Web3 Diaries-SEC’s Request Unfair: Binance
Binance.US (BAM) has called the Securities and Exchange Commission’s (SEC) motion for depositions by the exchange’s executives and further discovery “unduly burdensome” and “freewheeling” as it has yet to be presented with evidence that customer funds were wrongfully diverted.
“Even after all of the discovery already produced by BAM during the expedited discovery period, the SEC still has no evidence to support its unsubstantiated allegations that imply investor assets have been somehow diverted,” the exchange wrote.
Standard Chartered-Backed Zodia Custody Now Available in Singapore
Standard Chartered – a leading international banking group – has launched a cryptocurrency storage providing subsidiary Zodia Custody in Singapore.
The unit named as Zodia Custody (Singapore) Pvt. Limited, unit will provide digital asset custody services for financial institutions. It has appointed former Bitgo managing director Kai Kano as its first CEO.
Custody in Singapore is not a licenced activity yet and therefore Zodia Custody does not need a licence but it wants to be in pole position for when the time comes.
Bitcoin Short Squeeze Lifts Prices Back to $26K
Bitcoin (BTC) jumped to nearly $26,000 during the asian trading hours on Tuesday, reversing Monday’s decline to six-month lows under $25,000.
The move could be best described as a short squeeze – a rally powered by an unwinding of bearish derivative bets.
As prices jumped, cumulative open interest in futures and perpetual swaps trading on Binance, Bybit, OKX and Deribit fell from $5.05 billion to $4.8 billion. Open interest refers to the dollar value locked in the number of active or open positions.
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