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Three Arrows Capital Co-Founder, Zhu Su, Arrested and Sentenced to Four Months Jail in Singapore
According to Bloomberg: Three Arrows Capital Co-Founder, Zhu Su, was arrested while attempting to leave Singapore and later sentenced to four months in prison, according to Bloomberg. The arrest came after he failed to adhere to a court order that mandated him to cooperate with an ongoing liquidation investigation managed by Teneo over a failed crypto hedge fund. Teneo, responsible for winding down the unsuccessful fund, stated it had obtained a commitment order against Zhu Su due to his non-compliance with the court's directive. This led to a custodial sentence of four months for the hedge fund co-founder. Zhu Su's arrest underscores the legal implications of non-cooperation with mandated investigations in the financial and crypto asset industry.
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CoinShares Optimistic About US Crypto Regulation as it Enters the Market
According to Cointelegraph, European cryptocurrency investment firm CoinShares has expressed optimism about cryptocurrency regulation in the United States as it enters the market. On September 22, the company announced the launch of its new division, CoinShares Hedge Fund Solutions, marking the first time it has introduced its offerings to qualified U.S. investors. This comes at a time when many U.S. crypto firms are considering expanding their businesses outside the country due to regulatory challenges at home. CoinShares believes that the U.S. is a global leader in digital asset development, contrary to the belief that the country lags in crypto adoption and regulation. A spokesperson for the company stated that the U.S. regulators' approach to treating digital assets similarly to traditional asset classes will encourage and expedite the fusion of the two industries. The spokesperson also noted that the U.S. is home to 50% of globally managed assets and is a dominant financial market. CoinShares CEO Jean-Marie Mognetti has previously declared that Europe's approach to crypto has been more problematic when compared to the financial might of U.S. institutions. However, the company remains committed to Europe, with its Hedge Fund Solutions registered in both the U.S. and the United Kingdom. CoinShares is a major provider of crypto exchange-traded products (ETPs) and debuted its first Bitcoin ETP in 2015. The firm has not yet disclosed whether it plans to join the spot Bitcoin ETF race in the United States.
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Circle Internet Financial Introduces Perimeter Protocol for Tokenized Credit Markets
According to CoinDesk, stablecoin issuer Circle Internet Financial has launched a smart contract codebase called Perimeter Protocol, designed to serve as an open-source foundation for building tokenized credit markets. The company stated in a blog post that Perimeter can support various credit use cases, such as invoice factoring, payroll advances, instant settlement for merchants, and credit trading for institutional investors. The protocol's white paper is publicly available, and developers can freely copy the codebase to build products on top of it. This release marks the first from Circle Research, the company's new division dedicated to open-source development. The introduction of traditional financial instruments like credit to blockchain-based applications, known as the tokenization of real-world assets (RWA), is gaining traction. Tokenization could disrupt existing financial systems by creating a more efficient and transparent system, according to a Bank of America report. Bernstein predicts that tokenized assets could grow to a $5 trillion market within the next five years. Stablecoins are essential for settling transactions in blockchain-based lending markets. By facilitating tokenization efforts and the development of decentralized finance (DeFi) credit platforms, Circle could increase the utility of its $26 billion USDC and euro-pegged token EURC. The company said in a blog post that stablecoins and USDC have provided great utility to developers, corporations, end-users, and more across various use cases, including global lending markets within DeFi. However, securely unlocking credit on-chain through safe standards and underwriting remains a significant barrier to entry for new participants in these markets. Institutional DeFi platform OpenTrade's yield-generating tokenized U.S. Treasury pool was the first offering developed using Perimeter.
