Pantera Capital’s $1 billion fundraising for Fund V offers diversified exposure across the blockchain.

Led by seasoned investor Dan Morehead, Pantera’s strategic vision signals a resurgence from challenges in 2022.

Pantera’s strategic acquisition of SOL tokens from FTX bankruptcy estate highlights agile investment tactics.

Pantera Capital is on the brink of launching a significant fundraising initiative for its latest venture. Seeking to amass over $1 billion, the Pantera Fund V promises investors diversified exposure across blockchain assets, marking a pivotal move in the crypto investment landscape.

Pantera Capital is seeking to raise more than $1 billion for a new fund that would offer investors exposure across the spectrum of blockchain assets https://t.co/ZJg65ZBfjV

— Bloomberg (@business) April 25, 2024

The upcoming fund, Pantera Fund V, represents a strategic evolution for the company, encapsulating a comprehensive approach that spans startup equity, early-stage tokens, liquid tokens, and other assets. This bold endeavor underscores Pantera’s commitment to navigating the dynamic terrain of cryptocurrency investments with agility and foresight.

Moreover, this ambitious fundraising endeavor signals a resurgence in investor confidence, surpassing the fallout from the tumultuous period characterized by scandals and bankruptcies in 2022. Indeed, the projected success of Pantera’s initiative stands as a testament to the revitalization of the crypto investment sector, with notable players like Paradigm also venturing into substantial capital raises.

Dan Morehead, the seasoned Bitcoin investor heading Pantera, brings a wealth of experience to the table, drawing on insights cultivated during his tenure at Tiger Management. His leadership emphasizes Pantera’s strategic vision, positioning the firm as a formidable presence in the crypto investment arena.

As excitement builds, Pantera Fund V prepares to revolutionize crypto investment strategies. With a $1 million minimum investment requirement for eligible investors, the fund offers a unique chance to engage in the growing blockchain landscape. The anticipated first close on April 1, 2025, signifies a crucial turning point in the fund’s journey.

Moreover, Pantera Capital’s recent acquisition of Solana (SOL) tokens injects an interesting element into its investment strategy. Taking advantage of the liquidation of assets from the FTX bankruptcy estate, Pantera seizes an opportunity to strengthen its portfolio by acquiring more SOL tokens, showcasing its dedication to strategic investments.

An undisclosed source familiar with the transaction revealed that approximately 2,000 SOL tokens were involved in the sale. Reports indicate that the Solana tokens fetched a higher price compared to those sold in previous auctions, hinting at a potential increase in interest in the asset despite its initial ties to FTX.

The post Pantera Capital’s Focus on Startup Equity and Tokens in New Fund appeared first on Coin Edition.

Changpeng Zhao writes an apology letter to the court ahead of his 3-year prison sentence.

The judge receives more than 161 support letters from Zhao’s family and friends seeking leniency.

CertiK founder Ronghui Gu shares his support for Zhao, acknowledging him as a hero.

Changpeng Zhao, the former CEO of Binance, wrote a letter to the U.S. Judge from the Western District of Washington, Richard A. Jones, conveying apologies for his conduct ahead of his sentence. The judge also received about 161 support letters from Zhao’s family, friends, and acquaintances seeking leniency.

CertiK Co-Founder Ronghui Gu shared his support and regards for Zhao via an X post. Along with sending a support letter to the court, Gu wanted to publicly express his support for Zhao.

It was totally unexpected that all the information came out like this, but since my letter is out there, I want to publicly express my support and best wishes for @cz_binance. You are a hero, big bro! Hope everything will be OK. pic.twitter.com/rLb8eQZEV1

— Ronghui Gu (@RonghuiGu) April 24, 2024

In his X post, CertiK co-founder acknowledged Zhao as a “hero.” In addition, he reiterated his belief that Zhao would find justice. His X post read,

“It was totally unexpected that all the information came out like this, but since my letter is out there, I want to publicly express my support and best wishes for @cz_binance. You are a hero, big bro! Hope everything will be OK.”

As per a recent court ruling, Zhao is expected to face a 36-month prison sentence on April 30 for violating anti-money laundering laws. In the recent letter, Zhao took complete responsibility for his actions and apologized for his “poor decisions.” He added, “There is no excuse for my failure to establish the necessary compliance controls at Binance.”

Zhao’s sister, Jessica Zhao, his wife, Yang Weiqing, Binance co-founder, He Yi, and many others wrote to the judge pleading for mercy. Jessica asserted that Zhao hasn’t misused customer funds and cares for others’ well-being. Meanwhile, He Yi stated, “If the cryptocurrency industry is compared to the Wild West, then CZ is the guardian of this wilderness.”

The post Changpeng Zhao Faces 3-Year Sentence: Friends, Family Seek Leniency appeared first on Coin Edition.

Ripple highlights SEC’s approval of spot Bitcoin ETFs for mainstream cryptocurrency integration.

Insights from the Ripple team highlight the importance of secure custody, compliance, and investor access.

Ripple’s analysis shows implications for investors, custodians, and the regulatory landscape.

A recent article shared by cryptocurrency giant Ripple highlights the critical role of custodians in managing ETFs. Custodians are responsible for the security, accessibility, and regulatory compliance of the Bitcoins held within the ETFs.

Using an enterprise-grade digital asset custody provider is crucial for ensuring the safety, security, and accessibility of cryptocurrencies and tokenized assets.Learn about the key considerations for spot bitcoin ETFs and why secure custody matters. https://t.co/iqlEJXmrxH

— Ripple (@Ripple) April 25, 2024

The article highlights some of the key areas for custodians to focus on. First and foremost, proper security measures are important. This means using strong key management practices, multi-signature wallets, cold storage for offline assets, and encryption to help secure Bitcoins from theft and cyberattacks.

