Robert Kiyosaki Shares Investment Allocation to Help You Survive ‘Greatest Crash in World History’

Rich Dad Poor Dad author Robert Kiyosaki has recommended an investment allocation that he says may help you survive the greatest crash in world history. Noting that financial experts have promoted a 60/40 portfolio allocation of stocks and bonds, he stressed that people with this allocation will be the “biggest losers.”

Robert Kiyosaki’s Recommended Investment Allocation

The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared an investment allocation that he believes will help investors weather the upcoming financial crash, which he has warned will be the worst in world history. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

The famous author wrote on social media platform X Sunday: “Ship of Fools. Forever and ever financial experts have promoted the idea ‘Smart Investors invest in 60/40.'” The common 60/40 portfolio invests 60% in stocks and 40% in bonds. Kiyosaki cautioned: “In 2024, 60/40 investors will be [the] biggest losers.” He proceeded to recommend:

Before going down with the ship, consider a shift to 75% gold, silver, bitcoin [and] 25% real estate/oil stocks. This mix may allow you to survive the greatest crash in world history.

Kiyosaki has been recommending gold, silver, and bitcoin for quite some time. However, this is the first time he shared a specific investment allocation for these assets with his 2.4 million followers on X. Last week, Kiyosaki revealed his investment strategy, noting that he is not trying to invest like Berkshire Hathaway CEO Warren Buffett.

The renowned author has made multiple forecasts related to the prices of bitcoin, gold, and silver. He recently stated that BTC is headed for $135,000 while gold will soon take off. Back in August, he said that in the event of a global economic crisis, bitcoin’s price could surge to $1 million, with gold reaching $75,000, and silver climbing to $60,000. In February, he projected that the price of BTC would reach $500,000 by 2025, while gold could rise to $5,000, and silver might reach $500 within the same timeframe.

Kiyosaki used to be more into real estate. In October of last year, he explained on X that in his 2022 book Capitalist Manifesto, he stated that Marxists “took over the U.S. in the 2020 election,” warning that they would implement policies such as property tax increases and rent controls. In addition, property values would decrease due to rising interest rates. “I recommended investing in gold, silver, and bitcoin,” he concluded at the time.

Last month, the renowned author advised investors to buy bitcoin immediately, noting that he foresees a rush to buy BTC as stock, bond, and real estate markets crash. He additionally expressed his belief in the future of cryptocurrency, asserting that fiat money is toast and describing it as “fake money.” In his view, gold and silver represent “God’s money” while bitcoin is “people’s money.” Besides issuing multiple warnings about the greatest crash in real estate, stocks, and bonds, he also cautioned that the Federal Reserve raising interest rates will crash the U.S. dollar.

What do you think about the investment allocation recommended by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.

from Bitcoin News

SEC’s Spot Bitcoin ETF Approval Looking Like ‘a Done Deal’ in January, Says Bernstein

Global asset management firm Alliancebernstein’s research arm expects the U.S. Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in early January 2024. Noting that the regulator “has been actively responding with edits/comments on the ETF applications,” the firm’s analysts said: “The probability of an approval by the Jan. 10 due date looks highly likely.”

Spot Bitcoin ETF Approval ‘Highly Likely’ in January

Bernstein Research, a subsidiary of global asset management firm Alliancebernstein, expects the U.S. Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in January next year. A memo from Bernstein Research sent to Thestreetcrypto reads:

A bitcoin ETF in early Jan is now looking like a ‘done deal.’

The memo explains that the market was waiting to see if the SEC would “appeal against the Grayscale verdict.” The largest crypto asset manager, Grayscale Investments, is seeking to convert its bitcoin trust (GBTC) into a spot bitcoin ETF. The SEC initially rejected the application but the court later ruled in favor of the crypto firm and ordered the securities regulator to reevaluate its application.

“Now that SEC has chosen not to appeal, and actually, has been actively responding with edits/comments on the ETF applications, the probability of an approval by the Jan. 10 due date looks highly likely,” the Bernstein Research memo details.

According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. Based on public records, there are 12 spot bitcoin ETF applications pending review at the SEC, including Grayscale’s application to covert GBTC into a spot bitcoin ETF.

Other applicants include Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have the latest possible review dates in the first quarter of next year, and three have the latest review dates in the second quarter.

Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once. Last week, the price of bitcoin surged on speculation that Blackrock, the world’s largest asset manager, is close to launching its spot bitcoin ETF.

Do you think the SEC will approve its first spot bitcoin ETF in January next year? Let us know in the comments section below.

from Bitcoin News

US Treasury Deputy Secretary: Crypto Not Major Source of Funding for Terrorists

U.S. Treasury Deputy Secretary Wally Adeyemo says crypto is not the vast majority of the ways terrorist groups are funded, noting that these organizations “continued to use the traditional banking system.” His statements followed media reports claiming that Hamas raised a large sum of money in cryptocurrency.

Crypto Not Major Funding Source for Terrorist Groups

Wally Adeyemo, United States Deputy Secretary of the Treasury, addressed the role of cryptocurrency in financing terrorist organizations during an interview on Friday with the Royal United Services Institute (RUSI)’s Centre for Financial Crime and Security Studies.

Several news outlets, including the Wall Street Journal, recently reported that Hamas raised millions of dollars in crypto. However, blockchain data analytics firm Elliptic clarified that these media reports misrepresented its data, and there is actually no evidence that Hamas has received large volumes of crypto funds.

Adeyemo said during Friday’s interview:

Today I would say that … the use of crypto is not the vast majority of the ways that these groups are funded.

“I think the way to think about this is that they [crypto] are evolving like everyone else is evolving. When you think about when modern sanctions started to be used in 2001, many of these terrorist groups were using, at that point, the traditional banking system,” he explained, emphasizing:

They continued to use the traditional banking system. That’s why we continue to work with financial institutions.

“But as the modern internet came into play, many of these groups started to fundraise using things like Venmo, Paypal, and these products,” Adeyemo noted. “And we worked closely with those companies to prevent them from being abused by these actors as well.”

The deputy secretary of the Treasury emphasized: “Now that evolution continues and the next source of that is cryptocurrency … We need this industry to work with us to make sure that we are preventing cryptocurrency from being used and abused by Hamas and these groups going forward.” Adeyemo explained:

The thing that we know about terrorist groups, and those who work to move money illicitly, is they’re going to use any new technology to try to do that.

