Binance’s exec exodus, Nasdaq to trade AI orders, and more

Top stories of the week

Binance cryptocurrency exchange has seen 10 key executive departures in 2023.The following is the list

A key talking point in the cryptocurrency community is the ongoing exodus of Binance executives due to growing regulatory concerns. In the first nine months of 2023, 10 key executives have resigned from various departments of Binance. The latest to join the list is Binance Executive Vice President Helen Hai, who announced her resignation on September 6. On the same day, Gleb Kostarev, Binance’s Vice President of Eastern Europe, Turkey, CIS, Australia and New Zealand, also announced his resignation, and CIS General Manager Vladimir Smerkis He also announced his resignation. According to reports, all four senior executives of Binance resigned on the same day after Binance responded to the U.S. Department of Justice investigation. Binance CEO Changpeng Zhao has refuted recent rumors targeting his company, ensuring that its balance sheet and employee retention remain strong despite recent market uncertainty.

Nasdaq gets SEC approval for AI-based trading orders

The U.S. Securities and Exchange Commission approved Nasdaq’s request on September 8 to operate its first artificial intelligence-driven order type. The new system, called Dynamic Midpoint Extended Lifetime Orders (M-ELO), is an extension of the M-ELO automated order type making it “dynamic,” meaning it will use artificial intelligence to update, essentially Recalibrate itself in real time. The subsequent effect should be a significant acceleration of order placement by the system. Nasdaq said that during research and testing, Dynamic M-ELO demonstrated “a 20.3% increase in fill rates and an 11.4% reduction in list prices.”

Former FTX CEO Sam “SBF” Bankman-Fried’s initial appeal to be released on bail ahead of his criminal trial has failed. His lawyers asked the court for his temporary release, claiming that current measures to allow the SBF to prepare for his trial were insufficient due to limited internet access. On September 6, the appeals court denied the motion and upheld SBF’s incarceration at the Brooklyn Metropolitan Detention Center. The former FTX CEO’s bail was revoked on August 11 after he was charged with leaking former Alameda Research CEO Caroline Ellison’s personal notes and diaries to the New York Times and intimidated witnesses. The SBF has about four weeks to prepare for the October 3 trial.

ARK Invest and 21Shares File for Spot Ethereum ETF After SEC Delay

ARK Invest and 21Shares requested the U.S. Securities and Exchange Commission to approve the listing of spot Ether ETF shares on the Cboe BZX exchange. The investment vehicle, called the ARK 21Shares Ethereum ETF, will have cryptocurrency exchange Coinbase as its custodian and will measure the performance of Ethereum against the CME CF Ethereum USD Reference Rate. The proposal from ARK Invest and 21Shares is one of many spot crypto ETFs that the SEC will review in the coming months. U.S. regulators have recently been delaying decisions on crypto investment products, particularly regarding proposed Bitcoin spot ETFs.

Grayscale asks SEC to hold meeting to discuss ‘way forward’ for Bitcoin ETF conversion

Grayscale told the U.S. Securities and Exchange Commission that it has no legal reason to prevent its flagship Bitcoin fund from converting into a spot exchange-traded fund (ETF). Lawyers for the company sent a letter to the SEC asking the two to meet to discuss next steps after the regulator lost in court on August 29 over the Grayscale Bitcoin Trust (GBTC) conversion. Grayscale added that it believes the SEC should conclude that there is “no reason” to treat GBTC differently from the Bitcoin Futures ETF, whose filing “has been previously approved by the Commission.” According to Grayscale, the wait time for its fund switching application was nearly three times longer than required under SEC rules.

winners and losers

This weekend, Bitcoin (bitcoin) lie in $25,871Ether (Ethereum) exist $1,635 and Ripple exist $0.50.The total market capitalization is $1.04 trillion, according to to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three gaining altcoins this week are Synthetix (SNX) 12.86%, stellar (XLM) 9.83% and render (RNDR) is 9.09%.

The top three losing altcoins this week are Gala (festival) -14.74%, mantle (MNT) -7.49% and Flare (FLR) is -7.06%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

most memorable quotes

“I feel sad because I have to tell people that America may not be the place they want to be, but the tide is turning.”

