2023-11-28 07:11

Copyrighted Image by: Reuters UNITED STATES - In a recent development, Changpeng Zhao, the former CEO of the cryptocurrency exchange Binance, has been mandated by a Seattle federal judge to remain in the United States. This decision comes after Zhao pleaded guilty to charges of money laundering. His sentencing is scheduled for late February. Zhao's guilty plea was part of a plea deal reached with U.S. authorities, which was made public last Tuesday. He admitted to violating anti-money laundering laws in a post on a social media platform. Following his resignation, Richard Teng has taken over the leadership of Binance. The plea deal includes hefty fines for Binance, amounting to over $4 billion, which will be paid to various U.S. Treasury agencies. In addition to the criminal charges, Binance is also facing civil lawsuits from both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These lawsuits allege that the company had insufficient anti-money laundering protocols and customer identification processes, which reportedly enabled transactions by terrorist organizations, including al-Qaeda and the military wing of Hamas. The fallout from these legal issues marks a significant turn for Binance, which has been a prominent player in the cryptocurrency market. The implications of these events are likely to have a lasting impact on the company's operations and the broader cryptocurrency industry, as regulatory scrutiny intensifies. https://www.investing.com/news/cryptocurrency-news/binance-exceo-to-remain-in-us-following-guilty-plea-company-faces-fines-93CH-3244410

2023-11-28 06:34

Copyrighted Image by: Reuters The former CEO of the cryptocurrency exchange Binance, Changpeng Zhao, is currently under house arrest in the United States after a federal judge's ruling on Monday. US District Judge Richard Jones ordered that Zhao must remain in the country, setting his bail at a substantial $175 million. This decision comes in the wake of Zhao admitting to violations of anti-money laundering laws. Binance itself has faced significant legal repercussions, being penalized with a hefty $4.3 billion fine for failing to adhere to anti-money laundering and sanctions laws. Zhao has acknowledged his role in these regulatory oversights and subsequently resigned from his position at the helm of the world's largest cryptocurrency exchange by trading volume. The legal proceedings against Zhao are part of a broader crackdown on cryptocurrency exchanges that fail to comply with international regulations. Zhao's sentencing is scheduled for February 23, which will likely be a closely watched event by the crypto community and regulatory bodies alike. The outcome could have far-reaching implications for the cryptocurrency industry, which has been under increasing scrutiny in recent years. https://www.investing.com/news/cryptocurrency-news/binance-hit-with-43-billion-fine-exceo-zhao-under-house-arrest-with-175-million-bond-93CH-3244387

2023-11-28 05:32

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose slightly in Asian trade on Tuesday, sticking to a six-month high amid growing bets that the Federal Reserve will not raise interest rates any further. Anticipation of a slew of economic readings this week also kept safe haven demand for the yellow metal upbeat, as markets awaited more signs of cooling U.S. economic growth and a stalling Chinese rebound. The dollar sank to three-month lows in overnight trade, benefiting gold and other metal prices on bets of no more Fed rate hikes. But the greenback somewhat steadied in Asian trade, with more Fed cues also on tap this week. Spot gold was flat around $2,015.57 an ounce, while gold futures expiring in December rose 0.2% to $2,015.35 an ounce by 00:18 ET (05:18 GMT). Both instruments were at their highest level since mid-May. US econ data, Fed speakers on tap Markets were now awaiting key economic readings this week, chiefly the PCE price index- the Fed’s preferred inflation gauge. Beyond that, U.S. PMIs for November, coupled with a revised reading on third-quarter GDP were also on tap later in the week. Any signs of a cooling U.S. economy gives the Fed less headroom to maintain higher rates for longer- a scenario that benefits gold prices. Fears of worsening global economic conditions are also likely to drive safe haven flows into the metal. Later on Tuesday, a string of Fed officials, including Christopher Waller and Michelle Bowman are set to speak, potentially offering up more cues on monetary policy before the pre-Fed meeting blackout period begins. The central bank is now widely expected to keep rates on hold in December, with markets now seeking more cues on when the bank plans to begin trimming rates in 2024. Any changes to the Fed’s higher-for-longer outlook are likely to benefit gold prices, given that higher rates push up the opportunity cost of investing in bullion. Copper inches lower with China PMIs in sight Among industrial metals, copper prices eased on Tuesday, cooling after two weeks of strong gains. Copper futures expiring in March fell 0.1% to $3.7968 a pound. Copper traders were now largely awaiting purchasing managers index data from China, due this Thursday. The reading is expected to show that Chinese business activity remained languid in November, after a series of weak showings in October. Still, copper bulls are holding out for any more stimulus measures in the country, after Beijing was seen preparing more support for the property sector. People’s Bank of China Governor Pan Gongsheng also said that monetary policy was set to remain accommodative in the coming months, and that the Chinese economy had picked up in the past few months. https://www.investing.com/news/commodities-news/gold-prices-perch-at-6month-high-as-fed-pause-bets-grow-3244357

