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Archive for the ‘Binance’ Category

US Judge Refuses to Dismiss Claims against Binance – Crypto Times

Posted: July 1, 2024 at 2:36 am


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A United States judge has declined to dismiss several claims brought against crypto exchange Binance by the Securities and Exchange Commission (SEC).

The case was filed in June 2023 by the SEC chairman Gary Gensler who accused Binance of offering securities without registering them and operating in the United States without authorization.

In a June 28 court filing, Judge Jacksons decision allowed some claims to proceed to trial while dismissing others. Jackson permitted the SEC to continue with claims related to Binances BNB staking program, anti-fraud violations, and the sale of BNB coins following its ICO.

The SEC also proved its allegations that Changpeng CZ Zhao, the founder of Binance, was a control person and the allegations that Binance should have registered under the Exchange Act.

However, Judge Jackson dismissed the allegations related to the secondary market sale of Binances BNB tokens, relying on a similar decision of the SEC in the Ripple case. She also dismissed suggestions concerning the Binance USD (BUSD) stablecoin and the exchanges Simple Earn passive income tool.

The decision is a major step in the legal battle over the status of virtual property. This is in line with the previous judicial decisions that have emphasized the need to appreciate the economic aspect of token sales under the Howey Test.

Nevertheless, Binance has faced legal problems and is still the biggest exchange for cryptocurrencies with more than 200 million users and assets of over $100 billion. The case remains in the limelight as it moves through the legal process with a court session set for July 9th.

This ruling by Jackson is somewhat favorable for Binance and the SEC at the same time, which has implications for the regulation of cryptocurrencies in the United States.

Also Read: Binance Steps Up Compliance Efforts Against Account Misuse

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US Judge Refuses to Dismiss Claims against Binance - Crypto Times

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July 1st, 2024 at 2:36 am

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Binance Delists Major Cryptocurrencies: Impact on SHIB, LINK, and Other Altcoins – Coinpedia Fintech News

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Big shakeup on Binance!

The worlds leading crypto exchange just announced plans to delist various prominent cryptocurrencies from its platform. From June 28, 3:00 UTC onwards, trading pairs like Shiba Inu (SHIB), Chainlink (LINK), Memecoin (MEME), Blur, Metis, NFPrompt (NFP), and Osmosis (OSMO) will no longer be supported.

This decision forms part of Binances ongoing review process aimed at enhancing trading quality. Concerns over liquidity and trading volume prompted this proactive step to streamline operations.

The announcement has sparked immediate reactions across the crypto community and broader financial markets. Prices of the affected cryptocurrencies experienced initial volatility as traders swiftly adjusted their positions in response to Binances decision.

Investors are now grappling with macroeconomic pressures and forthcoming market events, prompting a reassessment of their investment strategies amid the uncertainty created by the delisting.

In response to the delisting, Binance has also discontinued its Spot Trading Bot services for the affected pairs, effective immediately post-delisting. This proactive measure underscores Binances commitment to upholding operational integrity and safeguarding user interests amidst evolving market conditions.

Market participants are advised to closely monitor developments and adapt their investment strategies accordingly. While the immediate impact on prices is evident, the long-term outlook for cryptocurrencies such as SHIB and LINK remains intertwined with broader market dynamics and investor sentiment.

Do you think Binance made the right call?

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Binance Delists Major Cryptocurrencies: Impact on SHIB, LINK, and Other Altcoins - Coinpedia Fintech News

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July 1st, 2024 at 2:36 am

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Binance Unveils Measures to Combat Account Misuse amongst Users – Coinspeaker

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Those found to violate the BinancesTerms of Useand KYC/KYB policies are likely to face account suspension or termination.

Binance, a leading cryptocurrency exchange, has introduced new measures to boost security and integrity on its platform. The exchange takes this step to mitigate account misuse and ensure compliance with Binance standards and established regulatory framework. Markedly, the decision reflects the trading platforms commitment and proactive approach towards ensuring users safety.

The new development will help the exchange to spot potential vulnerabilities on its platform and address them before they transition into major loopholes.

Ordinarily, Binance delivers sub-accounts, managed sub-accounts, fund manager accounts, and other account types. These are all geared towards catering to legal businesses. In the long run, it was discovered that many bad actors were misusing these features for their selfish gains.

Precisely, Binance decided to adopt this approach after discovering instances where users seek to gain unfair advantages by exploiting certain account types. Some of these advantages are better fee rates and higher API limits. In addition to this enhanced monitoring system, Binance says it will investigate suspected incidents and may even take action against such persons.