He stressed that the government is taking action now to prevent crypto from becoming the way terrorist groups are funded, noting that the Treasury Department has been going after crypto mixers.

What do you think about U.S. Treasury Deputy Secretary Wally Adeyemo stating that crypto is not the vast majority of the ways that terrorist groups are funded? Let us know in the comments section below.

from Bitcoin News

Deutsche Post Launches Crypto Stamp With AI-Generated Images of Historical Sites

Germans can now order a “crypto stamp” that will feature images of historical buildings rendered by artificial intelligence (AI). The stamp, to be released by Deutsche Post in November, is already available for pre-order and will come in both physical form and as a non-fungible token (NFT).

Germany’s First NFT Stamp Shows an AI Interpretation of the Brandenburg Gate in Berlin

Deutsche Post, part of the DHL Group and successor to the former state German mail authority Deutsche Bundespost, is preparing to issue an official crypto stamp. It will come as a physical stamp and as a blockchain-based digital version, or NFT.

Both the original stamp and access information for the tokenized stamp will be included in a booklet that can be ordered since mid-October, BTC Echo reported. “The offer is very well received and exceeds our expectations,” a spokesperson told the German crypto news outlet.

A total of 250,000 copies will be issued, the Deutsche Post representative said, noting that the relatively large circulation seeks to also cater to Germany’s traditional philatelic community which is one of the largest in the world.

The first stamp in the series, which will depict historical sites and buildings, has the imprint “Germany” on it and shows an image of Berlin’s landmark Brandenburg Gate as interpreted by AI. It represents a simplified image of the monument and its surroundings resembling the pixelated style usually associated with the digital world.

The crypto stamp will have a postage denomination of €1.60 and will be available in the Deutsche Post online shop starting from Nov. 2. The retail price of the combo with the NFT is €9.90. Another 800,000 copies will be issued as conventional stamps only. The official issuer of all Germany-branded stamps is the Federal Ministry of Finance.

Crypto stamps have already been issued by other postal services around the world. In September 2021, Swiss Post announced it will offer one to “bridge the gap between the physical and digital worlds in philately.” When the stamp was launched in November of that year, high demand crashed the state-owned company’s online store.

Do you think crypto stamps will become a big attraction for philatelists and NFT collectors? Tell us in the comments section below.

from Bitcoin News

Hackers Steal $4.4 Million From 25 Users of Lastpass Password Management App

Digital assets worth approximately $4.4 million were reportedly stolen from more than 80 addresses belonging to 25 users of the password management app Lastpass. Crypto theft investigator Zachxbt has urged crypto asset holders using the password manager to consider removing their keys and passphrases from the app.

More Than 80 Addresses Compromised

According to the online crypto theft investigator Zachxbt, approximately $4.4 million was stolen from more than 25 individuals using the password manager app Lastpass. The theft, which is said to have occurred on Oct.25, is suspected to be the work of a single threat actor. At the time of writing, more than 80 distinct addresses were compromised.

An analysis of the breach published on Chainabuse suggests that the theft may be “related to a larger case that dates back to at least December 2022.” As previously reported by Bitcoin.com News, the password management app’s cloud-based storage environment was breached in August 2022 but Lastpass only confirmed this on Dec. 22, 2022.

Following the revelation, Lastpass attempted to reassure worried users but this was largely met with scepticism.

Just on October 25, 2023 alone another ~$4.4M was drained from 25+ victims as a result of the LastPass hack.

Cannot stress this enough, if you believe you may have ever stored your seed phrase or keys in LastPass migrate your crypto assets immediately. pic.twitter.com/26HsxrlnCb

— ZachXBT (@zachxbt) October 27, 2023

Other Victims Urged to Share Transaction Hashes of the Thefts

Meanwhile, in a warning shared via the social media platform X (formerly Twitter), Zachxbt urged users of the password manager to remove their passphrases from the app.

“Just on October 25, 2023 alone another ~$4.4M was drained from 25+ victims as a result of the LastPass hack. Cannot stress this enough, if you believe you may have ever stored your seed phrase or keys in Lastpass migrate your crypto assets immediately,” Zachxbt cautioned.

The crypto investigator urged followers who may also be victims of the Lastpass hack to share the transactions hashes of the theft.

Reacting to Zachxbt’s post, some social media users appeared to blame the victims for having chosen to use the password management app in the first place. However, in response, the online investigator suggested that many people including unnamed high-profile people are using the app.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Elon Musk Unveils Plan to Turn X Into ‘Powerful’ Financial Platform — ‘You Won’t Need a Bank Account’

Billionaire Elon Musk has revealed that he is turning his social media platform X, formerly Twitter, into an all-encompassing financial platform. “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform,” he claimed, emphasizing: “You won’t need a bank account.”

Elon Musk’s Plan for X

Elon Musk, CEO of Tesla and Spacex and owner of social media platform X (formerly Twitter), revealed to X employees in an all-hands call on Thursday that he is transforming X into a financial hub for users, The Verge reported, citing an audio recording of the meeting it had obtained.

Noting that he expects financial and payment features to launch on X by the end of 2024, Musk claimed that people will be surprised with “just how powerful it is.” The billionaire described:

When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.

The social media company is currently in the process of securing money transmission licenses across the U.S. in order to offer financial services to users. Musk said during the Thursday meeting that he hopes to obtain the additional licenses X requires within “the next few months.”

In addition, Musk revealed that the X/Paypal product roadmap was written by him and venture capitalist David Sacks in July 2000. Sacks served as Paypal’s first product leader and then as chief operating officer. However, Musk noted that once Paypal was acquired by Ebay in October 2002, “not only did they not implement the rest of the list, but they actually rolled back a bunch of key features.” He opined: “So Paypal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”

Regarding when the financial features will be available on X, Musk said:

It would blow my mind if we don’t have that rolled out by the end of next year.

The Tesla boss stated last November that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. Moreover, he previously said that X would become an “everything app.”

Do you think Elon Musk will successfully turn X into a financial platform that everyone will want to use? Let us know in the comments section below.

from Bitcoin News

Economist Peter Schiff Says US Dollar Will Tank — Warns of USD Owners Getting Destroyed

Economist Peter Schiff has warned that the U.S. dollar will tank, taking the U.S. economy and the American standard of living down with it. Noting that everyone who owns U.S. dollars could “get destroyed,” he cautioned: “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance.”

