Binance Top Cats Exodus🚪
Binance Top Cats Exodus🚪
Binance's elite crew says 'Bye-nance' amid legal beats. G'Day AI: Microsoft and Google dive into Australia's AI waters and Amazon unveils kid-focused Alexa features. ARK ETF's hide & seek.
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A bunch of Binance's top cats have said "Adios!" lately.
Why?
Binance's been tangoing with regulators worldwide.
These high-profile departures, especially in the backdrop of legal challenges, investigations, and regulatory actions globally.
Here's a summary of those departures
Jonathan Farnell
Former roles: Head of Binance UK, CEO of Binance's fiat-to-crypto payments provider Bifinity.
Notable past experience: Director of Compliance at eToro.
Departure timing: September 2023.
Brian Shroder
Former role: CEO of Binance.US.
Notable past experience: Oversaw operations in Asia for Uber and Ant Group.
Departure timing: Mid-September 2023.
Krishna Juvvadi
Former role: Head of Legal for Binance.US.
Notable past experience: Legal roles at Uber and Sher Leff LLP; trial attorney for the US Department of Justice.
Departure timing: Mid-September 2023.
Sidney Majalya
Former roles: Chief Risk Officer, Executive Vice President, and Deputy General Counsel for Binance.US.
Notable past experience: Chief compliance officer at Intel; roles in the DOJ's Antitrust Division.
Departure timing: Mid-September 2023.
Patrick Hillmann
Former roles: Chief Strategy Officer (CSO) for Binance.
Notable past experience: Executive roles at Edelman, General Electric, and the National Association of Manufacturers.
Departure timing: September 2023.
Catherine Coley
Former role: CEO of Binance.US.
Notable past experience: Head of institutional liquidity for Ripple; Forex trading desk at Morgan Stanley.
Departure timing: April 2021.
Stéphanie Cabossioras
Former role: Executive director of Binance France.
Notable past experience: Roles at the French Financial Markets Authority.
Departure timing: Last week of October 2023.
Mayur Kamat
Former role: Global head of product at Binance.
Notable past experience: Product roles at Agoda, Google, and Microsoft.
Departure timing: Early September 2023.
Steven Christie
Former role: SVP of Compliance of Binance.
Notable past experience: Global Head of Compliance for Kraken cryptocurrency exchange.
Departure timing: July 2023.
Matthew Price
Former roles: Global head of intelligence and investigations at Binance.
Notable past experience: Roles at the IRS's criminal investigations unit and CIA.
Departure timing: August 2023.
Leon Foong
Former role: Head of Asia-Pacific at Binance.
Departure timing: Late August 2023.
Hon Ng
Former role: General counsel for Binance.
Notable past experience: Roles in Hong Kong's football industry and Uber.
Departure timing: July 2023.
Helen Hai
Former roles: Executive VP and head of global fiat exchange for Binance; Head of Binance Charity Foundation; Head of Africa for Binance.
Departure timing: September 6, 2023.
Vladimir Merkis
Former role: General Manager at Binance.
Notable past experience: Managing partner at The Token Fund.
Departure timing: Early September 2023.
Gleb Kostarev
Former roles: Marketing roles and VP at Binance.
Departure timing: Early September 2023.
Steve Milton
Former role: Global vice president of marketing and communications at Binance.
Departure timing: Early July 2023.
These departures come amidst a backdrop of legal challenges and scrutiny faced by Binance on a global scale.
Speculation has arisen suggesting that these legal issues could be a key factor in the high turnover of executives at the company.
The battle update
The US SEC is in a legal tussle with Binance, its US counterpart Binance.US, and CEO Changpeng Zhao.
Binance has moved to dismiss the lawsuit, but Federal Judge Amy Jackson delayed the decision until a hearing set for January 18, 2024.
Additionally, the SEC received permission for an omnibus response—a consolidated reply to multiple motions.
However, the judge advised avoiding repetitive arguments and to adhere to specific civil rules.
In another development, Judge Jackson denied the Chamber of Digital Commerce's request to submit an amicus brief supporting Binance.
The Chamber claims the SEC overreached its regulatory powers concerning digital assets.
TTD Blockquote🎙️
Mexican Senator, Indira Kempis.
‘I’m finally getting some opposition on my Bitcoin bill.'
Freshman Senator Indira Kempis of Nuevo León made waves with a bill for a central bank digital currency (CBDC).
Now, she's pivoting towards endorsing Bitcoin's role in Mexico's financial landscape.
Initially, Kempis's bill had the Banco de México as the solo digital currency issuer. Kempis caught some flak from the crypto community. Undeterred, she revamped her bill, making room for the Bitcoin buzzword.
Though her bill floated under the radar at first (thanks to the Bitcoin blindspot in Mexican congress), it's now turning heads—and not always for the right reasons.
The presence of a Bitcoin ATM in the Mexican Senate intensified legislative discussions. As awareness grew, so did both support and opposition.
Keen on clarity, Kempis seeks to gauge where her fellow lawmakers stand on the bill to communicate its implications effectively to the public.
With its burgeoning tech scene and a forward-thinking fintech industry, Mexico is well-positioned to explore the advantages of digital currencies.
Kempis notes the increasing availability of digital wallets in indigenous languages and the growth in remittances, highlighting the nation's readiness for digital financial solutions.
