Richard Teng takes over Binance with expansion plans
Following Changpeng Zhao’s departure, former Binance director
Richard Teng, now CEO, announced his plan to expand the
cryptocurrency exchange. In a November 27 post, Teng revealed he
has the support of Binance’s leadership and CZ, who stepped down
following an agreement with U.S. authorities. He will focus on
growth and adoption of Web3, promising frequent updates to the
community. The future of Binance under Teng, balancing U.S.
oversight and CZ’s departure, remains uncertain, though there has
been no fund flight after the agreement.
OKX launches crypto and Web3 services in Brazil, aiming for market
leadership
OKX, a cryptocurrency exchange and Web3 developer, announced its
expansion in Brazil, introducing a local cryptocurrency exchange
and a Web3 wallet platform. The company, on November 27, revealed
its focus on facilitating access to decentralized finance (DeFi)
and cryptocurrency trading with a fiat ramp in Brazilian reais.
According to Guilherme Sacamone, general manager of OKX Brazil, the
Brazilian market has great potential for leadership in
cryptocurrencies and DeFi. OKX highlights the Brazilian demand for
transparency in investment security and the importance of proof of
reserves in the legitimacy of the cryptocurrency market. The
expansion to Brazil, one of the main cryptocurrency markets in
Latin America, represents a significant commitment from OKX to the
crypto community in the country.
Hong Kong maintains grace period for cryptocurrency exchanges
despite scandals
Despite recent scandals, Hong Kong decided to maintain the
one-year grace period for its cryptocurrency exchanges. Julia
Leung, CEO of the Securities and Futures Commission, emphasized
that frauds can occur regardless of the deadline. Exchanges have
until June 2024 to obtain a VASP license or face registration
cancellation, but can operate provisionally during this period. The
region witnessed significant scandals, such as the collapse of JPEX
and the alleged Ponzi scheme of Hounax, causing major financial
losses. HKVAEX, linked to Binance, is among those seeking
licensing.
Standard Chartered to test China’s Digital Yuan as first foreign
bank
British bank Standard Chartered (LSE:STAN) will join the tests
of the Chinese digital yuan, e-CNY, becoming one of the first
foreign banks to do so. Announced on November 27, the bank, through
City Bank Clearing Services Co, will offer customers the
possibility to buy, exchange, and redeem e-CNY. Xiaolei Zhang,
president of Standard Chartered China, expressed optimism about the
future of the digital Renminbi. “As an international bank rooted in
the Chinese market for 165 years, Standard Chartered is optimistic
about the development prospects of the digital Renminbi,” said
Zhang. The bank will also participate in the pilot testing program
of e-CNY in 26 cities and provinces in China, exploring areas such
as international commercial payments and supply chain financing.
Additionally, Standard Chartered collaborated on previous projects
related to CBDCs, such as the “Multilateral Central Bank Digital
Currency Bridge” in Hong Kong and the publication of a report on
CBDCs with PricewaterhouseCoopers China.
Nine Blocks Capital Management obtains VARA license in Dubai
Nine Blocks Capital Management became the first cryptocurrency
hedge fund to obtain a VARA license in Dubai and is moving its
global headquarters there. Dubai has attracted cryptocurrency
companies due to favorable and comprehensive regulation. Henri
Arslanian, co-founder of Nine Blocks, highlights the creation of a
crypto ecosystem in Dubai, with many of the fund’s counterparts
located nearby. Nine Blocks adopts a market-neutral trading
strategy, focusing on arbitrage and leveraging inefficiencies in
the crypto market.
BlockFi and Vrai Nom reach agreement in complex bankruptcy
BlockFi, a cryptocurrency lending company, managed to reach an
agreement with Vrai Nom Investment during its complicated
bankruptcy process, signaling an important moment in overcoming its
financial challenges. The agreement comes after the bankruptcy
declared in November 2022, and the company hopes to continue facing
the consequences of a tumultuous cryptocurrency market. The
development occurs after BlockFi emerged from a period of frozen
withdrawals and intense restructuring, highlighting the
interconnected nature of the cryptocurrency sector. The agreement
between BlockFi and Vrai Nom may resolve pending legal issues,
although the details are still being finalized.
Jae Kwon of Cosmos launches AtomOne fork after controversial vote
Jae Kwon, co-founder of Cosmos (COIN:ATOMUSD), is creating a
fork of the main Cosmos Hub network, called AtomOne, with its own
ATOM1 token. This follows the approval of proposal 848, which
limits Atom inflation to 10%. The new network will mainly reward
opponents of the proposal, excluding those who voted in favor.
About 10% of the initial supply will be pre-mined for various
purposes. AtomOne will maintain the original Cosmos algorithm and
have a new fee token, Photon (phATOM1), functioning alongside
ATOM1. This fork, which retains many features of the Cosmos Hub,
such as the IBC, occurs after debates over network security and
inflation rate.
Justin Sun responds to allegations of Tron’s use by terrorists
Justin Sun, creator of Tron (COIN:TRXUSD), reacted to a Reuters
report on November 27, pointing out the increasing use of the
network by terrorist organizations. He highlighted the
decentralization of Tron, emphasizing his commitment to security
and efficient transactions, without denying the allegations. “While
we are committed to combating terrorism financing through the
integration of various analysis projects and partners, our main
priority continues to be maintaining decentralization, ensuring the
security of everyone’s assets, and providing instant, accessible,
and reliable transactions, as has always been the case,” said Sun
in a post. Tron, known for its ease and low cost, has been used by
terrorist groups, according to Reuters and other sources, despite
arguments from the cryptocurrency industry that terrorist financing
still relies mostly on traditional financial channels.
Primex Finance expands to Arbitrum One, enhancing flexibility and
reach
Primex Finance, a spot margin trading protocol for DEXs,
expanded to Arbitrum One, marking a significant step in its
multichain initiatives. Already active on Polygon PoS, the protocol
offers users greater flexibility and a better experience,
broadening its reach. Primex connects lenders and traders for
leveraged trades on DEXs, providing lenders with high APYs and
traders with tools similar to those of CEXs. Margin trading is
facilitated through a decentralized network of Keepers, avoiding
centralized backends. The expansion to Arbitrum One, known for its
fast and economical transactions, allows Primex to access a wider
audience and capitalize on the platform’s TVL of $7 billion.
Thomas Chippas takes over as CEO of Argo Blockchain
Argo Blockchain (NASDAQ:ARBK) appointed Thomas Chippas as its
new CEO. Chippas, with extensive experience in cryptography and
finance, is eligible to receive 2.85 million shares in Argo.
Previously, he led CBOE Digital and founded ErisX, standing out in
executive positions in the industry.
HIVE Blockchain acquires Data Center in Boden, Sweden, expanding
European operations
HIVE Blockchain (NASDAQ:HIVE), a Bitcoin miner, completed the
purchase of a data center in Boden, Sweden, in a deal with Turis
AB. This acquisition represents a significant increase in HIVE’s
presence in Europe. The facility, part of the EU’s Horizon 2020
project, will increase HIVE’s bitcoin (COIN:BTCUSD) production
capacity, especially with the introduction of state-of-the-art ASIC
servers. The deal, valued at about $2.25 million, includes payment
in cash and shares, pending regulatory approvals.
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