Peter Schiff on Treasuries Crashing, US Dollar Tanking

Economist and gold bug Peter Schiff warned about the state of the U.S. economy and the collapse of the U.S. dollar again this week.

“We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance,” he wrote on social media platform X Wednesday. The economist stressed:

The dollar will tank, taking the U.S. economy and the American standard of living down with it.

“U.S. Treasuries are now the ultimate risk asset, as losses are guaranteed,” Schiff warned in another X post. “There are only two possible outcomes, default & deflation, or devaluation & inflation,” he predicted, adding:

The latter option is more politically expedient, which means everyone who owns U.S. dollars will also get destroyed.

Schiff has warned about the collapse of the U.S. dollar many times. The economist detailed last week: “The primary use for U.S. dollars has been to buy Treasuries. But since the biggest buyers are now sellers, and the national debt and federal budget deficits are soaring, demand for dollars should collapse as well. Once the dollar starts falling, Treasury yields will rise faster.”

The gold bug expects no further interest rate hikes. “We’ve got war in the Middle East, so the Fed can’t raise rates with all that uncertainty out there. And maybe they’ll have to cut rates,” he recently said. Schiff has also repeatedly warned about an impending biggest bond market crash and an unprecedented financial crisis.

Do you agree with economist Peter Schiff about the U.S. dollar? Let us know in the comments section below.

from Bitcoin News

Mark Cuban Explains What Crypto’s Really About — Says It’s Missing Application ‘Grandma Really Wants to Use’

Mark Cuban, a Shark Tank investor and the owner of the NBA team Dallas Mavericks, has shared what he thinks crypto is really about. “Crypto is still waiting for its Instagram moment,” the billionaire said, noting that “What crypto is missing is that one application that grandma really wants to use.”

Mark Cuban Shares What Crypto Needs to Go Mainstream

Billionaire Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, answered a number of questions from users on social media platform X during an episode of Wired’s “Tech Support,” broadcast on Wednesday. Some questions were about cryptocurrency and non-fungible tokens (NFTs).

Replying to a question about whether he thinks crypto is dead, Cuban promptly said: “No. Hell no.” However, the billionaire added:

But I do think crypto has some problems. Number one, most people, when they think crypto, they think speculation. That’s not what crypto’s really about.

“Number two, crypto is really about creating new applications that make things better and easier,” he continued.

Cuban then explained what crypto needs in order to go mainstream. “Think back to the iPhone. It came out in 2007. But it wasn’t until the best apps like Instagram and Snapchat and Facebook went mobile that the App Store and the iPhone really took off. Crypto is still waiting for its Instagram moment,” the Dallas Mavericks owner opined. He emphasized:

What crypto is missing is that one application that grandma really wants to use.

The billionaire proceeded to talk about NFTs. “It won’t be all that much longer where we’ll be able to use an NFT as a ticket. Once the ticket is resold, we don’t make a penny. The scalpers make all the money. If that ticket was an NFT, and it will be in the future, every time it’s resold, the original ticket holder can make some money, the team can make some money,” he detailed. “You can’t do that with physical tickets. You can’t do that with traditional digital transfer. You can do that when you turn it into crypto or an NFT. When that happens, crypto go up.”

The Shark Tank investor also advised: “With NFTs, the best time to buy is when you’re a collector and you love the NFT.” He cautioned:

Don’t buy to speculate. You know what happens to speculators? They get their ass handed to them.

In September, Cuban disclosed a crypto wallet hack resulting in the theft of approximately $870,000 in cryptocurrency. He has also repeatedly criticized the approach taken by the U.S. Securities and Exchange Commission (SEC) to regulate the crypto industry. In July, he said the SEC made mistakes in its regulatory approach and described the regulator as “arrogant.” Additionally, he provided recommendations for how the securities watchdog should regulate crypto.

Do you agree with Dallas Mavericks owner Mark Cuban about crypto’s true purpose and what it needs to go mainstream? Let us know in the comments section below.

from Bitcoin News

New Law Expands Police Powers to Seize Crypto in UK

A new law that gives law enforcement agencies greater powers to seize, freeze, and recover crypto assets has entered into force in the U.K. The law introduces provisions for police to “seize crypto assets more easily and convert them into money before a forfeiture hearing has taken place,” the British government explained, adding: “In exceptional circumstances, there will also be a power to destroy seized cryptocurrency.”

Economic Crime and Corporate Transparency Act 2023

The U.K. government announced Thursday that the Economic Crime and Corporate Transparency Act 2023, which aims to “fight fraud, counter corruption, and bolster legitimate business,” has received Royal Assent. After being introduced to Parliament in September 2022, the bill underwent a year of debate and amendments before receiving Royal Assent and becoming law.

The Economic Crime and Corporate Transparency Act introduces powers that will allow British authorities to “proactively target organized criminals and others seeking to abuse the U.K.’s open economy,” the announcement details, elaborating:

Law enforcement agencies will benefit from greater powers to seize, freeze and recover cryptoassets.

“The National Crime Agency (NCA) will additionally gain greater powers which compel businesses to hand over information which is suspected to be used for money laundering or terrorist financing,” the announcement adds. “Unnecessary reporting by businesses will also be reduced, enabling the private sector and law enforcement to focus their existing resources on tackling high value and priority activity.”

Graeme Biggar, Director General of the National Crime Agency, commented: “This act is long-awaited and welcome. For too long criminals and corrupt elites have abused U.K.”

The British government further stated: “New powers will additionally allow law enforcement to target illicit cryptoassets. The NCA’s National Assessment Centre estimates that over £1 billion of illicit cash was transferred overseas using cryptoassets in 2021.” The announcement continues:

The act has introduced provisions for police and the NCA to seize cryptoassets more easily and convert them into money before a forfeiture hearing has taken place. In exceptional circumstances, there will also be a power to destroy seized cryptocurrency.

What do you think about this new U.K. law that expands police powers to seize, freeze, and recover crypto assets? Let us know in the comments section below.

from Bitcoin News

SEC Considering 8-10 Spot Bitcoin ETF Applications, Says Chair Gary Gensler

The U.S. Securities and Exchange Commission (SEC) is currently considering between eight and 10 bitcoin exchange-traded fund (ETF) applications, according to SEC Chairman Gary Gensler. He insisted that “the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.”

SEC Chair Gary Gensler on Spot Bitcoin ETFs

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said Thursday that the regulator has eight to 10 spot bitcoin exchange-traded fund (ETF) applications under review. The SEC has not yet approved a spot bitcoin ETF, even though the agency has greenlighted several ETFs linked to bitcoin futures contracts.