Those found to violate the BinancesTerms of Useand KYC/KYB policies are likely to face account suspension or termination.

A reward program has also been introduced for users who report cases of verified account misuse. To this end, the exchange has set up a dedicated email address through which users can submit their findings. There is no fixed reward amount as it would be on a case-by-case basis.

This reward program could spur users to be on the lookout for any suspicious activity.

In another Binance news, the crypto exchange recently wrote a letter to its users, informing them of its integration of the industrys largest stablecoin Tether (USDT) on The Open Network (TON). This means that users can now perform USDT deposit and withdrawal transactions on TON. It is a significant move towards offering users a large suite of options and flexibility in conducting their transactions.

Meanwhile, the exchange is still pursuing its Virtual Asset Service Provider (VASP) license from Dubais Virtual Assets Regulatory Authority (VARA). On Wednesday, Binance announced an account transition procedure for residents in the UAE. This will enable them to shift from the Binance global exchange to the Binance FZE exchange.

This encompasses the migration of users accounts from the Binance global exchange to the FZE exchange.

Users are required to complete and update the KYC verification requested via email to be eligible for the transition. They have until December 15, 2024, to complete the process and submit it. This is also part of Binances approach to ensure compliance with regulatory frameworks and requirements, this time, in the UAE.

It is also a means for the exchange to expand its product reach and strengthen its presence across several borders.

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Binance Unveils Measures to Combat Account Misuse amongst Users - Coinspeaker

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July 1st, 2024 at 2:36 am

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SEC vs Binance update Judge dismisses parts of the SECs claims – AMBCrypto News

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AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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SEC vs Binance update Judge dismisses parts of the SECs claims - AMBCrypto News

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July 1st, 2024 at 2:36 am

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Binance To Delist Shiba Inu, Chainlink, Memecoin, & 4 Other Crypto Pairs Today – CoinGape

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Japanese Tech Giant Sony Enters Crypto Exchange Business With This Acquisition

In the latest development, Japanese tech giant Sony has made a silent move into the crypto industry by acquiring crypto exchange Amber Japan. The Sony Group, a $100 billion conglomerate,

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Binance To Delist Shiba Inu, Chainlink, Memecoin, & 4 Other Crypto Pairs Today - CoinGape

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July 1st, 2024 at 2:36 am

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Here’s How Algotech Is Challenging Binance & WOO X: AI Trading Could Disrupt Conventional Investing – DailyCoin

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The world of cryptocurrency trading is experiencing a significant transformation due to the rising influence of artificial intelligence (AI) and machine learning advancements that are disrupting conventional investment tactics. Leading this evolution is Algotech (ALGT), a rising contender challenging well-known exchanges such as Binance and WOO X through its inventive implementation of algorithmic trading.

Binance and WOO X have long been dominant forces in the cryptocurrency exchange landscape, each carving out its niche in the market. Over the last few months, Binance has encountered a rise in regulatory oversight.

Joining a list of other U.S. states, the North Dakota Department of Financial Institutions has revoked Binance.USs money transmitter license, citing regulatory non-compliance and apprehensions regarding Binances former CEO, Changpeng Zhao. This move aligns with actions taken by states like Alaska, Florida, and Oregon, which could curtail Binances operations within the American market.

WOO X distinguishes itself as an exchange emphasizing liquidity, utilizing the WOO Network to enhance liquidity levels and offer competitive trading costs. WOO X has garnered attention for its provision of advanced trading utilities suited for institutions and has notably emerged as the inaugural crypto exchange providing retail investors access to tokenized U.S. Treasury bills.

Algotech (ALGT), a recent entrant, is challenging the established players Binance and WOO X through its innovative use of artificial intelligence in cryptocurrency trading. In contrast to conventional platforms focused on facilitating digital asset transactions, Algotech (ALGT) is establishing itself as an advanced trading environment driven by cutting-edge algorithms and machine learning.

Algotech (ALGT) distinguishes itself through its emphasis on algorithmic trading tactics. Their platform provides a variety of trading algorithms driven by artificial intelligence (AI), tailored to exploit distinct market scenarios and trading methodologies. These encompass strategies such as momentum trading, mean reversion, breakout trading, and arbitrage on various exchange platforms.

Algotechs algorithms can examine extensive volumes of historical and up-to-the-minute market information, detecting patterns and trends that may elude human traders by using machine learning and artificial intelligence. This data-centric methodology enables more accurate decision-making and potentially enhanced profitability, particularly within the dynamic and frequently volatile realm of crypto trading.

