Binance CEO sees no threat to crypto from central banks' digital currencies
2 years, 1 month ago

Binance CEO sees no threat to crypto from central banks' digital currencies

The Hindu  

Plans by central banks to launch digital currencies are not a threat to other cryptocurrencies as they would validate blockchain technology and build trust among sceptics, the CEO of the world's largest crypto exchange, Binance, said on Wednesday. Most major central banks, including the U.S. Federal Reserve, the Bank of England and the European Central Bank, are studying the potential launch of a digital version of their currencies, dubbed CBDC. "So, all those things are good," he said, adding that CBDC would still be different from native crypto as "cryptocurrency is a deflationary asset". Still, he said, recently cryptocurrency has been highly correlated with the stock market, with both assets correcting sharply as central banks hike interest rates to control record inflation.

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History of this topic

Governments and banks once mocked Bitcoin. Now they want in on it
2 days, 18 hours ago

Governments and banks once mocked Bitcoin. Now they want in on it

Al Jazeera  

After topping $100,000, Bitcoin supporters see the cryptocurrency soaring even higher. Despite once labelling Bitcoin “a scam”, Trump has emerged as arguably the world’s most powerful advocate for the asset. “There’s now this growing feeling that the 21st century will be the century of Bitcoin.” Keiser spotted Bitcoin’s potential early on and advised people to buy it when its value …

Bitcoin hits new highs: Is Trump’s pro-crypto agenda the catalyst?
1 month, 1 week ago

Bitcoin hits new highs: Is Trump’s pro-crypto agenda the catalyst?

Firstpost  

Donald Trump’s re-election has sparked a crypto frenzy, sending Bitcoin soaring past $80,000 as investors anticipate a friendlier regulatory landscape. With Trump pledging to make the US the ‘crypto capital of the world’ and even proposing a national Bitcoin reserve, digital assets are gaining unprecedented momentum Republican presidential nominee and former US President Donald Trump speaks at the Bitcoin 2024 …

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies
1 month, 3 weeks ago

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies

New Indian Express  

RBI Governor Shantikanta Das expresses concerns about cryptocurrencies, stating that they pose significant risks to financial stability. He argues that cryptocurrencies have the characteristics of money and could undermine the central bank's control over the monetary system. Das emphasizes the need for careful consideration and a cautious approach towards cryptocurrencies, considering the potential for instability and financial sector instability.

BlockDAG's Development Drives A $51.1M Presale Boom; Binance Coin Stabilizes, JasmyCoin Rallies
6 months ago

BlockDAG's Development Drives A $51.1M Presale Boom; Binance Coin Stabilizes, JasmyCoin Rallies

ABP News  

Binance Coin illustrates its resilience with strategic tweaks to stay competitive despite ongoing market shifts. This article explores how BlockDAG’s proactive operations and aggressive financial forecasts have catapulted its presale earnings beyond $51.1 million, differentiating it from Binance Coin’s strategic moves and JasmyCoin’s resurgence. Unlike the market adaptations by Binance Coin and the ongoing challenges for JasmyCoin, BlockDAG’s strategy highlights …

Regulators and law enforcement crack down on crypto’s bad actors. Congress has yet to take action
1 year, 1 month ago

Regulators and law enforcement crack down on crypto’s bad actors. Congress has yet to take action

Associated Press  

WASHINGTON — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. U.S. Treasury Secretary Janet Yellen said Tuesday that existing regulations already apply to cryptocurrency at a news conference announcing the $4 billion settlement with Binance: “I think today’s actions …

Binance.US Suspends USD Deposits After Crackdown by Regulators
1 year, 6 months ago

Binance.US Suspends USD Deposits After Crackdown by Regulators

News 18  

Crypto exchange Binance.US said on Thursday it is suspending US dollar deposits and that its banking partners are preparing to pause fiat dollar withdrawal channels as early as June 13, just days after US regulators sued Binance and its CEO Changpeng Zhao. The US arm of the world’s largest crypto exchange said in a tweet at 10:33 p.m. EDT on …

Why Binance, the world’s largest cryptocurrency exchange, is in trouble
1 year, 6 months ago