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OpenTrade Launches Tokenized U.S. Treasury Bill Pool
According to CoinDesk, blockchain-based lending and yield platform OpenTrade has launched a tokenized U.S. Treasury bill pool. The offering is available to individual accredited investors, regulated institutions, companies, funds, and decentralized autonomous organizations. Third-party distributors can also integrate OpenTrade's pool and power their own white-labeled yield offering. Initial distribution partners, direct lenders, and liquidity providers include Enigma Securities, WOO X, Resonate, Kyber Network, and Sino Global Capital, with UK-based structured finance firm Five Sigma providing support for off-chain operations. Tokenization of real-world assets, such as government bonds, private equity, or credit, has become a popular trend in the crypto industry, with major banks exploring ways to leverage blockchain technology. U.S. Treasuries are considered a gateway for tokenization efforts due to their high yield and low-risk status. The tokenized treasuries market has grown sixfold this year to $668 million, with asset management firm Franklin Templeton being the largest player, according to data by rwa.xyz. OpenTrade's tokenized Treasuries pool was developed using Circle's Perimeter Protocol, an open-source codebase for on-chain credit facilitation, and is powered by the USDC stablecoin. Following the U.S. Treasury pool, OpenTrade plans to introduce various on-chain yield products, including investment-grade commercial paper and supply chain financing. Founders Dave Sutter and Jeff Handler explained in an interview that the opportunity for trade financing using blockchain rails is particularly attractive, as there is a $2.5 trillion unmet financing demand from market participants, according to a report by the Asian Development Bank. OpenTrade raised $1.5 million in venture capital funding earlier this year from Sino Global Capital, Circle Ventures, Kronos Research, Kyber Ventures, Outlier Ventures, and Polygon Ventures.
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SBI Holding and TradeFinex Partner to Drive Trade Finance Adoption of XDC Network in Japan
According to Cointelegraph, SBI Holding and UAE-based firm TradeFinex have formed a joint venture in Japan to promote the adoption of the EVM-compatible enterprise blockchain XDC Network for trade finance. TradeFinex operates a decentralized platform on the XDC Network, connecting trade finance originators with banks and lending institutions. The platform focuses on providing blockchain-based trade finance products such as invoicing, letters of credit, purchase order finance, and supply chain finance. The XDC Network is a layer 1 network featuring interoperable smart contracts and is described as a 'highly optimized, bespoke fork' of Ethereum. It uses a delegated proof-of-stake (XDPoS) mechanism to achieve fast transaction times, low gas fees, and high transaction per second capacity. The native XDC token serves as a reserve cryptocurrency for third-party decentralized applications running on the network and can be used for various purposes, including DApp payment settlements, micropayments, transaction costs, and smart contract deployment and settlement. TradeFinex has collaborated with the World Trade Organization, International Chamber of Commerce, and various government agencies to explore the potential of blockchain technology in improving the speed, transparency, cost, and traceability of trade finance. The joint venture aims to localize XDC Network information and documentation in Japan, distribute XDC tokens to local cryptocurrency exchanges, and deploy trade finance solutions across the Asia-Pacific region. This partnership follows recent reports that the Japanese government plans to allow startups to raise funds through the issuance of cryptocurrency tokens instead of conventional stock listings. Japan's Financial Services Agency also announced plans to amend its tax code related to cryptocurrencies in August 2023, potentially including exemptions from paying 'unrealized gains' tax on cryptocurrencies.
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Chainlink Whales Accumulate Over $50M Worth of LINK in 2 Weeks
According to CryptoPotato, Chainlink has seen a significant increase in value, with rising whale activity indicating a positive sentiment among its holders. In the past two weeks, whales have accumulated more than 7.5 million LINK tokens, worth around $53 million, even as several top crypto assets in the broader market flatlined. This accumulation trend suggests that LINK whales believe the token is undervalued at its current price and expect it to climb higher in the future. The increase in whale activity coincides with LINK's steady price appreciation over the past several weeks, with the asset gaining over 32% monthly and reaching $7.8. LINK is currently attempting to reclaim its 2023 peak near $8.5, a level that has proved to be a strong resistance area as the asset faced several rejections since April. Continued buying activity could potentially flip this long-running trend in favor of bulls. Another factor contributing to the newfound interest in the asset could be the development of Chainlink's Cross-Chain Interoperability Protocol (CCIP). The Web3 oracle service provider recently announced a successful experiment proving that CCIP can be used to facilitate cross-chain settlement using tokenized assets. The experiment showcased ANZ Bank, one of the largest banks in the world, and demonstrated how financial institutions can offer access to tokenized assets via blockchain technology. The Chainlink ecosystem aims to position CCIP as the "new gold standard" for interoperability and has launched the protocol across six networks – Ethereum, Polygon, Avalanche, Polygon, Optimism, Arbitrum, and Base.
