2023-11-20 17:43
A resolution could come as soon as the end of this month, Bloomberg reports. Binance Holding Ltd. would be asked to pay $4 billion to settle U.S. Department of Justice accusations of multiple criminal violations, according to a report from Bloomberg News on negotiations between the DOJ and the company, which are also leaving open the possibility that its founder Changpeng "CZ" Zhao would also face U.S. criminal charges. Binance has been under a lengthy investigation by U.S. authorities for money laundering, bank fraud and violating U.S. sanctions laws, and the talks could reportedly conclude in the coming weeks. A spokesperson with the DOJ declined to comment to CoinDesk. Binance didn't immediately respond to a request for comment. Binance and CZ have faced investigations and accusations on multiple fronts in the U.S., including related enforcement actions earlier this year from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. If the company agrees to be fined by the U.S. for more than $4 billion, that would represent one of the largest settlements in crypto history, but it's uncertain what other conditions or business requirements may come along with that penalty, according to Bloomberg. Were U.S. authorities to charge CZ, a resident of the United Arab Emirates, with crimes, he would have to be extradited from a country with a U.S. extradition treaty or set foot in U.S. territory in order to face those charges. Read More: Binance Feels Strain of World’s Regulators Leaping Into Action https://www.coindesk.com/policy/2023/11/20/us-is-looking-for-over-4b-from-binance-to-end-criminal-case-bloomberg/
2023-11-20 15:58
The U.S. Securities and Exchange Commission wants more information about the assets of the former crypto lender, which is reorganizing through bankruptcy, a person familiar with the matter said. An ambitious plan to form a new crypto services business from the ashes of bankrupt lender Celsius has run into a speed bump with the U.S. Securities and Exchange Commission, according to a person familiar with the situation. A "back and forth" regarding information around assets held by the Celsius estate is taking place between the SEC, the Celsius Creditors Committee and Fahrenheit, an investment vehicle that won a bidding contest in May of this year to issue shares in a new crypto business built upon the bankrupt lender's remaining assets, the source told CoinDesk. "My understanding is that the SEC asked for more information to make a determination," the person said. "The way I'm interpreting it is the SEC is telling the committee what they want to see for various parts of the business, and now the committee has to decide what they're going to do with that information." Investment vehicle Fahrenheit, which includes Arrington Capital, U.S. Bitcoin Corp., and Proof Group, gained approval for its reorganization plan from a bankruptcy court earlier this month. Fahrenheit's now-stalled plan for Celsius involved distributing some $2 billion worth of bitcoin (BTC) and Ethereum's ether (ETH) to creditors, as well as equity in a new company. The new entity would run and further build out the Celsius bitcoin mining operations, stake Ethereum, monetize other illiquid assets and develop new business opportunities, according to a filing. The approved backup plan if that falls through: winding down and liquidating Celsius' assets. Neither Fahrenheit nor the Celsius Creditor Committee responded to requests for comment. The SEC declined to comment. https://www.coindesk.com/business/2023/11/20/celsius-revamp-plan-hits-speed-bump-with-sec-source/
2023-11-20 14:16
The $225 million was related to the "pig butchering" scam. Stablecoin issuer Tether has frozen $225 million worth of its own stablecoin following an investigation by the U.S. Department of Justice (DOJ) into an international human trafficking syndicate in Southeast Asia. The investigation was ongoing for months and used blockchain analysis tools provided by Chainalysis. It marks the largest-ever freeze of a stablecoin, a press release said. On-chain data shows that Tether froze the $225 million across 37 wallets, with the majority of those tokens previously being transferred to OKX, a crypto exchange that also took part in the investigation. The crime syndicate is related to the "pig butchering" scam, which the Federal Bureau of Investigation (FBI) said cost U.S. citizens $3.3 billion last year. The frozen tokens were being held in self-custodied wallets and did not belong to Tether customers, the press release added. "Through proactive engagement with global law enforcement agencies and our commitment to transparency, Tether aims to set a new standard for safety within the crypto space,” said Paolo Ardoino, CEO of Tether. Tether also froze 32 crypto addresses linked to terrorism and warfare in Ukraine and Israel last month. https://www.coindesk.com/business/2023/11/20/tether-freezes-225m-linked-to-human-trafficking-syndicate-amid-doj-investigation/
2023-11-20 13:23
Bullish, which is run by former NYSE President Tom Farley, bought 100% of CoinDesk from crypto-focused investor DCG in an all-cash deal Cryptocurrency exchange Bullish has bought CoinDesk, the Wall Street Journal (WSJ) reported on Monday. Bullish, which is run by former New York Stock Exchange (NYSE) President Tom Farley, bought 100% of CoinDesk from crypto-focused investor Digital Currency Group (DCG) in an all-cash deal, the Journal said. Financial terms of the deal were not disclosed. CoinDesk will operate as an independent subsidiary of Bullish, Farley said, according to the report. An editorial committee will also be formed, chaired by former Wall Street Journal Editor-in-Chief Matt Murray. CoinDesk's current management team will remain in place. https://www.coindesk.com/business/2023/11/20/crypto-exchange-bullish-completes-purchase-of-coindesk-wsj/