Why Binance, the world’s largest cryptocurrency exchange, is in trouble

Firstpost  

After the fall of FTX, now crypto giant Binance seems to be in hot water. Zhao and Binance publicly claimed that US customers were barred from transacting on Binance.com, but the platform “secretly” allowed high-value customers to keep trading, the SEC said. The agency said Binance’s chief compliance officer admitted that: “We do not want.com to be regulated ever.” From …

Crypto giant Binance controlled ‘independent’ U.S. affiliate’s bank accounts
1 year, 6 months ago

Crypto giant Binance controlled ‘independent’ U.S. affiliate’s bank accounts

The Hindu  

A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange’s purportedly independent U.S. affiliate, including an account that held American customers’ funds, bank records show. Juvvadi said an investigation Binance.US conducted into Reuters’ previous findings found they were “simply not true.” Reuters also reported on May 23 that Binance commingled its customers’ …

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit
1 year, 6 months ago

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit

NPR  

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit Enlarge this image toggle caption Patricia De Melo Moreira/AFP via Getty Images Patricia De Melo Moreira/AFP via Getty Images U.S. regulators are targeting more giants in the world of crypto. On Monday, it filed 13 charges against Binance, which operates the world's top crypto exchange, as well …

US regulator sues top crypto exchange Binance, CEO
1 year, 8 months ago

US regulator sues top crypto exchange Binance, CEO

Al Jazeera  

The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao are being sued by the Commodity Futures Trading Commission in the United States for operating what the regulator alleges were an “illegal” exchange and a “sham” compliance programme. Binance’s compliance programme has been “ineffective” and the firm, under the direction of Zhao, told employees and customers to …

Binance To Create Robust Blockchain To Safeguard Web3 Firms, Users
1 year, 9 months ago

Binance To Create Robust Blockchain To Safeguard Web3 Firms, Users

ABP News  

Binance, the world's largest crypto exchange in terms of trade volume, has announced its plans to strengthen cooperation between Web3 organisations and law enforcement agencies to improve security in the industry. "In 2023, Binance will continue supporting and expanding initiatives such as the Global Law Enforcement Training Program and Joint Anti-Scam Campaign," Jakubcek added. Binance recently collaborated with law enforcement …

Cryptos Are Nothing but Gambling, Their Value Only Make-Believe: RBI Governor
1 year, 11 months ago

Cryptos Are Nothing but Gambling, Their Value Only Make-Believe: RBI Governor

News 18  

Reserve Bank governor Shaktikanta Das on Friday reiterated his call for an outright ban on cryptocurrencies, saying these are “nothing but gambling” and their perceived “value is nothing but make-believe.” To further its opposition to such currencies and also to take a lead over other central banks, the RBI recently launched its own digital currency, in the form of e–rupee …

Bitcoin rally shows that where tech stocks go, cryptocurrencies follow
1 year, 11 months ago

Bitcoin rally shows that where tech stocks go, cryptocurrencies follow

LA Times  

Wall Street, rather than forecasting a sudden renewal of crypto mania, sees the gains as a result of a change in investor sentiment that is lifting technology shares and other risky holdings. Bitcoin rose as much as 4.5% on Thursday to trade around $18,356, its highest since early November, when the first signs of trouble at the FTX exchange began …

Crypto giant Binance offers little transparency after FTX collapse
2 years ago

Crypto giant Binance offers little transparency after FTX collapse

Live Mint  

The collapse of the crypto exchange FTX has triggered calls for transparency in the industry. Binance.US told the Journal at the time that the exchange had robust data protection and that U.S. customer data was stored on servers in the U.S. “Binance does not operate in China nor do we have any technology, including servers or data, based in China," …

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das
2 years ago

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das

News 18  

RBI Governor Shaktikanta Das on Wednesday said the biggest concern with the private cryptocurrencies like Bitcoin and Ethereum is that they do not have any underlying value, and if they are allowed to grow, the next financial crisis will come from them. If you allow it to grow, the next financial crisis will come from private cryptocurrencies.” Das has in …

