16. April 2024

Binance Fights US Regulators, Galaxy Digital Swings to Profit

• Binance is facing legal issues from the US regulators, including insider trading and concealing office locations.
• Signs of crypto winter fading away as Galaxy Digital swings to profit after $1 billion loss in 2022.
• China keeps developing its fintech industry with a strong emphasis on blockchain.

Binance Handles Fear, Uncertainty & Doubt

Ana Paula Pereira Mar 31, 2023 Crypto Biz: A spotlight on Binance, Galaxy Digital swings to profit, China’s blockchain push Binance handles fear, uncertainty and doubt surrounding its business future following a lawsuit from U.S. authorities. 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. Accusations range 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.

Signs of Crypto Winter Fading Away

Beyond the courts, signs that the crypto winter is fading away are on the horizon. Billionaire Mike Novogratz’s Galaxy Digital turned a profit after a $1 billion loss in 2022. Meanwhile, China keeps developing its fintech industry, with a strong emphasis on blockchain.

Binance CEO CZ Rejects Allegations

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 CEO Changpeng “CZ” Zhao rejected accusations of market manipulation in response to a CFTC lawsuit labeling it “an incomplete recitation of facts.” According to Zhao, Binance “trades” in several situations mainly to convert its crypto revenue to cover expenses in fiat or other cryptocurrencies..The exchange’s CEO also acknowledged that he has two personal accounts at Binance: one for Binance Card and one for crypto holdings..Zhao said Binance has a 90-day no-day-trading rule for its staff and refuted claims that they engage in insider trading..

Galaxy Digital Swings To Profit

Galaxy Digital ,the digital asset investment firm founded by Mike Novogratz swung back into profitability after suffering a net loss of $1 billion during 2022 .The firm credited much of this change due higher gains from investments as well as funds raised through ICOs last year .It posted revenues of $30 million compared with losses of over $90 million reported last year ..

China Developing Fintech With Blockchain Emphasis

China is continuing their development regarding their fintech industry ,with an emphasis placed upon blockchain technology . This includes projects such as central bank digital currencies ,as well as numerous public chains which have been created over recent years .This development will open up many opportunities within industries such as finance ,health care ,and logistics .