Binance.US Canceled by The SEC? Stock Exchange Announces Two New Exits.

Leonardo Perez
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Binance.US Canceled by The SEC? Stock Exchange Announces Two New Exits.

Game, set and match for the SEC?

The technique to take down an opponent is still to push their best players to leave the team. The regulator’s strategy has been clear and effective since its attack on Binance.US in June. The platform is a shadow of its former self, as the crypto sailors leave the ship one after the other.

Binance.US: The Last Gasp of the Defeated?

In June, the SEC (Stock Exchange Commission) takes a vigorous swipe at the Binance.US exchange, the US branch of the world’s first crypto exchange. The latter is accused of having provided without authorization services considered to be the sale of financial securities to American clients.

Gurbir Grewal, Director of the SEC’s Division of Enforcement, stated the following:

“We believe that Zhao [Binance CEO] not only knew the rules, but decided to willfully ignore them and therefore put customers and investors at risk, in an effort to maximize his own profits.”

However, these accusations are, at the moment, unproven. Furthermore, without regulations there is currently no United States to clarify the status of cryptocurrencies. Still, standing in the SEC’s way remains an uphill battle, one that Binance.US clearly appears to be losing.

Despite the defense of Binance.US, which denounces a “free” SEC, the numerous exits in recent months have led to fears of the worst for its future. In July, Patricio Hillman, Binance’s strategic director, announced his departure. He was followed by Han Hg, the company’s general counsel, and Steven Christie, Chief Compliance Officer.

In early September, Mayur Kamat, Director of Product and Design, left the company. This September 13, the CEO himself, Brian Shroder, officially announced his departure. Therefore, the departure of a platform deprived of its trading volumes is evident, like the flat encephalogram of a stock market that is preparing to die, defeated by the abusive regulation of an adversary who is also an arbitrator.

New Executives Leave Binance.US

Today two new faces leave the company. First Krishna Juvvadi, legal manager of Binance.US. He joined the company in May 2022, after working for the giant Uber as head of Compliance operations. Next, Sidney Majalya, Head of Risk Management, also leaves the company. He joined Binance.US in December 2021, after leaving Intel to enter the tumultuous world of cryptocurrencies.

A Binance.US spokesperson for The Block has stated the following:

“The SEC’s aggressive attempts to cripple our industry and the effect on our business have real consequences for the American labor market and innovation. And this is an unfortunate example.”

The SEC is clearly pursuing an aggressive policy, viewing the burgeoning crypto sector as a formidable adversary for its precious dollar. The emergence of finances over which they would not have full control.

However, the good thing about a wave of innovation, especially when it is global, is that it is unstoppable, as humanity will always choose the simplest, most efficient and profitable solution, that is, the one that in the end requires less effort to obtain the same result. By disrupting finance, cryptocurrencies can claim this place, and the more the United States fights the movement, the more it will fall behind the competition, like Europe in its time with the Internet.

By Leonardo Pérez

Bybit Clarifies Position on Reported UK Exit

Leonardo Perez
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Bybit Clarifies Position on Reported UK Exit

Bybit was rumored to have signaled a possible exit from the UK due to strict inbound marketing regulations that come into force on October 8.

Prominent crypto exchange Bybit has denied reports indicating the company’s intention to exit the United Kingdom before the country’s new financial rules come into force from October 8, 2023.

Earlier Wednesday, several media sites reported that Bybit found the UK’s new marketing rules for crypto companies to be “quite strict” and plans to withdraw its services from the island nation.

These reports claimed that the Dubai-based exchange was looking to close its market in several countries with strict regulations, including the United Kingdom.

Bybit Intends to Remain in the UK for The Long Term

A few hours after the abovementioned reports circulated, Bybit posted a statement on social media platform X, stating its commitment to the United Kingdom. The post stated the following:

“At Bybit, we consider the UK to be a highly important market for the advancement of crypto and blockchain technologies. Our commitment to this market is unwavering, and we intend to maintain our presence in the UK for the long term.”

Additionally, the exchange assured users of its willingness to work with UK regulators under the new financial promotion rules. Commenting on the situation, Bybit co-founder and CEO Ben Zhou stated the exchange’s commitment to regulatory compliance and that negotiations with UK authorities on the “best solution” for all parties are ongoing. Zhou further stated the following:

“Compliance is Bybit’s first priority, Regarding the UK new crypto regulation, we are in talks with the regulator to find the best solution moving forward, no final agreement has been made yet, we will keep our communities informed.”

