Binance has continued to dominate the news.
● The Binance Founder - known as CZ - has stepped down, and now faces legal proceedings in The US.
● As a result of the settlement with Binance, The US Department of Justice and Treasury Department will have oversight of Binance for the next five years, which will inevitably result in other bad actors being weeded out and a tidying up of processes.
● The narrative appears to be that The SEC/DOJ are clearing the decks in preparation for The Blackrock ETF (the next window for Exchange Traded Fund (ETF) approvals is January ’24). If an official ETF is approved markets expect significant upward movement in all crypto markets.
● Bitcoin, the health litmus of the Crypto Market, showed no signs of weakness with this news.
● It has to be noted that The DOJ does appear to be targeting decentralised finance tokens (DeFi).
● The other real threat to an ETF has always been concerns over Tether (USDT). In a similar move to Binance, their CEO Jean-Louis van der Velde, also stood down, and it appears that Tether is also being de-risked ahead of the ETF decision in the new year.
● All of this is incredibly bullish.
America’s largest crypto exchange Coinbase has been subpoenaed in the latest crypto crackdown in the United States. In action against Bybit, the Commodity Futures Trading Commission is seeking information to bolster its case.”
ByBit is the fourth largest Crypto Exchange, and is registered in the British Virgin Islands as Bybit Fintech Limited, and is headquartered in Dubai, UAE, under Bybit Fintech FZE.
In short, this appears to be yet another move to clean up the space ahead of future regulatory loosening.