United

Galaxy

Bitcoin ETF

In a recent interview with Bloomberg, Mike Novogratz, the CEO of Galaxy Digital, expressed his positive outlook on Binance’s $4.3 billion <a href="https://www.cryptopolitan.com/binances-4-3-billion-settlement/" rel="noopener noreferrer nofollow">settlement </a>with the United States Department of Justice (DOJ). He believes that this high-profile settlement will have a beneficial impact on both Binance and the broader cryptocurrency industry, alleviating concerns among investors and users of the global exchange.
<h2 class="wp-block-heading" id="de-risking-binance-a-positive-move">De-risking Binance: A positive move</h2>
Novogratz highlighted that Binance has now been significantly “de-risked” in various aspects. Before the settlement, there were concerns among market participants about engaging with Binance due to regulatory uncertainties. However, with the settlement in place, these worries have been substantially mitigated.
<blockquote class="wp-block-quote">
 “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>
Novogratz stated.
The settlement has not only resolved legal issues but has also contributed to improving Binance’s reputation in the eyes of the crypto community and institutional investors. It demonstrates the exchange’s commitment to complying with regulatory standards and addressing shortcomings.
<h2 class="wp-block-heading" id="regulatory-oversight-in-the-spotlight">Regulatory oversight in the spotlight</h2>
Novogratz also<a href="https://www.bloomberg.com/news/audio/2023-11-29/mike-novogratz-talks-markets-binance" rel="noopener noreferrer nofollow" target="_blank"> delved</a> into the broader context of regulatory oversight within the cryptocurrency industry and the traditional financial sector. He emphasized the importance of a reasonable approach underpinned by investments and relationships with companies that take their regulatory responsibilities seriously.
He noted that even mainstream financial institutions have faced regulatory challenges and sanctions recently. Thus, seeking perfection in compliance is not a realistic expectation. Novogratz said, “You’re not looking for zero mistakes, otherwise, there’d be no one to deal with.”
Addressing concerns that Binance could potentially face a similar fate as FTX or be accused of mishandling user funds, Novogratz clarified that such assumptions were unfounded. Instead, he pointed out that the issues leading to the DOJ settlement were related to significant violations of Know Your Customer (KYC) protocols. Binance has since taken corrective actions, paid its fine, and is moving forward.
<blockquote class="wp-block-quote">
 “It came down to some pretty serious violations of KYC protocols, and they’ve worked to correct them, they paid their fine, and they’re moving on,”
</blockquote>
Novogratz explained.
In his view, the resolution of these regulatory issues is a net positive for both Binance as a company and the broader cryptocurrency industry.
<h2 class="wp-block-heading" id="anticipation-of-a-bitcoin-etf-and-halving-in-2024">Anticipation of a Bitcoin ETF and halving in 2024</h2>
Novogratz also weighed in on the prospects of a Bitcoin exchange-traded fund (ETF) being approved in the United States, as well as the impending Bitcoin mining reward halving in 2024.
He expressed optimism about the likelihood of a Bitcoin ETF approval, citing that several prominent investment and asset management firms, including BlackRock, Fidelity, ARK Invest, and Galaxy Digital, would mobilize their sales efforts to encourage people to embrace Bitcoin.
<blockquote class="wp-block-quote">
 “The price is going to be significantly higher, especially when the Fed is probably cutting rates. Could we go to old highs by this time next year? Of course, we could,”
</blockquote>
Novogratz stated, underscoring his bullish sentiment for Bitcoin’s future performance.
He also highlighted the potential positive narrative around the Bitcoin halving event in 2024, which historically has been associated with price appreciation. The uncertainty surrounding the 2024 U.S. elections could further bolster Bitcoin’s appeal as a hedge against fiscal irresponsibility in major economies like the U.S., Europe, and Japan.

Binance’s compliance efforts bring relief to investors-Galaxy Digital CEO

Obsah

Cryptopolitan_News

Ďalšie články zverejnené 30. 11. 2023

Best Crypto To Buy Now On November 30 – IOTA, LINK, OCEAN

Top 3 Solana Games for 2024: Play2Earn is BACK?

Google Bard Unveils: Chainlink (LINK), Litecoin (LTC), and Everlodge (ELDG) – The Key Whales’ Pic...

Bitcoin Advocate Cathie Wood’s Ark Invest Company is Selling Coinbase Shares!

Bitcoin Exchange Upbit Announces It Will List a New Altcoin!

An Explanation of the Dangers Involved in Purchasing Binance Accounts

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