Executives Depart from Binance, Nasdaq Introduces AI-Based Trade Orders, and More

2:30 am
September 10, 2023
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Summary: Binance, one of the leading cryptocurrency exchanges, has experienced the departure of ten key executives over the course of 2023. The recent resignations follow Binance’s response to an investigation by the United States Department of Justice. In other news, Nasdaq has received approval from the United States Securities and Exchange Commission (SEC) to implement an AI-driven order type, which is expected to increase the efficiency of the trading system. Additionally, ARK Invest and 21Shares have filed for the listing of a spot Ether ETF on the Cboe BZX Exchange while Grayscale has requested a meeting with the SEC to discuss the conversion of its Bitcoin fund to an ETF.

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Binance crypto exchange saw 10 key execs leave in 2023. Here’s the list

Key executives continue to leave Binance, one of the largest cryptocurrency exchanges, amidst ongoing regulatory issues. In the first nine months of 2023, ten executives from various departments have resigned from the company. The latest departures include Helen Hai, the executive vice president, Gleb Kostarev, the vice president of Eastern Europe, Turkey, and more. These resignations followed Binance’s response to an investigation by the United States Department of Justice. Despite the turmoil, Binance CEO Changpeng Zhao remains confident in the company’s financial stability and employee retention.

Source: Cointelegraph

Nasdaq receives SEC approval for AI-based trade orders

The United States Securities and Exchange Commission has granted Nasdaq permission to launch its first AI-driven order type, called the dynamic midpoint extended life order (M-ELO). This system utilizes artificial intelligence to update and recalibrate itself in real-time, resulting in faster and more efficient order placements. During testing, the dynamic M-ELO demonstrated a 20.3% increase in fill rates and an 11.4% reduction in mark-outs. This approval marks a significant step towards incorporating AI technology into financial markets.

Source: Cointelegraph

Following SEC delays, ARK Invest and 21Shares file for spot Ether ETF

ARK Invest and 21Shares have submitted a request to the U.S. Securities and Exchange Commission (SEC) to approve the listing of shares for a spot Ether exchange-traded fund (ETF) on the Cboe BZX Exchange. The proposed investment vehicle, the ARK 21Shares Ethereum ETF, will measure the performance of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate. This filing is one of several spot crypto ETF proposals that the SEC will review in the coming months, as the regulator has been delaying decisions on crypto investment products, particularly Bitcoin spot ETF proposals.

Source: Cointelegraph

Grayscale asks SEC to meet on ‘way forward’ for Bitcoin ETF conversion

Grayscale, a leading digital asset management firm, has sent a letter to the U.S. Securities and Exchange Commission (SEC) requesting a meeting to discuss the conversion of its flagship Bitcoin fund into a spot exchange-traded fund (ETF). Grayscale’s lawyers argue that there are no legal grounds to treat the Grayscale Bitcoin Trust differently from Bitcoin futures ETFs, which the SEC has previously approved. The fund conversion application has been pending for an extended period, and Grayscale believes that the SEC should conclude its review based on its own rules.

Source: Cointelegraph

Bitcoin price can hit $46K by 2024 halving — Interview with Filbfilb

In an interview with Cointelegraph, well-known pseudonymous analyst Filbfilb suggests that Bitcoin has the potential to reach $35,000 by the end of 2023 and potentially touch $46,000 before the 2024 halving event. Based on previous market cycles and the contraction of new supply emitted to the market before the halving, Filbfilb believes that increased speculative demand could lead to a reversal in price behavior. However, the analyst notes that the failure to break the 100-week moving average so far is a notable difference compared to previous pre-halving years.

Source: Cointelegraph

Frequently Asked Questions (FAQ)

1. Why are executives leaving Binance?

Executives are leaving Binance amid growing regulatory troubles and the company’s response to the United States Department of Justice investigation. The departures are seen as a result of the ongoing challenges and uncertainty surrounding Binance’s operations.

2. How will Nasdaq’s AI-driven order type improve trading?

Nasdaq’s AI-driven order type, called the dynamic midpoint extended life order (M-ELO), will use artificial intelligence to update and adjust itself in real-time. This system is expected to accelerate order placements and improve fill rates. During testing, the dynamic M-ELO demonstrated a 20.3% increase in fill rates and an 11.4% reduction in mark-outs.

3. What is the ARK 21Shares Ethereum ETF?

The ARK 21Shares Ethereum ETF is a proposed investment vehicle that aims to list shares on the Cboe BZX Exchange. The ETF will measure the performance of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate. ARK Invest and 21Shares have submitted a request to the U.S. Securities and Exchange Commission for approval.

4. Why is Grayscale requesting a meeting with the SEC?

Grayscale has requested a meeting with the U.S. Securities and Exchange Commission (SEC) to discuss the conversion of its Bitcoin fund into a spot exchange-traded fund (ETF). Grayscale’s lawyers argue that there are no legal grounds to treat the Grayscale Bitcoin Trust differently from Bitcoin futures ETFs, which the SEC has previously approved. The fund conversion application has been pending for an extended period, and Grayscale believes that the SEC should conclude its review based on its own rules.

5. What is the price prediction for Bitcoin?

According to pseudonymous analyst Filbfilb, Bitcoin has the potential to reach $35,000 by the end of 2023 and possibly touch $46,000 before the 2024 halving event. These predictions are based on previous market cycles, the contraction of new supply emitted to the market before halving, and increased speculative demand.


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