Table of Contents
Bitcoin News: 10th October 2021
- Binance.us Promotes Brian Shroder to CEO, Hires Interim CFO
- BiSwap ReAdjusts Fee Rebates for Token Holders
- FBI Arrested 26 Israelis on Suspicion of Involvement in Crypto Fraud Scheme
- Powerbridge Technologies Set To Launch Bitcoin And Ethereum Mining In Hong Kong
Binance.us Promotes Brian Shroder to CEO
This week, Binance.US announced a few new positions. Brian Shroder, Binance.newly US’s appointed President, has been elevated to Chief Executive Officer (CEO).
A new interim Chief Financial Officer was also named by the US Franchise (CFO). Until a permanent replacement is identified, Eric Segal will fill in for Joshua Sroge. Binance.steps US’s aid the company’s plan for navigating authorities’ tightening grasp and preparing for the long-term aim of an initial public offering (IPO).
“In my short time with Binance.US, I have already seen the tremendous potential the company has for rapid growth in the United States,” Shroder was quoted in the official blog announcement from October 8th. “It is truly a privilege to work with the talented team that has built Binance.US into the innovative platform it is today, and I look forward to growing our team further as we continue to expand our products and services and begin our initial first steps on our pathway to IPO.”
Binance.US has been preparing for a possible IPO in the near future. The business just hired its first lobbyists in Washington and began accepting deposits and withdrawals of BEP-20 tokens. The measures indicate a coordinated effort to position US consumers for future regulatory compliance.
The firm has said that it wants to be the next Coinbase, which it has the ability to do.
Shroder’s previous experiences at Ant Group and Uber, according to Binance.US, are reasons for his projected success.
Binance.US will need to open itself up to all states and financial institutions in order to truly compete in the US market.
It won’t be simple, but if they succeed, they’ll be able to join the ranks of Coinbase.
BiSwap ReAdjusts Fee Rebates for Token Holders
The BiSwap team informed its community that a strategic change to their fee rebate function will result in a decrease in the quantity of $BSW in circulation. Following a comprehensive examination, the decentralised exchange (DEX) decided to lower the proportion of fee refunds.
The team stated on Twitter that this move was taken in order to accommodate the platform’s development. It also helps $BSW holders get more bang for their buck. The community reacted positively to the announcement. The majority of its citizens applaud the move as a long-term inflation-control strategy.
“The Biswap team has decided to slightly decrease the Fee Return percentage on @Biswap_Dex. This will positively impact the BSW holders & value of the $BSW token,” said the team over Twitter.
The Automated Market Maker (AMM) mechanism is used by BiSwap to enable for the trading of BEP-20 tokens on the Binance Smart Chain (BSC) network. Every exchange entitles the customer to a fee refund, and the platform has set aside 100,000,000 $BSW for this purpose.
BiSwap is a new DEX that was only introduced about 5 months ago, yet it already has a significant amount of Total Value Locked (TVL). Its native coin, $BSW, has seen extreme volatility, peaking at $1.91 on August 21 before falling to $0.42. The rebate adjustment is a step toward bringing price stability to token holders.
FBI Arrested 26 Israelis on Suspicion of Crypto Fraud Scheme
The Federal Bureau of Investigation teamed up with the Israeli Police to apprehend 26 persons accused of crimes involving the use of digital currency. The operation took place in Tel Aviv, although the victims were all from other countries.
According to a local source, the FBI and the Israeli Police’s Tel Aviv district fraud section investigated crooks who scammed victims out of tens of millions of dollars. In a recent combined operation, the two departments apprehended 26 persons accused of money laundering crimes involving digital currency trading.
Local officials claimed they had received information from the US that a group of Israelis was defrauding scores of people through a cryptocurrency investment scheme. The crooks took millions of dollars from the victims instead of providing the promised services.
Authorities apprehended the bad actors in an overnight operation following the inquiry and confiscated digital storage devices and laptops as proof of the probe.
The arrestees are all residents of central Israel, according to the release. The officials did not give their identities or the name of the firm for which they work.
They did say, though, that the investigation would begin with two of the suspects, both males in their 30s, who will appear in Tel Aviv Magistrate’s Court this week. The scam victims, on the other hand, are Americans.
According to the article, local law enforcement authorities have lately carried out similar operations in other nations across the world, in addition to the arrests in Israel.
Powerbridge Technologies Set To Launch Mining In Hong Kong
Powercrypto Holdings, a subsidiary of blockchain software company Powerbridge Technologies, has announced the beginning of cryptocurrency mining in Hong Kong, focusing on Bitcoin (BTC) and Ethereum (ETH). Environmentally friendly, green, and sustainable energy will be used in these bitcoin activities. On Friday, October 8, 2021, this announcement was announced in a press release.
Powerbridge Technologies is a fast-growing technology firm that specialises in SaaS and Blockchain applications.
In Hong Kong, Powerbridge Technologies intends to deploy a total of 2,600 high-performance mining rigs, including 600 BTC mining machines with a hash rate of around 60 PH/s.
It also has 2,000 Ethereum mining machines with a hash rate of around 1,000 GH/s.
Powercrypto’s goal, according to the release, is to boost BTC and ETH hash rates in the North American and Asian markets.
The firm intends to maximise the usage of carbon-free renewable energy electricity in its global BTC and ETH mining operations. Hong Kong, according to Powerbridge Technologies President Stewart Lor, has played a key role in the development of cryptocurrencies. It is the origin of some of the world’s most well-known cryptocurrency businesses. Tether, the largest stablecoin in the world, was also launched here.
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Read Yesterday’s news here.