Regarding bitcoin ETF decisions, the SEC chairman stated:

They’ll come potentially to the five-member commission. I’m not going to prejudge them but I don’t have anything on timing. They all have various different filing dates.

Gensler did not specify the eight to 10 spot bitcoin ETF applications the SEC is reviewing. However, based on public records, there are 12 spot bitcoin ETF applications pending review at the SEC, including Grayscale’s application to covert its bitcoin trust (GBTC) into a spot bitcoin ETF.

Other applicants include Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. The securities regulator has delayed all decisions on spot Bitcoin ETFs. Eight applications have the latest possible review dates in the first quarter of next year, and three have the latest review dates in the second quarter.

The price of bitcoin soared earlier this week on speculation that Blackrock, the world’s largest asset manager, is close to launching its bitcoin ETF. Moreover, the U.S. Court of Appeals for the D.C. Circuit ordered the SEC earlier this week to reconsider Grayscale Investments’ spot bitcoin ETF application. Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once.

On Wednesday, Gensler talked about cryptocurrency regulation at the 2023 Securities Enforcement Forum, stating:

There is nothing about the crypto asset securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws.

“As I’ve previously said, without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws,” he continued. “Further, it follows that most crypto intermediaries — transacting in these crypto asset securities — are subject to the securities laws as well.”

Gensler previously stated that all crypto tokens, excluding bitcoin, are securities. His litigation-heavy approach to regulating the crypto industry has drawn much criticism. He has repeatedly claimed that crypto is a field rife with fraud, abuse, and misconduct.

What do you think about the statements by SEC Chairman Gary Gensler? Let us know in the comments section below.

from Bitcoin News

JPMorgan Settles Transactions for $1 Billion Daily Using JPM Coin

JPMorgan announced that it is registering transactions for $1 billion daily using its own currency, jpm coin. JPMorgan Global Head of Payments Takis Georgakopoulos added that while these movements are denominated in U.S. dollars mostly, the institution is seeking to expand on that in the future.

JPMorgan’s JPM Coin Sees $1 Billion in Movements Daily

JPMorgan has reported that jpm coin, the cryptocurrency created by the financial giant, is being used to settle $1 billion daily. According to statements from JPMorgan’s Global Head of Payments Takis Georgakopoulos, the bank plans to expand on jpm coin’s usage in the future, widening adoption.

In an recent interview with Bloomberg, Georgakopoulos stated:

JPM Coin gets transacted on a daily basis mostly in US dollars, but we again intend to continue to expand that.

Jpm coin allows making transactions denominated in dollars and recently in euros using the Qorum blockchain, a distributed ledger created by the bank in 2016 and sold to the Ethereum software company Consensys in 2020.

Announced in 2019 by JPMorgan and beginning to be used commercially in 2020, jpm coin is one of the few blockchain applications being used by banks to reach this level of adoption, even if the amount pales in comparison to the $10 trillion transacted using JPMorgan’s traditional banking solutions, according to Bloomberg.

Blockchain Retail Adoption

Georgakopoulos hinted at a possible application of deposit tokens for retail purposes. Deposit tokens, which JPMorgan considers an evolution of stablecoins, represent a claim on a deposit at a regulated financial institution, like a bank.

Georgakopoulos detailed:

The next step in that journey is to think about how you can create a more retail version of that, so that you can bring that same efficiency to consumers.

JPMorgan announced its interest in deposit tokens in February, seeing promise in this tech and profiling it as another implementation for programmable money, explaining that such tokens “can become a strong foundation for digital money and an important part of a broader tokenized asset ecosystem.”

More recently, in September, sources stated the bank was developing a platform that would use deposit token technology to bring quick settlements and payments to its institutional customers. However, the institution would not offer these services until the project is revised and approved by U.S. regulators, and it would supposedly be ready for launch a year after this approval.

What do you think about JPMorgan’s implementation of jpm coin for settlements? Tell us in the comments section below.

from Bitcoin News

UK Issues Over 200 Alerts Against Crypto Firms Allegedly Breaking Promotion Rules

Britain’s Financial Conduct Authority (FCA) has issued hundreds of alerts regarding companies “illegally promoting crypto assets to U.K. consumers.” The regulator also highlighted several “common issues” with crypto promotions it has identified since it imposed stricter marketing rules earlier this month.

U.K.’s Financial Watchdog Vows to Remove ‘Illegal’ Crypto Marketing Content

Businesses that wish to promote crypto assets in the U.K. are now required by law to register with the FCA and obtain authorization or use the services of a firm authorized to approve marketing materials. The obligation, part of new rules introduced in June, was enforced on Oct. 8.

Since then, the financial regulator has been supervising crypto companies for their compliance with the new regime that was supposed to provide consumers with sufficient information to understand what they are investing in and be properly warned about the relevant risks.

On Wednesday, the FCA said it had identified three common issues with financial promotions involving cryptocurrencies. These include promotions not highlighting the risks involved, risk warnings that are not clearly visible, and failure to provide adequate information about the risks associated with specific products. The authority emphasized:

In the case of non-compliance, we will take robust action to remove illegal content to protect consumers.

The FCA also said it’s continuing to identify and take action against firms that are illegally promoting crypto assets to U.K. residents. The agency has already issued 221 alerts about such companies and urged consumers to check its warning list before putting money into crypto.

“We expect authorized firms approving the financial promotions of crypto asset firms to take their regulatory obligations seriously. Where this is not happening, we will take action and have already placed restrictions on an authorized firm to restrict it from approving crypto asset financial promotions,” the watchdog noted.

The Financial Conduct Authority was referring to the case of Rebuildingsociety.com, a platform which was hired by the world’s largest crypto exchange, , to review its marketing materials in the U.K. Days after Binance announced its partnership with the FCA-authorized firm, the latter was ordered to withdraw any approvals of financial promotions on behalf of crypto businesses. As a result, Binance had to stop accepting new users in the U.K.

Do you think the U.K.’s new crypto promotion rules and the FCA’s actions will affect many more companies in the sector? Share your thoughts on the subject in the comments section below.

from Bitcoin News

Finder’s Experts Predict Bitcoin to Reach $87K by 2025, Settling at $30K by Year’s End

Bitcoin (BTC), the leading crypto asset by market cap, has captured considerable attention within the realm of digital currencies, demonstrating robustness and a pronounced market dominance. As it currently stands, its value hovers slightly beneath the $34,000 mark. The latest bitcoin price prediction report from finder.com sheds light on anticipated future developments, as construed by industry specialists.

