CZ’s U.S. Court Standoff; Bitcoin's $38K Breakthrough; Binance's Record $4.3B Settlement; Crypto Fund Inflow Surge and more news...
GLOBAL NEWS
Court Bars Former Binance CEO Zhao from Leaving U.S. Pending Sentencing
Judge Richard Jones of the U.S. District Court in Seattle has ruled that Changpeng 'CZ' Zhao, former CEO of Binance, must stay in the United States until a review of his sentencing in February is completed. This order halts the previously considered allowance for Zhao to return to the UAE. The ruling comes amidst prosecutors' concerns over Zhao's potential flight risk, highlighted by his substantial wealth and the lack of an extradition treaty between the UAE and the U.S.
BTC Surges Past $38,000, Marking a New High Since April 2022
Bitcoin has finally surpassed the $38,000 threshold, a peak not seen since April last year. This surge follows a consistent upward trend over the past three months, where BTC steadily climbed from a stagnation point between $26,000 and $28,000. Bitcoin price hovered around $38,000, shows a significant turnaround in the cryptocurrency market.
CZ Defense Seeks Court's Approval for His Return to UAE, Citing No Flight Risk?
In a recent legal turn, Changpeng Zhao's defense team argues for his release to the UAE until February's sentencing, countering the prosecution's motion to retain him in the U.S. The defense highlights Zhao's non-flight risk status, as previously determined by Judge Brian Tsuchida, and points to his voluntary plea and lack of criminal history. This request follows Zhao's guilty plea in a Seattle court for violating the Bank Secrecy Act and a historic $4.3 billion settlement by Binance with the U.S. DOJ.
Crypto Funds Witness Record $346 Million Inflow, Highest Since Late 2021 Bull Market
Major asset managers including 21Shares, CoinShares, Bitwise, Grayscale, and ProShares saw a dramatic $346 million inflow into crypto funds last week, marking the most significant increase since the 2021 bull market, per CoinShares’ latest data. This surge, doubling from the previous week's $176 million, extends a nine-week growth streak, with year-to-date inflows surpassing $1.5 billion. Anticipation of a U.S.-based spot bitcoin ETF significantly contributed to this momentum, elevating total assets under management to over $45 billion, the highest in 18 months.
领英推荐
Binance's Historic $4.3 Billion Settlement Seen as Positive for Crypto, Says JPMorgan
JPMorgan analysts, led by Nikolaos Panigirtzoglou, view Binance’s recent $4.3 billion settlement with U.S. agencies as a favorable turn for the cryptocurrency exchange and the broader sector. The settlement, resolving allegations of anti-money laundering and sanctions violations, also involves a $50 million fine for ex-CEO Changpeng Zhao. This agreement, which concludes a lengthy investigation, is anticipated to reduce uncertainty around Binance, bolstering its trading and BNB Smart Chain operations. It also alleviates concerns of systemic risk, a relief for crypto investors.
Binance Experiences Over $1 Billion in Withdrawals Amid CZ’s Guilty Plea?
Following the guilty plea of Binance co-founder Changpeng Zhao for violating the Bank Secrecy Act and stepping down as CEO, Binance witnessed a dramatic increase in withdrawals, surpassing $1 billion in just 24 hours. Data from DefiLlama and Nansen reveals that the bulk of these outflows occurred across multiple networks including Ethereum, BNB Chain, Avalanche, Fantom, and Polygon. This comes as the crypto exchange faces a hefty $4.3 billion fine and appoints Richard Teng as the new CEO, marking a pivotal moment for the world's largest crypto platform.
RAIN NEWS?
Rain Co-Founder AJ Nelson to Speak on Crypto and Compliance at Abu Dhabi Finance Week
At Abu Dhabi Finance Week, AJ Nelson of Rain takes center stage to dissect the rapid growth of the crypto industry and underscore the indispensable need for compliance in today's market. Reflecting on the industry's explosive expansion, AJ will discuss how adherence to regulations is not just shaping, but essential for the sustainable future of digital assets.
Spotlight article:
Binance Founder Changpeng Zhao Steps Down, Pleads Guilty
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