As Algotech (ALGT) gears up for its full launch, the project is currently in a presale that has garnered more than $9.4 million. This presale is currently in its bonus stage, with 96% of the tokens already purchased for $0.08 per token.

Algotech distinguishes itself through its unique presale approach, featuring a groundbreaking incentive scheme to motivate initial supporters and foster a robust community centered on the platform. This scheme comprises eight tiers.

At the lowest level, dubbed Sea Urchins, investors need to achieve 500,000 tokens. This scales up to the highest tier, The Kraken, where those holding 12,000,000 tokens can get more perks. This tiered structure not only rewards larger investors but also creates a clear path for smaller participants to increase their stakes and potential returns over time.

Algotech (ALGT) is not only focusing on presale efforts but is also strategically positioning itself as a frontrunner in AI-driven trading. With a recent investment of $1.2 million in H100 GPUs, it aims to boost the speed, precision, and functionalities of its AI engine. This substantial investment highlights Algotechs dedication to leading technological advancements within the cryptocurrency trading sector.

Learn more: Visit Algotech Presale Join The Algotech Community

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Here's How Algotech Is Challenging Binance & WOO X: AI Trading Could Disrupt Conventional Investing - DailyCoin

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July 1st, 2024 at 2:36 am

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US Judge Allows Major Portion of SEC Lawsuit Against Binance and CZ to Proceed – Cryptonews

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Last updated: June 29, 2024, 12:00 EDT | 2 min read

A United States court has ruled against cryptocurrency exchange Binances attempt to dismiss the majority of claims leveled against it by the countrys securities regulator, the Securities and Exchange Commission (SEC).

According to the court filing by Judge Amy Berman Jackson on June 28, claims related to Binances staking program, the sale of BNB tokens following its initial coin offering, and anti-fraud violations will proceed.

The court also upheld the SECs contention that former Binance CEO Changpeng CZ Zhao acted as a control person and that Binance was obligated to register under the Exchange Act.

However, the ruling wasnt a complete victory for the SEC.

Judge Jackson decided to dismiss claims relating to BNB secondary market sales and all sales associated with the Binance USD (BUSD) stablecoin.

In her decision, she referred to Judge Analisa Torres ruling in the SECs case against Ripple as supporting grounds for dismissing the SECs claim regarding BNB secondary market sales.

The courts decision came as a surprise to finance lawyer Scott Johnsson, who described it as a significant setback for the securities regulator.

Fox Business reporter Eleanor Terrett anticipates that lawyers representing Coinbase, Kraken, and Consensys will leverage this opinion to strengthen their positions in their respective litigations.

Judge Jackson also rejected the SECs claims concerning Binances passive income feature, Simple Earn.

A court hearing has been scheduled for July 9 to further address the matter.

The SEC, led by Gary Gensler, filed the lawsuit against Binance in June 2023, alleging that the exchange had offered the sale of unregistered securities and operated illegally within the United States.

Binance and CZ responded by filing a motion to dismiss the lawsuit approximately three months later, arguing that the SEC had exceeded its legal authority.

In addition to the lawsuit, Binance has faced challenges on the regulatory front.

Seven US states, including Alaska, Florida, Maine, and North Carolina, have either revoked or denied Binance the right to renew its money transmitter license.

Furthermore, CZ is currently serving a four-month prison sentence for violating money laundering laws.

Despite these legal hurdles, Binance continues to hold its position as the worlds largest cryptocurrency exchange, boasting over 200 million users and managing assets totaling $100 billion.

Just two years ago, in 2022, Binance reported a user base of around 130 million.

By 2023, the exchange had added 40 million more users, bringing the total count to 170 million.

Impressively, in the first half of 2024 alone, Binance has already added at least 30 million new users.

In May, the Financial Intelligence Unit of India (FIU-IND) revealed that Binance has successfully registered with the regulatory body, returning to the country after some regulatory hurdles.

Prior to that, the exchange announced that it had obtained a license from Dubais regulator, VARA, enabling the platform to cater to retail clients along with qualified and institutional ones.

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US Judge Allows Major Portion of SEC Lawsuit Against Binance and CZ to Proceed - Cryptonews

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July 1st, 2024 at 2:36 am

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Binance, MultiBank, XTX Markets, and More: Executive Moves of the Week – Finance Magnates

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This week saw an upsurge in executive moves, appointments, departures, and promotions across multiple sectors. Major moves were experienced in the forex, fintech, cryptocurrency, digital banking, and financial consultancy space.

