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Peter Davis

An writer at FOMOdrive

  • Nov 22, 2023
  • 3 min read

Binance will pay the US over $4.3 billion - Changpeng Zhao resigns

On Tuesday, Bitcoin experienced a significant drop, with its value decreasing by more than $1,500 and falling below the $36,000 mark.

The Kraken exchange was accused by the SEC of numerous violations.

An agreement between Binance and the US authorities has been reached.

83.6% of all bitcoins have "paper" profits.

Binance, the world's largest exchange, has come to an agreement with US authorities to settle an investigation, agreeing to pay a total of over $4.3 billion in compensation for breaching a number of regulations.

Changpeng Zhao, the former head of the exchange, resigned after admitting guilt for violations alleged by the US authorities and agreeing to pay a personal fine of $50 million. Richard Teng, who was previously the head of regional markets, has been appointed as the new CEO.

The US Securities and Exchange Commission (SEC) has accused crypto exchange Kraken of trading securities without registration, as well as failing to register as an exchange, broker, dealer and clearing agency. Additionally, the SEC has alleged that Kraken mixes customer funds with its own assets and uses customer accounts to pay for its operating expenses.

Kraken co-founder Jesse Powell urged all crypto companies to depart the United States after the exchange rejected the SEC's allegations, vowing to fight their stance in court.

83.6% of all bitcoins in circulation have "paper" profits, the highest since November 2021, however, Glassnode notes that the average value of these profits is not enough to create a wave of HODLers selling off their positions.

Dan Tapiero, CEO of 10T Holdings, is sure that the emergence of cryptocurrencies and blockchain technology is unavoidable as more and more financial giants are showing interest in the crypto space. He believes that "the crypto market is expecting a large influx of traditional capital."

Willy Wu, a renowned analyst and blockchain researcher, declared that Bitcoin will never again drop below $30,000 in the future. He argued that each time Bitcoin has gone through a bear market or halving, the price has never gone back to its original level.

The Block reported that the average commission on the Bitcoin blockchain has exceeded the corresponding figure for Ethereum, as interest in Ordinals has been renewed. Over the past week, the average transaction fee on the Bitcoin network has increased by a whopping 49%, from $8.59 to $12.75. Meanwhile, the Ethereum indicator stands at $7.55.

DFINITY and SingularityNET have joined forces to combine artificial intelligence, blockchain, smart contracts, and decentralized networks. SingularityNET is integrating the Internet Computer Protocol (ICP) network into its marketplace of AI tools, enabling developers to execute language models within smart contracts on the blockchain.

The C-Chain network has seen its daily transaction volume reach unprecedented heights, thanks to the increasing popularity of Ordinals on the Avalanche blockchain. Both Ordinals and ASC-20 tokens employ "notations" to add data to the blockchain.

Pavel Zavalny, head of the Russian State Duma Committee on Energy, suggested that cryptocurrency mining could be an effective way to use associated petroleum gas (APG).

Sberbank recently carried out Russia's inaugural trial loan transaction with digital financial assets (DFAs) as collateral.

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