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18
2 years ago

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18

News 18  

The fall of fraudulent and failing crypto exchanges is coinciding with the rise of CBDC across the world. CBDC, when programmed to be part of a smart contract, will reduce these layers of paper contracts and checks thus reducing the cost of trade or transactions both local and international. The promise of lower cost and reducing the global banks hegemony …

Binance CEO Zhao says don't fight crypto, regulate it
2 years ago

Binance CEO Zhao says don't fight crypto, regulate it

The Hindu  

Binance Chief Executive Officer Changpeng Zhao said on Friday regulation rather than opposition of the crypto sector is a better option for world governments as digital currencies become more mainstream. Regulation of crypto currencies has come into sharp focus following the collapse of several platforms, culminating in the crash of the FTX currency exchange earlier this month. It's better to …

Binance Has a Cunning Plan to Save Crypto—but It’s Too Late
2 years, 1 month ago

Binance Has a Cunning Plan to Save Crypto—but It’s Too Late

Wired  

Few were prepared for the dramatic collapse of crypto exchange FTX on November 11. “The weak projects are gone, and the industry is much healthier.” Zhao, who goes by CZ, says he has a plan to navigate the fallout of the FTX saga and rebuild trust. With one of Binance’s main competitors no longer in operation, the company’s voice as …

FTX Crash Aftermath: What More Regulation Could Mean For The Future Of Digital Currencies
2 years, 1 month ago

FTX Crash Aftermath: What More Regulation Could Mean For The Future Of Digital Currencies

ABP News  

Coventry: The founder of the world’s largest cryptocurrency exchange, Binance CEO Changpeng Zhao, has called for more regulatory clarity after a week of crypto market chaos and a year in which investors are estimated to have lost US$2 trillion. Decentralised exchanges are non-custodial, so they allow individual investors full access to their crypto wallet balances and they can withdraw or …

Spare a thought for the trilemma of central bank digital currencies
2 years, 1 month ago

Spare a thought for the trilemma of central bank digital currencies

Live Mint  

Central banks around the world continue to contemplate issuing their own digital currencies. Yet another motivation for the stampede to CBDCs is the inchoate belief that financial and even geopolitical primacy will turn on which central banks are quickest to issue one. Ultimately, central banks face a ‘trilemma’ when contemplating CBDC issuance. Central banks can have only two of three …

Crypto exchange Binance to buy rival FTX in apparent bailout
2 years, 1 month ago

Crypto exchange Binance to buy rival FTX in apparent bailout

Associated Press  

NEW YORK — The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in the latest example of how fortunes can change rapidly in the crypto world. Binance CEO Changpeng Zhao said on Twitter Tuesday that his company had signed a letter of intent to buy FTX because the smaller exchange was experiencing a “significant liquidity crunch.” …

Binance cryptocurrency exchange is seeing a rise in clients and users due to inflation
2 years, 4 months ago

Binance cryptocurrency exchange is seeing a rise in clients and users due to inflation

The Hindu  

Binance, the world's largest cryptocurrency exchange, is seeing a surge in clients due to rising inflation and a historically strong dollar that has depressed emerging market currencies, an executive told Reuters on Wednesday, without disclosing numbers. "Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like Bitcoin, as a …

New crypto oversight legislation arrives in the U.S. as industry shakes
2 years, 4 months ago

New crypto oversight legislation arrives in the U.S. as industry shakes

The Hindu  

After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry. The Stabenow-Boozman bill would be a win for the cryptocurrency industry, which sees the …

Cryptos Are 'Clear Danger'; Value Is Based On Make-Believe, Says RBI Governor Das
2 years, 5 months ago

Cryptos Are 'Clear Danger'; Value Is Based On Make-Believe, Says RBI Governor Das

News 18  

Reserve Bank of India Governor Shaktikanta Das has said cryptocurrencies are a “clear danger” and anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name. As the financial system gets increasingly digitalised, cyber risks are growing and need special attention,” Das said in the RBI’s ‘Financial Stability Report, June 2022’. “Technological advances powered …

Cryptocurrencies clear danger, says RBI Governor
2 years, 5 months ago

Cryptocurrencies clear danger, says RBI Governor

The Hindu  

The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. In the foreword to the 25th issue of the Financial Stability Report released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention. In the foreword of the …

