Category: Crypto News Weekly (Page 1 of 2)

Binance Has Now Frozen Customers From Withdrawing Money

The world’s largest cryptocurrency exchange, Binance, has now frozen customers from withdrawing their money.

Watcher.Guru reports that the company attributed this pause to a “technical problem.”

The exchange assured users that this interruption is not permanent.

“The exchange employed X [formerly Twitter] to inform its user base about the temporary unavailability of withdrawal services while the team addressed the underlying problem.

Nevertheless, the company assured that fiat withdrawals would remain operational.

Binance reaffirmed the security of all funds.

They also expressed regret for any inconvenience and pledged to provide updates on the situation’s resolution.”

The CEO of the exchange, Changpeng Zhao, also reassured users about the safety of their funds, emphasizing that they are secure.

He pointed out that the technical problem primarily involved a middleware service, which was affecting the withdrawal process.

Users on social media are scrutinizing the cryptocurrency exchange claiming “glitches” are now happening all too often.

Even in the traditional side of banking and finance, more US banks are now freezing and closing accounts.

Defi enthusiasts may expect these issues arising from even the US Treasury Direct, but not from crypto exchanges.

However, Binance is a centralized organization which means the exchange’s crypto is controlled by institutions rather than by the people.

In early June, Binance had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets.

“In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn,” the terms page said.

The SEC had sued Binance, its CEO and founder Changpeng Zhao, and Binance US’s operation in June, alleging in 13 charges that Binance had engaged in a “web of deception,” artificially inflated trading volumes and diverted customer funds.

Other Banking News Today

Market News Today - Binance Has Now Frozen Customers From Withdrawing Money.
Market News Today – Binance Has Now Frozen Customers From Withdrawing Money.

A major US bank will now permanently shutter 15% of its branches starting in January of 2024.

Executives at Huntington Bank have announced that the branches inside 11 ‘Cub’ supermarkets in Minnesota will be shutting down.

Huntington (Huntington Bank) Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio.

The company is ranked 521st on the Fortune 500, and is 26th on the list of largest banks in the United States

The branches will be closing down on January 12 and these feature facilities for customers who want to withdraw cash and deposit checks, per The Star Tribune.

“Banks in Minneapolis, Blaine, Bloomington, Burnsville, Coon Rapids, Eagan, Inver Grove Heights, Maplewood, West St. Paul, and White Bear Lake will close.

The locations are said to make up 15 percent of the chain’s locations in Minnesota,” reports The-Sun.

“The upcoming closures come after the bank chain, which has 1,200 stores, announced a raft of future shutdowns.

Huntington Bank branches are set to shutter across Michigan, Ohio, and Wisconsin, as revealed by the Office of the Comptroller of the Currency.

Nine branches in Michigan are set to go to the wall and the closures are part of the banking giant’s consolidation plans.”

Toledo Blade reports that a total of 34 Huntington Bank branch locations will shutter by early next year.

But Huntington isn’t the only bank closing branches this year — this is a trend that even larger banks have fallen into, primarily due to the rising use of online banking.

Around 20 more Bank of America branches across the US will be closing down.

Brian Moynihan, the Bank of America CEO, said in an earnings call that the company’s headcount had reduced from 100,00 to 60,000, as reported by American Banker.

Also Read: A US Bank is Now Denying Customers Access to Money

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Market News Today - Binance Has Now Frozen Customers From Withdrawing Money.
Market News Today – Binance Has Now Frozen Customers From Withdrawing Money.

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A Former SEC Chief Now Predicts Peirce Will Replace Gensler

Market News Daily - A Former SEC Chief Now Predicts Peirce Will Replace Gensler.
Market News Daily – A Former SEC Chief Now Predicts Peirce Will Replace Gensler.

A former SEC Chief now predicts Hester Peirce will replace Gary Gensler in a drastic shift leading to the U.S. presidency.

