Kategorie: Crypto News

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CZ denies reports Binance plans to delist US-based tokens

  • The Binance CEO tweeted that the reports were false
  • However, he acknowledged the exchange had “pulled back” on some deals.
  • Binance has endured a lot of FUD over the past several months, particularly after the collapse of FTX.

Binance CEO Changpeng ‘CZ’ Zhao has denied reports that his exchange is looking to sever ties with US-based projects.

His comments followed an earlier report that cited familiar sources as saying Binance was planning to delist all US-based tokens. One of those to be delisted ostensibly being USD Coin (USDC), a stablecoin issued by US-based financial services firm Circle.

But in a tweeted response to one of the reports, Zhao termed the report as “false.” He went on to suggest that this wouldn’t be the case given “blockchain has no borders.”

According to a Bloomberg report published on Friday, sources claimed Binance was looking to end relationships with its partners in the US, including banks. The crypto giant was also reassessing its venture investments in the country, the report added.

While acknowledging that Binance had indeed pulled back from some investment deals and takeover of bankrupt companies, Zhao noted this was just ‘for now.”

Zhao also linked to a previous tweet in which he says it is better to focus on education, compliance and product & service, and “ignore FUD, fake news, attacks, etc.” It’s notable that Binance has been subject to a lot of FUD over the past few months, with negative coverage heightening following the collapse of crypto exchange FTX.

Today’s reports on Binance comes just days after the US Securities and Exchange Commission (SEC) said it was suing Paxos, the US-based issuer of the Binance USD (BUSD) stablecoin. The regulator has labelled BUSD as an “unregistered security.” 

That on top of the New York Department of Financial Services ordering Paxos to stop minting the stablecoin, a scenario that saw the company end its relationship with Binance.

The post CZ denies reports Binance plans to delist US-based tokens appeared first on CoinJournal.

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Bitcoin is up in Argentinian Pesos over the last year, but natives should still avoid it


Key Takeaways

  • Inflation in Argentina is now near 100%, as savings in the peso are getting crushed
  • Bitcoin, despite collapsing in the last year, is up in peso terms
  • Weak currencies are often cited as benefits of Bitcoin, but in the case of Argentina, it would be worse, writes our Analyst Dan Ashmore 
  • Stablecoins present a better case, he argues, with US dollar up 87% against the peso since 2022

It’s a well-trodden argument, the one that states Bitcoin is purpose-built for the developing world. A more accessible financial system; a medium through which citizens can circumvent failing currencies. 

In theory, it makes sense, and it’s something that I have written about extensively in the past. As risky and experimental as Bitcoin is, one could state a case that this enigmatic digital currency could  – one day in the future – offer such financially oppressed peoples a way to protect their wealth. 

But that day is not now. In fact, Bitcoin is entirely useless for such a purpose. That is despite the below chart showing that Bitcoin has appreciated in value over the last year against the Argentinian peso. 

This has seen some Bitcoin advocates – and to be clear, I am a Bitcoin investor – declare that this is a poignant display of Bitcoin’s power. But it is important to be wary of what we are benchmarking to here. The Argentinian peso is quite literally one of the world’s worst-performing currencies in recent years – plotting its value against the US dollar shows how far it has fallen.

Bitcoin is no better than the peso

This analysis of the Argentinan peso really has nothing to do with Bitcoin. It simply highlights how torrid a store of wealth the peso has been, and how devastating its devaluation has been for its citizens. 

But imagine holding one’s wealth in Bitcoin? What if you were looking to send your child to college in January of this year. Tuition is, let’s say $10,000. Imagine if you had stored $10,000 in Bitcoin back in November 2021 (when it was trading at $68,000).  If tuition was due on January 1st of this year, your $10,000 would have fallen to $2,400. Need I say more?

Instead of benchmarking Bitcoin to one of the worst stores-of-value around, it should be compared to, well, an actual store of value. If Bitcoin is to replace money, it’s not really a win if it’s better than one of the worst forms of money around. It’s the ultimate straw man argument. 

We should be charting Bitcoin compared to an established currency. In the below graph, I have plotted the weekly percentage moves of the euro to Bitcoin (comparing both to US dollar). It’s like comparing night and day.

Stablecoins suit Argentina better than Bitcoin

The Argentinan example does present as a more intriguing example when considering a different type of crypto – stablecoins. Theoretically, this opens up dollar access to those who would otherwise be shut out (via capital controls, banking barriers or other). And at the same time, the asset being purchased – the dollar – is a store of wealth worthy of firing college savings into. 

Could the day come when this may change? Sure, who knows what happens in fifty years. But I’m talking right here, right now. And Argentininans going from the peso to Bitcoin would be like jumping out of one fire and into the next. For the everyday Argentine citizen fearing for their own wealth, is there any argument at all that advocates for Bitcoin over stablecoins?