MultiBank Group's Chief Development Officer Ruslan Abuzant exited the firm; Former CFDs CEO joined BlockFills as UAE GM; Nium tapped Spencer Hanlon as Chief Operating Officer to drive its global expansion; Binance FZE's General Manager Alex Chehade will exit after two Years; XTX Markets welcomes the Former Barclays CEO as Director.

Elsewhere, Finom named ex-Revolut executive as Sales Chief; Capital.com onboarded Campbell MacPherson as CEO for Australian operations; the 3-month-old liquidity provider hired ex-M4Markets executive as CEO; Stephen Williams switched from IG to Capital.com after six years; amana tapped Jack Saidy as Director of Operations for Lebanon; Delta Capita brought London Stock Exchange Veteran as New CFO.

Check out our executive move segment for this week, as we bring to you highlights from notable industry appointments, departures, and promotions.

MultiBank Group's Chief Development Officer Ruslan Abuzant stepped down after serving for two years in the company. Abuzant joined the group in 2022 and has held several roles, including Head of Information Technology, Head of Product Development, Chief Strategy Officer, and Chief Development Officer.

Ruslan Abuzant, Source: LinkedIn

Commenting about his departure, Abuzant said: "After two incredible years, today I announce my departure from Multibank. It has been an honor to be part of such a dynamic and dedicated team. I am immensely grateful for the opportunity to meet and work alongside each and every one of you." MultiBank offers a range of online trading financial products, including forex, commodities, and CFDs.

Discover more about MultiBank Group's Chief Development Officer Ruslan Abuzant exit from his role and the recent developments at the firm.

Demetrios Zamboglou joined BlockFills as the General Manager for the UAE operations. Zamboglou, who held executive positions in multiple forex and contracts for differences (CFDs) brokers, has assumed the Dubai-based role. His most recent role was serving as the Group Chief Executive Officer at Doto, a Cyprus-based FX and CFDs broker.

Demetrios Zamboglou, the General Manager for UAE at BlockFills

He was also the Group Chief Operating Officer at CFI Financial Group for a couple of years. BlockFills offers digital asset trading, technology, and liquidity solutions. Recently, the firm integrated Centroid Solutions' institutional-grade connectivity platform, Centroid Bridge, to offer brokers and institutional clients a centralized environment for price management, execution, and comprehensive reporting.

Learn more about Demetrios Zamboglou's entry into BlockFills as the General Manager for the UAE.

Cross-border payment firm Nium onboarded Spencer Hanlon as its Chief Operating Officer (COO). Hanlon, who was previously instrumental in expanding Nium's travel business, will oversee the scaling of the company's operations globally. His extensive experience includes leadership roles at British Airways and AirPlus International. Hanlon will succeed Pratik Gandhi.

Spencer Hanlon, Source: LinkedIn

Commenting about the changes, Prajit Nanu, the Founder and CEO of Nium mentioned: "Spencer has been an integral part of Nium for the past three years, demonstrating exceptional cross-functional leadership and a deep understanding of what it takes to scale. Appointing Spencer to COO was a natural decision. His vision and dedication have been invaluable to our success, and I am confident that under his leadership, we will continue to achieve outstanding results."

Reveal more about Nium's appointment of Spencer Hanlonas as Chief Operating Officer.

Alex Chehade, the General Manager of Binance FZE in Dubai, will reportedly depart from the crypto asset exchange at the end of July. Chehade, who played an important role in securing the Dubai Virtual Assets Regulatory Authority (VARA) license, has been with Binance for two years.

Alex Chehade, Source: LinkedIn

Chehade joined Binance FZE in June 2022, and under his leadership, the platform secured the VARA license in April, positioning it among 18 other organizations approved as Virtual Assets Service Providers (VASP) by the Dubai regulatory authority. Sources said that Chehade was seen as a potential future board member of Binance, making his departure unexpected.

Disclose more about the exit of Binance FZE's General Manager Alex Chehade and the recent developments at the firm.

XTX Markets onboarded Timothy James Osborne Throsby as the new Director. Throsby has extensive experience, having held different roles in various sectors, including finance and education. He currently serves as the Managing Partner, President, and CRO at Phoenix Merchant Partners, a position he has held since February 2023. Phoenix Merchant Partners focuses on offering financing solutions to middle-market companies, specifically private credit and customized financial strategies.

Timothy James Osborne Throsby

Besides his role at Phoenix Merchant Partners, Throsby served as a Non-Executive Director for Zen Educate and Light & Wonder. He also holds the position of Chairman of the Board and Non-Executive Director at Silver Creek Pharmaceuticals, and he has been a Non-Executive Director at Lumos Global since November 2019.