“When any President is elected, the current SEC Chair typically resigns and the new SEC Chair position is rarely confirmed and filled until at least 3-4 months after Inauguration Day.

Hence, should a Republican get elected President, Chair Gensler would likely resign and the senior Republican appointed SEC Commissioner (in this case famed “crypto-mom” @HesterPeirce) would possibly become acting Chair,” said former SEC Office of Internet Enforcement chief John Reed Stark.

“If @HesterPeirce becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most U.S. SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt,” he continued.

The United States’ securities regulator could completely u-turn its approach to crypto enforcement, depending on a key election in the United States in 2024, according to former SEC official John Reed Stark, says CoinTelegraph.

Hester Peirce has been highly scrutinized by retail investors, particularly those invested in stocks such as AMC and GameStop due to her take on market transparency.

She was one of the commissioners who voted against transparency rules that would increase hedge fund trade disclosure, something the ‘ape’ community has been raising awareness on for years now.

Her ties to a lobbyist group of anti-regulators has raised major concerns and questions about conflicts of interest in the regulatory system.

Is Hester Peirce Fit to Become SEC Chair?

Market News Daily - A Former SEC Chief Now Predicts Peirce Will Replace Gensler.
Market News Daily – A Former SEC Chief Now Predicts Peirce Will Replace Gensler.

Most would say yes, since not much to protect retail investors would actually be done — this is quite alarming to say about the position in general.

The Intercept wrote a piece on Hester Peirce in 2015 titled, “SEC Nominee To Oversee Wall Street Works At Think Tank Dedicated To Blocking Regulation.”

And according to the research, Hester Peirce received 98% of her salary from the Mercatus Center, a “think tank” that provides an academic façade to a radical anti-regulatory agenda.

But that’s not all, Mercatus Center focuses on the lobbying priorities of its corporate funders.

The Mercatus Center has been described by the Wall Street Journal “as a coordinating center for lobbyists trying to block a flurry of regulations.”

So, it comes as no surprise as to why the SEC commissioner has voted ‘no’ for market transparency rules.

Who Funds the Mercatus Center?

Will Hester Peirce replace Gary Gensler?

The Mercatus Center is one of the first think tanks formed by the right-wing billionaire Koch brothers to influence government policy. 

The Koch family has provided over $35 million to the Mercatus Center in recent years.

Other funding has come from ExxonMobil and Morgan Stanley.

Koch Industries also deals with derivatives such as stocks and bonds and is deeply involved in implementation efforts of the Dodd-Frank reform law.

A law that lacks much transparency needed to enforce a sustainable market.

This SEC commissioner has also opposed regulating private funds such as private family offices stating they are not a systemic risk to the financial system.

However, private family offices are known as ‘unregulated hedge funds‘ since they are not required to register with the SEC.

These private funds hold trillions in global assets with 40% being held in the United States alone.

Is Hester Peirce replacing Gary Gensler a good idea? Leave your thoughts in the comment section below.

Also Read: A New Bill is Being Introduced to Fire Gary Gensler

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Market News Today - A Former SEC Chief Now Predicts Peirce Will Replace Gensler.
Market News Today – A Former SEC Chief Now Predicts Peirce Will Replace Gensler.

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Cathie Wood Says Bitcoin Will Hit $1 Million

Crypto News Today - Cathie Wood predicts Bitcoin to $1 million by 2030.
Crypto News Today – Cathie Wood predicts Bitcoin to $1 million by 2030.

Ark Investment’s Cathie Wood says Bitcoin ($BTC) will hit $1 million by the year 2030.

Cryptocurrency had a rocky 2022 but Cathie Wood say it was primarily due to centralized institutions.

“Last year was a terrible year for everything crypto, but if you think about what happened, it was the centralized opaque players who went bankrupt. FTX, Celsius, 3-Hours Capital, and what did we see from Bitcoin? Bitcoin is completely decentralized and transparent. It started because of 08′-09′, the lack of transparency in the traditional financial services ecosystem.