Zhou highlighted the possible changes after October 8 and explained in the following terms:

“The FCA has contacted all the major players (us, OKX, Binance, everyone) and asked them what our plan is to address this new law. And the new law is that if you use English as a language, they will consider you as seeking to attract their users, so you cannot claim that you are making a reverse request.”

In early May, Bybit withdrew its services from Canada, citing certain regulatory changes. As now, the exchange expressed the importance of regulatory compliance for business operations in any country:

 “UK consumers will have greater protection as crypto marketing must be clear, fair and not misleading, labeled with prominent warnings and must not encourage people to invest. These rules apply to companies wherever they are located globally.”

If Bybit cannot find a middle ground with UK financial regulators, it may take the same path and shut down its services nationwide. However, it is still too early to tell.

The New UK Financial Promotion Rules

In June, the United Kingdom’s Financial Conduct Authority introduced new financial marketing rules for crypto companies seeking to offer their services to its citizens in Great Britain. According to the FCA, these rules were designed to ensure that all UK customers understood the risk of cryptocurrency investments.

In July, the UK regulator wrote a letter to all crypto marketing companies highlighting the various routes for promoting assets under the incoming regime. Some routes included promotions by FCA authorized personnel or FCA registered crypto companies.

As stated above, these rules will come into effect from October 8, 2023. Some notable parts of these regulations include the abolition of “refer a friend” bonuses and the introduction of a “24-hour cooling-off period” for first-time investors.

By Leonardo Pérez

TON Price Rises After Integration of Its Wallets in Telegram

Audy Castañeda
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TON Price Rises After Integration of Its Wallets in Telegram

After Telegram announced the integration of Toncoin wallets into its messaging platform, the price of TON rose.

During the most recent days, the price of the TON token rises sharply in contrast to the stagnation of the crypto market. This good performance is linked to the recent adaptation of Toncoin wallets in the Telegram messaging application.

This Wednesday, the price of the currency experienced an increase of more than 14%. As of Thursday, the price has fallen considerably, although it still remains strongly in the green territory. With this, the currency consolidates itself as one of the strengths of the altcoin sector.

TON’s unstoppable rise makes it one of the most promising mid-cap projects today. With the momentum of the last two days, the currency is going through the best moment so far in September.

TON Price Gains Traction

Telegram planned to integrate the cryptocurrency wallet in 2019, but the messaging app had to cut its ties with the blockchain foundation in 2020 after the U.S. Securities and Exchange Commission filed a lawsuit against Telegram over its raising of $1.7 billion from the initial coin offering (ICO), considering it as unregistered securities. The messaging platform settled with the SEC with a fine of $18.5 million and a promise to return unused funds to investors.

The integration of the wallets associated with Toncoin on Telegram is the big news that caused the price increase of TON. Although Toncoin operates as an independent blockchain, its relationship with Telegram makes it sensitive to any developments in which both are involved.

The integration of Toncoin wallets into the messaging giant is a major advance. In that sense, tokens that operate within the ecosystem of the aforementioned blockchain can be supported from the application.

According to information from the Open Network Foundation, access to Toncoin wallets can be achieved through Telegram settings. Thus, from now on, all users of that messaging application could access TON Space. Meanwhile, they will have the flexibility to make transactions such as purchases and sales through Telegram Wallet Bot.

The Telegram application has more than 800 million active users, which provides a strong base for the adoption of the crypto project. With this in mind, it is not surprising that the TON price is now rising sharply.

 Where The Token is at This Moment

Currently, the price of the coin is $1.89 per unit. This is a 3.70% growth over the last 7 days, according to data from CoinMarketCap. During the day on Wednesday, the currency came very close to reaching $2 dollars, but now it has a correction that prevented it.

The increase in the currency comes in stark contrast when compared to the crypto market in general. While the main currencies are unchanged, or worse, with negative returns, the price of TON remains bullish. Consequently, during the last month its performance is +29%.

With all this, it can be thought that when the adoption of a part of the Telegram user base occurs, so will its price. This makes the Toncoin coin one of the most appealing assets for investors. The great hope is a possible large-scale boost when the expected bull-run of the crypto market occurs.