Display more about the exit of Binance FZE's General Manager Alex Chehade from his role.

European digital banking solution provider Finom added Rob Allen as its new Head of Sales, effective July 2024. Finom provides financial services for small and medium-sized enterprises and entrepreneurs. Allen has over a decade of fintech experience, most recently serving as VP of Sales at Super Payments.

Rob Allen, Finom

Previously, he held the position of Head of Sales for Europe at Revolut, where he led sales teams across six European countries. The appointment was reportedly facilitated through Finom's connection with Northzone, a new investor in the company's recent 50 million Series B funding round. This recent investment has boosted Finom's total capital to more than 100 million since its founding in 2019.

Reveal more about the addition of Rob Allen as Finom'snew Head of Sales.

Capital.com appointed Campbell MacPherson as the CEO of Australian Operations. Previously, MacPherson was the Regional Director of Sales at FactSet, where he managed a team responsible for expanding FactSet's business across various asset classes in the Pacific region. He oversaw strategic growth initiatives for bank and wealth clients, as well as providing executive oversight for key regional accounts.

Campbell MacPherson, Source: LinkedIn

Before his tenure at FactSet, MacPherson held multiple roles at Glenmoira Consulting, focusing on business consultancy, development strategy, and project management. He also served as a Strategic Advisor and Non-Executive Director at Jaaims, where he contributed to financial technology and strategic partnerships. Additionally, MacPherson worked as a Strategic Advisor in Business Development at Caplin Systems, where he was involved in contract-based initiatives.

Find out more about the entry of Campbell MacPherson as Capital.com's CEO for Australian operations.

LP Prime, the liquidity provider for forex and CFDs, named Marios Antoniou as the new Chief Executive Officer. LP Prime is the latest entrant in the liquidity space. The firm was launched early this year by Louay Amhaz, the former Director of Business Development at oneZero.

Marios Antoniou

Antoniou has nearly a decade of experience in the industry. He joined LP Prime from M4Markets, where he was the Chief Operating Officer for more than a year. Prior to that, he was the CEO of Invaxa, a lesser-known offshore forex and CFDs broker, which now appears to have been shuttered. LP Prime offers access to more than 1,350 instruments, including forex, precious metals, indices, and stock CFDs.

Identify more about LP Prime's onboarding of Marios Antoniou as the new Chief Executive Officer.

IG's Premium Client Manager shifted to Capital.com under the same role, after dedicating nearly six years to the group. The veteran expert, with over 15 years of experience in financial markets, will now transition to capital.com's Australian office to assume the new responsibilities.

Stephen Williams, Source: LinkedIn

Display more about Stephen Williams' switch from his Premium Client Manager's role at IG to Capital.com.

Middle Eastern neobroker amana onboarded Jack Saidy as the Director of Operations for Lebanon to strengthen its presence in the region. Saidy has over a decade of experience in financial markets. Previously, he served as the Director at Advanced Markets, focusing on training sales teams and fostering customer relationships.

Jack Saidy, Source: LinkedIn

Saidy's understanding of the Lebanese and MENA markets positions him well to drive amana's growth in the region. amana provides access to more than 5,500 assets and enables customers to trade physical and leveraged US and MENA shares, commodities, currencies, and more. Amana is a neobroker in the Middle East that provides users direct access to global and regional financial markets.

Investigate more about amana's onboarding of JackSaidy as Director of Operations for Lebanon.

Financial consulting firm Delta Capita onboarded Nick Frost as its new Global Chief Financial Officer. Frost, who brings over two decades of finance experience to the role, will join Delta Capita's Executive Committee and report directly to Group CEO Joe Channer. Based in London, he will be tasked with developing the company's financial strategy and supporting its growth initiatives.

Nick Frost

Before joining Delta Capita, Frost held CFO positions at several firms, including the London Stock Exchange Group. Over the past few months, he was associated with the technology company Prytek, where he also held the role of the CFO. Delta Capita offers consulting, managed services, and technology solutions to the capital markets industry.

Learn more about Delta Capita's addition of Nick Frost as its new Global Chief Financial Officer and what the firm stands for.

This week saw an upsurge in executive moves, appointments, departures, and promotions across multiple sectors. Major moves were experienced in the forex, fintech, cryptocurrency, digital banking, and financial consultancy space.

