sbf Archives

Binance doesn’t see viable business in India: CZ

“To be honest, I don’t think India is a very crypto-friendly environment,” said Binance CEO Changpeng “CZ” Zhao. He blamed the country’s high tax environment for making the market not so viable for global players. “If you are going to tax 1% on each transaction, there is not going to be that many transactions,” said CZ. Binance, the world’s largest crypto exchange by volume, is still operational for users in India.

Crypto prices today: Bitcoin up 1.24%, ETH rises 1.1%

Bitcoin is currently trading at $16,796.62, an increase of 1.24% over the previous day. Ethereum rose 1.18% over the last 24 hours to $1,218.61. Solana fell 4.06% to $13.7, while Cardano is trading higher by 0.5% at $0.329. Avalanche (AVAX) rose 0.12% to $13.18. The global crypto market cap stands at $836.89 billion, a 1.03% increase over the previous day.

‘Severe’ outflows from Gemini, OKX, and Crypto.com: JP Morgan

JPMorgan analysts reported that investors are pulling funds out of major crypto exchanges as a result of the collapse of FTX. All major exchanges experienced outflows last week but Gemini, OKX, and Crypto.com had the most “severe” draining of funds. Analysts also said that the stablecoin market is getting smaller—and this may continue to hurt the price of other major cryptos like Bitcoin.

Bahamas regulators confirm they directed SBF to move assets

The Securities Commission of the Bahamas said it ordered the contents of FTX’s crypto wallets to be transferred to government-controlled wallets on the previous Saturday. The regulator made the order under existing authorities that allow for it to take action if it needs to protect clients or their funds. It’s also unclear whether and when exactly these transfers may have occurred.

Solana NFT protocol Metaplex announces layoffs

Solana NFT protocol maker Metaplex has undergone a company-wide round of layoffs, as FTX’s collapse continues to spread across the Web3 ecosystem. In the days following FTX’s collapse, SOL dropped a staggering 60% in value. Metaplex’s layoffs are yet another data point in the still-to-be-accounted-for ripple effects of the collapse.

House Committee calls on SBF, Binance to testify on FTX collapse

The U.S. House Financial Services Committee will hear from Sam Bankman-Fried (SBF) on the collapse of his crypto empire FTX next month. Binance, which offered to buy FTX before pulling out after seeing its financial statements, will also testify along with SBF’s trading firm Alameda Research and other related entities.

Crypto prices today: Bitcoin falls 1.8%, ETH down 3.8%

Bitcoin is currently trading at $16,555.61, a decline of 1.8% over the previous day. Ethereum fell 3.85% over the last 24 hours to $1,199.91. Solana fell 1.26% to $14.2, while Cardano is trading lower by 4.2% at $0.326. Avalanche (AVAX) fell 3% to $13.13. The global crypto market cap stands at $829.49 billion, a 2.17% decline over the previous day.

Crypto liquidity provider B2C2 offers to buy loans from Genesis

Prominent crypto market maker B2C2 has offered to purchase loans from the struggling crypto financial firm Genesis. On Wednesday, the lending arm of Genesis said it was pausing redemptions and new loan originations as it was severely impacted by FTX’s collapse. B2C2 will work with Genesis and its counterparties to replace/divert existing loans at Genesis Global Capital to B2C2.

CoinSwitch says it holds sufficient reserves to match customer investments

Indian crypto change CoinSwitch confirmed that its overall holdings of crypto and INR balances are higher than those of customers’ holdings on the platform. Its assurance comes in the wake of the collapse and bankruptcy of FTX. Millions of customers lost money, triggering a chain reaction that has impacted other crypto companies and eroded trust in the digital asset.

Uniswap passes Coinbase as #2 Ethereum exchange

Uniswap, a decentralized exchange (DEX) nearly doubled the volume of Ethereum (ETH) transactions compared to Coinbase over the past few days. Binance remains in first place in ETH transactions, with over $1.7 billion in the past 24 hours. DEXs like Uniswap are quickly rising in popularity in the wake of the collapse of FTX, a centralized exchange (CEX).