Binance news, Circle plans to go public, and bullish crypto comments: Hodler’s Digest, July 4–10 In the past several weeks, several major crypto projects have announced a wide variety of new developments. Binance, the world’s biggest cryptocurrency exchange, announced it had raised $40 million in an equity round that valued the enterprise at $1 billion. Circle, the blockchain-based payment processing provider, raised $110 million in a new Series C funding round. Bitcoin climbed to its highest price in six years in a rally that lasted for two months.
– Binance news: Binance announced yesterday that it has successfully completed its 2019 audit, which included a “deep” investigation into both the management and operations of the exchange. As the audit process goes, the audit was “very strict”, as Binance CEO Changpeng “CZ” Zhao said in a tweet yesterday, and was completed in 30 days. During the audit, the Binance team traded through the exchange for a week, to prove that the trading engine is working. – Circle plans to go public: Circle announced yesterday that it is planning to go public, with an IPO expected in 2020. The company did not give details on the amount of shares to be sold, but said that it will focus on the US market. –
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This Week
US financial regulator FinCEN hires its first-ever chief digital currency adviser
The United States Financial Crimes Enforcement Network, or FinCEN, filled a new role — that of chief digital currency adviser, unveiled on July 6, recruiting Michele Korver for the job. Korver has an array of experience in crypto regulation, including serving as digital currency counsel for the United States Department of Justice.
“Ms. Korver will advance FinCEN’s leadership role in the digital currency space by working across internal and external partners toward strategic and innovative solutions to prevent and mitigate illicit financial practices and exploitation,” said a public statement from FinCEN describing the new chief digital currency adviser position.
In other regulatory-related news, Wyoming, a U.S. state that has been highly favorable toward the crypto and blockchain industry, officially named the American CryptoFed DAO a legal entity — a first for any decentralized autonomous organization, or DAO.
Additionally, China has continued its regulatory crackdown on crypto.
Bitcoin price dips below crucial $33K support as Bitfinex shorts jump by over 5,000 BTC
Bitcoin (BTC) had another range-bound week, falling under the $33,000 mark on July 8, down from near $35,000. Short positions also became significantly more prevalent on crypto exchange Bitfinex, indicating bearish sentiment. Although Bitcoin fell below $33,000, the asset once again broke above the level on July 9.
BTC analyst Willy Woo noted that the current environment appears similar to that of the pre-Bitcoin breakout in the latter portion of 2020. The analyst noted metrics that show BTC being pulled into longer-term holdings, which could, in turn, decrease the available coins in circulation. Data also exposed a notable influx of fresh users on the Bitcoin blockchain. Additionally, Bitcoin exchange withdrawals have increased and deposits have lessened.
Poland financial regulator issues public warning about Binance
Regulatory complications surrounding the Binance crypto exchange continued to surface this past week, with several news developments on the scene. In light of recent regulatory moves around Binance related to Canada, Japan and the United Kingdom, the ruling body of Poland’s finance scene, the Polish Financial Supervision Authority, or PFSA, cautioned Polish Binance users on their interactions with the exchange, as well as with crypto in general.
“In view of the protection of financial market participants and the warnings of foreign supervisory authorities, the PFSA Office recommends special caution when using the services of Binance group entities and when trading cryptocurrencies and crypto assets, as it may involve a significant risk that may result in the loss of funds,” the PFSA said in a public statement on July 7.
Earlier in the week, Binance suspended the ability to send euros from bank accounts to its exchange platform, citing no firm explanation on its rationale for the move. “Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021,” Binance noted in a July 6 email to exchange users.
Additionally, Binance users came forward with a class-action lawsuit against the trading platform, demanding significant compensation for losses they allegedly incurred due to the platform suffering outages during times of important price action. Participants claimed they did not have access to their accounts during pivotal periods of time.
Barclays bank also ceased payment card transactions to Binance. The exchange responded to the development with displeasure, saying the decision seemingly stemmed from a misunderstanding. In late June, the U.K.’s Financial Conduct Authority demanded that Binance Markets Limited, or BML, cease all domestic operations. Binance claims that BML is a separate legal entity.
In a separate story on July 7, Binance CEO Changpeng Zhao expressed positivity toward crypto industry regulation in general via a July 6 letter posted on Binance’s blog. He noted a lack of regulatory clarity still exists and that Binance desires to work alongside regulators.
Avalanche founder Emin Gün Sirer ‘quite bullish’ on crypto market prospects
Although digital asset prices have fallen in recent weeks, Cornell University professor and Avalanche founder Emin Gün Sirer retains positive expectations for the industry, citing increased interest in crypto assets from a bevvy of entities. “I have been getting contacts from retirement funds, not hedge funds, but retirement funds,” he told Cointelegraph China. Sirer foresees further ranging for crypto over the next several months, with things picking up in the fall.
Stablecoin firm Circle to go public in $4.5B blank-check deal
Circle, the firm behind the $26 billion market cap stablecoin USD Coin (USDC), intends to take its operation public through a SPAC, or special purpose acquisition company. Its ticker will be CRCL and the stock will trade on the New York Stock Exchange if all goes according to plan. “Circle to become public via a business combination with Concord Acquisition Corp (NYSE: CND), a publicly-traded special purpose acquisition corporation with $276 million in trust,” Circle said in a public statement on July 8.
China’s digital yuan deploys at speed, leaving dust in its path
From being labeled impractical to nearing mainstream deployment, the digital yuan can transform the global economic landscape.
The rise of oracles: Institutional investors need trusted crypto market data
It is crypto (economic) market data and various economic models that enable us to make sense of the emerging and messy crypto markets.
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