31 Fintech and Crypto Experts Forecast Bitcoin’s Future Prices

The report, entitled “Bitcoin to Hit $87,000 by 2025,” offers an in-depth exploration of bitcoin’s potential price trajectories, synthesizing perspectives from 31 experts and panelists within the sector. Within the context of the report, panelists deliberate on the prospect of a spot bitcoin exchange-traded fund (ETF) receiving approval. A substantial 47% of these experts express the belief that such an endorsement could catapult bitcoin to unprecedented highs. Furthermore, approximately 60% of participants anticipate the approval of a spot bitcoin ETF by 2024.

The consensus among the surveyed individuals suggests that BTC’s value will conclude 2023 at $30,000 per unit, eventually surpassing its all-time high of $69,000 and achieving a value of $87,000 by 2025. Mitesh Shah, the founder of Omnia Markets, projects that BTC will end the year at $35,000, and by 2025, its value will escalate to $105,000. Shah represents the 20% of surveyed individuals who anticipate an ETF’s approval within the current year. “There is a growing consensus that the SEC will eventually approve a bitcoin ETF, with Blackrock’s application being the most likely candidate,” Shah commented.

The CEO of Omnia further added:

The approval of any bitcoin ETF would open the floodgates for institutional investment, and the announcement of such approval would likely result in an immediate spike in bitcoin’s price.

The impending 2024 BTC halving event is highlighted as a critical juncture in BTC’s chronology, with 57% of Finder’s experts forecasting a moderate appreciation in its price in the months preceding the event. This expectation mirrors a historical trend, wherein BTC’s value has typically experienced an upswing subsequent to halving events, a phenomenon attributed to the diminished rate at which new BTC enters circulation. Damian Chmiel, the senior analyst and editor at Finance Magnates, anticipates that BTC will settle at $30,000 this year, with its value escalating to $50,000 by 2025.

“Next year’s halving could be an event that shifts the balance of power in favor of bitcoin. I still believe that the digital asset will ultimately reach new all-time highs and attain a six-figure value,” Chmiel expressed. While the 57% predict a moderate increase in anticipation of the halving, 30% anticipate a more substantial upswing, and 3% foresee no price fluctuation prior to the event. The report also delves into bitcoin’s global influence, underscoring its status as a market forerunner and its impact on the broader financial landscape.

Desmond Marshall, the managing director at Rouge International and Rouge Ventures, offers a less optimistic outlook than many of his contemporaries. He attributes his bearish forecast to recent regulatory clampdowns by SEC chairman Gary Gensler and “rumors of a recession.” He predicts that by 2025, bitcoin’s value will be $35,000, mirroring its current price trajectory this past week.

“BTC is still the strongest crypto of all, so I don’t think the dip will be as hard as other tokens,” Marshall said. “The halving timeline should increase it a bit, but the human interference of U.S. policies will block it from going to the moon.”

Interestingly, this latest report from Finder adopts a more cautious stance than its predecessors, issued last year, where some experts projected six-figure BTC valuations. In conclusion, the report states that 66% of Finder’s 31 fintech and crypto specialists believe that the present moment is opportune for acquiring BTC, while 24% advocate for maintaining current holdings. Approximately 10% of the experts recommend selling BTC at this juncture.

What do you think about the latest report from Finder’s concerning bitcoin’s future price? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News

Value Locked in Defi Surpasses $40 Billion, Marking a Significant Recovery

Amid the recent gains in the crypto economy, the total value locked, or TVL, in decentralized finance, or defi protocols, has risen above the $40 billion threshold. This is after remaining below that level since mid-August. The top 100 defi coins by market capitalization are just below the $50 billion mark.

Defi Market Bounces Back as TVL Hits $41.42 Billion

Since October 23, the TVL in defi has surpassed $40 billion. As of Thursday, it stands at $41.42 billion, according to defillama.com. All ten of the leading defi protocols by TVL have experienced double-digit gains in the past week.

Summer Finance and Aave are at the forefront with gains exceeding 20% during this time. Other significant gainers include Rocket Pool and Lido Finance. The TVL in defi was last around this level on August 15, 2023.

Over a 30-day period, nine of the top ten defi protocols by TVL size posted gains. Uniswap, however, recorded a monthly loss of 15.94%. The leading gainers for the month were Aave and Justlend, each securing gains of about 17.15%.

Of the $41.42 billion total, $20.62 billion is in ethereum, or ETH liquid staking protocols. This represents 49.78% of the current TVL in defi, stemming from ethereum’s liquid staking market. Additionally, four of the top ten defi protocols focus on lending.

While the TVL in defi has shown improvement, the top 100 defi coins are valued at $49.95 billion. In the past 24 hours, these defi tokens have seen $41.97 billion in global trade volume. Out of the top ten, chainlink, or LINK, experienced the largest increase this week, rising 43.1% against the U.S. dollar.

Lido’s DAO token, LDO, went up by 22%, and Injective, or INJ, increased by 37.7%. Tokens such as SURE, TRB, BOND, and KWENTA also saw notable gains in the past week. Conversely, STPT, BNT, NRV, and RBN experienced losses ranging from 4% to 13%.

In total, 17 coins from the top 100 defi coins recorded losses this week, despite the broader upward trend in the crypto market.

What do you think about the latest action in the world of decentralized finance? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News

Bankman-Fried Takes the Stand With a Great Focus on Relying on Counsel and Legal Advice

The former FTX CEO Sam Bankman-Fried testified Thursday without jurors present. Bankman-Fried was questioned by his attorney, Mark Cohen, before the judge. He described FTX senior staff using encrypted messaging, discussed obtaining Alameda’s bank account, and talked about business operations with former general counsel members. Much of the focus was on FTX’s former lawyers and the firm’s terms of service.

FTX’s Former CEO Highlights Reliance on Lawyers During Court Appearance

Sam Bankman-Fried (SBF) took the stand on October 26, 2023, and was questioned by his lawyer, Mark Cohen. Matthew Russell Lee of Inner City Press broadcast the courtroom account on social media platform X. Bankman-Fried’s account of the situation follows his recent interactions with fellow coworkers Caroline Ellison, Nishad Singh, and Gary Wang.