2023-11-20 11:49
Crypto markets added some 2% in the past 24 hours, with the artificial intelligence-focused token sector driving the most gains for weekend traders. Bitcoin broke above $37,000 early Monday on the back of the appointment of Javier Milei, a pro-bitcoin candidate, as the President of Argentina. The artificial intelligence (AI) focused token sector added over 8% amid key, but unrelated, developments in rising AI upstarts. However, some traders warn of a market reaction after Federal Reserve meeting notes are released Tuesday, ahead of an expected low-liquidity environment toward the end of this working week. Bitcoin (BTC) rose through $37,000 early Monday as Argentina's presidential election was won by Javier Milei, a pro-bitcoin candidate. The broader crypto market added almost 2% in the past 24 hours. Milei, a self-described anarcho-capitalist, has been supportive of bitcoin, calling it "the return of money to its original creator, the private sector." He has not, however, proposed making the world's largest cryptocurrency legal tender in the country. The artificial intelligence (AI) token sector also gained, adding over 8% amid key, but unrelated, developments in rising AI upstarts. Bittensor's TAO rose 4.2%, adding to a 77% rally over the past week. Ocean Protocol's OCEAN, Fetch AI's FET and SingularityNet's AGIX zoomed as much as 16% in the past 24 hours, outperforming bitcoin and other majors. Near Protocol’s NEAR jumped 20% and staking platform Lido’s LDO added 11%. A potentially busy week is coming up for crypto, with several events and announcements that could drive market movements, some traders said. "Tomorrow the U.S. Federal Reserve releases its latest meeting notes, which have a tendency to move markets," eToro markets analyst Simon Peters said in a note to CoinDesk. "These minutes give deeper insight into central bank thinking. With inflation slowing, investors are looking for more confirmation that we may be at peak rates." "Also on Tuesday, Nvidia is reporting its latest results. The firm has become a poster child for the AI revolution as the 'picks and shovels' play for investors. Cryptoassets are likely to be responsive to the firm’s announcements," Peters said. Peters also warned of low liquidity toward the end of the week as U.S. financial markets close Thursday for Thanksgiving and Black Friday kicks off the holiday shopping season. Thin trading volumes can create volatility in markets. FxPro analyst Alex Kuptsikevich said that while traders expect the Federal Reserve to announce rate cuts in the coming months, such a move could occur only if financial markets were to first take a deep hit. "The Fed typically starts a cycle of rate cuts only after a significant market correction starts, on the back of damaged risk appetite," Kuptsikevich wrote in a note on Monday. "A cut in the first half of 2024 can only be triggered by severe turbulence in debt and equity market." A drop in broader markets could, however, mean bitcoin "returns below $30,000 before triggering another bull cycle," Kuptsikevich said. https://www.coindesk.com/markets/2023/11/20/bitcoin-surpasses-37k-on-argentina-presidential-election-result-as-analysts-focus-on-fed-notes/
2023-11-20 09:32
The world’s largest cryptocurrency is expected to benefit from a number of positive catalysts in 2024, the report said. Bitcoin (BTC) is expected to emerge as a global macropolitical asset with a more-than $3 trillion market cap, quadrupling by mid-2025, broker Bernstein said in a research report Monday. Bernstein says the cryptocurrency’s fundamentals have never looked better, noting that 70% of the outstanding supply hasn’t been traded in the past year. “This is an all-time high in bitcoin’s history – these churn rates are extraordinary for a financial asset, particularly one known for its exponential moves driven by a supply squeeze,” analysts led by Gautam Chhugani wrote. Another potential positive catalyst is the bitcoin halving, likely in April or May next year. According to Bernstein, the halving is expected to reduce monthly selling pressure from miners to less than $500 million from around $1 billion at today’s prices of $37,000 per BTC. More favorable accounting treatment based on new Financial Accounting Standards Board (FASB) guidelines, which will allow companies to book mark-to-market gains on bitcoin inventory “will favorably impact corporate preference for holding bitcoin as a treasury asset, thus creating new demand sources from corporates,” the report said. Another tailwind is the approval of a U.S.-listed spot bitcoin exchange-traded-fund (ETF), which will make it easier for companies and retail to gain access to the cryptocurrency. “U.S. bitcoin ETF is on track for an early 2024 approval, as the Securities and Exchange Commission (SEC) continues to engage on the applications from leading asset managers,” the authors wrote. Bitcoin’s role as a “debasement hedge” may grow in prominence given the scenario of “debt monetization and/or a more gruesome slowdown in early 2024, with the lagging effect of rates over-correcting for inflation,” the report added. https://www.coindesk.com/markets/2023/11/20/bitcoin-fundamentals-have-never-looked-better-bernstein/