The U.S. Securities and Exchange Commission (SEC) gave the green light to eleven spot Bitcoin ETFs in January and that move has started discussions about self-custody of these new financial products.

Spot Bitcoin ETFs offer a new way to invest in Bitcoin, different from directly buying the cryptocurrency. Instead, these ETFs track the price of Bitcoin through derivative contracts. This shift in ownership structure makes secure custody of the underlying Bitcoins crucial.

Another important aspect is following regulations like Know Your Customer (KYC) and anti-money laundering (AML) rules. These rules help prevent illegal activities and maintain investor trust in the system.

The article also speaks about the importance of using advanced technology. Custodians should use tools like hardware security modules (HSMs) and multi-party computation models (MPCs) to manage these digital assets.

To conclude, the article stated that while the SEC’s approval of spot Bitcoin ETFs marks a significant step towards mainstream adoption of cryptocurrencies, it also presents new challenges regarding keeping these investments safe. Custodians play a vital role in addressing these challenges by prioritizing good security, regulatory compliance, and utilizing cutting-edge technology.

The post Ripple Team Shares Insights on Bitcoin ETF’s Impact on Self-Custody appeared first on Coin Edition.

A ‘Buy Bitcoin’ notepad, famously displayed behind Janet Yellen, has sold for over $1 million.

It was sold to the highest bidder with 16 BTC following the week-long auction.

Christian Langalis held up the “Buy Bitcoin” sign during a televised congressional testimony in 2017.

The individual who photobombed former Federal Reserve Chair Janet Yellen with a “Buy Bitcoin” pad has auctioned off the very notepad for over $1 million.

Notably, the yellow pad containing the “Buy Bitcoin” inscription was flashed by the then-22-year-old Christian Langalis during Yellen’s televised congressional testimony in 2017. Little did Langalis know that his impromptu act would later become a symbol of enduring allure in the crypto sphere. The now iconic sign was auctioned on the Scarce City platform last week.

The Pubkey Bar in NYC hosted the concluding event on Wednesday, April 24. Throughout the duration of the auction, the iconic “Buy Bitcoin” sign was prominently displayed for public viewing at Pubkey.

Remarkably, Langalis himself was at the final auction event. Following the week-long auction, the iconic sign was sold to the highest bidder, the pseudonymous “Squirrekkywrath.” He outbid others with 16 BTC worth $1,023,915.52.

The closest to Squirrekkywrath’s bid was 15.5 BTC by NoCBs. The auction website noted that the yellow legal pad “marked Bitcoin’s intrusion into the global monetary landscape.” It added that the “Buy Bitcoin” display “is one of few widely recognized physical Bitcoin artifacts, given Bitcoin’s virtual nature.”

Notably, Christian Langalis, who was an intern at Cato Institute, made headlines in July 2017 when he boldly held up the “Buy Bitcoin” sign behind Janet Yellen. Yellen was reportedly delivering remarks on the Fed’s semi-annual monetary policy report to Congress.

Source: Bloomberg

Although Langalis was later escorted out of the hearing room for his actions, the impact was immediate. As reported by CNBC, the price of Bitcoin surged by 3.7% during the broadcast.Since then, Bitcoin has maintained remarkable upswings in value. From around $2,700 in July 2017, Bitcoin has soared by 2,631% to peak at  $73,750 in March 2024.

The post Here’s How the “Buy Bitcoin” Notepad Sold for $1,023,915 appeared first on Coin Edition.

Thai SEC intensifies crackdown on unauthorized digital asset service providers.

Binance and Bybit are highlighted as major platforms operating without proper licenses.

SEC advises users to withdraw assets from unlicensed platforms.

The Thai Securities and Exchange Commission (SEC) is intensifying its crackdown on unauthorized digital asset service providers. SEC Secretary-General Pornanong Busaratrakul announced that the commission actively blocks access to these illegal platforms to curb financial crimes.

The SEC pointed to similar cases with major platforms, such as Binance and Bybit, accused of operating without proper licenses. Binance, in particular, faced accusations in 2021 but later established a regulated exchange in Thailand through a joint venture. Furthermore, Bybit, flagged by the SEC in December 2023, continues to operate despite regulatory issues.

The Thai SEC has advised users of unlicensed platforms to withdraw their assets promptly, echoing similar measures taken in India and the Philippines. The Philippine SEC chair, Emilio Aquino, stated on April 23 that Binance’s actions violated securities regulations. In light of this, the agency instructed tech companies to remove the Binance app from digital marketplaces.

This move followed Philippine’s recent blocking of “Binance websites by the SEC and the National Telecommunications Commission (NTC) on March 25.” In January 2024, Binance was one of the nine cryptocurrency exchanges banned in India for failing to observe FIU and PMLA guidelines.

While the Thai SEC seeks to hunt down unauthorized operators, the specific platforms facing impending restrictions remain unclear.

These developments mirror regulators’ delicate balance when addressing crypto-related issues. For example, Hong Kong’s Securities and Futures Commission has intended to approve crypto ETFs. At the same time, the agency is taking steps to enforce licensing requirements to combat investment fraud.

Furthermore, this action by the Thai SEC adds to Binance’s ongoing financial issues. In November 2023, the company’s CEO, Changpeng Zhao, was replaced by Richard Teng, the former head of the Abu Dhabi Global Markets regulator. The Binance founder voluntarily stepped down after pleading guilty to money laundering charges. 

Meanwhile, the Central Bank of Nigeria (CBN) has identified Binance, KuCoin, and OKX as unauthorized crypto operators within the country.

The post Thai Regulators Reference Binance and Bybit in Asia’s Crypto Crackdown appeared first on Coin Edition.

