Binance CEO Changpeng Zhao (CZ) is out, but Binance survives as part of a DOJ settlement
-> Binance CEO Changpeng Zhao has agreed to step down from his role at the world's largest crypto exchange as part of a settlement with the U.S. Department of Justice. -> He also plans to plead guilty to violating criminal U.S. anti-money-laundering requirements that would potentially allow the exchange to keep operating, people familiar with the matter have told the Wall Street Journal. -> Zhao will appear in federal court in Seattle on Tuesday to enter his guilty plea, the sources told the news outlet. Binance, the international crypto exchange that Zhao founded and owns, will plead guilty and pay $4.3 billion in fines and settlements with authorities. It's amazing how US markets keep pricing cuts. When the Minutes reiterate, yet again, that while the Fed are cautious they still have a tightening bias. Source: Decrypt
Bitcoin has surpassed Ethereum in transaction fees for the first time since mid-2020. It looks like Ordinals are playing a role
Source: Steno Research
BREAKING: Binance >>>
Department of Justice is seeking a penalty of $4 billion from Binance in order to settle a criminal investigation Crypto exchange Binance is nearing a settlement with the U.S. Department of Justice to resolve a criminal investigation into alleged money laundering, bank fraud, and sanctions violations, unnamed sources told Bloomberg. If the settlement deal goes through, it would be one of the largest-ever penalties in a crypto case. Negotiations have included the possibility of criminal charges against Binance's founder and CEO Changpeng Zhao, also known as CZ. However, as it currently stands the deal would allow the crypto exchange—the world's largest by volume—to keep operating while holding its leadership accountable. If finalized, Binance would likely pay the fine as part of a deferred prosecution agreement. This would require Binance to meet prescribed conditions like overhauling compliance programs, according to the report. Source: Decrypt, Altcoin Daily
"DeFi started on Bitcoin.
Ethereum and Solana popularized it. Now time for all of that activity to come back to the original chain". Dan Held
NEW: Cathie Wood says $600,000 Bitcoin is the base case but could go higher because of scarcity, institutional adoption and a spot bitcoin ETF
Source: Bitcoin archive
For the first time in years, crypto markets are beginning to see tons of new liquidity
Since November 2022, crypto markets have added $600 billion in value. That's a +75% jump in one year while Bitcoin is up +120% over the last year. This comes after years of consistent outflows from crypto markets. Source: The Kobeissi Letter
Another Uptober for Bitcoin. Largest cryptocurrency gained 28% in Oct, most since Jan2023
Source: Bloomberg, HolgerZ
BlackRock's iShares Bitcoin Trust is now re-listed on the Depository Trust & Clearing Corporation $IBTC
Source: Bitcoin magazine