MultiBank Group's Chief Development Officer Ruslan Abuzant exited the firm; Former CFDs CEO joined BlockFills as UAE GM; Nium tapped Spencer Hanlon as Chief Operating Officer to drive its global expansion; Binance FZE's General Manager Alex Chehade will exit after two Years; XTX Markets welcomes the Former Barclays CEO as Director.

Elsewhere, Finom named ex-Revolut executive as Sales Chief; Capital.com onboarded Campbell MacPherson as CEO for Australian operations; the 3-month-old liquidity provider hired ex-M4Markets executive as CEO; Stephen Williams switched from IG to Capital.com after six years; amana tapped Jack Saidy as Director of Operations for Lebanon; Delta Capita brought London Stock Exchange Veteran as New CFO.

Check out our executive move segment for this week, as we bring to you highlights from notable industry appointments, departures, and promotions.

MultiBank Group's Chief Development Officer Ruslan Abuzant stepped down after serving for two years in the company. Abuzant joined the group in 2022 and has held several roles, including Head of Information Technology, Head of Product Development, Chief Strategy Officer, and Chief Development Officer.

Ruslan Abuzant, Source: LinkedIn

Commenting about his departure, Abuzant said: "After two incredible years, today I announce my departure from Multibank. It has been an honor to be part of such a dynamic and dedicated team. I am immensely grateful for the opportunity to meet and work alongside each and every one of you." MultiBank offers a range of online trading financial products, including forex, commodities, and CFDs.

Discover more about MultiBank Group's Chief Development Officer Ruslan Abuzant exit from his role and the recent developments at the firm.

Demetrios Zamboglou joined BlockFills as the General Manager for the UAE operations. Zamboglou, who held executive positions in multiple forex and contracts for differences (CFDs) brokers, has assumed the Dubai-based role. His most recent role was serving as the Group Chief Executive Officer at Doto, a Cyprus-based FX and CFDs broker.

Demetrios Zamboglou, the General Manager for UAE at BlockFills

He was also the Group Chief Operating Officer at CFI Financial Group for a couple of years. BlockFills offers digital asset trading, technology, and liquidity solutions. Recently, the firm integrated Centroid Solutions' institutional-grade connectivity platform, Centroid Bridge, to offer brokers and institutional clients a centralized environment for price management, execution, and comprehensive reporting.

Learn more about Demetrios Zamboglou's entry into BlockFills as the General Manager for the UAE.

Cross-border payment firm Nium onboarded Spencer Hanlon as its Chief Operating Officer (COO). Hanlon, who was previously instrumental in expanding Nium's travel business, will oversee the scaling of the company's operations globally. His extensive experience includes leadership roles at British Airways and AirPlus International. Hanlon will succeed Pratik Gandhi.

Spencer Hanlon, Source: LinkedIn

Commenting about the changes, Prajit Nanu, the Founder and CEO of Nium mentioned: "Spencer has been an integral part of Nium for the past three years, demonstrating exceptional cross-functional leadership and a deep understanding of what it takes to scale. Appointing Spencer to COO was a natural decision. His vision and dedication have been invaluable to our success, and I am confident that under his leadership, we will continue to achieve outstanding results."

Reveal more about Nium's appointment of Spencer Hanlonas as Chief Operating Officer.

Alex Chehade, the General Manager of Binance FZE in Dubai, will reportedly depart from the crypto asset exchange at the end of July. Chehade, who played an important role in securing the Dubai Virtual Assets Regulatory Authority (VARA) license, has been with Binance for two years.

Alex Chehade, Source: LinkedIn

Chehade joined Binance FZE in June 2022, and under his leadership, the platform secured the VARA license in April, positioning it among 18 other organizations approved as Virtual Assets Service Providers (VASP) by the Dubai regulatory authority. Sources said that Chehade was seen as a potential future board member of Binance, making his departure unexpected.

Disclose more about the exit of Binance FZE's General Manager Alex Chehade and the recent developments at the firm.

XTX Markets onboarded Timothy James Osborne Throsby as the new Director. Throsby has extensive experience, having held different roles in various sectors, including finance and education. He currently serves as the Managing Partner, President, and CRO at Phoenix Merchant Partners, a position he has held since February 2023. Phoenix Merchant Partners focuses on offering financing solutions to middle-market companies, specifically private credit and customized financial strategies.

Timothy James Osborne Throsby

Besides his role at Phoenix Merchant Partners, Throsby served as a Non-Executive Director for Zen Educate and Light & Wonder. He also holds the position of Chairman of the Board and Non-Executive Director at Silver Creek Pharmaceuticals, and he has been a Non-Executive Director at Lumos Global since November 2019.