A ‘Buy Bitcoin’ notepad, famously displayed behind Janet Yellen, has sold for over $1 million.

It was sold to the highest bidder with 16 BTC following the week-long auction.

Christian Langalis held up the “Buy Bitcoin” sign during a televised congressional testimony in 2017.

The individual who photobombed former Federal Reserve Chair Janet Yellen with a “Buy Bitcoin” pad has auctioned off the very notepad for over $1 million.

Notably, the yellow pad containing the “Buy Bitcoin” inscription was flashed by the then-22-year-old Christian Langalis during Yellen’s televised congressional testimony in 2017. Little did Langalis know that his impromptu act would later become a symbol of enduring allure in the crypto sphere. The now iconic sign was auctioned on the Scarce City platform last week.

The Pubkey Bar in NYC hosted the concluding event on Wednesday, April 24. Throughout the duration of the auction, the iconic “Buy Bitcoin” sign was prominently displayed for public viewing at Pubkey.

Remarkably, Langalis himself was at the final auction event. Following the week-long auction, the iconic sign was sold to the highest bidder, the pseudonymous “Squirrekkywrath.” He outbid others with 16 BTC worth $1,023,915.52.

The closest to Squirrekkywrath’s bid was 15.5 BTC by NoCBs. The auction website noted that the yellow legal pad “marked Bitcoin’s intrusion into the global monetary landscape.” It added that the “Buy Bitcoin” display “is one of few widely recognized physical Bitcoin artifacts, given Bitcoin’s virtual nature.”

Notably, Christian Langalis, who was an intern at Cato Institute, made headlines in July 2017 when he boldly held up the “Buy Bitcoin” sign behind Janet Yellen. Yellen was reportedly delivering remarks on the Fed’s semi-annual monetary policy report to Congress.

Source: Bloomberg

Although Langalis was later escorted out of the hearing room for his actions, the impact was immediate. As reported by CNBC, the price of Bitcoin surged by 3.7% during the broadcast.Since then, Bitcoin has maintained remarkable upswings in value. From around $2,700 in July 2017, Bitcoin has soared by 2,631% to peak at  $73,750 in March 2024.

The post Here’s How the “Buy Bitcoin” Notepad Sold for $1,023,915 appeared first on Coin Edition.

Progress on stablecoin regulation could enhance investor confidence and broaden adoption.

Federal oversight aims to protect investors and ensure stability in the stablecoin market.

Advocacy for marijuana banking legislation reflects efforts to address industry challenges and foster financial inclusion.

Democratic Representative Maxine Waters has pointed out the major breakthroughs in stablecoin regulation and cannabis banking bills, pinpointing the potential for future improvements in these critical fields.

In an interview on Bloomberg Television’s “Balance of Power,” Waters, the ranking member of the Financial Services Committee, talked optimistically about a near-term deal with Committee Chairman Patrick McHenry on an act governing stablecoins. Additionally, she emphasized her efforts towards advancing marijuana banking legislation, aiming to address long-standing issues faced by the cannabis industry.

Waters, a member of the Southern California District, discloses that the negotiations with McHenry of North Carolina have been going on for nearly two years. While acknowledging the need for more adjustments, Waters expressed confidence that the forthcoming legislation would garner bipartisan support. 

She noted consultations with Senate Majority Leader Chuck Schumer and Senate Banking Chairman Sherrod Brown and inputs from the Federal Reserve, Treasury Department, and the White House in shaping the bill.

As articulated by Waters, this legislation’s primary objectives are investor protection and ensuring stability within the stablecoin ecosystem. By introducing federal oversight, Waters believes that stablecoins’ legitimacy could be reinforced, potentially paving the way for wider adoption and market confidence.

In tandem with the stablecoin legislation, Waters also expressed hopes for advancing the marijuana banking bill championed by Senator Brown’s committee. Despite the legalization of marijuana in various states, federal restrictions have hindered the industry’s access to mainstream banking services, leading to operational challenges primarily reliant on cash transactions.

The current political climate appears conducive to legislative breakthroughs in stablecoins and marijuana banking. Waters urged for timely action, highlighting the opportunity to address lingering hurdles in financial services faced by the cannabis sector.

Senator Brown’s recent openness to combining stablecoin regulation with other legislative initiatives, including executive compensation at failed lenders, underscores a strategic approach to simultaneously advancing multiple financial reform measures. This approach could facilitate bipartisan support and streamline the legislative process.

The post Democrat Maxine Waters Pushes for Stablecoin, Cannabis Banking Reforms appeared first on Coin Edition.

BNB’s price rose 11.57% in a week, hitting a high of $615.38.

Trading volume surged 4.32%, signaling increased investor interest.

Despite bullish trends, technical indicators hint at possible corrections.

Over the past week, Binance’s BNB token has enjoyed a robust bullish trend, marking an 11.57% increase in value. Throughout this period, its price has fluctuated between $615.38, its weekly high, and $528.57, its weekly low. However, in the last 24 hours, the bullish momentum has tempered slightly. As of press time, the BNB token is trading at $607.83, reflecting a modest increase of 0.08%.

BNB/USD 24-Hour Chart (Source: CoinStats)

In tandem with this, its intraday market capitalization has followed a similar trajectory, edging up by 0.09% to reach $89,726,634,461. Notably, trading volume has surged over the past day, climbing by 4.32% to $1,479,606,735. This surge in trading volume suggests heightened investor interest and engagement with the BNB token despite the recent moderation in bullish sentiment. 