SBF discussed using encrypted messaging apps, third-party hacks, leaning on lawyers for legal guidance, and interacting with regulators in the Bahamas. SBF confirmed FTX used Telegram, Slack, and the auto-deleting app Signal for communications. He said encryption was important because FTX third parties had been hacked, though never the core systems. He justified using Signal by saying it was mostly used for informal chatter, not for major decisions.

“Those were not channels for decisions,” the former FTX boss insisted.

Regarding former FTX lawyers, SBF said he signed papers to set up FTX’s bank account per an attorney’s alleged instructions and took comfort structuring loans based on guidance from his lawyers and law firm Fenwick & West. He also claimed the FTX terms of service and other key documents were prepared by Dan Friedberg and Fenwick & West.

On regulators, SBF described an intense visit from Bahamian police who took his passport. This occurred after a meeting with Bahamas regulators which SBF attended with his father and FTX executives. “Gary Wang was in the building but not in the meeting,” SBF disclosed. Reportedly, there were plans to move key assets following the exchange’s hack.

SBF also discussed his start in crypto in 2017, and the use of omnibus wallets based on tracking exchanges. SBF continued to lean on citing his lawyers and their advice as a defense in his testimony. When asked by Cohen if he believed that “taking FTX deposits through Alameda was legal,” the FTX co-founder replied, “I did.”

There was a heavy focus from both the former FTX boss and Cohen with the repeated mentioning that he relied on counsel and legal advice. Following Cohen’s questions the court took a break and U.S. prosecutors plan to convene later and further cross-examine SBF on Friday.

What do you think about the first part of Bankman-Fried’s testimony? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News

JPMorgan CEO Jamie Dimon Sees Nuclear Proliferation as ‘Most Serious Thing Facing Mankind’

JPMorgan Chase CEO Jamie Dimon has identified nuclear proliferation as “the most serious thing facing mankind.” According to the United Nations, “the risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” Dimon also pointed out that “central banks 18 months ago were 100% dead wrong.”

Jamie Dimon Discusses Greatest Threats to Global Economy

The chairman and CEO of JPMorgan Chase, Jamie Dimon, discussed the greatest threats to the global economy and the state of the U.S. economy on Tuesday during a panel discussion at the Future Investment Initiative (FII) summit in Riyadh, Saudi Arabia. He underscored the seriousness of the proliferation of nuclear weapons, ranking it above climate change and other commonly cited threats.

The panel also featured H.E. Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund and chairman of Aramco’s board of directors; Bridgewater Associates founder Ray Dalio; Blackrock CEO Larry Fink; Citigroup CEO Jane Fraser; African Rainbow Minerals founder Patrice Motsepe; HSBC CEO Noel Quinn; Carlyle Group co-founder David Rubenstein; Blackstone Group CEO Stephen Schwarzman; Sequoia China’s managing partner Neil Shen; Goldman Sachs CEO David Solomon; and Macquarie Group CEO Shemara Wikramanayake.

Dimon was asked whether he is optimistic about the economy going forward and whether he shares the widespread obsession in the financial world regarding potential Federal Reserve interest rate hikes or cuts, as well as the impact of Fed decisions on the economy. While claiming that he is “generally an optimist,” the JPMorgan boss stressed: “You’d be foolish not to look at some of these things taking place today in Ukraine, Middle East … It’s affecting oil, food prices, gas prices, migration, potential starvation. It’s probably the most serious thing we’ve faced.” The JPMorgan executive added, “I hear people talking about ESG [Environmental, social, and corporate governance] all the time,” emphasizing:

The most serious thing facing mankind is nuclear proliferation. If we’re not sitting here 100 years from now, it will be nuclear proliferation. It’s not our climate.

Dimon explained that the current geopolitical situation is more complex than it has ever been. Moreover, he said: “I look at the financial situation, the fiscal spending, which is more than is ever. I’m talking about the United States but almost true around the world. It’s more than it’s ever been in peacetime by a long shot with the highest debt levels we ever had by government and there’s just kind of omnipotent feeling that central banks and government can manage through all this stuff. I’m cautious.”

The United Nations wrote in a statement in March: “The risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” The UN added that the Russia-Ukraine war represents “the most acute example of that risk,” noting that “the absence of dialogue and the erosion of the disarmament and arms control architecture, combined with dangerous rhetoric and veiled threats, are key drivers of this potentially existential risk.”

The JPMorgan chief continued: “I don’t think it makes a piece of difference whether the rate goes up 25 basis points or more … Whether the whole curve goes up 100 basis points, I would be prepared for it. I don’t know if it’s going to happen.”

Furthermore, he said:

When you look at economics … I want to point out that central banks 18 months ago were 100% dead wrong … I would be quite cautious about what might happen next.

Earlier this month, Dimon said the war in Ukraine, compounded by the attacks on Israel, “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” He emphasized at the time: “This may be the most dangerous time the world has seen in decades.” He also foresees two “extraordinary” storm clouds hitting the U.S. economy with potential bad outcomes. Last month, he cautioned that the Fed could raise interest rates to 7% and the U.S. economy could experience stagflation.

What do you think about the statements by JPMorgan Chase CEO Jamie Dimon about nuclear proliferation and the U.S. economy? Let us know in the comments section below.

from Bitcoin News

Binance Blasts CFTC for Trying to Be World’s Derivatives Police, Seeks to Dismiss Lawsuit

Binance has submitted a new motion to dismiss the lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) against it. The leading cryptocurrency exchange urges the court to reject the agency’s attempt to expand its territorial reach beyond the United States.

Binance Accuses CFTC of Using U.S. Lawsuit as a ‘Trojan Horse’ to Gain Global Regulatory Reach

The world’s largest digital assets exchange, Binance, has again tried to convince a U.S. court to dismiss the lawsuit in which America’s derivatives markets regulator alleged earlier this year that the crypto company had violated U.S. trading and derivatives rules.

The CFTC sued Binance and its CEO Changpeng Zhao (CZ) in March, claiming that at least since July 2019, the exchange had offered and executed commodity derivatives transactions on behalf of U.S. persons. Binance sought to dismiss the complaint in July which the Commission disputed in September.

In its latest filing, the crypto giant argues that the regulator’s response brief “confirms that the agency’s overreaching theories of its jurisdiction are unfounded,” accusing the CTFC of seeking to regulate foreign individuals and corporations that reside and operate outside the United States and ignoring the limits of the U.S. Commodity Exchange Act. Binance’s lawyers insisted:

Congress did not make the CFTC the world’s derivatives police, and the Court should reject the agency’s effort to expand its territorial reach beyond what is permitted by the law.