“This is a rules based digital monetary system and its global. And there’s no human intervention. It’s very disciplined, it’s mathematically metered to top out at 21 million units.”

“We’re seeing riots and protests all over the place. Where do these people go for an insurance policy against an implosion in their purchasing power and wealth. It is in something like Bitcoin. Bitcoin is an insurance policy,” said Cathie Wood.

Related: How to Invest in Bitcoin Cryptocurrency for Beginners

How Much Was Bitcoin Worth in The Beginning?

Bitcoin price started trading at approximately $0.08 per coin back in July of 2010 but was worth even less during inception.

CNBC asked Chamath, an early Facebook investor and venture capitalist, how high he thinks Bitcoin will continue to soar.

“Where is it going? It’s probably going to 100, then 150, then 200 thousand”.

Chamath was one of the first people to invest in Bitcoin a decade ago.

Do you believe Bitcoin will reach $1 million per coin?

Do you own it?

Leave your thoughts below.

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Market News Today - Cathie Wood predicts Bitcoin to $1 million by 2030.
Market News Today – Cathie Wood predicts Bitcoin to $1 million by 2030.

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FTX is Suing Voyager to Resuscitate $446 Million in Loan Payments

Market News: FTX sued Voyager Digital to regain $445.8 million.
Market News: FTX sued Voyager Digital to regain $445.8 million.

(Reuters) Bankrupt crypto exchange FTX sued crypto lender Voyager Digital on Monday, seeking to claw back $445.8 million in loan repayments that FTX made before collapsing into bankruptcy in November 2022.

FTX and Voyager both filed for bankruptcy amid a 2022 collapse in cryptocurrency markets, but Voyager’s bankruptcy preceded FTX’s filing by four months.

After Voyager filed in July, it demanded repayment of all outstanding loans to FTX and its affiliate hedge fund Alameda Research.

FTX said in a court filing that on Alameda’s behalf, it paid Voyager $248.8 million in September and $193.9 million in October.

FTX also made a $3.2 million interest payment in August, according to its court filings.

Because those loan payments were made so close to FTX’s own bankruptcy filing, they are eligible to be clawed back and potentially used to repay other FTX creditors, according to FTX’s complaint.

Also Read: Ken Griffin Speaks Out on Retail Investors and FTX Collapse

FTX Scandal

FTX Scandal
Crypto News Weekly – Franknez.com.

FTX, once among the world’s top crypto exchanges, shook the sector in November by filing for bankruptcy, leaving an estimated 9 million customers and other investors facing losses in the billions of dollars.

Its founder Sam Bankman-Fried has been indicted on fraud charges, and several top executives, including Alameda Research CEO Caroline Ellison, have pleaded guilty to fraud.

Bankman-Fried has denied wrongdoing and is scheduled for trial in October.

FTX initially appeared to weather the storm that brought down Voyager and other crypto firms in summer 2022, presenting itself as a “white knight” that could stabilize reeling crypto markets.

FTX offered to buy Voyager’s platform in a bankruptcy auction, but the proposed acquisition fell apart when FTX imploded in November.

In its Monday court filing, FTX acknowledged the allegations that Alameda raided FTX customer assets to cover its risky borrowing and lending.

But it said Voyager and other crypto lenders were complicit in Alameda’s conduct, “knowingly or recklessly” pushing their clients’ assets toward Alameda.

“Voyager’s business model was that of a feeder fund,” FTX said. “It solicited retail investors and invested their money with little or no due diligence in cryptocurrency investment funds like Alameda and Three Arrows Capital.”

Three Arrows Capital also went bankrupt in 2022, and its founders have refused to cooperate with court-appointed liquidators who are trying to recover assets for Three Arrows customers.

Also Read: DOJ is Investigating Sam Bankman-Fried Connections: FTX Opposes

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