Binance’s exec exodus, Nasdaq to trade AI orders, and more

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Crypto exchange Binance sees 10 key executives leaving in 2023. Here’s the list

A major talking point in the crypto community is the exodus of executives from Binance amid increasing regulatory concerns. Binance has seen the departure of 10 key executives from various departments in the first nine months of 2023. The latest to join the list is Helen Hai, executive vice president of Binance, who announced her resignation from her post on September 6. on the same day, Gleb Kostarev, vice president of Eastern Europe, Turkey, Commonwealth of Independent States, Australia and New Zealand at Binance, also announced his resignation, as did CIS general manager Vladimir Smerkis. Four top executives from Binance reportedly all left on the same day following Binance’s response to the United States Department of Justice investigation. Binance CEO Changpeng Zhao has squashed recent rumors hurting his company, ensuring its balance sheet and employee retention remain strong despite recent market uncertainty.

Nasdaq receives SEC approval for AI-based trading orders

The United States Securities and Exchange Commission has approved Nasdaq’s request to operate its first AI-driven order type on September 8. Called dynamic midpoint longevity order (M-ELO), the new system expands on the M-ELO automated order type by making it “dynamic,” meaning it will use artificial intelligence to update and, essentially, recalibrate itself in real-time. time. The knock-on effect is a significant acceleration of orders in the system. Nasdaq said dynamic M-ELO demonstrated “a 20.3% increase in fill rates and an 11.4% decrease in mark-outs” during its research and testing.

Former FTX CEO Sam “SBF” Bankman-Fried lost his initial appeal to be released back on bail before his criminal trial. His lawyers have petitioned the court for temporary relief, claiming that the measures currently in place to allow SBF to prepare for his trial are inadequate due to limited internet access. The appeals court denied the motion on September 6, and stayed SBF’s detention at the Metropolitan Detention Center in Brooklyn. The former FTX CEO had his bail revoked on August 11, following allegations of witness intimidation for leaking, to The New York Times, the personal notes and diary entries of former Alameda Research CEO Caroline Ellison. The SBF has about four weeks to prepare for its hearing on October 3.

After the SEC delay, ARK Invest and 21Shares filed for a spot Ether ETF

ARK Invest and 21Shares are asking the US Securities and Exchange Commission to approve the listing of spot Ether ETF shares on the Cboe BZX Exchange. The investment vehicle, called the ARK 21Shares Ethereum ETF, will have crypto exchange Coinbase act as custodian and will measure Ether’s performance based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate. The proposal from ARK Invest and 21Shares is one of many spot crypto ETFs that will be reviewed by the SEC in the coming months. US regulators have been delaying decisions regarding crypto investment products of late, especially regarding Bitcoin spot ETF proposals.

Grayscale asks SEC to meet regarding ‘path forward’ for Bitcoin ETF conversion

Grayscale has told the US Securities and Exchange Commission that it has no further legal grounds to block the conversion of its flagship Bitcoin fund into a spot exchange-traded fund (ETF). The company’s lawyers sent a letter to the SEC requesting the pair meet to discuss next steps following the regulator’s court defeat regarding the conversion of the Grayscale Bitcoin Trust (GBTC) on August 29. Grayscale added that it believes the SEC should conclude there is “no reason” to treat GBTC differently from a Bitcoin futures ETF whose filing “has been pre-approved by the Commission.” According to Grayscale, its fund conversion application has been delayed nearly three times longer than the time period specified by SEC regulations.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $25,871Ether (ETH) on $1,635 And XRP on $0.50. Total market capitalization is at $1.04 trillion, according to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin winners this week were Synthetix (SNX) at 12.86%, Star (XLM) at 9.83% and Render (RNDR) of 9.09%.

The top three altcoin losers this week were Gala (GALA) at -14.74%, Mantel (MNT) at -7.49% and Flare (FLR) of -7.06%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

Most Memorable Quotes

“I feel bad about having to tell people that the United States may not be where they want to be, but things are changing.”

David Schwartzchief technology officer at Ripple

“I think the worlds of traditional and blockchain-based financial systems can coexist, and will likely do so in the future.”

Yida Gaofounder and general managing partner of Shima Capital

“DeFi is the future; the volume is between 5% to 10% of CeFi volume, and that’s not small, right? […] The next bull run may make DeFi bigger than CeFi.”

Changpeng ZhaoBinance CEO

“ChatGPT will allow a lot of people who have never had this training to take part, they can start now and I’m starting to worry about the morphological design issues buried in there.”

Kang Lichief security officer at Certi

“The Ordinal Bitcoin protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win out over Bitcoin.”

Dani Yangco-founder and CEO of Metagood

“Australia will have a regulated digital asset market. Instead, it is already nearing the end of 2023, and the government has no plans to implement the regulations yet.”

Andrew BraggAustralian Senator

This Week’s Predictions

Bitcoin price could reach $46K by 2024 with halving — Interview with Filbfilb

Bitcoin has a chance to end 2023 at $35,000 despite being at the lower of the two, the veteran analyst under the pseudonym Filbfilb believes. In an interview with Cointelegraph, the co-founder of trading chain DecenTrader revealed several price targets BTC should match with its long-term holder base.

Based on previous cycles, Filbfilb sees a contraction in new supply to the market before the halving. “Coupled with increasing speculative demand, in my opinion, this dynamic is likely to repeat itself,” he said referring to a possible reversal in price behavior due to the upcoming halving.

Regarding BTC price movement in 2023 compared to the years prior to the halving, the analyst noted that “there has been a failure to break the 100-week moving average so far, which is a striking difference. [compared to pre-halving years],” Filbfilb stated, adding that “assuming there are no black swan events, around $35,000 by the end of the year and possibly reaching $46,000 some time before the halving in Q1 2024.”

FUD of the Week

United States regulators have finally taken steps to resolve the law enforcement case against the collapse of trading organization Mirror Trading International (MTI). A district court in Texas ordered MTI to pay $1.7 billion in restitution to victims for running a fraud scheme involving digital assets and forex, the Commodity Futures Trading Commission announced on Sept. 7. MTI went into temporary liquidation in late 2020 after one of its directors allegedly fled the country, taking about $1 billion in Bitcoin that investors had entrusted to the company.

CEO of Turkish crypto exchange Thodex gets 11,000 years for $2 billion fraud

The former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, was sentenced to 11,196 years in prison by a Turkish court on charges of “founding, managing and being a member of an organization,” “qualified fraud” and “laundering property values.” The court sentenced Özer and his two brothers to the same prison terms, as well as a fine of $5 million, local media reported. The Turkish crypto exchange was one of the largest digital asset trading platforms in the country before suddenly imploding in 2021, stopping services without prior notice, with Özer leaving the country with a total of $2 billion worth of user assets in crypto.

The $41 million stock hack was carried out by a North Korean group: the FBI

The $41 million hack of crypto gambling site Stake was carried out by North Korean hacking collective Lazarus Group, the US Federal Bureau of Investigation stated in an announcement. The group has stolen more than $200 million in crypto as of 2023. Stake, a crypto gambling platform, fell victim to a cyberattack on September 4 that drained more than $41 million worth of cryptocurrency from its hot wallets. The Stake team stated that hackers only obtained a small portion of the funds and users would not be affected.