Keep an eye on $BNB 🧐Looks Promising for the 40-45% Bullish Wave in the Short term..📈#Crypto #BNB #Binance pic.twitter.com/qYMLkI1MlJ

— Captain Faibik (@CryptoFaibik) April 25, 2024

Prominent crypto analyst Captain Faibik echoes this sentiment, suggesting potential for a significant bullish wave, estimating it to be in the range of 40-45% in the short term.

BNB/USD Price Action

The BNB token is demonstrating a bullish pattern on the 4-hour chart, characterized by a consistent trajectory where new highs surpass previous peaks and old lows remain solid. This positive momentum is supported by a 20.6% increase from its recent swing low, which was established a week ago, as depicted by the price range tool. 

BNB/USD 4-Hour Chart (Source: Tradingview)

As of press time, the price of the BNB token is above the 78.6% Fibonacci retracement level, targeting the $630.9 mark, which serves as a critical resistance point during this period. Despite the bullish signs, there are potential risks from bearish forces. Should the bears gain control, the BNB price might retreat to test the support level beneath it before potentially rebounding.

Contrasting with this optimistic trend, technical indicators suggest a more cautionary scenario. The Moving Average Convergence Divergence (MACD) indicator is showing signs of bearish sentiment as it points downward at 8.3, positioned below the signal line. This orientation suggests a possible bearish trend in the near future.

BNB/USD 4-Hour Chart (Source: Tradingview)

However, since it remains in the positive region, this bearishness could represent a brief correction within an overall bullish context and may not persist. Additionally, the MACD histogram is expanding its red, below-zero bars, indicating that bearish sentiment is intensifying.

Parallel to these indicators, the Chaikin Money Flow (CMF) indicator reinforces the concern of bearish pressure. With the CMF moving below the zero line at 0.11, it signals a reduction in money flowing into the market, which could exacerbate the downward price movement in the short term.

The post Binance’s BNB Trends Bullish Despite Emerging Bearish Signals appeared first on Coin Edition.

XRP’s Bollinger Bands suggest a major move, historically linked to bull market gains.

Despite a short-term correction, XRP’s bullish signs persist on charts.

Increased XRP trading volume indicates sustained trader interest amidst volatility.

Crypto enthusiasts and investors are closely watching Ripple’s XRP as technical indicators on its monthly chart suggest an upcoming significant price movement. Historical data shows that similar conditions in 2017 and 2020 led to sharp increases in volatility, corresponding with substantial gains during bull markets.

🚀 $XRP HOLDERS… BRACE FOR LIFT OFF! 📈 The $XRP Bollinger Bands are tighter than ever on the monthly chart… 👀🚀Last time we saw this in 2017 and 2020, volatility exploded! Leading to our largest gains during the bull market! 🙌While it's not a directional indicator, it… pic.twitter.com/uiQHYCJSRu

— Good Morning Crypto (@AbsGMCrypto) April 24, 2024

According to AbsGMCrypto’s tweet, the Bollinger Bands have narrowed significantly on XRP’s chart, an occurrence that often precedes major price shifts. The last instances of such tightening were followed by periods of high volatility and notable price increases, supporting current speculations of an impending bullish trend.

While Bollinger Bands are not used to predict the direction of the market, their current tightness signals a potential for large-scale price action in the near term. Moreover, the cryptocurrency has shown strong support levels, further hinting at an upward trajectory.

AbsGMCrypto noted in a tweet:

<blockquote> “While it’s not a directional indicator, it screams ‘big move ahead!’ Signs point to an upward swing, especially with strong support above.” </blockquote>

Consequently, AbsGMCrypto advised monitoring XRP’s trading volume closely, as an increase could validate the expected bullish push.

XRP Price Action

Ripple’s XRP token has experienced a notable uptick in bullish momentum over the past week, with its price increasing by over 7%. However, the positive trend faced a setback in the last 24 hours. As of press time, XRP is trading at $0.5265, marking a decline of 3.63% from the previous day. 

XRP/USD 24-Hour Chart (Source: CoinStats)

Concurrently, XRP’s market capitalization mirrored this decline, falling by 3.55% to reach $29,044,188,582. Despite the downturn in price and market cap, the trading volume tells a different story. 

Over the last 24 hours, XRP trading volume surged by 8.57%, totaling $1,509,110,092. This increase in trading activity suggests that interest in XRP remains high among traders, indicating a robust engagement with the token despite its recent price drop.

XRP/USD Technical Analysis

In the technical analysis of the XRP token on the one-day chart, there’s a notable bullish trend indicated by its overall trajectory. However, the pattern depicted by the last three candlesticks suggests a temporary reversal, signaling a potential short-term correction in the market. This observation is crucial as it hints at the direction XRP might take in the near future.

XRP/USD 1-Day Chart (Source: TradingView)

If this correction drives the XRP token below the 50% Fibonacci retracement level, investors could witness a further decline in its price. This descent could test the resilience of the support level set at $0.465 before any possibility of a bullish recovery emerges.

Conversely, should the correction halt above the 50% fib level, it positions XRP to challenge the higher 78.6% Fibonacci level. Successfully breaching this could lead the token to overcome the resistance at $0.60, potentially catalyzing a significant upward movement in price.

Adding to the technical perspective, the Moving Average Convergence Divergence (MACD) indicator presents an intriguing scenario. Although it currently hovers in negative territory at 0.0186, its position above the signal line suggests that bullish momentum is gradually accumulating despite the prevailing selling pressures. This is further supported by the MACD’s histogram bars, which are expanding in the green zone, indicative of growing bullish energy.

XRP/USD 1-Day Chart (Source: TradingView)

Moreover, the Relative Strength Index (RSI) stands at 43.35, near the neutral zone, indicating a lack of strong volatility in either direction for XRP. Nonetheless, the index briefly touching the 50 mark before receding slightly underlines the token’s current phase of short-term correction amidst an overarching bullish trend.

