was not granted on the basis of proper assessment of the assets of the accused.

> Kwon and Han are due in court on June 16, while the prosecution has three days to appeal the bail. More here.

Over $35 million in cryptocurrency was stolen, leaving users devastated

Popular cryptocurrency storage service Atomic Wallet has suffered a major setback as more than $35 million worth of cryptocurrency was reportedly stolen from its users’ accounts.

> The incident shocked the platform’s more than 5 million users, who trusted the service to safely store their digital assets.

> Atomic Wallet took to Twitter to acknowledge reports of compromised wallets and assured users that they are actively investigating the situation.

> According to Atomic Wallet, less than 1% of its monthly active users were affected by the hack, with around 1,000 users reporting lost funds.

> The company urged affected account holders to notify them immediately and advised them to track the transfer to popular exchanges to prevent fraudsters from transferring the stolen funds. Read on.

SEC Litigation Sends Bitcoin, Ether, BNB Tumbling: Crypto Market Reacts

The cryptocurrency market faced a downturn after the SEC filed a lawsuit against Binance and its founder Changpeng Zhao.

> Bitcoin, Ether and BNB experienced declines of 4%, 4.5% and 8% respectively.

> The overall market capitalization of cryptocurrencies also fell by around 4.5%. However, there was a slight recovery in the price of Bitcoin.

> Meanwhile, shares of another major exchange, Coinbase, fell nearly 12% in the early going.

> On a positive note, the DYDX token surged to $2.23, posting a 10% gain in response to the SEC’s lawsuit.

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