The crypto company pointed out that the CFTC has added new and broad arguments that would allow it to regulate any activity in cryptocurrency or other assets related to a derivatives product anywhere on the planet and that it has invented a new definition of a “U.S. person.”

“The Court should reject the CFTC’s effort to use its attack on the non-U.S. Defendants in this case as a Trojan horse in order to achieve worldwide regulatory reach—which would have consequences far beyond this case and not intended by Congress,” Binance warned. The exchange called for the lawsuit’s dismissal citing multiple reasons, including “impermissibly extraterritorial” claims.

has been under heightened regulatory pressure this year. In early June, entities operating the crypto trading platform and CZ were also sued by the Securities and Exchange Commission (SEC) for allegedly breaking U.S. securities laws. Binance is also reportedly being investigated by the U.S. Justice Department for suspected sanctions violations.

Do you think the U.S. court will accept Binance’s arguments to dismiss the CFTC’s lawsuit? Share your expectations in the comments section below.

from Bitcoin News

Bitmain Unveils New T21 Bitcoin Miner; Offers BTC Fluctuation Protection Plan

On Wednesday, the bitcoin mining rig manufacturer Bitmain announced the introduction of a new air-cooled BTC miner, the T21 Antminer. The new device boasts a production capacity of up to 190 terahash per second (TH/s) and maintains an efficiency ratio of approximately 19 joules per terahash (J/T).

Bitmain Debuts T21 Antminer

After the recent unveiling of Microbt’s latest mining equipment, Bitmain, a competitor, has added the T21 Antminer to its extensive range of hashing devices. On October 25, Bitmain showcased the T21, capable of delivering 190 TH/s with an efficiency rating of 19 J/T.

Additionally, the company introduced an optional bitcoin price fluctuation plan, ensuring customers receive compensation if BTC’s prices fall below the strike on a reference day within a protected period.

The bitcoin fluctuation protection plan offers various tiers, depending on the duration of the protected period, with Bitmain asserting that “compensation shall be paid immediately upon the triggering event.”

The T21 Antminer is the latest in a series of launches by Bitmain, following two new devices from the S21 series introduced last month. The S21 Hyd achieves up to 335 TH/s with an efficiency rating of 16 J/T, while the air-cooled S21 miner provides up to 200 TH/s with an efficiency rating of about 17.5 J/T.

While the S21 air-cooled machine offers slightly superior ratings compared to the T21, the latter, however, surpasses the S19 Antminers in efficiency ratios. The specifications for the T21 detail a power consumption of 3,610 watts, with expected shipping in the first quarter of 2024.

The T21 is also comparable to the S21 air-cooled Antminer in terms of size and weight. This year has seen the release of several new devices by all three major bitcoin mining machine manufacturers: Bitmain with three, Canaan with two, and Microbt with three.

What do you think about Bitmain’s new bitcoin miner the T12? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News

Ripple Joins Forces With Uphold to Improve Cross-Border Crypto Payments Liquidity

Ripple has partnered with Uphold to improve its cross-border crypto payments infrastructure. Uphold will provide Ripple with “enhanced crypto liquidity capabilities.” Ripple offers services in over 55 countries, with payout capabilities in more than 70 markets, the company said, adding that it has processed $30 billion worth of volume and 20 million transactions.

Ripple Partners With Uphold

Ripple announced Tuesday that it has formed a new partnership with Uphold, a multi-asset digital currency platform that operates in over 184 countries, offering access to over 200 crypto and fiat currencies. According to the announcement:

The partnership will see Uphold provide Ripple with enhanced crypto liquidity capabilities to underpin and enhance its cross-border payments infrastructure.

Uphold CEO Simon McLoughlin explained that his company’s platform “features a fully automated, high-frequency trading stack” that is connected to 30 underlying trading venues. This allows Uphold to “offer deep liquidity, multiple execution paths for transactions, and exceptionally tight spreads,” he said.

Ripple’s head of payments, Pegah Soltani, commented: “Our new partnership with Uphold enables us to enhance our underlying infrastructure and Uphold’s deep liquidity expertise further underpins Ripple’s ability to offer fast and flexible cross-border payments around the world.”

Ripple’s solutions focus on three areas: cross-border payments, crypto liquidity, and central bank digital currency (CBDC). The firm’s announcement details:

Today, Ripple serves hundreds of customers in over 55 countries and 6 continents, with payout capabilities in more than 70 markets, and has processed $30 billion worth of volume and 20 million transactions since its payments solution was first launched.

The crypto firm recently celebrated its victory against the U.S. Securities and Exchange Commission (SEC). Last week, the securities regulator dropped its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. On July 13, District Judge Analisa Torres partially ruled in favor of Ripple regarding XRP. The SEC sought to appeal the decision but Judge Torres rejected the regulator’s bid for an interlocutory appeal.

What do you think about Ripple partnering with Uphold to enhance cross-border crypto payments liquidity and infrastructure? Let us know in the comments section below.

from Bitcoin News

Robert Kiyosaki Shares His Investment Strategy — Says He’s Not Trying to Be Warren Buffett

Rich Dad Poor Dad author Robert Kiyosaki has revealed his investment strategy, emphasizing its divergence from the investment approach adopted by Berkshire Hathaway CEO Warren Buffett. “I am an average investor ‘accumulating’ the asset I want for the long term. I have been accumulating gold, silver, bitcoin, and real estate for years,” the famous author detailed.

Robert Kiyosaki Differentiates His Investment Strategy From Warren Buffett’s

The author of Rich Dad Poor Dad, Robert Kiyosaki, has outlined his investment strategy, underscoring its divergence from the approach adopted by investing legend Warren Buffett. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki wrote on social media platform X Sunday:

Rather than pretend to be Warren Buffett picking bottoms I am an average investor ‘accumulating’ the asset I want for the long term. I have been accumulating gold, silver, bitcoin, and real estate for years.

“My first gold coin cost $50. Today that same coin is worth $2,000. You can become rich by being an average investor, using dollar cost averaging to get rich. Take care,” he added. “Gold dropped $10 today. Silver 14 cents. This is where ‘dollar cost averaging’ pays off.”

Buffett is a proponent of value investing. He previously explained that the secret of his investing success is to make “investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers.” The Berkshire Hathaway CEO also previously said: “When buying companies or common stocks, we look for first-class businesses accompanied by first-class management.”