So, arguing for stablecoins is one thing. And yeah, I can see it – citizens of high-inflation regimes are getting crushed as their currencies devalue into oblivion. 

But Bitcoin? How can you look at these currencies and then decide Bitcoin is the solution? I’m as intrigued by Bitcoin as anyone, and I do believe that the store-of-value narrative is the one that the magical orange coin should pursue in the long-term. And hey, maybe we re-look at this peso vs USD vs Bitcoin debate in 25 years time and there is a different conclusion. 

But right now, in the year 2023? Bitcoin is not Argentina’s answer. Far from it.

The post Bitcoin is up in Argentinian Pesos over the last year, but natives should still avoid it appeared first on CoinJournal.

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Despite Scandals and Market Volatility, the Future Of Crypto Looks Bright, Especially for Companies Like Metacade

The future of crypto has regularly been cast into doubt over the past 10 years. Since Bitcoin (BTC) first skyrocketed to nearly $1000 in 2014, it has repeatedly gone through explosive bull runs and deep drawdowns, impacting the number of people who invest in crypto. In these moments, bankruptcies and scandals can create plenty of controversy and cause the future of crypto to be questioned.

Despite volatility in the crypto market, new projects such as Metacade continue to show major promise for the future. It is at the forefront of GameFi, which brings vast user benefits to the gaming industry – a 3 billion-strong market.

So, is the crypto market really dead, or could projects like Metacade drive progress once again?

Bankruptcies, scandals, and regular front-page news

Despite scandals and market volatility, crypto lives on. This is because cryptocurrency itself operates independently from any corporate entity. The collapse of FTX, Celsius Network, and Voyager, has had zero impact on the blockchain’s ability to function. But these collapses do impact investor confidence.

The future of crypto has often been called into question, and the number of people who invest in crypto drops during these times. However, the crypto market allows people from all over the world to freely access a reliable financial system with low entry barriers, and the number of people who invest in crypto nevertheless increased 59x between 2016 and 2021.

The blockchain continues to allow global financial transactions at high speed and low cost, and the increasing number of decentralized applications (dApps) is constantly expanding the scope and scale of blockchain services. For this reason, the future of crypto is as bright as it has ever been.

The Future of Crypto: GameFi, DeFi, NFTs

The crypto market is now home to several key areas of technological development. Whether users are looking to utilize DeFi for flash loans without credit checks or buy and sell digital artwork in the form of non-fungible tokens (NFTs), the blockchain can provide an immutable and secure method of peer-to-peer transactions, serving millions of users around the world.

One of the most advanced use cases for blockchain technology is GameFi. The combination of gaming and financial rewards could well be the next movement to revolutionize the future of crypto, as an increasing number of users invest in crypto projects that are building advanced play-to-earn games.

Metacade’s recent success during the early stages of its crypto presale is a marker of what’s to come. A comprehensive GameFi platform in the crypto market, it attracted $6.2m in 11 weeks of its presale. Collectively, it could help to drive the future of crypto due to its unique characteristics, bringing decentralized financial services to potentially millions of users over time.

What is Metacade?

Metacade is well-positioned to become a leading project in the GameFi sector. The project intends to be the biggest play-to-earn (P2E) arcade on the blockchain and aims to be a central hub for users to meet up, learn about the latest trends in GameFi, and use Metacade’s extensive features to earn a crypto income online.

The project is expected to grow to become one of the most influential platforms in the crypto gaming movement, as it will directly create new jobs in the crypto market, as well as invest in crypto projects to fund the next wave of innovation in P2E gaming.

After recently being audited by one of the leading security firms, Certik, Metacade has proven itself as a highly secure project in the crypto market that can serve a large number of users over the coming years. Metacade is forecasted to be one of the highest gainers as an increasing number of users invest in MCADE.

Can MCADE reach $1 in 2023?

The MCADE token presale is a limited-time-only event, where the price of each MCADE token will rise from $0.008 to $0.02. For those that invest in crypto, the MCADE presale is a high-potential opportunity due to the unique characteristics of the platform.

When the presale is complete, the MCADE token could skyrocket to $1 by the end of 2023. This is because the token will be launched on exchanges and the Metacade platform will have launched.

A gem in the crypto market

Metacade will offer the largest selection of P2E games on the blockchain, reward content creators with cryptocurrency for their contributions, and create new jobs (both part-time and full-time) for people looking to kickstart their careers in blockchain. The 50x price rise in 2023 is just the beginning for MCADE, which could drive the future of crypto over the coming years.

Is MCADE worth buying?

Despite recent scandals and falling prices in the crypto market, brand-new projects such as Metacade are a reminder that the future of crypto is bright. The GameFi platform can help to attract an increasing number of blockchain users over the coming years as the number of users who invest in crypto continues to increase.