2023-11-28 05:32

Copyrighted Image by: Reuters. In recent currency market movements, the US dollar has softened, touching its lowest point for November. The Bloomberg Dollar Spot Index (BBDXY), which tracks the greenback against a basket of other major currencies, has descended to a nadir for the month. The Japanese yen, on the other hand, has seen appreciation amid market rebalancing. The USD/JPY pair initially slipped to ¥148 but made a slight recovery to ¥148.20/25. This movement comes after the currency pair's November 21 low at ¥147.15, with current resistance near the 20-day Exponential Moving Average (EMA) at ¥149.94. In the bond market, Treasury yields have seen a minor increase. Meanwhile, equity futures have edged down modestly, suggesting a cautious start to the trading session. The Australian dollar has shown notable strength, climbing above the August 10 high of $0.6616. It is now targeting the bear leg's 61.8% retracement level at $0.6656. The New Zealand dollar has been more stable, oscillating narrowly around $0.61. Other G-10 currencies have exhibited little change as Europe faces a subdued economic agenda day. Investors and traders are closely monitoring these shifts, as currency values can be indicative of broader economic trends and investor sentiment. https://www.investing.com/news/forex-news/dollar-dips-to-november-low-yen-gains-as-markets-adjust-93CH-3244356

2023-11-28 05:27

Copyrighted Image by: Reuters. Cryptocurrency enthusiasts and investors are closely monitoring the U.S. Securities and Exchange Commission (SEC) as it reviews the potential listing of a spot Bitcoin Exchange-Traded Fund (ETF). With Bitcoin (BTC) currently sustaining an upward trend below $40,000, the market is buzzing with anticipation. Speculation is rife that the value of BTC could potentially triple, influenced by the outcome of the ETF's review and the upcoming Halving event scheduled for Q2 2024. Investment strategists have weighed in on the matter, some with a conservative price target of $100,000 for BTC, citing a blend of macroeconomic analysis and historical patterns observed during past Halving events. Halving, a feature built into Bitcoin's code, reduces the reward for mining new blocks by half, effectively cutting the rate at which new bitcoins are created and released into circulation. This event has historically been a catalyst for significant price rallies in Bitcoin's market value. The sentiment surrounding the possible approval of a spot Bitcoin ETF is adding to the positive outlook for BTC's price. An ETF would provide a regulated investment vehicle for exposure to Bitcoin, potentially opening the market to a broader base of investors who have been waiting for more traditional avenues to gain exposure to the cryptocurrency. As the market looks ahead to these developments, the potential for a new bull market phase in Bitcoin, supported by Tapiero's forecast and the historical precedent of post-Halving rallies, is a story that continues to unfold. The SEC's decision on the Bitcoin ETF listing remains a pivotal point that could shape the trajectory of BTC's value in the months leading up to the Halving event. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-listing-under-sec-review-as-btc-eyes-100k-amid-halving-event-93CH-3244353

2023-11-28 04:54

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN), a leading cryptocurrency exchange, experienced a substantial boost in its stock value, reaching an 18-month high at $119.77 on Monday. This surge, amounting to a year-to-date increase of 256.5%, comes amid legal challenges faced by its rival Binance. The latter recently agreed to a $4.3 billion settlement with the Department of Justice (DOJ) for regulatory violations, which also includes commitments to future compliance oversight for up to five years. The rise in Coinbase's shares is notable given the company's entanglement with its own regulatory hurdles. Despite these challenges, Coinbase's role as a custodian for the majority of pending U.S.-based spot crypto ETFs—13 out of 19 under review by the SEC—has been underscored by Bloomberg's ETF analysts as a potential factor in bolstering its market position. This custodial role could offer Coinbase a strategic advantage, particularly as the company navigates an ongoing lawsuit with the SEC. The lawsuit challenges Coinbase's alleged unregistered token listings and raises questions about the SEC's regulatory authority over cryptocurrencies. Coinbase's current stock performance, although impressive, has yet to reach its record high of nearly $343, which it achieved on November 12, 2021. Nonetheless, the company's significant involvement with the prospective ETFs and its ability to weather the regulatory storm may continue to influence investor confidence in the cryptocurrency exchange. The legal and regulatory landscape for digital assets remains a critical area of focus for investors and industry participants alike, as evidenced by the recent developments involving two of the industry's most prominent players. InvestingPro Insights As Coinbase rides the wave of a remarkable stock value increase, reaching an 18-month high, the market is keenly observing its performance metrics. According to InvestingPro data, Coinbase boasts a substantial market capitalization of $28.65 billion. Despite a notable dip in revenue growth over the last twelve months, with a decrease of nearly 47.88%, the company has shown resilience with a quarterly revenue growth of 8.09% in Q1 2023. InvestingPro Tips highlight that analysts have recently revised their earnings upwards for the upcoming period, which could signal a positive outlook on Coinbase's financial prospects. Additionally, the stock's significant return over the last week, with a price total return of 13.54%, underscores its current momentum in the market. It's also worth noting that Coinbase is trading near its 52-week high, at 98.61% of this value, reflecting strong investor interest. As investors digest these insights, it's important to consider the full spectrum of analysis available. With a special Cyber Monday sale, InvestingPro is offering a subscription discount of up to 55%, providing access to a comprehensive list of additional tips. Currently, there are 13 more InvestingPro Tips available that could further inform investment decisions regarding Coinbase. https://www.investing.com/news/cryptocurrency-news/coinbase-shares-hit-18month-peak-as-binance-settles-with-doj-93CH-3244329