Binance’s victory over FTX means more users moving away from central exchanges
Binance faces far less competition in the aftermath of FTX’s fall, but it still may not win a surge in new users. Based on the joint statements on Twitter this week from Binance CEO Changpeng “CZ” Zhao and FTX CEO Sam “SBF” Bankman-Fried, it seems clear that FTX has serious solvency problems — so dire that few in the market are willing to save it. As a result, FTX is turning to CZ as a prospective buyer.After CZ exposed FTX’s problems earlier in the week by announcing his plan to dump $500 million of its FTX Token (FTT) on the market, the companies said on Nov. 8 that they had entered into....
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Binance is yet to announce an official date for imposing restrictions on derivatives products for Hong Kong users. Stepping up efforts to minimize the inherent risks of trading cryptocurrency, major crypto exchange Binance has announced it would restrict access to derivatives products to Hong Kong users. The official announcement reads:“Users from Hong Kong will have a 90 days’ grace period to close their open positions. During the grace period, no new positions may be opened.”However, Binance’s proactive means to restrict Hong Kong users was not supported by a date of when the....
Ripple has been planning a ‘Proper Victory Party’ to celebrate its victory over the United States Securities and Exchange Commission (SEC) for a while now and this could affect the XRP price. This was made public in late August when the company announced the September 29 date. Now, with the Ripple victory party just a […]
The governor of the Philippine Central Bank has stated that the monetary authority is considering “hard regulations” for bitcoin and digital currency exchanges in the country. In a recent lecture organized by the Philippine Central Bank, Nestor Espenilla, the deputy governor in charge of banking supervision, claimed that the bank is contemplating strict regulatory control over digital currency exchanges. Bitcoin Finds Users in the Philippines. Deeming bitcoin and digital currency exchange operators as remittance providers, Espenilla revealed that the number of bitcoin users in the country....
In a landmark victory for the crypto industry, the US House Financial Services Committee has achieved a landmark victory by advancing a bipartisan bill aimed at establishing a regulatory framework for Bitcoin and cryptocurrencies yesterday. The bill’s passage marks Capitol Hill’s efforts to codify federal oversight for the digital asset industry, providing much-needed clarity and […]
Bitcoin exchange reserve has fallen off a cliff, on-chain analysis shows. This behavior is usually a bullish indicator for the BTC market. Bitcoin All Exchanges Reserve Is Down As pointed out by a CryptoQuant post, the BTC all exchanges reserve indicator has surged downhill over the past couple of days. The Bitcoin all exchanges reserve is an indicator that shows the amount of BTC stored in wallets of all exchanges. When the metric’s value goes up, it means more investors are sending their crypto to exchanges. More BTC in exchanges implies a selling pressure. On the other hand, when....