Cryptocurrencies Akin to 'a World of Carribean Pirates' in Absence of Regulation: CEA
2 years, 6 months ago

Cryptocurrencies Akin to 'a World of Carribean Pirates' in Absence of Regulation: CEA

News 18  

Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to ‘a world of Carribean pirates’ in the absence of a centralised regulatory authority and is yet to pass the test of a fiat currency. He said that the government is pursuing a ‘high-wire balancing act’ to ensure that the gains in growth, inflation, rupee stability of the …

IT Employee to Among World's Top Richest: Know Binance Founder's Inspiring Story
2 years, 7 months ago

IT Employee to Among World's Top Richest: Know Binance Founder's Inspiring Story

News 18  

Changpeng ‘CZ’ Zhao’s story is similar to those of other entrepreneurs, except it is different. The co founder and chief executive officer of Binance, the world’s largest cryptocurrency exchange, has showed a new path for crypto business aspirants, who say he inspires them. The euphoria has also found a place to nest, in the middle eastern country of the United …

Amid crypto’s Wild West, Binance says a sheriff is needed
3 years, 1 month ago

Amid crypto’s Wild West, Binance says a sheriff is needed

Associated Press  

NEW YORK — The cryptocurrency market gets likened to the Wild West by critics, and now a key player is asking for sheriffs to come to town. “This year, most of the regulators around the world are looking at crypto intently, and many of them are communicating with us,” Zhao said. When it gets to a certain scale, acknowledge that …

Bitcoin Ban in India: Know RBI and Central Government's Stand on Cryptocurrency
3 years, 1 month ago

Bitcoin Ban in India: Know RBI and Central Government's Stand on Cryptocurrency

News 18  

In a meeting chaired by Prime Minister Narendra Modi recently, the Union government and the Reserve Bank of India were not quite on the same page on cryptocurrency — a sector that has been silently blooming in India over the past few months. RBI governor Shaktikanta Das on the day reiterated the central bank’s worries about the digital token and …

RBI Governor Raises Doubt Over Cryptocurrency Market Value, Says 'Investors Look Exaggerated'
3 years, 1 month ago

RBI Governor Raises Doubt Over Cryptocurrency Market Value, Says 'Investors Look Exaggerated'

ABP News  

New Delhi: Reiterating opposition, Governor of the Reserve Bank of India, Shaktikanta Das on Wednesday said that cryptocurrencies pose a serious threat to the financial stability in the country, reported PTI. Shaktikanta Das said that cryptocurrencies being unregulated by any central bank or authorities is a serious threat to any financial system. Expressing his doubts over the number of cryptocurrency …

RBI governor Shaktikanta Das says cryptocurrencies are serious threat to any financial system till they are regulated
3 years, 1 month ago

RBI governor Shaktikanta Das says cryptocurrencies are serious threat to any financial system till they are regulated

India Today  

RBI governor Shaktikanta Das has once again underlined the concerns around cryptocurrencies, calling them a threat to any financial system, at least till they are regulated. He said that cryptocurrencies are serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. But …

Crypto market now worth more than top dozen largest banks combined
3 years, 1 month ago

Crypto market now worth more than top dozen largest banks combined

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The overall crypto market is now worth more than the top dozen of …

Explained | Why are so many investors rallying behind bitcoin?
3 years, 1 month ago

Explained | Why are so many investors rallying behind bitcoin?

The Hindu  

The story so far: Bitcoin, the most popular private cryptocurrency in the world, has been rallying this year, hitting an all-time high of over $66,000 last week. Bitcoin enthusiasts see the rise in the price as a validation of their belief that private cryptocurrencies are a viable alternative to fiat currencies such as the dollar and the rupee. Their core …

Cryptocurrency can increase prosperity: ABN Amro
3 years, 2 months ago

Cryptocurrency can increase prosperity: ABN Amro

NL Times  

ABN Amro believes that digital currencies can lead to a greater level of prosperity. According to the bank, cryptocurrencies can improve productivity and boost economic growth, especially in developing countries, making the financial industry more efficient. Once regulated stablecoins or CBDCs establish a reliable payment system, they can provide users with access to banking services and products, the bank said. …