The FTX Saga 🚨
Sam Bankman-Fried is expected to testify on Thursday in his trial. His lawyer confirmed that his testimony will likely take the entire day, followed by cross-examination on Friday👇🏻
TTD AI📍
💼 Australia Beckons
Tech giants Microsoft and Google are making significant investments in Australia's AI sector. Microsoft is investing AUS$5 billion ($3.2 billion) to expand its presence in the country, while Google is partnering with the Australian government for a $1 billion investment.
Besides its technological pursuits, Google's grand plan, as relayed by CNN Business, encompasses noble goals: safeguarding the awe-inspiring Great Barrier Reef and advancing clean energy initiatives.
Microsoft’s Multi-Faceted Move
Microsoft isn't just throwing dollars. They're strategising. The tech titan's pact with the Australian government will elevate the country’s data centre count from 20 to a neat 29, sprinkled across Canberra, Melbourne, and Sydney.
Additionally, in collaboration with TAFE NSW, Microsoft aims to launch the Microsoft Data centre Academy—a beacon for 300,000 Aussies keen to navigate the digital realm.
And there's more—Microsoft's keen to bolster Australia's cyber defense game.
🐠 Amazon's Kid-Centric Strategy
Ahead of the bustling holiday shopping season, Amazon is seeking a unique edge in the AI competition.
Introducing "Explore with Alexa"—a feature specifically crafted to serve children with personalised and age-suited educational content.
How does it work? Children, when curious about animals and nature, can expect Alexa to chime in with delightful facts and trivia questions.
The inputs are meticulously curated from reputable entities like the World Wildlife Fund and A-Z Animals.
As Arjun Venkataswamy, Senior Product Manager of Alexa Kids, articulates, the goal is to adapt vetted content into congenial, kid-friendly dialogues while leveraging the educational potency of "activating prior knowledge".
“Explore with Alexa includes the same accessibility focus and features as Alexa overall,” said Arjun Venkataswamy, Senior Product Manager of Alexa Kids. “As part of the hybrid human and AI evaluation process, we review all Explore with Alexa content to ensure that it's inclusive for kids with a wide range of backgrounds.”
TTD Evidence🕵🏻
Elliptic stepped forward to challenge a Wall Street Journal report alleging Hamas's use of cryptocurrencies for funding attacks on Israel.
The original claim, we remember: Stop blaming crypto? ⛔
Earlier this month, the Wall Street Journal ignited discussions with a report suggesting that Hamas employed cryptocurrencies to fund their activities.
This report also caught the attention of Democratic lawmakers, leading them to query the Biden administration about potential links between crypto and terrorist groups.
Elliptic's Counter
Contrary to the claims, Elliptic's investigations highlight the innate transparency of blockchain technology, which, in essence, makes cryptocurrencies a less-than-ideal tool for illicit fundraising.
Elliptic went a step further to comment on the misinterpretation of their data and that of others, asserting, "There is no evidence to suggest that crypto fundraising has raised anything close to this amount."
They reinforced that public crypto fundraisers by terrorist groups haven't garnered significant donations when compared to other sources.
Setting the Record Straight
Elliptic, in their commitment to clarity, has been in touch with both Senator Warren, a significant figure behind the inquiries, and the Wall Street Journal's authors.
They also brought attention to their tracking of some crypto funds, pointing out that a mere $21,000 in cryptocurrency donations were made since October 7.
Thanks to crypto industry vigilance, a significant portion of these donations has been frozen, thus stopping 'Gaza Now' from accessing these funds.
The Bright Side of Crypto Donations
On a more uplifting note, cryptocurrencies have been effectively and transparently utilised for noble causes.
Initiatives such as Crypto Aid Israel managed to raise a commendable $185,000 in cryptocurrency donations.
The United Nations Relief and Works Agency for Palestine Refugees (UNRWA) had even incorporated cryptocurrency donations into their fundraising strategy a few years back.
TTD ETF 🏦
For those closely monitoring the DTCC site, the latest buzz might have been a tad disappointing. Despite waves of claims on social media, particularly on X, ARK Invest's joint venture with 21 Shares hasn’t made an appearance there.
High-profile crypto figures were quick to tweet screenshots pointing to ARK’s ETF listing on the DTCC. But there was a hiccup: the screenshots showed tickers that didn’t match up.
While tweets flew around, the real ticker in question, "ARKB", was nowhere to be found on the DTCC site by Oct. 25.
The ARK Ticker Tale
ARKA: This isn't our sought-after Bitcoin spot ETF, but rather alludes to a Bitcoin futures ETF.
ARKY & ARKZ: These represent ARK's Ethereum Futures ETF and the Bitcoin Ethereum Strategy ETF. Both are still in the queue for the green light from the US SEC.
The iShares Episode
In a related story, BlackRock's iShares ETF made headlines with its purported new listing on DTCC. But, turns out it had been listed since August.
A spokesperson from DTCC clarified their stance. Just because a security is listed on their site doesn't imply it's cleared all necessary approvals. It's their routine process to prep for new ETF launches.
Application Updates👇🏻
TTD Surfer🏄🏻
Cyber token leaps more than 30% after Binance Labs announces investment in SocialFi firm CyberConnect.
Creditors of the hobbled crypto exchange CoinFLEX are suing its CEO, Mark Lamb, and seeking to recover money from Roger Ver, also known as "Bitcoin Jesus."
Researchers from the University of Science and Technology of China and Tencent's YouTu Lab have created a tool called "Woodpecker" to address the issue of "hallucination" in AI models.
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