September 18, 2023 5:17 am

Binance executives leave, Nasdaq enters AI trading trends: Key updates

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Binance, one of the largest cryptocurrency exchanges, has been experiencing a significant departure of executives amid mounting regulatory issues. In the first nine months of 2023, 10 key executives from various departments have left the company. The latest departures include Helen Hai, the executive vice president, Gleb Kostarev, the vice president of Eastern Europe, Turkey, the Commonwealth of Independent States, Australia, and New Zealand, and Vladimir Smerkis, the CIS general manager.

These departures come after Binance’s response to the United States Department of Justice investigation, which led to four top executives leaving the company on the same day. Despite the executive exodus, Binance CEO Changpeng Zhao has reassured the public that the company’s balance sheet and employee retention remain strong amidst the recent market uncertainties.

In other news, Nasdaq has received approval from the United States Securities and Exchange Commission (SEC) to operate its first artificial intelligence (AI)-driven order type. Called the dynamic midpoint extended life order (M-ELO), the system uses AI to update and recalibrate itself in real-time, leading to faster order placements. According to Nasdaq, the dynamic M-ELO has shown a significant increase in fill rates and a reduction in mark-outs during testing.

Former FTX CEO Sam “SBF” Bankman-Fried has lost an initial appeal to be released on bail prior to his criminal trial. Bankman-Fried’s lawyers argued that the current measures to prepare for his trial were inadequate due to limited internet access, but the appeals court denied the motion, maintaining his detention at the Metropolitan Detention Center in Brooklyn. Bankman-Fried had his bail revoked following allegations of witness intimidation.

ARK Invest and 21Shares have filed a request with the SEC to approve the listing of shares of a spot Ether exchange-traded fund (ETF) on the Cboe BZX Exchange. The proposed ARK 21Shares Ethereum ETF would measure the performance of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate, with Coinbase acting as the custodian. The SEC has been delaying decisions on crypto investment products, particularly Bitcoin spot ETF proposals.

Grayscale has asked the SEC to meet and discuss the next steps for the conversion of its flagship Bitcoin fund to a spot ETF. Grayscale’s lawyers argue that there are no legal grounds to block the conversion, as the SEC has previously approved similar filings for Bitcoin futures ETFs. Grayscale’s fund conversion application has been pending for an extended period, exceeding the SEC’s stipulated time limit.

In the cryptocurrency market, Bitcoin is currently valued at $25,871, Ether at $1,635, and XRP at $0.50. The total market cap is at $1.04 trillion. The top altcoin gainers of the week include Synthetix, Stellar, and Render, while the top losers are Gala, Mantle, and Flare.

In the world of finance, Ripple’s chief technology officer, David Schwartz, believes that the tide is turning away from the United States in terms of cryptocurrency adoption. Yida Gao, the founder of Shima Capital, believes that traditional and blockchain-based financial systems can coexist. Binance CEO Changpeng Zhao predicts that decentralized finance (DeFi) may surpass centralized finance (CeFi) in the next bull run.

Looking ahead, renowned analyst Filbfilb believes that Bitcoin has a chance to end 2023 at $35,000, with a possible peak of $46,000 before the halving in Q1 2024. The enforcement case against trading organization Mirror Trading International (MTI) has been resolved, with MTI ordered to pay $1.7 billion in restitution to victims. The former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, has been sentenced to 11,196 years in prison for fraud and money laundering. The $41 million hack of crypto gambling site Stake was carried out by the North Korean hacking collective Lazarus Group, according to the FBI.

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Original Source: Binance executives leave, Nasdaq enters AI trading trends: Key updates

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