Latest crypto news
In today's latest crypto news we will dive into Binance VASP registration, Twitter deal with Elon Musk, Celsius update and many more things you can read below!
Fairfax County highlights the value in the 'short-term nature' of yield farming
Fairfax County continues to invest public retirement funds in the cryptocurrency space, highlighting the "short-term nature" of yield farming as an appealing portfolio diversifier.
Virginia’s Fairfax County continues to be a prominent public institutional investor in the cryptocurrency space and is set to diversify its portfolio with a move into yield farming.
As previously reported, global asset managers VanEck announced that the Fairfax Employees’ Retirement System and Police Retirement System will invest $35 million into the firm’s crypto lending fund. It’s the latest investment move by the two county-run funds in the cryptocurrency space since their original foray began in 2018.
Cointelegraph reached out to Andy Spellar, the chief investment officer of the Fairfax Employees' Retirement System, to unpack their investment in VanEck's crypto lending fund and the reasoning behind it.
Binance gets VASP registration for its Spanish subsidiary from the Bank of Spain
Crypto exchange Binance is now registered as a virtual asset service provider (VASP) by the Bank of Spain, allowing the exchange to offer custody and crypto exchange services in the country.
In an announcement on Friday, Binance said that its Spanish subsidiary, Moon Tech Spain, was registered as a VASP by Spain’s central bank on Thursday. It applied for registration in January.
Binance can now provide fiat currency exchange to digital assets and wallet custody services while complying with the country’s Anti-Money Laundering and Counter-Terrorist Financing rules.
Binance CEO Changpeng Zhao said the development in Spain is a result of the company’s hard work to make its platform centered on protecting users. He explained: cointelegraph.com
Alameda Research happy to repay Voyager loan in its first ever tweet
The reaction from Crypto Twitter was lukewarm to the company’s first tweet. Some viewed the message as containing a “menacing tone” and was “not very customer focused” appealing to SBF’s recent string of interviews. David Bailey, the CEO of Bitcoin Magazine, called the tweet “hypersensitive.”
Alameda Research Venture LLC currently owns 9% of the shares of Voyager after it recently canceled 4.5 million shares to reduce its holdings. It also gave Voyager a line of credit to the tune of $200 million and 15,000 BTC. Voyager had drawn down $75 million immediately after the loan was approved, which is its monthly limit.
FTX CEO Sam Bankman-Fried has a complicated relationship with Voyager. He owns shares in the company along with Alameda Ventures Ltd and Alameda Research Ventures LLC. According to Voyager’s recent Chapter 11 bankruptcy filing, Alameda Research Ltd. owes Voyager $377 million, while the credit facility was agreed with Alameda Ventures Ltd.
Elon Musk pulls out of Twitter deal amid “false and misleading” information from Twitter
Tesla CEO and Dogecoin superfan Elon Musk has pulled out of his $44 billion deal with Twitter citing concerns over “false and misleading representations.” One of the key concerns was a lack of data available to Musk to analyze the severity of the bot problem on the platform.
Twitter Bot issues
Musk had previously stated that he would not purchase Twitter if the number of bots exceeded its reported rate of 5%. Musk has also remarked that the number of bots was likely between 20 – 90% of Twitter users. With the deal falling through, the public may never know the truth unless an independent audit is ordered by Twitter to quell investor fears potentially.
Shares in Twitter fell 5% in after-market trading hours following the news. The price dropped to $36, a 33% discount on the price Musk had offered for the company. Dogecoin moved less than 1% within an hour of the information becoming public as dreams of Twitter accepting Doge died. At least for now, Dogecoin investors appear less worried than Twitter shareholders.cryptoslate.com
Celsius Network continues to make moves, prompting calls to resume withdrawals
It’s approaching four weeks since Celsius Network implemented a pause on withdrawals, swaps, and transfers between accounts, citing “extreme market conditions.”
During this time, senior staff has drawn heavy criticism for mismanagement of the company. In particular, the lax approach employed over risk management.
Nonetheless, since the start of July, the company has taken proactive measures to prevent bankruptcy. This includes cutting 150 staff members and a series of significant loan repayments to reduce its liquidation risk.
Commenting on the repayment spree, crypto investor Mile Deutscher called the turn of events “remarkable.”
The general sentiment among Celsius users is hope and the expectation that normal operations will resume soon.
Celsius has not given an update since a June 30 tweet, in which the team confirmed efforts to “stabilize liquidity and operations,” including exploring the restructuring of liabilities. cryptoslate.com
Binance Volume Surges After Zero Trading Fee Policy Goes Live
Binance CEO Changpeng Zhao attributed the surge to people trying to gain VIP tiers via high trading volumes. “We will exclude BTC trading from VIP calculations,” he tweeted. “Remove all incentives to wash trade. Announcement with details coming shortly.” A wash trade occurs when an investor buys and sells an asset for the purpose of artificially inflating the price.
The exchange made the zero-fee announcement on Wednesday, with the plan becoming effective Friday on Binance’s fifth anniversary.
“With the onset of the crypto bear market, exchanges like Binance have been seeking ways of attracting and retaining users on their platforms to ensure their slice of the depleted pie remains healthy,” CoinDesk reported at the time.
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