🏓 Binance goes to war against FTX

Hi, folks! In our digest, you'll learn the reasons behind the red market, as well as read about what will happen with the FTX crypto exchange

Your Favorite Crypto Digest From TradeCrypto.com #164

The statistics:

The market today is red. BTC is now trading above $19,700, ETH is trading around $1,450.

💪 Bitcoin dominance: 40.79%

📉 Total Cryptocurrency Market Cap: $ 0.928 tr

😲 Fear and greed index: 31 (Fear)

🚀 Gainers (Top-100)

• Chainlink (LINK)+7.28%

• Toncoin (TON)+5.73%

• VeChain (VET)+4.68%

  😭 Losers (Top-100)

• FTX Token (FTT)-18.42%

• Dogecoin (DOGE)-10.16%

• Aptos (APT)-9.90%

Binance CEO Declines Alameda's Bid to Buy His Company's FTX Tokens

Ooops. Binance CEO Changpeng Zhao (CZ) isn’t interested in selling 💸 his company’s FTX Tokens in an OTC deal with Alameda. “I think we will stay in the free market,” he said on Twitter while responding to a question about Alameda’s potential involvement.

Alameda CEO Caroline Elison publicly offered to purchase all of the FTT Binance intends to offload for $22 💰 a piece, to limit the liquidation’s impact on the market. However, CZ’s response signals that Binance will likely go by its original plan to slowly sell the rival exchange’s tokens throughout the next few months on the open market, rather than over-the-counter.

US authorities announce conviction connected to Bitcoin stolen from Silk Road

In an announcement, the U.S. Department of Justice said James Zhong pled guilty to wire fraud charges related to executing a scheme to steal roughly 50,676 Bitcoin from Silk Road. Authorities seized the Bitcoin from Zhong’s home in the state of Georgia in November 2021, at which time the total value of the crypto was roughly $3.36 billion. “James Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road,” 💬 said U.S. Attorney Damian Williams. Very impressive.

LBRY Loses SEC Case, Calls Ruling a 'Dangerous Precedent' for Crypto

How did this happen? The Securities and Exchange Commission has won its case against LBRY, Inc., the company behind the LBRY protocol announced 📢 along with a published copy of the ruling. “We lost. Sorry everyone,” LBRY wrote on Twitter. “We’re going to lick our wounds for a little bit but we’re not giving up.”

According to the ruling’s memorandum, the SEC argued in its complaint that LBRY “offered and sold unregistered securities in violation of Section 5 of the Securities Act of 1933.” But LBRY does not ❌ believe it is selling securities, and countered that its LBC token “functions as a digital currency that is an essential component of the LBRY Blockchain.” While LBRY says it isn’t throwing in the towel just yet, it does believe the ruling could affect the entire crypto industry. 

Crypto Exchange Gemini Expands to 5 More European Countries

Crypto exchange Gemini today announced it had expanded its offerings to five more European countries, bringing its presence on the continent to 12 🌍 nations even as crypto prices suffer from a prolonged slump. Crypto traders in Croatia, Cyprus, Hungary, Romania, and Slovenia can access the over 100 cryptocurrencies available on the Winklevoss twins-founded platform, including dozens of DeFi tokens. The platform will accept euros and pounds. Definitely a good job.

Japan’s largest mobile operator to establish Web3 consortium

NTT Docomo, Japan’s largest mobile operator with over $40 billion in annual revenue, partnered 🤝 with multichain smart contract platform Astar Network to accelerate the Web3 implementation in the country. The joint effort will take the form of a consortium, which would give individuals and corporations the ability to utilize tokens for governance.

According to a press release, Astar Network and NTT Docomo have also specifically agreed to collaborate on three fundamentals. They will pursue sustainable development by researching case studies for environmental 🌐 issues in Web3, try to eliminate technology gaps on the road to wider Web3 adoption by educating people and provide opportunities for engineers and business leaders to learn and gain practical experience. Wow, this could be huge.

UK Bank Santander Will Block Payments to Crypto Exchanges

UK bank Santander is set to block real-time payments to crypto exchanges next year. According to an email to customers the move is intended to protect consumers from scams. From November 15 onwards, payments to cryptocurrency exchanges using mobile and online banking will be limited 🚨 to £1,000 per transaction with a total limit of £3,000 in any rolling 30-day period. The new rules will not impact the ability of customers to make withdrawals. Oh, such a bad sign.

Queen Máxima of the Netherlands comes out in support of digital euro

Speaking virtually at a European Commission conference titled “Towards a legislative framework enabling a digital euro for citizens and for businesses”, the queen 👑 said a digital euro could encourage financial inclusion among underserved communities by circumventing roadblocks including transaction fees and documentation requirements.

“Public sector representatives have a duty to ensure that the financial system is open, inclusive, and responsive to the needs of all groups,” 💬 said the queen. “So let us envision that better future and build a digital euro that works for all Europeans.”As queen consort of the Netherlands since 2013, Máxima has sometimes used her platform to advocate for financial technology as a means of inclusion, specifically citing CBDCs. An interesting opinion. 

Conclusion: A serious misunderstanding occurred between two major exchange owners. The market could not withstand such a high number of tokens for sale. A lot of questions arise. Why didn't CZ make an OTC deal? What happened between them that made them take such radical actions? CZ wants to become a monopolist and it went over their heads? 

See you tomorrow, folks! Thanks for being with us :) Brought to you by Maksym, Svyat, and Aleksandar :)

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TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.

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