The post Ripple’s XRP Indicators Point to Major Price Shift Amid Market Volatility appeared first on Coin Edition.

EU Parliament mandates new KYC and AML rules for crypto on April 24, 2024.

New regulations under MiCA are to be fully applicable by year-end.

AMLA in Frankfurt will oversee compliance with crypto regulations.

On April 24, 2024, the European Parliament approved new regulations targeting money laundering within the cryptocurrency sector. These rules impose mandatory due diligence and identity verification for customers. They apply to crypto asset managers and centralized exchanges.

The legislation enhances existing Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. Under the Markets in Crypto-Assets (MiCA) framework, crypto-asset service providers (CASPs) must now conduct thorough customer due diligence (CDD) and report any suspicious activities to the authorities.

This initiative aligns with the European Union‘s broader strategy to govern digital assets and their markets effectively. MiCA, effective June 2023, will be fully applicable by the end of the year. The new anti-money laundering regulations will complement this framework to secure a transparent crypto ecosystem.

The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), located in Frankfurt, Germany, will oversee these regulations and ensure compliance among CASPs and other relevant entities.

While the European Parliament has passed the law, the Council of the European Union must formally adopt it. It will also need publication in the EU Official Journal before enforcement. The legislation is set to be applied three years after these steps.

Patrick Hansen, EU strategy and policy director at Circle, confirmed these details. He noted that the new CASP requirements build on those already established under Anti-Money Laundering Directive 5 (AMLD5).

Earlier proposals for the Anti-Money Laundering Regulation (AMLR) had suggested stricter KYC measures for self-custody wallets. This version raised concerns about potential negative impacts on innovation and adoption in the crypto industry.

However, industry advocacy led to a revised, balanced version of the law. It allows multiple compliance options, considering the unique aspects of the crypto world. This final version has been described by Hansen as a “positive result.” The adoption of these new rules by the European Parliament is a crucial step in refining the regulatory framework for the cryptocurrency industry.

4/ The AMLR will apply to all CASPs (exchanges, brokers etc.) that are regulated under MiCA. These CASPs will need to follow standard KYC/AML procedures like customer due diligence (CDD) etc.This is nothing new, as all crypto exchanges & custodial wallet providers in the EU are… pic.twitter.com/ZN1AsWdBpw

— Patrick Hansen (@paddi_hansen) March 24, 2024

The European Parliament has adopted new rules to adjust the regulatory framework for the cryptocurrency industry. As the sector expands, the EU seeks to balance innovation with financial system integrity. The framework established by MiCA and the new rules reflect the EU’s regulatory approach.

The post EU Sets Crypto AML Standards: Here Is What You Need to Know appeared first on Coin Edition.

CZ Zhao’s legal team requests probation ahead of the April 30 sentencing.

The defense emphasizes Zhao’s first-time, non-violent offender status.

Advocates propose home confinement in Abu Dhabi to prevent re-offending.

While prosecutors seek a 36-month prison term, Binance former CEO Changpeng Zhao’s “CZ” defense has submitted a sentencing memorandum highlighting several reasons their client should be granted probation.CZ’s legal team has asked the court to grant him probation after he pleaded guilty to money laundering charges. This request comes before the sentencing hearing scheduled for April 30. 

The defense argues that Zhao is a first-time, non-violent offender convicted solely of anti-money laundering compliance failure. CZ’s team stressed that the government did not accuse him of additional financial crimes such as “money laundering, fraud, theft, market manipulation, or any comparable form of unlawful conduct.”

Zhao’s attorneys also highlighted his background and commitment to societal well-being as grounds for leniency. The defense stated that CZ built Binance “as a force for positive change in the world.” In addition, they pointed to his involvement in charitable endeavors, including contributions to humanitarian aid worldwide and education initiatives through Binance Charity.

The defense further noted Zhao’s “remarkable” and “exceptional” acceptance of responsibility, indicating several instances as evidence of his deep remorse. These include a voluntary guilty plea, cooperation with the government, a $4.3 billion fine, and his decision to step down from his CEO position at Binance and related entities. 

Furthermore, CZ’s defense asserted that probation is a fair and just outcome, citing legal precedents such as the BitMEX prosecution, where defendants were granted probation instead of imprisonment. The team also expressed concerns about potential sentencing disparities and the potentially harsher conditions non-citizen defendants may face in prison, highlighting the need for a balanced and equitable approach.

In proposing probation, the defense suggested the possibility of Zhao’s home confinement at his Abu Dhabi residence, noting that this arrangement would mitigate any risk of re-offending.

Zhao’s defense advocated for probation over imprisonment, contending that it would address pertinent factors outlined in 18 U.S.C. § 3553(a) while serving the interests of justice and fairness.

The post Changpeng Zhao’s Defense Calls for Probation in Money Laundering Case appeared first on Coin Edition.

Lark Davis has observed a compelling trend among BlackRock Bitcoin ETF investors.

Many BlackRock ETF investors bought at $73,000, with the product seeing a diminishing inflow at $64,000.

Users think the majority of ETF buyers are novices triggered by FOMO and FUD.

A foremost Bitcoin investor, Lark Davis, has observed a compelling trend among BlackRock Bitcoin ETF investors. In a recent post on X, the renowned investor noted that BlackRock Bitcoin ETF buyers purchased a billion units at $73,000 in one day. However, with Bitcoin at $64,000, the novel product saw zero inflow in a whole day.

Blackrock Bitcoin ETF buyers at $73,000 bought a billion in one single day. Today, saw zero inflows into the Blackrock Bitcoin ETF. BTC price now $64,000. There's a lesson there.

