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Peter Davis

An writer at FOMOdrive

  • Nov 23, 2023
  • 3 min read

Experts discuss the fate of Binance

On Wednesday, Bitcoin regained all of the losses it had suffered the day before.

BTC is aiming for $38,000 once more, attempting to reach the highs of the year.

BKCM predicts that Bitcoin's capitalization could potentially increase by a factor of ten.

Approximately $110 million was stolen from the HTX exchange (formerly known as Huobi) in a hacking incident.

The SEC has been in talks with Grayscale about the specifics of a Bitcoin exchange-traded fund (ETF).

Brian Kelly, CEO of BKCM, believes that Bitcoin is in a great spot for expansion and its market capitalization could increase tenfold in the near future. He believes that investors will eventually start to view Bitcoin as a digital version of gold.

Grayscale recently held a meeting with the US Securities and Exchange Commission (SEC) to discuss the potential of transforming the GBTC exchange-traded fund into a spot Bitcoin ETF. In addition, Grayscale representatives announced that they had signed a fund servicing agreement with BNY Mellon. This institution will act as a counterparty to GBTC, providing the necessary support for the issuance and redemption of shares.

Janet Yellen, the US Treasury Secretary, along with representatives from the Department of Justice, declared that Binance exchange had to pay the price for its avarice and disregard for regulations.

Matrixport believes that Binance will remain one of the biggest crypto exchanges in the next two to three years, even though the SEC was not included in the agreements with US agencies, which is a positive result.

CommEX believes that the pre-trial settlement of the conflict is a sign that American regulators are willing to negotiate with crypto companies and move closer to approving Bitcoin ETFs.

As part of the agreement, Binance will be making a "complete withdrawal" from the United States and will be paying a total of $4.368 billion to FinCEN and OFAC. Additionally, its founder Changpeng Zhao will be paying a personal fine of $50 million.

After being released on bail of $175 million, Changpeng Zhao, the CEO of Binance, was reassured by the new CEO, Richard Teng, that the world's largest crypto exchange is in a strong financial position.

Nobuaki Kobayashi, the trustee of the bankrupt Mt.Gox exchange, has assured creditors that they will begin receiving payments before the end of the year. Unfortunately, due to the large number of creditors, it is likely that payments will continue until 2024. This is a long wait for Mt.Gox's creditors, who have already had their repayment deadline postponed multiple times over the past decade.

Confirmation of a hack on the HTX (formerly Huobi) crypto exchange and the HECO network has been made by the head of HTX, with unknown persons withdrawing assets worth $110 million.

Labrys, an Australian developer of blockchain solutions, and Easy Crypto, a New Zealand crypto exchange, have jointly announced the launch of NZDD, a stablecoin pegged to the New Zealand dollar.

Hannes Graach, formerly the Vice President of Development at Revolut, alongside ex-employees of Coinbase and Spotify, is set to launch the Zeal crypto wallet in the first quarter of 2024 with the backing of Galaxy Digital.

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