Binance announced its withdrawal from Russia

Sunday_Digest_1-min
Sunday_Digest_1-min

Binance announced its departure from the Russian Federation and the transfer of the Russian business to CommEX, MicroStrategy purchased an additional 5445 BTC, the SEC postponed the decision on the Bitcoin ETF, the Chinese court recognized Bitcoin as a digital currency and other events of the past week.

Bitcoin price exceeded $27,000

On Thursday, September 28, quotes of the first cryptocurrency exceeded $27,000.

At the time of writing, digital gold is trading at $27,200.

Snimok-ekrana-2023-10-01-v-15.29.27
BTC/USDT hourly chart of the Binance exchange. Data: TradingView.

All digital assets from the top 10 by capitalization ended the week in the “green zone”. Solana (+17.6%), Cardano (+6.8%) and Ethereum (+5.9%) grew the most.

Snimok-ekrana-2023-10-01-v-15.29.56
Data: CoinGecko.

The total capitalization of the cryptocurrency market is $1.13 trillion. Bitcoin dominance index – 49.8%.

Binance announced its withdrawal from the Russian Federation. Business will be transferred to CommEX

The Binance cryptocurrency exchange will leave the Russian market. The business will be sold to CommEX; the parties have already entered into a corresponding agreement.

The complete process of transferring users to the new platform will take up to one year. Binance emphasized that all assets of existing Russian clients are reliably protected.

Exchange CEO Changpeng Zhao said that BNB holders will have a 25% discount on trading on CommEX. Experts suggested that the latter is a technical company, and Binance simply “changed its name under pressure from the regulator.”

Zhao stated that several former regional Binance team members may join CommEX or have already done so. However, he added that he is not the ultimate beneficiary of the platform and does not own its shares.

CommEX acknowledged the presence of ex-Binance employees in the team who helped in the development of the exchange. The company did not name its beneficiaries, citing their desire to “remain non-public figures.”

MicroStrategy acquired 5445 BTC for $147 million

Analytics software provider MicroStrategy purchased an additional 5,445 BTC for $147.3 million at an average price of $27,053.

The company owns 158,245 BTC worth approximately $4.68 billion (average price $29,582).

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SEC postpones decision on Bitcoin ETF applications

On September 26, the US Securities and Exchange Commission (SEC) delayed its decision on several spot Bitcoin ETF applications from ARK Invest and 21Shares until January 10, 2024.

“The SEC considers it appropriate to set a longer period for issuing orders to approve or reject applications so that it has sufficient time to review the documents,” the regulator emphasized.

On September 28, the Commission postponed its decision on applications from BlackRock, Invesco, Bitwise and Valkyrie. The companies expected to hear the regulator’s response by October 16-19, but a new date is set for mid-January 2024.

This week, the SEC also delayed requests from 21Shares and VanEck to launch an Ethereum-based spot ETF. Invesco and Galaxy Digital have jointly submitted an application for a similar instrument to the Commission.

Also on ForkLog:

Chinese court recognizes Bitcoin as a digital currency

The Second Intermediate People’s Court of Shanghai recognized the first cryptocurrency as a “unique and irreproducible” digital asset, confirming its value at the legal level.

The report notes that Bitcoin has inherited the key characteristics of currencies, including scalability, ease of circulation, storage and payment. At the same time, the coin continues to be used all over the world, despite its decentralized nature, the judge emphasized.

To avoid further confusion, the report proposes options for modernizing the judicial system. First, it is necessary to introduce consideration of cases at two levels – “people” and “things”. This will make it easier to categorize the key listening objects.

Secondly, the government needs to establish a procedure for enforcement measures regarding cryptocurrencies, including a confiscation mechanism. Finally, the judge advised to improve the system for identifying digital asset holders.

Robert Kiyosaki called for buying Bitcoin before the launch of the digital dollar

Bestselling author of Rich Dad Poor Dad and entrepreneur Robert Kiyosaki has called for investing in the first cryptocurrency, gold and silver, before the launch of a national digital currency (CBDC).

“CBDC from Fed on the way. Privacy is gone. Big Brother will be watching. When CBDC hits the market, gold, silver, Bitcoin and cash will become priceless. Start accumulating GSBC and cash now before it’s too late,” Kiyosaki wrote.

What else to read?

This week, ForkLog discussed with representatives of recruiting agencies the search for work during the long crypto winter, and also released a review of alternative services to centralized exchanges for exchanging cryptocurrencies.

The traditional digest collected the main events of the week in the field of cybersecurity.

The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure and the increasing attention that companies are paying to Bitcoin as an asset class. The most important events of recent weeks are in the ForkLog review.

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