Display more about the exit of Binance FZE's General Manager Alex Chehade from his role.

European digital banking solution provider Finom added Rob Allen as its new Head of Sales, effective July 2024. Finom provides financial services for small and medium-sized enterprises and entrepreneurs. Allen has over a decade of fintech experience, most recently serving as VP of Sales at Super Payments.

Rob Allen, Finom

Previously, he held the position of Head of Sales for Europe at Revolut, where he led sales teams across six European countries. The appointment was reportedly facilitated through Finom's connection with Northzone, a new investor in the company's recent 50 million Series B funding round. This recent investment has boosted Finom's total capital to more than 100 million since its founding in 2019.

Reveal more about the addition of Rob Allen as Finom'snew Head of Sales.

Capital.com appointed Campbell MacPherson as the CEO of Australian Operations. Previously, MacPherson was the Regional Director of Sales at FactSet, where he managed a team responsible for expanding FactSet's business across various asset classes in the Pacific region. He oversaw strategic growth initiatives for bank and wealth clients, as well as providing executive oversight for key regional accounts.

Campbell MacPherson, Source: LinkedIn

Before his tenure at FactSet, MacPherson held multiple roles at Glenmoira Consulting, focusing on business consultancy, development strategy, and project management. He also served as a Strategic Advisor and Non-Executive Director at Jaaims, where he contributed to financial technology and strategic partnerships. Additionally, MacPherson worked as a Strategic Advisor in Business Development at Caplin Systems, where he was involved in contract-based initiatives.

Find out more about the entry of Campbell MacPherson as Capital.com's CEO for Australian operations.

LP Prime, the liquidity provider for forex and CFDs, named Marios Antoniou as the new Chief Executive Officer. LP Prime is the latest entrant in the liquidity space. The firm was launched early this year by Louay Amhaz, the former Director of Business Development at oneZero.

Marios Antoniou

Antoniou has nearly a decade of experience in the industry. He joined LP Prime from M4Markets, where he was the Chief Operating Officer for more than a year. Prior to that, he was the CEO of Invaxa, a lesser-known offshore forex and CFDs broker, which now appears to have been shuttered. LP Prime offers access to more than 1,350 instruments, including forex, precious metals, indices, and stock CFDs.

Identify more about LP Prime's onboarding of Marios Antoniou as the new Chief Executive Officer.

IG's Premium Client Manager shifted to Capital.com under the same role, after dedicating nearly six years to the group. The veteran expert, with over 15 years of experience in financial markets, will now transition to capital.com's Australian office to assume the new responsibilities.

Stephen Williams, Source: LinkedIn

Display more about Stephen Williams' switch from his Premium Client Manager's role at IG to Capital.com.

Middle Eastern neobroker amana onboarded Jack Saidy as the Director of Operations for Lebanon to strengthen its presence in the region. Saidy has over a decade of experience in financial markets. Previously, he served as the Director at Advanced Markets, focusing on training sales teams and fostering customer relationships.

Jack Saidy, Source: LinkedIn

Saidy's understanding of the Lebanese and MENA markets positions him well to drive amana's growth in the region. amana provides access to more than 5,500 assets and enables customers to trade physical and leveraged US and MENA shares, commodities, currencies, and more. Amana is a neobroker in the Middle East that provides users direct access to global and regional financial markets.

Investigate more about amana's onboarding of JackSaidy as Director of Operations for Lebanon.

Financial consulting firm Delta Capita onboarded Nick Frost as its new Global Chief Financial Officer. Frost, who brings over two decades of finance experience to the role, will join Delta Capita's Executive Committee and report directly to Group CEO Joe Channer. Based in London, he will be tasked with developing the company's financial strategy and supporting its growth initiatives.

Nick Frost

Before joining Delta Capita, Frost held CFO positions at several firms, including the London Stock Exchange Group. Over the past few months, he was associated with the technology company Prytek, where he also held the role of the CFO. Delta Capita offers consulting, managed services, and technology solutions to the capital markets industry.

Learn more about Delta Capita's addition of Nick Frost as its new Global Chief Financial Officer and what the firm stands for.

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Binance, MultiBank, XTX Markets, and More: Executive Moves of the Week - Finance Magnates

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July 1st, 2024 at 2:36 am

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Shiba Inu And PEPE Whales Deposit 1.8 Trillion Tokens To Binance, Are They Selling? | Bitcoinist.com – Bitcoinist

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Shiba Inu and PEPE whales have begun to make their move in a market currently rocked with uncertainty. This time around, these prominent investors are sending large amounts of tokens to centralized exchanges like Binance, suggesting that they could be looking at dumping the meme coins. Such a move would put undue pressure on both the Shiba Inu and PEPE prices at a time when theyre struggling to find their footing.