— Lark Davis (@TheCryptoLark) April 25, 2024

Davis’ observation triggered varying reactions among several crypto users, most of whom added their opinions as responses to his post. While the investor noted a lesson in the observed development, one respondent thinks it is all about investor sentiment and the fear of uncertainties.

According to a respondent, most people prefer to buy digital assets when the market is in the green. His suggestion implied that the crypto market is ruled by the “Fear Of Missing Out (FOMO)” and “Fear of Uncertainty and Doubt (FUD)”. Hence, many investors buy at higher prices rather than when the assets are cheaper.

Meanwhile, another respondent to Davis’ post believes many BlackRock Bitcoin ETF buyers are inexperienced. He considers then non-veterans who need to learn from those who have been in the system. For him, the right way to invest in crypto is to “buy the dip.”

A third respondent added his opinion, noting that the lesson there is that market sentiment can shift quickly, and timing is everything when investing in cryptocurrency. According to him, crypto investors need to stay sharp at all times, no matter the point at which they enter the market.

Bitcoin surged significantly after the U.S. Securities and Exchange Commission (SEC) approved several Bitcoin ETFs. The flagship crypto rallied above $73,000, with investors flooding the market. BTC pulled back after reaching an all-time high of $73,794, with users expecting a rebound. The pioneer crypto traded for $64,012 at the time of writing, according to data from TradingView.

The post Renowned Investor Spots Compelling Trend Among Bitcoin ETF Buyers appeared first on Coin Edition.

Santiment argued now may be a good time to buy altcoins before the bull run.

It observed that over 85% of monitored assets are in a historically buying opportunity zone. 

This observation draws from the MVRV of wallets’ combined returns over one-month, three-month, and six-month periods.

Prominent market intelligence firm Santiment has suggested that now may still be an opportune moment to buy altcoins before the bull rally that typically follows a Bitcoin halving. Santiment called attention to this view in a recent post on X after examining the mid-term gains and losses realized for most altcoins.

Specifically, the intelligence platform noted that average wallets’ mid-term gains and losses indicate heavy realized losses across most altcoins. It observed that over 85% of the assets it monitors are in a historically buying opportunity zone. 

Santiment noted that this observation is particularly true when evaluating the market value to realized value (MVRV) of wallets’ combined returns over one-month, three-month, and six-month periods. As a result, Santiment suggested that it could be justifiable to consider buying, especially as growing fear permeates the crowd following these successive market cap dips.

Notably, the crypto community recently witnessed Bitcoin’s fourth halving cycle, slashing miners’ rewards to 3.125 BTC per block. However, before the halving of April 19, the crypto market witnessed severe bearish performances that erased most of the gains most altcoin accrued in the early phase of the bull run.

For instance, Shiba Inu has collapsed by approximately  60% to $0.00001853 this month after reclaiming the $0.00004534 range in March, one of its peak points in 2021. A comparable landslide collapse was observed with BONK, which sank to $0.00001257 on April 13 after hitting $0.00004704 previously.

These depressing performances followed Bitcoin’s retrace to the $60K range before the halving. While the halving has been completed, the market has barely fully recovered as Bitcoin continues to battle bearish forces, dampening the morale of the investing public.

Meanwhile, Santiment believes individuals who risk investing now stand a good chance of reaping better profits when the anticipated bull run emerges.

The post Data Shows Now Might Be Prime Time to Buy Altcoins: Here’s Why appeared first on Coin Edition.

XRP slid by 3.26% on Wednesday to close the day at $0.52723 amid a strengthening U.S. economy.

U.S. durable goods orders increased by 2.6% in March, having advanced by 0.7% last February.

Uncertainty over the potential outcome of the Ripple vs SEC case contributed to XRP’s decline.

XRP slid by 3.26% on Wednesday to close the day at $0.52723 amid a strengthening U.S. economy and growing uncertainty in Ripple’s ongoing litigation. Wednesday’s slump marked an extension in the XRP price drop after the altcoin dipped by 2.21% last Tuesday. 

According to a U.S. economic report released on Tuesday, U.S. durable goods orders increased by 2.6% in March, having advanced by 0.7% last February. The report further showed that core durable goods rose by 0.2%, marking an improvement from February’s figure of 0.1%. The improved data signaled a robust U.S. economy, impacting inventors’ outlook regarding a September Fed rate cut.

Apart from XRP, several other cryptocurrencies declined on Wednesday, leading to a 2.97% drop in the overall value of the crypto market. Hence, the crypto market lost over $2.3 billion on Wednesday following the selloff.

Besides the Fed monetary policy’s impact on investor sentiment, the crypto market felt the impact of new developments in the case between Ripple and the U.S. Securities and Exchange Commission (SEC). Increased uncertainty over the potential outcome of the case contributed to XRP’s decline.

Last Tuesday, the fintech firm filed a redacted version of the remedy-related opposition brief. Ripple argued against the SEC’s proposed $2 billion fine and filed a motion to strike, contesting the inclusion of new expert testimony in the SEC opening brief. 

Investors perceive that Ripple’s recent action could introduce a new twist to the case, possibly opening new litigation frontiers, thereby elongating the legal battle. However, many crypto users think a convincing rebuttal by the SEC could result in a punitive penalty against Ripple for selling unregistered XRP to institutional investors.

XRP traded for $0.52662 at the time of writing, with the price struggling around multiple supports established in the last week of March, according to data from TradingView.

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Morgan Stanley allows 15,000 brokers to solicit customer purchases of Bitcoin ETFs.

The firm plans to implement risk tolerance requirements and limits on allocation and trading frequency.

The company executives state that Morgan Stanley assures every one of the accessibility of ETFs.