By Audy Castaneda

Javier Milei to Tucker Carlson: “I Defend the Ideas of Freedom. China, Putin and Lula do not”

Audy Castañeda
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Javier Milei to Tucker Carlson: “I Defend the Ideas of Freedom. China, Putin and Lula do not”

Argentina’s presidential candidate spoke about inflation, the role of the State and climate change. He stated that his country’s problem is that it embraced socialist ideas for a hundred years. The interview had repercussions ranging from Elon Musk to Michael Saylor.

Argentina’s presidential candidate Javier Milei gave an interview to renowned North American journalist Tucker Carlson and spoke about inflation, the role of the State and climate change, among other topics. The leader of the La Libertad Avanza party, winner of the recent primary elections, expressed confidence ahead of the general elections in October.

Among his most forceful mentions, Milei asserted that in his eventual government there will be no commercial relationship with China. The economist stated that he will not negotiate with communists, among which he included Brazil and Russia. The libertarian is a clear favorite for the elections to be held on the third Sunday of October in the South American country.

Javier Milei’s Highlights in the Interview with Tucker Carlson

Javier Milei is someone who has revolutionized Argentine politics based on ideas that he defines as “libertarian.” His emergence was underestimated and now, with a resounding result in the first electoral round, he has become the rival to beat.

One of the strongest titles that the talk left had to do with a historically important trade partner for Argentina such as Brazil. In that same reflection Milei mentioned another partner, closer in time, such as China.

“Not only am I not going to do business with China, I am not going to do business with any communists. I am a defender of freedom, peace and democracy. The communists don’t go there. The Chinese don’t go in there. Putin doesn’t go in there. Lula doesn’t go in there. We want to be the moral lighthouse of the continent. We want to be defenders of freedom, democracy, diversity. Peace.”

Milei Referred to Inflation, the Pope and even Donald Trump

For Javier Milei, Argentina embraced socialist ideas for a hundred years. This explains its current economic crisis which, among other aspects, is reflected in double-digit monthly inflation.

In another high-impact section, the economist established a point of connection between Pope Francis and the dictators:

“The Pope plays politically; he is a figure with strong political interference. He has also demonstrated a strong affinity with dictators like Castro or Maduro. That is, he is on the side of bloody dictatorships.”

Almost at the end of the talk, he offered some advice to the former president of the United States and again candidate Donald Trump:

“I would tell him to continue his fight against socialism, because he is one of the few who fully understood that the fight is against socialism and the statists. From my small place, the only thing I could say is to redouble my efforts in the same direction of defending the ideas of freedom and not giving a single second of respite to the socialists.”

One of the most recurring projections in Argentina during the days before the election is what will happen with possible demonstrations with Milei’s policies. The candidate said that, if elected president, he will not allow the law to be violated, and that there will be no reason to go out and demonstrate violently. However, if that happens, those who carry out the events will go to jail.

By Audy Castaneda

India, Nigeria and Thailand Lead the Way in Global Cryptocurrency Adoption Index 2023, And Other News of the Crypto World

Leonardo Perez
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India, Nigeria and Thailand Lead the Way in Global Cryptocurrency Adoption Index 2023, And Other News of the Crypto World

The latest Chainalysis Global Cryptocurrency Adoption Index shows how countries with LMI make a difference in 2023.

According to the latest “Global Cryptocurrency Adoption Index 2023” from Chainalysis, India, Nigeria and Thailand are leading the adoption of cryptocurrencies this year. However, the most interesting thing about the report is that it is the lower middle income (LMI) countries that are making the difference.

Chainalysis designed the Global Crypto Adoption Index to identify countries where the most people are putting the greatest share of their wealth into cryptocurrency. More than one hundred and fifty countries were analyzed. The rankings were weighted by characteristics like population size and purchasing power.

Chainalysis, a blockchain analysis company, shared a summary of its report and revealed that the regions of Central and South Asia, as well as Oceania, lead this index. Six of the top 10 countries are located in this part of the world. Despite the decline in global cryptocurrency adoption following the FTX crash in 2022, lower-middle-income countries, as classified by the World Bank, have shown the greatest recovery over the past 12 months.

CEO of Binance.US Resigned from His Position at the Cryptocurrency Exchange

Brian Shroder, who was the CEO of Binance.US, has decided to resign from his position as leader of this popular cryptocurrency exchange platform. It was learned that Norman Reed, the legal director of Binance.US, will assume this role temporarily.

This decision by Shroder comes at a crossroads for the company, as lay-offs have been made affecting a third of the company’s employees. This drastic staff cut has raised concerns in the crypto community and is believed to be related to increasing regulatory scrutiny by the United States Securities and Exchange Commission (SEC).

