Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

Binance CEO CZ Violations Jaw-dropping Blow, But Crypto Will Thrive

CZ’s departure from Binance will trigger some short-term volatility in the cryptocurrency market, but crypto will continue to thrive as more institutional money pours in, predicts the CEO of one of the world’s largest independent financial advisory, asset management, and fintech organizations.

The bullish prediction from Nigel Green of deVere Group comes as Changpeng Zhao, better known as CZ, the founder of Binance, the largest cryptocurrency exchange in the world, pleaded guilty to money laundering violations on Tuesday and agreed to pay a $50 million fine and step down from his role as the company’s chief executive.

Top AI ML News: OpenAI Is Seeking Additional Investment in Artificial General Intelligence

The company itself also pleaded guilty and agreed to pay $4.3 billion in fines and restitution to the government, according to federal authorities.

Nigel Green says: “CZ until now has been the most influential and powerful person in crypto. As such, this scandal is going to trigger some short-term volatility in the market as investors digest the news.

“However, the crypto market will thrive as institutional money is pouring in and we expect it to continue to do so.”

“BlackRock, the $9trillion asset manager, alongside WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets, have published Bitcoin ETF applications waiting to be approved by the US Securities and Exchange Commission, the SEC.

Latest Update: 10 AI In Manufacturing Trends To Look Out For In 2024

“We believe that Bitcoin ETFS are an imminent inevitability, and this would help drive crypto prices and mass adoption.

Related Posts
1 of 39,533

“Should SEC approval happen, it would be a landmark moment for Bitcoin.  The approval by the financial regulator of the world’s largest economy of this spot ETF would show that Bitcoin is, without any question, part of the global mainstream financial system.”

Spot ETFs invest directly in underlying assets, typically stocks or bonds, at the current market price (spot price). They aim to replicate the performance of a specific index or asset class by holding a portfolio of the actual securities that make up the index.

The Binance fiasco is another blow to the crypto market following the FTX scandal last year. After a month-long trial, a jury recently convicted the FTX founder Sam Bankman-Fried of seven counts of fraud and conspiracy.

“It appears that law enforcement and regulatory authorities worldwide are cracking down on executives and companies as digital currencies in all their forms – crypto and central bank digital currencies (CBDCs) – are set to become increasingly dominant in the international financial system,” says the deVere CEO.

“Greater regulatory scrutiny must be championed as digital currencies are set to play an ever-greater role. Cryptocurrencies must come into the regulatory tent and be held to the same standards as the rest of the financial system.

“They are here to stay – and the market is only set to grow. There can be no doubt that regulation of the crypto ecosystem is required and, I believe, it should be a priority.”

He concludes: “The CZ news is a jaw-dropping blow in many ways, but this moment must now be used as a point of inflection to further shore up the sector and instill trust and transparency by means of sensible, workable regulation as crypto continues its ascent.”

Read More at AIThority.com: OpenAI Open-Source ASR Model Launched- Whisper 3

[To share your insights with us, please write to sghosh@martechseries.com]

Comments are closed.