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🔥 Binance: the patient is more alive than dead
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The new head, Richard Teng, said that the crypto exchange will undergo a complete transformation: from an «unmanaged» startup to a traditional financial organization. There are no details yet, but speculators have already reacted – USTC (formerly Terra USD) grew by 400% in three days.
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Several large cryptocurrency projects plan to unlock approximately $750 million worth of USTC by the end of the year. The stablecoin has risen in price due to news of the extradition of its founder Do Kwon from Montenegro. Another key figure of Binance, ex-director Changpeng Zhao, is also forced to stay in the United States until the sentencing; he was not allowed to travel to the UAE.
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To recap, Binance's market share in the spot market has dropped this year from 57% in February to the current 32%. The U.S. division, which at its peak had an 8% share of the regional market, will cease operations under an agreement with the U.S. Department of Justice, and an independent monitor will be stationed at global headquarters for at least three years to assess compliance with U.S. and international laws.
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The company also agrees to pay an industry-record fine of $4.3 billion, and this amount could be even higher since the agreement was concluded without the participation of the SEC. Litigation over the
BNB token, which has lost more than 6% in a year, is still ahead.
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However, there are two positive aspects to the war between Binance and the US government.
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• Risk of bankruptcy and repetition of the FTX scenario is almost zero, the amount of the fine is serious, but not critical for the exchange. In addition, Binance will not face charges that could cause irreparable damage to its business.
• SEC will stop freaking out, which increases the chance of approval of spot ETFs, as US investors will be forced to pour money into more «law-abiding» companies.
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Main token BNB will only benefit in the long run, so we closely monitor the news and be aware of the risks.
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Profits to y’all!