Spot On Chain, an on-chain data tracking and aggregation platform, reported a transaction carrying significant amounts of SHIB. While these large transactions are not new, this one stood out due to the destination of the coins, which was the Binance crypto exchange.

As the data tracker reports, the whale transaction was most notable, given the amount of SHIB it was carrying. The wallet, which had bought most of its SHIB tokens between November and December 2023, transferred its total balance to Binance.

At the time, the total SHIB transferred was 1.088 trillion tokens, which was worth $18.2 million at the time of the transaction. Interestingly, a large chunk of its dollar value, $8 million, was from profit, given that the tokens were bottom at the bottom of the market. This translated to a 79% return on investment for the Shiba Inu whale.

Another whale transaction which caught the attention of the on-chain tracker is that of a PEPE whale. Similar to the Shiba Inu whale, the PEPE whale had deposited 700 billion tokens to the Binance exchange. At the time of the transaction, the tokens were worth $7.38 million.

However, unlike the Shiba Inu whale, the PEPE whale is actually not seeing any profit. At the time of the report, the on-chain tracker estimates that the whale was seeing a 12% loss on its holdings, which translated to a $3.47 million loss.

Why Is The Destination Important?

The destination of a transaction can often be a tell for what the holder plans to do with it. In cases involving centralized exchanges, it becomes even important whether the coins are entering or leaving the exchange. In the of coins entering the exchange, it could mean the holders are looking to sell. In the reverse case, when coins are leaving the exchange, it means investors are accumulating the coins, with more inclination to buy.

Given that the whales are sending the Shiba Inu and PEPE tokens to Binance, it is likely they are looking to sell. In the event of a sell-off, the already struggling prices of these meme coins could fall further as new supply floods the market.

Featured image created with Dall.E, chart from Tradingview.com

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Shiba Inu And PEPE Whales Deposit 1.8 Trillion Tokens To Binance, Are They Selling? | Bitcoinist.com - Bitcoinist

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July 1st, 2024 at 2:36 am

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Big win for crypto as Judge dismisses part of SEC case against Binance BNB token – FXStreet

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A US Judge offered market participants clarity on the secondary market sales of digital assets and dismissed part of theSecurities and Exchange Commissions (SEC) lawsuit against Binance. In the lawsuit the SEC claims that the secondary market sales, or sales on an exchange, of the native token Binance Coin (BNB) qualify as a security.

The ruling Judge cited a ruling from the SEC vs. Ripple lawsuit, marking a big win for crypto traders.

Judge Amy Berman Jackson dismissed part of the SECs lawsuit against Binance on Friday. The ruling marks a milestone for crypto traders; it was determined that secondary sales of Binances BNB token do not qualify as securities under the Howey Test.

Of 13 counts, 10 will proceed entirely and two partically. One count is entirely dismissed post Judge Jackson's ruling. The count that was entirely dismissed is related to the sales of Binance USD (BUSD), a stablecoin that is now partially defunct.

SEC vs. Binance

Judge Jackson says that the governments reliance on the assertion that crypto assets are the embodiment of investment contracts is not enough to treat BNBs secondary market sales as securities. Ripple proponent attorney Bill Morgan explains Judge Jackson's ruling and why it matters in a recent tweet on X:

In her ruling in the SEC vs. Ripple lawsuit, Judge Analisa Torres says that secondary market sales of XRP do not satisfy the Howey test and therefore are not investment contracts.

The SEC has been pushing the theory that crypto tokens may not be securities, they are investment contracts. Judge Jacksons ruling brings relief to crypto traders on the issue of secondary market sales of cryptocurrencies and concludes that assets are not investment contracts since they do not satisfy the Howey test.

Binance coin (BNB) has been in a state of decline since June 6 high of $721.80. BNB dropped to June 24 low of $551.20. The momentum indicator Moving Average Convergence Divergence (MACD) shows underlying negative momentum in BNBs price trend.

BNB could rally towards $591.50, the 23.6% of the Fibonacci retracement level of the decline from June 6 to 24.

BNB/USDT daily chart

Binance coin could find support at the June 24 low of $551.20, as seen in the chart above. BNB trades at $571.40, at the time of writing.

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Big win for crypto as Judge dismisses part of SEC case against Binance BNB token - FXStreet

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July 1st, 2024 at 2:36 am

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