A recent report revealed Morgan Stanley’s plans to explore the expanding Bitcoin exchange-traded funds (ETFs) market. The firm reportedly plans to allow its 15,000 brokers to encourage customers to purchase Bitcoin ETFs.

Two senior executives familiar with the matter shared insights on the company’s plans to establish “guardrails” for solicited purchases. The firm plans to implement risk tolerance requirements and limits on allocation and trading frequency. Though neither of the executives revealed the exact timeframe for the company’s policy changes, one of the executives stated,

“We’re going to make sure that we’re very careful about it. We are going to make sure everybody has access to it. We just want to do it in a controlled way.”

The second executive stated that the customers have shown strong interest in purchasing Bitcoin ETFs. He added that the investors invest money in ETFs as it seems interesting to them. He added, “Our clients aren’t betting the ranch on Bitcoin.”

Other financial firms like Bank of America’s Merill Lynch, Wells Fargo, and Cetera Financial Group have also introduced Bitcoin ETFs. Matt Fries, Head of Investment Products at Cetera, posited,

“We will continue to proactively evaluate the implications of Bitcoin ETFs and related products and modify our policies accordingly, and we look forward to partnering with our financial professionals to adopt Bitcoin ETFs when appropriate with their clients.”

As of Wednesday, the net inflow of the US Spot Bitcoin ETFs from leading asset managers like BlackRock, Ark Invest, and Grayscale has reached a massive $12.29 billion. In addition, they have amassed over $53.6 billion in assets under management (AuM).

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Lack of legal expertise and compliance issues at Binance highlighted serious concerns by co-founder He Yi.

CZ expresses remorse and accepts responsibility, appealing for a second chance and emphasizing compliance changes at Binance.

Prosecutors push for harsher penalties, while CZ’s family highlights his role as a caring parent and generous philanthropist.

He Yi, the co-founder of Binance, recently emphasized that Changpeng Zhao (CZ), Binance founder, apparent lack of awareness has had serious consequences for him and the company. Yi pointed out that despite Zhao being the only English-speaking member in the early management team, the absence of legal expertise within the startup has been a notable issue.

Binance co-founder He Yi said that CZ’s biggest mistake was ignorance. As a startup with no fancy background, the founding team members had no legal background, and even most of the early management team members, except CZ, could not even read English. Both Binance and CZ have…

— Wu Blockchain (@WuBlockchain) April 25, 2024

Addressing these concerns, CZ penned a letter to Judge Richard A Jones of the US District Court for the Western District of Washington on 24 April, expressing remorse for his actions and accepting full responsibility. He acknowledged the need for implementing compliance changes at Binance sooner, emphasizing the subsequent implementation of stringent controls during his tenure.

Furthermore, CZ emphasized his voluntary surrender and acceptance of responsibility in the ongoing case, expressing a desire to resolve matters before the court to pursue new opportunities. He appealed for a second chance, highlighting his unconventional career path marked by simplicity and integrity.

CZ has apologized in a letter to the judge overseeing his case filed on Tuesday: There is no excuse for my failure to establish the necessary compliance controls at Binance. CZ gave an assurance that this would be his only “encounter with the criminal justice system.” CZ said he…

— Wu Blockchain (@WuBlockchain) April 24, 2024

Moreover, CZ’s family, including his wife, two children attending US institutions, and his sister, a former managing director at Morgan Stanley, publicly supported him for the first time among 161 letters seeking leniency. Their testimonials portray CZ as a supportive father and a philanthropist, emphasizing Binance’s charitable efforts.

Despite the pleas from CZ’s legal team, prosecutors are pushing for a harsher sentence of three years imprisonment and a $50 million fine. They argue against probation, expressing concerns about his susceptibility to negative influences in prison.

Although the US sentencing guidelines permit a maximum of 10 years in federal prison for CZ’s offenses, the usual recommendation falls within the range of 12 to 18 months. However, the final outcome remains uncertain as the case progresses, with CZ potentially facing incarceration at the Federal Detention Center (FDC) SeaTac in Washington.

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The CBN denied reports stating that it froze accounts related to unlicensed crypto firms.

The regulator said that it wasn’t responsible for issuing the circular.

“Always refer to the Bank’s website for authentic information,” said CBN.

The Central Bank of Nigeria (CBN) has refuted claims suggesting that it ordered local banks to freeze accounts associated with unlicensed crypto exchanges. 

Reports surfaced alleging that the CBN directed financial institutions to freeze accounts associated with exchanges like Binance, OKX, Bybit, and KuCoin, but the bank has denied issuing such directives. 

In a post on X, the central bank clarified that the circular instructing banks to freeze accounts linked to unlicensed crypto exchanges did not originate from the regulator. It urged the public to rely on its official website for authentic information.

The CBN emphasized, “Always refer to the Bank’s website for authentic information.”

Earlier reports claimed that the CBN issued a directive instructing banks to identify and freeze accounts engaged in transactions with cryptocurrency exchanges. These accounts were to be placed under a “Post No Debit (PND) instruction” for six months. Additionally, the reports listed Bybit, KuCoin, OKX, and Binance as exchanges not licensed for operations in Nigeria.

However, as of press time, no official orders regarding the freezing of banking accounts linked to crypto transactions have been published on the CBN’s official website.

The CBN’s stance on cryptocurrency transactions has evolved over time. In late 2023, the bank lifted its previous ban on crypto activity in the country, pushing institutions to carry out cryptocurrency services while signaling a shift in Nigeria’s approach to the crypto market.It is also important to note that Nigeria also ranks in the list of the top 50 major cities with the infrastructure to experience mass adoption of cryptocurrencies.

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KPMG’s survey states that 22% more financial institutions in Canada provided crypto services in 2023.

