A remarkable exodus from Binance continues amid the platform’s regulatory hardships. In the first nine months of 2023, 10 key figures have departed from different departments. The most recent to join the departure list is Helen Hai, who announced her resignation from her executive role on September 6. This conspicuous exodus can’t help but spark questions about the future of Binance, despite assurances from CEO Changpeng Zhao about the robustness of his firm’s balance sheet and employee retention.
In contrast, Nasdaq has obtained SEC approval to operate its first AI-driven order type. This symbolizes a significant technological shift that may turbocharge trading speed and accuracy. The AI system, dynamically updating itself in real-time, reportedly demonstrated a fill rate increase of 20.3% and a mark-out reduction of 11.4% in its testing phase. This development illustrates how traditional financial landscapes can effectively wield disruptive technology.
Meanwhile, the crypto industry continues to wrestle with legal issues. Former FTX CEO Sam Bankman-Fried has been denied bail pending his criminal trial. The denial, upheld by an appeals court, leaves him with unsatisfactory internet access during his preparation for trial. The mix of legal drama and inadequate access could impact his defense strategy and compromise his chances.
In regulation news, ARK Invest and 21Shares have approached the U.S. Securities and Exchange Commission for approval to list shares of a spot Ether ETF on the Cboe BZX Exchange. Approval could further legitimize crypto investments, however, the SEC has recently delayed decisions – raising the ever-present question, how can crypto companies navigate bureaucratic waters.
The debate continues with Grayscale, which has requested a meeting with the SEC to discuss its Bitcoin fund conversion. Grayscale contends that there are “no grounds” for treating its Grayscale Bitcoin Trust differently from Bitcoin futures ETFs. The SEC’s pending response could set a precedent for other crypto funds eager to convert.
Regulatory issues and personnel changes aside, the evolving blockchain technology landscape is not without naysayers. Yet, the aforementioned developments illustrate a resilient industry adept at innovating while persisting in regulatory adversity. Today, crypto enthusiasts may have their brows furrowed with intrigue and a modicum of skepticism – wondering what’s next, given the swift changes.
Source: Cointelegraph
