• U.S. regulators have recently sued Binance, the world’s biggest crypto exchange, for regulatory violations such as insider trading and concealing office locations.
• Signs that the crypto winter is fading away are on the horizon with Mike Novogratz’s Galaxy Digital turning a profit after a $1 billion loss in 2022 and China pushing forward with its fintech industry emphasizing blockchain technology.
• This week’s Crypto Biz examines how Binance is coping with ongoing fear, uncertainty and doubt (FUD) about its business, and how companies are navigating Web3 opportunities and challenges.
Binance Sued by U.S Regulators
Regulators in the United States have a fresh target on their radar: Binance. The Commodity Futures Trading Commission (CFTC) has sued the world’s biggest crypto exchange by trading volume for regulatory violations ranging from insider trading to concealing office locations around the world to evade authorities’ oversight. Binance denies the claims, suggesting another court battle between crypto firms and U.S. regulators is just around the corner. On another front, Binance’s U.S arm must wait to close its $1 billion deal for Voyager Digital’s assets until the Department of Justice decides whether to appeal to Voyager’s bankruptcy plan.
Galaxy Digital Swings To Profit After Net Loss
Beyond the courts, signs that the crypto winter is fading away are on the horizon with Billionaire Mike Novogratz’s Galaxy Digital turning a profit after a $1 billion loss in 2022 Meanwhile, China keeps developing its fintech industry, with a strong emphasis on blockchain technology.
Crypto Biz Examines How Companies are Navigating Web3 Opportunities & Challenges
This week’s Crypto Biz examines how Binance is coping with ongoing fear, uncertainty and doubt (FUD) about its business, and how companies are navigating Web3 opportunities and challenges posed by it such as digital asset investments and market manipulation among other things.
Binance CEO Rejects Allegations of Market Manipulation
Binance CEO Changpeng “CZ” Zhao rejected accusations of market manipulation in response to a CFTC lawsuit calling it “an incomplete recitation of facts”. According to Zhao: “Binace trades in several situations mainly to convert its crypto revenue to cover expenses in fiat or other cryptocurrencies.” He also acknowledged that he has two personal accounts at Binace: one for Binace Card and one for crypto holdings claiming that he “eats our own dog food” i-e storing his own cryptocurrency on binace website which needs converting “from time-to-time” for his personal expenses or card purposes etcetera . He also refuted claims of insider trading mentioning their 90 day no day-trading rule for staff members as example .
China Continues To Develop Its Fintech Industry With Blockchain Emphasis
China keeps developing its fintech industry with an emphasis on blockchain technology while providing more space & opportunities for web 3 businesses like digital asset investments , market manipulations etcetera . All these advancements & initiatives will help shape up future of web 3 businesses which are still relatively new but rapidly growing spaces right now .