Research and Risk Warning concerning the foregoing information, which can be accessed here. Please ensure that you have read and understood our Notification on Non-Independent Investment. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Trading on any financial market involves a significant level of risk to your capital.Īll material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations or a record of our trading prices or an offer of, or solicitation for, a transaction in any financial instruments or unsolicited financial promotions to you.Īny third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Such content is therefore provided as no more than general information. Such access and use are always subject to: (i) Terms and Conditions (ii) Risk Warnings and (iii) Full Disclaimer. John Ray III, the bankruptcy expert who succeeded Bankman-Fried as the head of FTX as part of its winding-up process, told a congressional hearing on Tuesday that he had “never seen such an utter lack of record keeping” as he did at the exchange, which had “absolutely no internal controls whatsoever”.Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. The various charges include multiple counts of wire fraud and securities fraud, campaign finance violations, and money-laundering offences.īankman-Fried was denied bail in the Bahamas, where he is being held pending extradition to the US. The jitters over Binance came as Sam Bankman-Fried, the founder and chief executive of FTX, once Binance’s chief rival, was charged by the SEC, CFTC, and Department of Justice for his role in the catastrophic failure of his crypto exchange. In a tweet, Zhao said the company would be doing an independent audit on liabilities, but that “liabilities are harder”, adding: “We don’t owe any loans to anyone. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. Withdrawals of USDC, a “stablecoin” that is widely seen as one of the safest assets in the sector, since it is issued by a US-based company that complies with financial regulators and pegged to the US dollar, were paused for more than eight hours over the course of Tuesday. We passed this extreme stress test because we run a very simple business model – hold assets in custody and generate revenue from transaction fees.”īut the outflow came after Binance was forced to halt withdrawals in one particular cryptocurrency because, Zhao said, the company could not fulfil them until its American banking partners opened for business. In a statement from Binance, the company said: “We think that it’s important to note that yesterday’s market sell-off resulted in approximately $1.14bn being withdrawn from our platform in a 12-hour period, which was managed with ease. Zhao insisted that Tuesday was not even in the top five days for net withdrawals. “I actually think it is a good idea to ‘stress test withdrawals’ on each CEX on a rotating basis,” he added, with a biceps curl emoji. Some days we have net withdrawals some days we have net deposits. “We saw some withdrawals today,” Zhao tweeted on Tuesday.
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