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NFT Artist Raises $140,000 for Cancer Treatment in Edinburgh
According to Cointelegraph, a nonfungible token (NFT) artist raised nearly $140,000 (114,000 British pounds) from an art event in Edinburgh, Scotland to support cancer treatment. Maggie’s Edinburgh, an institution dedicated to free cancer treatment, received the funds from Trevor Jones, a popular crypto artist from Scotland, who raised the money at a charity exhibition and auction at an annual Web3 Castle Party near Paris. The funds collected by Jones amounted to the highest single donation from an art event recorded in the Edinburgh Center’s 27-year history. A spokesperson representing Maggie’s Edinburgh attributed the success to the support and enthusiasm of the NFT art community. The total money raised from the fundraiser will go toward helping 4,000 people impacted by cancer and locals who need vital support. The exhibition held at Château de Vallery near Paris saw participation from 30 artists. Jones stated that the funds raised will make a huge difference and will go to support services for those affected by a cancer diagnosis, including patients and their families. NFTs have gained mainstream attention in 2021, and the sub-ecosystem has helped the community contribute to several philanthropic initiatives, including supporting mental health, protecting war victims, and aiding UNICEF initiatives. Major brands and government bodies have also opted for NFT and crypto donations to fuel various philanthropic initiatives.
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New US Bill Aims to Require Reporting of Off-Chain Crypto Transactions
According to Cointelegraph, a new bill introduced by U.S. Representative Don Beyer on September 28, the 'Off-Chain Digital Commodity Transaction Reporting Act,' aims to require cryptocurrency service providers to report all off-chain transactions to a repository registered with the Commodity Futures Trading Commission (CFTC). The legislation seeks to protect cryptocurrency investors from disputes, manipulation, or fraud potentially arising from off-chain transactions, which are not instantly logged on a blockchain but are processed through secondary layers, making them difficult to track. The bill highlights that thousands of transactions occur off-chain and are unrecorded on the publicly viewable blockchain due to the emergence of trading platforms and the desire to increase transaction times and lower costs. Beyer noted that internal record keeping among private entities can vary significantly, leaving investors and consumers vulnerable to fraud and manipulation. The bill aims to restore transparency and confidence in the digital asset market. Under the proposed legislation, crypto service providers would be required to report all off-chain transactions within 24 hours to a CFTC-registered trade repository. The requirements are similar to the rules for virtually all securities and swaps transactions. This comes as U.S. lawmakers have been increasingly focused on cryptocurrency regulations, with nine U.S. senators recently adding their support to Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act, which aims to crack down on noncustodial digital wallets and extend Bank Secrecy Act responsibilities, among other legal measures, to combat the illicit use of digital money.
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Nvidia's French offices raided by antitrust authorities
According to Cointelegraph, Nvidia, a global leader in artificial intelligence (AI) chip production, reportedly faced a police raid at its French offices this week. The raid was part of a general inquiry by French antitrust authorities into the cloud computing sector. The Wall Street Journal reported the raid, but neither Nvidia nor the French enforcement agencies have officially commented on the incident. A press release on the French antitrust agency, the Autorité de la Concurrence's webpage, refers to an unannounced inspection in the graphics cards sector. According to the release, a judge authorized the raid at the company's premises for allegedly implementing anticompetitive practices in the graphics cards sector. However, the agency clarified that the raid does not presuppose the existence of a breach of the law that could be imputed to the company. The Autorité de la Concurrence's opinion is based on a year-long study of the cloud computing sector, published in June 2023. The document does not mention Nvidia but focuses on other tech companies, such as Amazon Web Services (AWS), Google Cloud, and Microsoft Azure, which represent 80% of the spending growth in public cloud infrastructures and applications in France in 2021. The agency is considering various options provided by national competition laws and the European Data Act to combat this tendency. Nvidia's unique position as a hardware producer for the most innovative sectors of the digital industry has inevitably drawn the attention of regulators. The company's recent quarterly report revealed that US regulators asked it to curb exports of AI chips to some Middle East countries, but the US Department of Commerce denied this information a day later.
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