In 2023, 26%+ institutional investors added digital assets to their portfolios.

40% institutional investors had direct or indirect exposure to cryptocurrencies in 2023, up from 31% in 2021.

A recent survey released by KPMG in Canada and the Canadian Association of Alternative Assets and Strategies (CAASA) has revealed increasing crypto adoption in Canada. Embracing a better regulatory framework, Canada has returned to the developing crypto markets, with investors and organizations actively taking part in the crypto trade.

According to the survey, crypto services in Canadian financial institutions in 2023 have grown by 22%+ compared to 2021. In addition, 26% more institutional investors have included digital assets in their portfolios.

Reportedly, 2021 was a strong year for crypto assets as the bullish market attracted investors. However, the following year was a “turbulent year, marked by fraud and collapses of major crypto asset trading firms.” Kunal Bhasin, partner and co-leader of KPMG in Canada’s Digital Assets practice, commented that the long crypto winter of 2022 had a “cleansing effect on the industry.” Further, he added,

“Rising U.S. debt combined with increasing inflation likely provided a catalyst for the crypto rally of 2023, and it appears investors are looking for alternative asset classes that act as a debasement hedge and a reliable store of value. Our survey findings suggest crypto assets are increasingly seen as an investible alternative asset class…in Canada.”

The survey further highlighted that 50% of financial services firms offered a minimum of one crypto service, up from 41% in 2021. Of these financial service firms, 24% issued exchange-traded funds or similar regulated products. In addition, 48% of the firms offered custody, clearing, and settlement services in 2023, while only 33% provided the same in 2021.

Moreover, nearly 40% of institutional investors had direct or indirect exposure to cryptocurrencies in 2023, up from 31% in 2021. It is noteworthy that 75% of investors owned crypto assets directly, while 50% had connections through ETFs and other regulated products.

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Korean won surpassed USD in terms of trading volume.

Upbit hosts 80% of the total Korean trading volume.

Crypto.com recently delayed its debut in the South Korean market.

The Korean won has surpassed the United States dollar as the most-used currency for trading Bitcoin and other digital assets.

According to a report from Bloomberg, this uptick is centered around Upbit, an exchange based in Seoul’s Gangnam district. Upbit’s wide selection of listed coins and user-friendly interface have helped it capture the majority of Korea’s crypto market. 

With over 80% of Korean trading volumes, Upbit’s dominance in the local market is unrivaled, ranking among the top five exchanges globally by volume and closely competing with Coinbase.

Notably, new legislation aimed at protecting investors after the collapse of Do Kwon’s TerraUSD stablecoin in 2022 seems to further consolidate Upbit’s grip on the market. Under these regulations, crypto exchanges will be required to increase reserves, obtain investor-protection insurance, and enhance monitoring for suspicious transactions. 

While these measures aim to protect investors, they may inadvertently strengthen Upbit’s position, as compliance costs could prove prohibitive for smaller exchanges.

Upbit, operated by fintech firm Dunamu Inc., has been a major player since its launch in 2017. Its trading volume has surged, accounting for almost 5% of global crypto trading volume, up from 1.4% in January 2021. 

Backed by early investors such as South Korean internet giant Kakao Corp. and Woori Technology Investment, Dunamu saw its valuation skyrocket during the pandemic bull run, reaching a peak of $15.7 billion.

Singapore-based Crypto.com recently delayed its launch in South Korea, just six days before it was set to go live. This delay followed a report that the Financial Intelligence Unit (FIU) visited Crypto.com’s regional office over concerns about anti-money laundering procedures. This highlights the challenges international exchanges face when entering the Korean market, despite its attractive volume and volatility.

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HashKey Exchange completes the first crypto subscription for BTC and ETH ETFs for Hong Kong Bosera International and HashKey Capital.

Hong Kong began raising funds in ETFs and will be listed on the Stock Exchange on April 30.

As per reports, HashKey Capital will begin trading Bitcoin ETF on Tuesday.

In a recent development, HashKey Exchange announced that the platform had completed the first crypto subscription for Hong Kong Bosera International and HashKey Capital’s Bitcoin spot ETF and Ethereum spot ETF.

Chinese crypto researcher Colin Wu shared an X post shedding light on the matter. The reporter further elaborated on the idea of cryptocurrency redemption, stating that it means “the underlying assets do not have to be sold immediately, which brings cost and liquidity advantages.”

HashKey Exchange announced that it has completed the first cryptocurrency subscription for Bitcoin spot ETF and Ethereum spot ETF of Hong Kong Bosera International and HashKey Capital. Cryptocurrency redemption means that the underlying assets do not have to be sold immediately,…

— Wu Blockchain (@WuBlockchain) April 25, 2024

In addition, it is also reported that Hong Kong began raising funds in crypto ETFs today and will be listed on the Stock Exchange on April 30. The announcement came days after Hong Kong’s Securities and Futures Commission’s (SFC) approval of several Bitcoin and Ethereum ETF applications.

Meanwhile, HashKey Capital confirmed that it will begin trading Bitcoin ETFs on Tuesday. With this official announcement, HashKey Capital became one of the first companies to launch a spot Bitcoin ETF in Hong Kong.

In mid-April, Hong Kong’s SFC signaled a positive nod to the exchange-traded fund applications submitted by multiple firms, including China Asset Management, Bosera Capital, and HashKey Capital Limited. Subsequently, Bosera Asset Management and HashKey Capital together decided to launch a spot Bitcoin ETF and a spot Ether ETF called the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, respectively.

Reports stated that other leading asset managers in China are also preparing to introduce Spot Bitcoin ETFs into the market by the end of April. These developments are expected to contribute significantly to Hong Kong’s vision of establishing a crypto hub.

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