The MCADE token is a great option for anyone looking to invest in crypto during the bear market. It has sky-high future potential and appears currently undervalued at the $0.014 price level. With a limited time between now and the end of the presale, investors should be quick to get involved before the price inevitably takes off.

You can participate in the Metacade presale here.

The post Despite Scandals and Market Volatility, the Future Of Crypto Looks Bright, Especially for Companies Like Metacade appeared first on CoinJournal.

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Top Mt.Gox creditors opt for Bitcoin payout: report

  • Mt.Gox Investment Fund and Bitcoinica reportedly want reimbursement from the Mt.Gox Trustee to be in Bitcoin.
  • The two firms are two of the largest creditors of Mt.Gox, a Bitcoin exchange that went bankrupt in 2014.
  • A reimbursement program for all creditors indicates payouts will begin on 30 September 2023.

Mt. Gox creditors have waited nearly a decade for reimbursement payouts following the collapse of one of Bitcoin’s earliest and (by then) largest exchanges.

But now with the rehabilitation process drawing towards a close, two of the defunct crypto exchange’s largest creditors have opted for a payout in bitcoin.

Mt.Gox Investment Fund opts for BTC payout

According to a news report by Bloomberg, Mt. Gox Investment Fund, which is the largest creditor of the defunct Bitcoin exchange, has settled for a payout in Bitcoin. Another top creditor looking to recover their funds in BTC is Bitcoinica, a crypto platform that also went bankrupt following multiple hacks.

Creditors agreed to the reimbursement program in October 2021, and are currently updating their payout details as they pick payment options.  

Earlier this year, Mt.Gox Trustee Nobuaki Kobayashi notified creditors that the court had allowed them to push the deadline for registration of payee information to 10 March 2023. Repayments, which are expected in cryptocurrency or fiat are set to begin on 30 September.

Both Mt.Gox Investment Fund and Bitcoinica have opted to receive 90% of the repayments in BTC, according to the report. The two creditors will get paid in September.

What does this mean for BTC?

The move is largely positive for Bitcoin as receiving the payments in the cryptocurrency significantly reduces the impact of a dump if the Trustee had to liquidate the coins in order to pay in fiat. 

Bitcoin price rose to highs above $25k this week as the crypto market sentiment ticked up despite US regulators’ latest actions. On Friday (11:00 am ET), BTC pushed above $24k once again following an earlier dip to lows of $23,300.

The post Top Mt.Gox creditors opt for Bitcoin payout: report appeared first on CoinJournal.

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Do Kwon withdrew $100M worth of BTC via Swiss bank, SEC says

  • Do Kwon reportedly held 10,000 BTC in a cold wallet.
  • The now fugitive Terraform Labs founder reportedly cashed out a massive $100 million worth of Bitcoin through a bank in Switzerland.
  • The SEC announced it had charged Do Kwon with defrauding investors.

The United States Securities and Exchange Commission (SEC) yesterday announced charges against Do Kwon, the founder of Terraform Labs. The regulator’s complaint is that Kwon and his company orchestrated a scheme that saw him defraud investors. 

Do Kwon is the founder of Terra, the crypto project that had a native token LUNA and stablecoin Terra USD (UST). He’s on the run and the latest news is that he cashed out massive amounts of Bitcoin (BTC) following the collapse of UST and LUNA.

SEC says Do Kwon defrauded investors

SEC charges against Do Kwon point to a plot to mislead investors, with the collapse of the then $40 billion LUNA ecosystem impacting the wider crypto market amid an intensifying crypto winter.

“We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD,” SEC Chair Gary Gensler said in a press release on Thursday.

“We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors,” he added.

Kwon cashed out millions of BTC via Swiss bank

As Bloomberg notes in a report published Thursday, 17 February, Kwon’s company had ostensibly moved and cashed out over $100 million worth of Bitcoin using an unnamed banking provider in Switzerland. 

The transfers began in June 2022 and were reportedly part of more than 10,000 BTC stashed in a cold wallet and periodically withdrawn through the Swiss-based bank.

The SEC allege the fraudulent transactions had continued up to the date of its official complaint against Do Kwon and its firm. 

Unlike Sam Bankman-Fried who was arrested swiftly following the collapse of his firms FTX and Alameda Research, Do Kwon continues to evade capture. An arrest warrant by Interpol was issued last year and the latest reports on his whereabouts suggested the South Korean citizen was in Serbia.

Terra (LUNA) and Terra Luna Classic (LUNC) price outlook

As Coinjournal reported on Friday morning, the price of Terra (LUNA) fell sharply following news the SEC had charged Kwon. 

Data from CoinGecko as of 9 am ET on Friday, also showed that the Terra Luna Classic price was 3.6% down at $0.00016773, while its market cap stood at $992 million. LUNC is a community-driven project that emerged out of the LUNA debacle.

The post Do Kwon withdrew $100M worth of BTC via Swiss bank, SEC says appeared first on CoinJournal.