Here are some of the major developments from the world of crypto over the past few days.
Binance, a cryptocurrency exchange, has submitted an appeal against a punishment of $4.4 million that was levied in May by the Financial Transactions and Reports Analysis Centre of Canada,. Citing the director of FINTRAC as having violated AML and CFT standards, Binance Holdings Limited filed an appeal in Canada's Federal Court on June 5.
Binance apparently stated in its appeal that it did not provide services to Canadian residents. The exchange has declared plans to quit the Canadian market in May 2023, citing the regulatory situation. Zhao pleaded guilty to a felony offense and is currently serving a four-month sentence in federal prison.
In February, Nigerian authorities arrested two Binance officials after the company was accused of tax evasion and money laundering. Nadeem Anjarwalla fled from Nigerian detention and is currently in Kenya. Tigran Gambaryan, a former special agent with the U.S. Internal Revenue Service, reportedly contracted malaria while in detention in Nigeria; Nadeem Anjarwalla managed to escape from Nigerian custody and was in Kenya.
Miners have the fewest Bitcoins on their balance sheets since February 2010, yet the fiat worth of their holdings is near an all-time high. According to data from IntoTheBlock, miners' holdings of Bitcoin BTC $65,658 have fallen to their lowest level in more than 14 years.
Over time, miners should keep less Bitcoin since the halving puts pressure on their margins, which makes them more willing to sell their reserves, according to Lucas Outumuro, head of research at IntoTheBlock. Miner reserves refer to the unsold virgin Bitcoin held by miners.
In U.S. dollars, mining reserves have been hovering around their all-time high range of roughly $135 billion despite the pay decrease. This indicates that even if Bitcoin producers own fewer coins, their balance sheets are worth more money. Grumbach determined that, in the current market period, possessing fewer Bitcoin is normal.
Exchange-traded product provider DeFi Technologies Inc. has slammed a defamatory and misleading report earlier this week that claimed its stock isn’t rallying for the right reasons tanking its shares by nearly 28% on June 18. The ETP issuer claims that a CoinSnacks study was commissioned by short sellers; CoinSnacks disputes this.
DeFi Technologies’ share price closed on Monday at 3.10 Canadian dollars having seen a nearly 320% year-to-date gain at that point, according to Yahoo Finance. By Tuesday's closure, it had fallen 27.7% to 2.24 Canadian dollars, although it recovered marginally on Wednesday, June 19, closing at 2.30 Canadian dollars.
DeFi Technologies reported that it received an unsolicited contact regarding a possible $15 million bought-deal offer from a Canadian investment bank. Concerning short-seller manipulation of the market and a possible short-seller report connected to the bank's offer, the company alerted Canadian regulators.