Good morning and welcome to the final edition of Datawallet Daily for this week. As always, here are the top stories affecting the markets over the last 24 hours:
Binance.US Head of Legal and Chief Risk Officer leave the exchange
Binance.US is experiencing the departure of key risk and legal executives while also grappling with mounting pressure from regulators. The company's head of legal, Krishna Juvvadi, and chief risk officer, Sidney Majalya, are both leaving their positions. This news comes shortly after CEO Brian Shroder's departure earlier this week.
Earlier in the year, Binance faced legal action from the Securities and Exchange Commission (SEC) for allegedly operating an illegal trading platform in the United States. Among those responsible for liaising with the SEC was Juvvadi himself.
The departure of these executives signifies a challenging period for Binance.US as it navigates regulatory scrutiny. The loss of such key personnel may pose additional obstacles as they play crucial roles in managing risk and ensuring compliance within the organization.
It remains to be seen how these departures will impact Binance.US moving forward amidst heightened regulatory pressures within the cryptocurrency industry.
Ripple to open liquidity hubs for Brazil and Australia
Ripple Labs announced on Thursday that it will be expanding its Liquidity Hub platform to include Brazil and Australia. This platform offers businesses a streamlined approach to purchasing, selling, and holding digital assets.
According to Ripple, they have established strong connections in these regions through their existing operations and have identified forward-thinking companies that are interested in incorporating cryptocurrency into their payment and liquidity solutions for customers. The Liquidity Hub provides these firms with an all-in-one solution instead of relying on multiple strategies to access crypto liquidity. In response to inquiries from The Block, Ripple stated that this expansion aligns with their goal of making digital assets more accessible globally.
F2Pool returns $500,000 mistaken transaction to Paxos
F2Pool, a Bitcoin mining pool, has given back 19.8 bitcoin (BTC) to Paxos after the crypto services company mistakenly paid a fee of $520,000 for a transaction worth only $2,000 earlier this week. Paxos attributed the overpayment to an error in its corporate operations. Normally, Bitcoin fees are around $20 per transaction. According to blockchain data, the funds were returned to Paxos on Friday.
Germany's blockchain funding increases 3%
According to a report published by Crypto Valley Venture Capital (CVVC), Germany has achieved its highest share of global venture capital funding in 2023, despite a decline in the overall performance of the blockchain market worldwide.
The report, titled "The German Blockchain Report 2023" by CVVC, reveals that the blockchain sector in Germany received a total investment of $355 million through 34 deals. This indicates a year-over-year (YoY) increase of 3% in funding for this Western European country as stated by CVVC.
Other breaking news
Find five other headlines moving markets over the last 24 hours:
- In Q4, Gelato will launch zkRaaS, a zk-Rollup-as-a-Service platform
- Zero trading fees on Advanced Trade in UK by Coinbase
- Swan to form Bitcoin-only trust company
- Crypto market outflows reached $55 billion in August
- Remitano exchange allegedly hacked
As we conclude this week's final edition of the Datawallet Daily, we note the prevailing turbulence in the crypto sector, marked by significant shifts in Binance.US's leadership and promising expansions by Ripple into new markets. Meanwhile, Germany continues to solidify its place in the blockchain investment landscape, showcasing resilience amidst global fluctuations. Stay tuned as we continue to bring you the most relevant updates, curated to help you make informed decisions in the ever-evolving crypto sphere.