DeFI News by Thebittimes.Com

Binance US faces bans in Florida and Alaska after CEO’s guilty plea triggers regulatory crackdown. Florida suspends Binance US’s license, Alaska denies renewal, citing concerns over Zhao’s plea. Despite setbacks, Binance US remains operational in select states. Binance US, the Binance cryptocurrency exchange branch licensed to operate in the US, is under increased regulatory scrutiny as Florida and Alaska enforce bans on its services following the guilty plea of its founder and former CEO, Changpeng Zhao. These developments mark a critical juncture for the crypto industry, emphasizing the challenges faced by Binance US in navigating the evolving legal landscape in the United States. Regulatory crackdown in Florida Florida’s Office of Financial Regulation took swift action, suspending Binance US’s local license and prohibiting the exchange from conducting money transmission activities in the state. The regulatory move follows...

James Butterfill expects Bitcoin to rally if the U.S. government shuts down. BTC has a history of performing quite well in times of uncertainty. The world’s largest cryptocurrency is already up close to 4.0% today. Bitcoin will likely rally if the U.S. government does indeed shut down on October 1 st , says James Butterfill – the Head of Research at CoinShares. Why may BTC rally on shutdown? The world’s largest cryptocurrency by market cap is already up close to 4.0% on Thursday as the U.S. government started sending out notifications to federal employees that a shutdown may be imminent. And that rally may extend when the shutdown actually begins, as per CoinShares’ Butterfill.  Because the investors could read the funding lapse as a sign of instability and turn to Bitcoin for refuge. This scenario bears resemblance to the debt ceiling stalemate experienced earlier this year, which ended up bolstering Bitcoin prices. Bitcoi...

Tesla CEO Elon Musk shocked the entire globe with his decision to take over Twitter. While the deal initially fell apart, it managed to finally come through. This $44 billion acquisition, however, entailed the involvement of several investors across the globe. Since this purchase involved foreign governments, as well as investors, Treasury Department officials, began checking to see if they had the authority to review Musk’s Twitter takeover. JUST IN: 🇺🇸 US government is exploring whether it has legal authority to review Elon Musk 's Twitter acquisition, Washington Post reports. — Watcher.Guru (@WatcherGuru) November 2, 2022 The Washington Post reported that it was quite usual to investigate whether a review was necessary, although these preliminary investigations frequently do not result in a complete probe. It should be noted that the Treasury officials were still unsure about the level of access these large investors had. In addition to thi...