United

Galaxy

Bitcoin

<div class="sg-post-des">
 Galaxy Digital CEO Mike Novogratz believes Binance has satisfied regulators and users after its $4.3 billion settlement with United States authorities.
</div>
<div class="cointelegraph">
 <p>Binance’s $4.3 billion <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a>&nbsp;with the United States Department of Justice (DOJ) is being hailed as a <a rel="noopener noreferrer nofollow" title="positive" href="https://thebittimes.com/tag/positive.html">positive</a> move for the company and the wider <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> <a rel="noopener noreferrer nofollow" title="industry" href="https://thebittimes.com/tag/industry.html">industry</a>, according to Galaxy Digital’s Mike Novogratz.</p>
 <p>In an interview&nbsp;with Bloomberg on Nov. 29, the CEO of the cryptocurrency investment firm expressed his belief that the high-profile settlement should assuage concerned investors and users of the global exchange:</p>
 <blockquote>
  “I think they’re de-risked in lots of ways. People were worried about dealing with Binance. There’s a lot less to worry about now.”
 </blockquote>
 <p>Novogratz also weighed in on the considerations for major investment firms dealing with exchanges, as well as traditional finance (TradFi) players, with regulatory oversight continuing to take center stage in the United States.</p>
 <h2 id="binance-didn-t-steal-money">Binance didn’t steal money</h2>
 <p>The Galaxy Digital CEO said that a reasonable approach underpinned by investments and relationships with companies that “take their jobs seriously” remains key while stressing that mainstream finance has also found itself on the wrong side of regulators in recent years.</p>
 <p>“If you went through the list of TradFi banks who have been sanctioned or fined by different regulators in the last 24 months, it’s a shocking list. So you’re not looking for zero mistakes, otherwise, there’d be no one to deal with,” Novogratz said.</p>
 <p><strong><em>Related:&nbsp;FTX collapse, Binance’s US <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> provide strong case for MiCA regulations</em></strong></p>
 <p>He added that concerns over Binance potentially being shut down or that the exchange had “stolen people’s money” in a situation similar to FTX simply was not the case:</p>
 <p>“It came down to some pretty serious violations of KYC [Know Your Customer] protocols, and they’ve worked to correct them, they paid their fine, and they’re moving on,” the Galaxy Digital CEO said.</p>
 <blockquote>
  “I think it’s a net positive for their company. I think it’s a net positive for our industry.”
 </blockquote>
 <h3 id="bitcoin-price-will-be-significantly-higher">Bitcoin price “will be significantly higher”</h3>
 <p>Novogratz also weighed in continued anticipation of a Bitcoin (BTC) exchange-traded fund (ETF) being approved in the U.S.&nbsp;and&nbsp;the looming mining reward halving in 2024.</p>
 <p>“There’s a bunch of good things happening for Bitcoin. We are going to get an ETF. There’s a lot of anticipation, and some of that’s built into the price,” Novogratz said.</p>
 <p><strong><em>Related:&nbsp;Why Binance’s US plea deal could be positive for crypto adoption</em></strong></p>
 <p>The investor added that if and when an ETF is approved, a number of investment and asset managers, including the likes of BlackRock, Fidelity, ARK Invest and Galaxy Digital, will mobilize their sales forces to convince people to adopt Bitcoin:</p>
 <blockquote>
  “The price is going to be significantly higher, especially at a time when the Fed is probably cutting rates. Could we go to old highs by this time next year? Of course we could.”
 </blockquote>
 <p>Novogratz also noted that the Bitcoin halving sets things up for “a wonderful story,” while the 2024 U.S. elections could also play a role.</p>
 <p>“That uncertainty should help Bitcoin in the fact that the U.S., Europe and Japan still can’t come close to being fiscally responsible is why people got invested in Bitcoin in the first place,” Novogratz said.</p>
 <p><strong><em>Magazine:&nbsp;The truth behind Cuba’s Bitcoin revolution: An on-the-ground report</em></strong></p>
 <template data-name="subscription_form" data-type="markets_outlook"></template>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-settlement-net-positive-for-cryptocurrency-industry-mike-novogratz-tbt72162.html">https://thebittimes.com/binance-settlement-net-positive-for-cryptocurrency-industry-mike-novogratz-tbt72162.html</a></p>

Binance settlement ‘net positive’ for cryptocurrency industry — Mike Novogratz

Obsah

TheBitTimes

Ďalšie články zverejnené 30. 11. 2023

Alchemy Pay Expands Payment Options in Europe and the UK!

Shiba Inu Rides Market Sentiment, Eyes December Surge Amidst Crypto Landscape

Dogecoin’s slow recovery overshadowed by Rebel Satoshi’s growth in presale

Breaking: Robinhood Expands Global Presence With UK Debut

Shiba Inu (SHIB) Price Forecast With AI Insights For December 1

How to get bZx Protocol Token?

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!