Are these common misconceptions about open banking putting your bank on the wrong path? Or keeping your efforts in 'park'?
The post Binance’s Big Blunder: A Simple Mistake with Huge Consequences appeared first on Coinpedia Fintech News Binance co-founder Changpeng Zhao, or CZ, faces the possibility of a three-year prison sentence following charges related to Binance’s compliance controls. In a letter to U.S. Judge Richard A. Jones, CZ expressed regret and took responsibility for the lapses. His admission of failure to establish compliance controls at Binance underscores the seriousness of the situation. Along with his letter, 161 letters of support submitted by Zhao’s associates reveal his private life and character. They describe Zhao as a family-oriented man, uninterested in extravagance and deeply committed to charity, starkly contrasting his current legal troubles. The support extends from family members and industry bulls to former colleagues and employees. Legal Team Has Not Given Up! However, Zhao’s legal team is countering with a sentencing memo, highlighting that no other defendants in similar cases of violating the Bank Secrecy Act (BSA) had received prison sentences. They proposed probation for Zhao, citing his clean record and acknowledgment of wrongdoing. Read About This : DOJ Pushes for Harsh 3-Year Prison Sentence for Binance Founder “CZ” The outpouring of Support for CZ Ahead of Sentencing Dozens of letters penned by family, friends, Binance employees, volunteers, users, and notable figures in the industry and government underscore the impact of Zhao’s character and actions. One notable contributor to the letters of support is Yi He, CZ’s wife and Binance co-founder, who acknowledged the mistakes at Binance while emphasizing Zhao’s fairness, integrity, and sense of responsibility. She highlighted how past incidents, like Binance’s failed attempt to rescue FTX in 2022, prompted Zhao to enhance transparency and accountability measures within the exchange. Among the voices backing Zhao are industry stalwarts like Samson Mow, CEO of JAN3, Val Vavilov, CEO of Bitfury Group, and Richmond Teo, CEO of Paxos Asia. Their letters collectively paint a portrait of Zhao as a dedicated CEO and family man who lives a modest life marked by honesty, hard work, modesty, and discipline. While some letters implicitly call for leniency, CZ refrains from explicitly seeking a reduced sentence in his missive. The US Department of Justice is pushing for a 36-month prison term and a $50 million fine against Zhao, underscoring the gravity of the situation. Read More : Support Pours In for Binance Founder CZ as He Apologizes, Seeks Leniency Despite the challenges, Binance and CZ have paid a heavy price for their shortcomings. Despite supporters’ pleas for leniency, the US Department of Justice is seeking a longer sentence than initially expected. With the sentencing set for April 30, the outcome could have bigger implications for Binance in the US.
BlockDAG’s Mining Rigs Yield Impressive $2.2M; Litecoin Awaits Bullish Trend as Uniswap Struggles With the Bitcoin halving’s impact looming, the crypto industry is bracing for an upswing that could enrich miners significantly. Litecoin’s upcoming price trends are bullish in this environment, while Uniswap faces downturns, pushing traders toward promising presale opportunities. BlockDAG has been at the forefront of this anticipation, offering the X100 mining rig that makes profitable home mining accessible. BlockDAG’s ongoing presale has raised over $20.3 million, selling over 8 billion coins. Market experts are enthusiastic, predicting a stunning 30,000x return on investment for early adopters, aligning well with strategic investments in the burgeoning 2024 crypto landscape. Litecoin Shows Resilience Amid Market Volatility Despite the crypto market’s recent ups and downs, Litecoin has held a steady course. Its price decreased from $112 to around $81.12, a modest drop compared to other cryptocurrencies. Analysts now forecast a substantial recovery for Litecoin, suggesting that it has finished its correction phase and is poised for substantial growth soon. Challenges for Uniswap in a Turbulent Market Uniswap recently underwent a significant price correction, losing 32% in April after a 41% increase the previous month. This decline intensified when the SEC issued a Wells Notice to Uniswap Labs, signaling potential legal action. These developments have dampened investor sentiment, leading analysts to foresee a drop in Uniswap’s price to around $7 by June, despite ongoing efforts to foster partnerships and expand token use. BlockDAG’s X100 Miner Revolutionizes Home Mining With Over $2.2 Million Miners Sold In cryptocurrency mining, BlockDAG stands out with its X100 miner, a device that balances power and user-friendliness. The X100, equipped with advanced ASIC technology, achieves a hash rate of 2 TH/s and operates at 1800W. It allows users to mine up to 2,000 BDAG coins daily, potentially earning over $100 daily at initial prices. Priced at $1500, the X100 miner offers an efficient and low-noise solution for home miners and more extensive operations, adaptable to evolving mining needs. Currently, BlockDAG is processing its tenth batch of presales, offering BDAG coins at $0.006 each, and has amassed over $20.3 million. From the sale of more than 4,888 mining rigs, the company has garnered an additional $2.2 million, demonstrating strong market adoption and investor confidence in its technology.  