Coca-Cola Joins AI and Presents a New Flavor of the Future

Coca-Cola announced that it has teamed up with artificial intelligence to create something new: “Coca-Cola 3000.” It’s a new Coca-Cola Zero Sugar flavor, but with a futuristic twist. It is reaching Spain and other places in the world.

The coolest thing about this is that Coca-Cola used AI to understand how people around the world imagine the future. Considering emotions, dreams, colors and flavors. Later, they mixed those ideas with AI to bring to life a unique flavor called “3,000.”

This flavor of the future will be available in different countries, including Europe, the United States, Canada, China and Africa. It is part of Coca-Cola’s innovation platform, Coca-Cola Creations, and is the first flavor to be created in collaboration with AI.

Hashdex Seeks Approval for an Ethereum ETF

Asset management firm Hashdex has filed to gain approval for an Ethereum ETF. This is in addition to ArkInvest and VanEck’s previous applications to the US Securities and Exchange Commission (SEC). Which translates into growing interest in cryptocurrency ETFs.

This decision is part of a broader strategy by Hashdex, which is seeking approval for both the ETF and a DeFi product related to spot Bitcoin. The details became known through a recent article by the CEO of Hashdex in which he analyzed the importance of these products for the cryptocurrency market.

By Leonardo Pérez

Argentina: Dramatic August Inflation Reaches 12.4%, the Worst Figure in 32 Years

Leonardo Perez
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Argentina: Dramatic August Inflation Reaches 12.4%, the Worst Figure in 32 Years

The year-on-year price increase was 124.4% and only in the first eight months of 2023 the Consumer Price Index (CPI) accumulated an increase of 80.2%. Sergio Massa, current Minister of Economy and presidential candidate, blamed the International Monetary Fund (IMF) for last month’s record. To mitigate the impact of the data, the government announced a series of measures aimed at no tributaries, retirees and workers who do not pay income tax.

Argentina reached double-digit monthly inflation and is plunged into a worrying economic crisis. The data published in the last few hours corresponds to last August. During that period, the South American country reached 12.4% and the highest percentage in more than 32 years.

According to a report by INDEC, the year-on-year price increase was 124.4% in the last twelve months and only in the first eight months of 2023 the Consumer Price Index (CPI) accumulated an increase of 80.2%.

Items with the Greatest Inflationary Impact in August in Argentina

Everything escalated the week after the primary elections (PASO) which, let us remember, marked the opposition victory of the presidential candidate Javier Milei, leader of the La Libertad Avanza party. According to official figures, the three segments with the greatest increases were the following:

  • Food and non-alcoholic beverages (15.6%)
  • Health (15.3%) –mainly due to increases in medications
  • Home equipment and maintenance (14.1%)

The dramatic number is explained by various events at the time. On the one hand, the powerful devaluation of the official exchange rate after the primary elections (almost 22% in a single day). On the other, the increase in the Country Tax of 7.5% and the volatility of financial dollars before the elections. There were also increases in the price of meat, a product that was months behind in terms of its value.

Minister of Economy and Presidential Candidate of Argentina Blamed the IMF for Inflation

Sergio Massa, current head of Economy and official candidate for the presidency of Argentina, launched a forceful message to explain the terrible inflation data for August. Without further delay, the Minister blamed the International Monetary Fund (IMF) for last month’s record. The official questioned the dollarization plan of his rival in the presidential elections Javier Milei.

The candidate announced a series of measures aimed at no tributaries, retirees and workers who do not pay income tax. The Argentine government estimated that the resolution will reach more than 9 million beneficiaries. These notes are added to the measures adopted at the end of August to mitigate the impact of the increases.

Cryptocurrencies as an Antidote to Inflation

A recent study that collected the opinions of 3,500 people concluded that 35% of Latin Americans see cryptocurrencies as a safe investment.

The crisis in which the South American country is immersed leads cryptocurrencies to be considered as a tool to preserve the value of the citizens’ capital. Residents of that country mention several reasons for this, the top three are that cryptocurrencies would be used for saving, supplementing income and fighting financial instability.

Issues such as economic recession and high inflation are presented as two decisive factors to explain why Argentines turn to cryptocurrencies. Argentina is the 15th country with the highest crypto adoption. It arises from the preview published by the analysis firm Chainalysis, which has presented conclusions on its fourth annual index of global cryptocurrency adoption.

By Leonardo Pérez

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