Kiyosaki has been recommending investors buy gold silver, and bitcoin for quite some time. Last week, he said the price of BTC is headed for $135,000 while gold will soon break through $2,100 and then take off. In addition, he said silver will increase from $23 to $68 an ounce.

The Rich Dad Poor Dad author has made several predictions regarding the prices of bitcoin, gold, and silver. Back in August, he stated that should a global economic crisis occur, the price of bitcoin would surge to $1 million, with gold reaching $75,000, and silver climbing to $60,000. In February, he said that the price of BTC is expected to reach $500,000 by 2025, while gold is anticipated to climb to $5,000 and silver is projected to reach $500 within the same timeframe.

Unlike Kiyosaki, Buffett is not a fan of bitcoin. The Oracle of Omaha is famous for saying the cryptocurrency is “probably rat poison squared.” He said in April that BTC is a gambling token that doesn’t have any intrinsic value. In May last year, he said he wouldn’t pay $25 for all bitcoin in the world.

What do you think about Rich Dad Poor Dad author Robert Kiyosaki’s investment strategy? Do you prefer to follow Warren Buffett’s value investing strategy? Let us know in the comments section below.

from Bitcoin News

Binance Executives in UK and France Leave Crypto Exchange

Another two executive departures, in the United Kingdom and France, have extended a string of managerial exits at Binance this year. They come as the leading cryptocurrency exchange faces continued regulatory pressure in a number of jurisdictions in Europe and beyond.

Binance U.K., Bifinity Top Executive Quits Job

Jonathan Farnell, who was at the helm of Binance’s operations in the U.K. and later served as a chief executive of the payments technology firm Bifinity, a subsidiary of the crypto behemoth, has left the company in late September, media reports unveiled this week.

According to his Linkedin account, Farnell spent almost two and a half years at Binance. With his background in compliance, including senior positions at social trading company Etoro, he was engaged in Binance’s efforts to meet regulatory requirements in Britain.

The news of his departure comes as the U.K.’s Financial Conduct Authority (FCA) is working to impose stricter rules for the advertising of crypto assets to the public. The restrictive measures, announced in June, include a ban on “refer a friend” bonuses, for example.

Earlier this year, Binance’s U.K. unit, Binance Markets Limited, initially asked the FCA to cancel its regulatory authorization which was approved by the financial regulator. It made similar moves in other European markets, including the Netherlands, Cyprus and Germany, as part of stated efforts to focus on fewer regulated entities on the Old Continent.

Then, in early October, Binance announced a partnership with an FCA-authorized platform, Rebuildingsociety.com, which was supposed to review its marketing materials. However, days later the exchange stopped accepting new users after the FCA ordered its partner to withdraw any approvals of financial promotions on behalf of crypto businesses.

Binance’s Managing Director in France Resigns

Last week, the Managing Director Binance France, Stéphanie Cabossioras, also vacated her position. She joined the exchange as head of legal in April 2022 when Binance unveiled it had chosen Paris for its European hub.

Cabossioras and a Binance spokesperson have confirmed her departure, according to a report by Bloomberg, while the President of Binance France, David Prinçay, thanked her for her contribution in a post on X, formerly Twitter.

Prior to accepting a role at the exchange, Cabossioras served as deputy general counsel at France’s financial regulator, Autorité des Marchés Financiers (AMF). In June, French authorities targeted Binance with a probe for alleged money laundering and regulatory violations.

The resignations of Farnell and Cabossioras add to a series of executive exits at this year, including Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, Binance’s General Counsel Hon Ng, Leon Foong, who ran the crypto giant’s Asia-Pacific business, and Product Lead Mayur Kamat. Binance’s managers for Eastern Europe and Russia, Gleb Kostarev and Vladimir Smerkis, also quit the exchange as well as the CEO of Binance US, Brian Shroder.

Do you think there will be more executive exits at Binance this year? Tell us in the comments section below.

from Bitcoin News

Nigerian Bank Reportedly Freezes Accounts Belonging to 500 USDT Traders

A Nigerian bank has reportedly blocked bank accounts belonging to some 500 digital asset traders. The affected accounts are said to have received a portion of the more than $10 million that was stolen from Access Bank by hackers between May and June this year. A prominent Nigerian crypto enthusiast and educator has described the alleged freezing of crypto traders’ bank accounts as “a disgrace to Nigeria’s banking infrastructure.”

Stolen Funds Used to Buy USDT

According to reports on social media, Nigeria’s Access Bank is said to be blocking accounts belonging to some 500 USDT traders. The bank is believed to have taken this step after it obtained a court order which enabled it to put a lien on all the crypto traders’ bank accounts.

The bank asserts that the affected traders’ accounts had received part of the funds which were stolen by hackers. As one social media user on X (formerly Twitter) explained, Access Bank is thought to have lost over $10.4 million or 8 billion naira between May and June this year. The user also suggested that the hackers had used part of the funds to buy tether from Binance USDT traders.

500 traders’ bank accounts reportedly blocked after h@ckers used the N8billion they st%le from a bank to buy USDT from them pic.twitter.com/8hxihynGF0

— Instablog9ja (@instablog9ja) October 22, 2023

Commenting on the reported freezing of accounts, Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), described the alleged freezing of crypto traders’ bank accounts as “a disgrace to Nigeria’s banking infrastructure.” Ophi, who is also known as the Cryptopreacher, insisted that the move by Access Bank and others is intended to further undermine the Nigerian crypto industry.

Freezing Bank Accounts Is ‘Causing More Harm’

However, in written answers sent to Bitcoin.com, Ophi also offered his thoughts on what Nigerian authorities should do and what they must avoid doing.

“We need thorough investigations to apprehend the criminals, rather than resorting to the indiscriminate freezing of accounts belonging to innocent individuals involved in cryptocurrency transactions. This approach isn’t solving the problem; it’s only causing more harm,” the Cryptopreacher said.

As previously reported by Bitcoin.com News in August 2021, the Central Bank of Nigeria (CBN) has in the past forced banks to block accounts of individuals accused of using the banking system to facilitate crypto-related transactions.

Yet, despite the crackdown that saw several accounts belonging to crypto entities being closed in 2021, many digital asset traders seemingly continue to rely on the traditional banking system. This, in turn, has raised questions about banks’ role in enforcing the CBN’s February 2021 directive.

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