Binance announced its exit from Russia and the transfer of its Russian business to CommEX, MicroStrategy added 5,445 BTC, the SEC delayed its decision on the Bitcoin ETF, a Chinese court recognised Bitcoin as a digital currency, and other events from the week.
Bitcoin price surpassed $27,000
On Thursday, September 28, the price of the leading cryptocurrency rose above the $27,000 mark.
At the time of writing, Bitcoin is trading at $27,200.
All top-10 cryptocurrencies by market cap finished the week in the green. The biggest movers were Solana (+17.6%), Cardano (+6.8%), and Ethereum (+5.9%).
Total market capitalization stands at $1.13 trillion. Bitcoin dominance index is 49.8%.
Binance announces exit from Russia. Business to be handed to CommEX
The cryptocurrency exchange Binance will exit the Russian market. The business will be sold to CommEX, and the parties have already concluded the relevant agreement.
The full process of transferring users to the new platform will take up to a year. Binance noted that all assets of existing Russian clients are securely protected.
CEO Changpeng Zhao said that BNB holders will receive a 25% discount on trades on CommEX. Analysts suggested that the latter is a technical company, and that Binance simply “rebranded under regulatory pressure.”
Zhao stated that several former regional Binance team members may join CommEX or have already done so. He added that he is not the ultimate beneficiary of the platform and does not own its shares.
In CommEX acknowledged the presence of former Binance staff who helped develop the exchange. The company did not name its beneficiaries, citing their wish to remain private individuals.
MicroStrategy buys 5,445 BTC for $147 million
The analytics software provider MicroStrategy additionally bought 5,445 BTC for $147.3 million at an average price of $27,053.
The company owns 158,245 BTC worth approximately $4.68 billion (average price $29,582).
What to discuss with friends?
- Almost human. A major update to ChatGPT has been released.
- Lawyers assessed the chances of Sam Bankman-Fried in court.
- Marathon Digital mined a ‘broken’ Bitcoin block.
- A Russian actor lost about $260,000 in fraudulent Bitcoin investments.
SEC delays decision on Bitcoin ETF filings
On September 26, the U.S. Securities and Exchange Commission (SEC) delayed the decision on several spot Bitcoin-ETF applications from ARK Invest and 21Shares to January 10, 2024.
“The SEC believes it reasonable to allow a longer period for issuing an order approving or denying the applications so that it has sufficient time to review the documents,” the regulator said.
On September 28, the Commission moved back the decision on applications from BlackRock, Invesco, Bitwise and Valkyrie. The companies were expecting a response by October 16–19, but the new date is set for mid-January 2024.
This week the SEC also delayed requests by 21Shares and VanEck to launch a spot Ethereum ETF. Invesco and Galaxy Digital filed a joint application with the Commission for a similar instrument.
Also on ForkLog:
- Unknown actors moved out $7.9 million from HTX’s hot wallet.
- The founder of the Bitcoin pyramid AirBit Club was sentenced to 12 years in prison.
- Mixin Network was hacked for $200 million.
- Coinbase’s registered presence in Spain, OKX reserves, and other crypto-industry events .
Chinese court recognises Bitcoin as a digital currency
The Shanghai Second Intermediate People’s Court recognised Bitcoin as a “unique and non‑replicable” digital asset, affirming its legal value.
The report notes that Bitcoin has inherited key currency characteristics — including scalability, ease of circulation, storage, and payment. The coin continues to be used worldwide despite its decentralised nature, the judge said.
To avoid further confusion in the report, suggestions for modernising the judiciary include: first, hearings should be conducted at two levels — “people” and “things” — which would help classify key objects of the proceedings.
Second, the government should establish a framework for coercive measures relating to cryptocurrencies, including a confiscation mechanism. Finally, the judge recommended improving the system for identifying holders of digital assets.
Robert Kiyosaki urged buying Bitcoin before the launch of the digital dollar
The author of the bestseller “Rich Dad, Poor Dad” and entrepreneur Robert Kiyosaki urged investors to buy Bitcoin, gold, and silver before the launch of the national digital currency (CBDC).
“A CBDC from the Fed is on the way. Privacy will vanish. Big Brother will be watching. When the CBDC hits the market, gold, silver, Bitcoin and cash will become priceless. Start accumulating GSBC and cash now, before it’s too late,” wrote Kiyosaki.
What else to read?
This week, ForkLog spoke with recruitment agencies about long-term crypto winter job prospects and published a review of alternative centralized exchanges’ services for exchanging cryptocurrencies.
In the regular digest, we gathered the week’s main cybersecurity developments.
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure and the growing attention that companies devote to Bitcoin as an asset class. The most important events of the past weeks are in ForkLog’s review.