The world of cryptocurrency is constantly evolving, with new developments and actions taking place. Staying updated on the latest news and updates in this realm is crucial to maintaining a keen understanding of the ever-changing ecosystem. Here are some of the latest news updates in the crypto world that you should keep an eye on.
Binance fully exits Russia with the sale to CommEX
In a recent announcement on September 27, 2023, Binance, the world’s largest cryptocurrency exchange, revealed its decision to sell the entirety of its operations in Russia to CommEX, a newly launched crypto exchange company. Binance has then reassured its Russian users that their assets will remain fully safe and secure throughout the transition.
The firm’s chief compliance officer, Noah Perlman, stated that the decision was motivated by Binance’s future-oriented perspective. Recognising the mismatch between Russia and their compliance strategy, the company concluded that it was necessary to part ways with the Russian market.
To ensure uninterrupted service for users, Binance will partner with CommEX to establish an organised process for migrating user accounts to the new crypto exchange platform. This collaboration aims to ensure the continuity of essential services for users, including access to features like playing Bitcoin casino games.
To ensure a seamless transition, Binance has projected that the off-boarding process will span roughly one year. Following this announcement, the company expresses unwavering confidence in the future expansion of the global Web3 industry and will fully direct their efforts towards the 100+ countries where they continue to operate.
Court approves BlockFi’s customer repayment plan for crypto lending
The United States bankruptcy court in New Jersey has delivered a favourable ruling for BlockFi, a cryptocurrency lending platform that is currently in bankruptcy proceedings. The court has officially approved BlockFi’s proposed liquidation plan, allowing the platform to wind down its operations and provide compensation to its over 100,000 creditors, who have been eagerly awaiting repayment.
After undergoing a series of revisions, BlockFi has finally got a nod for its third liquidation plan from the bankruptcy court. The plan, which went through multiple amendments from November 28, 2022, until July 31, 2023, was given the green light following the resolution of a long-fought dispute with the creditors committee regarding the company’s senior management.
Reports indicate that creditors will receive partial repayment in cryptocurrencies through the approved liquidation plan. Unsecured creditors of BlockFi can expect to receive a portion ranging from 35% to 63% of the amount owed to them. BlockFi’s outstanding debts amount to approximately $10 billion, with its three largest creditors being owed $1 billion and bankrupt crypto hedge fund Three Arrows Capital owed $220 million.
BlockFi continues to claim that the problems and fraud allegations associated with FTX were the main reasons for their financial failure. They argue that FTX bears the primary responsibility for their downfall. However, the creditors’ committee argues that BlockFi’s management disregarded warning signs before providing loans to Bankman-Fried’s platform, leading to this situation.
Keep yourself informed about the latest crypto news today and discover valuable insights on smart cryptocurrency management while enjoying Bitcoin casino games.