BlockDAG Miners: A Path to Reliable Passive Income As investors navigate the fluctuations of the crypto market, options like the BlockDAG X100 miner provide a stable avenue for passive income. Mining with the X100 allows enthusiasts to harvest 2,000 BDAG coins daily, equivalent to $100 at the coin’s launch price. With predictions of BDAG’s price reaching $1, the future earnings potential for miners is substantial, offering a promising alternative to traditional investment strategies and enhancing the allure of diving into crypto mining for consistent returns. Furthermore, with $20.3 million already secured in presale BlockDAG is set to launch a keynote video over the moon; further fueling the coin’s momentum. Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here. The post BDAG $2.2M Miner Sales; LTC Positive Outlook, Uniswap Trials appeared first on The Merkle News.
Despite a 2.5% gain today, Ethereum is grappling with formidable resistance levels, particularly in the range of $3,170 to $3,270. This resistance zone is significant, as it is backed by 1.63 million addresses holding a collective 4.45 million ETH.
Funding Societies enters partnership with SGeBIZ to bring embedded finance solutions for SMEs that are based in SE Asian country of Singapore.
Bitcoin experienced a notable upsurge in the past 24 hours, reaching a high of $67,000, buoyed by strong support from key whale tier holders with holdings ranging from 1,000 to 10,000 BTC.
Payment processing provider Episode Six (E6) has joined forces with Singapore-licensed financial institution DCS Card Centre (DCS), enabling fintech companies to issue their own branded credit cards. Starting in Singapore, Episode Six card issuance technology will ensure the process required to launch a new credit card is significantly reduced from the typical four to six-month period, down to a matter of weeks. This collaboration between DCS and E6 combines their expertise onto a unified platform, streamlining the credit card launch process which traditionally contains difficulties and complexities due to regulatory, operational and technical challenges, to enable fintechs to innovate rapidly. The holistic credit card-as-a-service solution also incorporates access to a virtual account, enabling top-ups with fiat currency via bank transfers, or with digital assets via DCS tokens, which are directly issued by DCS. E6 explained that the move represents a starting point for the service, which it plans to eventually roll out in other markets across the Asia Pacific region. John Mitchell, co-founder and CEO of Episode Six John Mitchell, co-founder and CEO of Episode Six, commented: “Fintechs and other companies that leverage this solution will be able to reap all the benefits that a modernised cloud-native payment system can provide resilience, scalability, and security. “Embedded finance is changing the way we interact with financial services and drive innovation in the industry. This trend is redefining the traditional landscape, enabling banking functionalities to be woven into the fabric of our digital interactions. In today’s digital era, relying on legacy payments technology can prove costly in the long run and financial institutions will do well by adapting to stay relevant.” Driving digital innovation This strategic partnership serves as a key business pillar of DCS Innov, a new enterprise established by DCS in February 2024 to drive digital innovation in the fintech sector. Ceridwen Choo, CEO of DCS Innov, led the new business initiative and explained that this partnership represents a deliberate effort to support the company’s vision of leading embedded payments in Singapore and the region, with simplified access to integrated payment services. “Embedded finance, especially card payments, is top-of-mind for fintechs wanting to scale their businesses.  E6’s robust APIs and presence in major countries globally, is well-placed to support fintechs and any other brands wanting to incorporate payments into their digital interfaces.” The post Episode Six Launches Credit Card-as-a-Service, Helping Drive Innovation for Fintechs in Singapore appeared first on The Fintech Times.
Thunes, a global cross-border payments company, announces it signed a definitive agreement to acquire Tilia LLC, an all-in-one payments platform.