Explained | Binance: The crypto giant facing pressure from regulators
3 years, 4 months ago

Explained | Binance: The crypto giant facing pressure from regulators

The Hindu  

Financial regulators across the world have targeted major cryptocurrency exchange Binance. Here are answers to some key questions on Binance, the world's biggest exchange by trading volumes, as the regulatory pressure mounts. Binance also leads crypto derivatives trading, with volumes topping $1.4 trillion in July - a 55% share of the overall market. A string of other regulators - including …

EXPLAINED: As Cryptocurrency Bill Hangs Fire, Here's What You Need To Know About Its Fortunes In Indian
3 years, 5 months ago

EXPLAINED: As Cryptocurrency Bill Hangs Fire, Here's What You Need To Know About Its Fortunes In Indian

News 18  

After narrowly missing out on being tabled in the Budget Session of Parliament earlier this year, the cryptocurrency Bill seems to be left out in the cold again as the Union government has reportedly not listed it for being taken up for debate during the upcoming Monsoon session. In a bulletin for the Budget Session prepared by the Lok Sabha …

Crypto exchange Binance to double compliance staff as regulators circle
3 years, 5 months ago

Crypto exchange Binance to double compliance staff as regulators circle

The Hindu  

Cryptocurrency exchange Binance plans on doubling its compliance team by year's and said it will "humbly welcome more capable talents" as it faces a blizzard of global regulatory probes. "Binance has grown very quickly and we haven't always got everything exactly right," chief executive Changpeng Zhao said in a letter posted on the company website. Zhao said Binance's international compliance …

Global Crypto Crackdown: Binance Guns for 'Better Talent'; Under the Microscope of Regulators
3 years, 5 months ago

Global Crypto Crackdown: Binance Guns for 'Better Talent'; Under the Microscope of Regulators

News 18  

SINGAPORE: Cryptocurrency exchange Binance plans on doubling its compliance team by year’s and said it will “humbly welcome more capable talents” as it faces a blizzard of global regulatory probes. “Binance has grown very quickly and we haven’t always got everything exactly right,” chief executive Changpeng Zhao said in a letter posted on the company website. “Crypto is similar.” Zhao …

Goldman Sachs restarts cryptocurrency desk amid bitcoin boom
3 years, 9 months ago

Goldman Sachs restarts cryptocurrency desk amid bitcoin boom

The Hindu  

Goldman Sachs Group Inc has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said. The desk is part of Goldman's activities within the fast-growing digital assets sector, which also includes projects involving blockchain technology and central bank digital currencies, the person said. Goldman …

Blockchain Good, But 'Major Concerns' About Cryptocurrency: RBI Governor Shaktikanta Das
3 years, 9 months ago

Blockchain Good, But 'Major Concerns' About Cryptocurrency: RBI Governor Shaktikanta Das

News 18  

Shaktikanta Das, governor of the Reserve Bank of India, said earlier today that the central bank has voiced concerns around the viability of cryptocurrencies with the Indian government. It is under consideration in the government and I do expect and I think sooner or later the government will take a call and if required the Parliament also will consider and …

Bitcoin’s mainstream charge raises stakes for central bank digital cash
3 years, 10 months ago

Bitcoin’s mainstream charge raises stakes for central bank digital cash

Live Mint  

As cryptocurrencies increasingly go mainstream, pressure is growing on the world's biggest central banks to move forward with their plans to issue digital cash and fend off private sector threats to traditional money. The People's Bank of China aims to become the first major central bank to issue a CBDC, part of its push to internationalise the yuan and reduce …

What Bitcoin’s new record means for wall street
4 years ago

What Bitcoin’s new record means for wall street

Live Mint  

Bitcoin’s true believers are taking a victory lap after the cryptocurrency’s fresh all-time high of almost $20,000. We’ve seen big banks seek to make money from Bitcoin without handling it directly, reflecting fairly limited client demand and a lack of regulatory clarity. Morgan Stanley began clearing cash-settled Bitcoin futures in 2018, while JPMorgan this year adopted crypto exchanges Coinbase Inc. …

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