David SchwartzCTO of Ripple

“I do think traditional financial systems and blockchain-based financial systems can coexist and will likely coexist in the new future.”

Yida GaoFounder and Managing General Partner of Shima Capital

“DeFi is the future; this volume is about 5% to 10% of the volume of CeFi, which is not small, right? (…) The next bull market is likely to make DeFi larger than CeFi.”

Changpeng ZhaoCEO of Binance

“ChatGPT will enable a group of people who have never had all this training to get involved, and they can start now, and I’m starting to worry about the morphological design issues buried in that.”

Kang LiChief Security Officer, Certik

“The Bitcoin Ordinal protocol is better designed in terms of decentralization and security than the Ethereum NFT protocol. High-value NFTs will beat Bitcoin.”

Danny YangCo-Founder and CEO of Metagood

“Australia will have a regulated digital asset market. Instead, it is now approaching the end of 2023 and the government has no plans to implement the regulations.”

Andrew Braggaustralian senator

This week’s forecast

By 2024 halving, Bitcoin price may reach $46,000 – Filbfilb interview

Senior anonymous analyst Filbfilb believes that although Bitcoin has declined during this period, Bitcoin still has a chance to reach $35,000 by the end of 2023. In an interview with Cointelegraph, the co-founder of trading suite DecenTrader revealed some BTC price targets that should resonate with the long-term holder community.

Based on previous cycles, Filbfilb expects the market to see less new emissions supply before the halving. “It seems to me that, combined with the increase in speculative demand, this dynamic could be repeated,” he noted of a possible reversal in price behavior due to the upcoming halving.

Regarding BTC price action in 2023 compared to other years leading up to the halving, the analyst noted that “the failure to break out of the 100-week moving average so far is a significant difference (compared to the years leading up to the halving). ” Filbfilb said, adding, “Assuming no black swan events, the price will be around $35,000 by the end of this year and could be as high as $46,000 sometime before the halving in the first quarter of 2024.”

Most talked about FUD this week

U.S. regulators have finally taken steps to resolve an enforcement case against collapsed trade group Mirror Trading International (MTI).District Court of Texas The Commodity Futures Trading Commission announced on September 7 that it ordered MTI to pay $1.7 billion in compensation to victims of fraudulent schemes involving digital assets and foreign exchange. MTI went into provisional liquidation in late 2020 after one of its directors allegedly fled the country. snatched away approximately $1 billion in Bitcoin entrusted to the company by investors.

CEO of Turkish Cryptocurrency Exchange Thodex Sentenced to 11,000 Years in Prison for $2 Billion Scam

Faruk Fatih Özer, the former CEO of Turkish cryptocurrency exchange Thodex, was sentenced to 11,196 years in prison by a Turkish court for “establishing, managing an organization and becoming a member of an organization,” “qualified fraud” and “laundering property value.” According to local media reports , the court sentenced Ozer and his two siblings to the same prison term and fined him $5 million. The Turkish cryptocurrency exchange was once one of the largest digital asset trading platforms in the country, but suddenly collapsed in 2021 , halted services without prior notice, and Özer fled the country with users’ crypto assets totaling $2 billion.

North Korean group carried out $41M equity hack: FBI

The FBI said in a statement that the $41 million hack of the crypto gambling website Stake was carried out by the North Korean hacker group Lazarus Group. The gang stole more than $200 million in cryptocurrency in 2023. Cryptocurrency gambling platform Stake was the victim of a September 4 cyberattack that stole more than $41 million worth of cryptocurrency from its hot wallets. The Stake team stated that the hacker only obtained a small portion of the funds and users will not be affected.

The big question: What is the death of cryptocurrencies?

Stuffed in toilets, dismembered in suitcases – cryptocurrencies have become a common denominator in many gruesome murders and mysterious deaths this year.

Irina Heaver turned to cryptocurrency after she could no longer “sit in a boardroom and listen to corporate bullshit.”

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Editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.