🏓 What's up, Binance?

Hey TC people. The US back in the spotlight - Tornado Cash heads arrested, and Coinbase secures Futures license. Some FUD about Binance, and bad days in jail for SBF. Popcorn as usual.

Weekly Digest From TradeCrypto.com #27

Daily statistics update:

Today's market is red. BTC is trading at $26,035; ETH is at $1,652.

💪 Bitcoin dominance: 48.37%

📉 Total Crypto Market Cap: $1.05T

😲 Fear and greed index: 39 (Fear)

🚀 7d Gainers (Top-100)

• Bone ShibaSwap (BONE) +14.40%

• Sui (SUI) +13.42%

• WOO Network (WOO) +11.83%

 😭 7d Losers (Top-100)

• Pepe (PEPE) -20.72%

• Curve DAO Token -11.06%

• Maker (MKR) -8.51%

🔮 Doom Cat: Tornado Cash founders to win the lawsuit?

Tornado Cash heads arrested, now bailed

Relatively peaceful times just come to an end for Tornado Cash. While one of the developers (Alexey Pertsev) was released on bail pending trial in Amsterdam, the US government let the dogs loose on the founders - Roman Storm and Roman Semenov. The charges are not new - they are accused of laundering a billion and violating sanctions (Wink to Lazarus Group). As you know, the mixer is banned in the US, and since Lazarus is so elusive, I guess they'll just have to convict someone. 🤡 Tornado Cash, in that regard. I won’t even get into why privacy software developers aren't responsible for illegal activities. But there's going to be a fight. The lawyer already helped Roman Storm get out on bail, expressing disappointment that Storm was convicted of something he had nothing to do with. 💪

What’s up with Binance?

Binance suspended euro deposits and withdrawals for the EU due to issues with payment providers. Then UK digital payment platform Checkout stopped working with Binance due to regulatory issues. Then OpenSea stopped working with BNB. As you may have heard, the DOJ is investigating Binance for possible US sanctions violations against Russia.🧐 On this news, BNB fell to its lowest level in a year. To make matters worse, Mastercard and Visa no longer want to do business with Binance. Visa stopped issuing the new Binance Card, and Mastercard ended cooperation in 4 countries (starting September 22): Argentina, Brazil, Colombia and Bahrain. Just briefly, Binance is so big that the number of bad news is well proportioned to the positive. Your bets? 😉

SBF’s prison life

The lawyers of Sam Bankman-Fried complain about the conditions of detention in prison. According to them, the businessman suffers from terrible deprivations, especially due to the fact that the prisoners' menu includes meat products. Bankman-Fried, who is a vegan is forced to eat bread with peanut butter. In addition to dietary problems, he has not received medication for his diagnosed ADHD since arriving at the prison.😮‍💨 Not a coincidence, SBF has requested a leave for legal work. As a reminder, he got into prison earlier for violating his bail conditions - he talked to the press and messed up the evidence. Prosecutors alleged Bankman-Fried shared the documents with reporters to portray Allison as a "jilted mistress" working alone. And again, he awaits trial in one of the worst prisons - MDC at Brooklin. Gloating? 👿

Coinbase gets Futures approval

While Coinbase is battling with the SEC accusing the exchange of everything bad, the CFTC, another major federal agency in the U.S., has granted Coinbase approval for futures trading.⭐️ Contradictions? This approval is an important precedent and gives Coinbase the right to join the two major derivatives exchanges - CME and CBOE. 💪

“Since the global crypto derivatives market can be three to four times larger than spot market, this approval increases Coinbase’s total addressable market,” Dan Dolev, an analyst at Mizuho Securities, wrote in an Aug. 16note, as reported by Barron’s.

Conclusion: It's hard to single out a highlight. Except for one - the market is caving in. Red is not my favourite colour. Tighten the belt or buy the dip?

See you next week, folks! Thanks for being with us. Brought to you by Yana and Aleksandar :)

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What is Crypto Ping Pong digest?

We work pretty hard, and from time to time we need to relax. Recently we got a ping pong table to complete our chill zone. As you all know, our biggest hobby is crypto, and even when we play, we don’t shut up about it. Ever.

So memes, leaks, and gossip happen – we collect them and share them with you. We like to call Crypto Ping Pong digest.