#dispels

For decades, the truth about Frederick Baker’s life under enslavement was enshrouded in a whitewashed history perpetuated by the local historians of Longwood mansion in Natchez, Mississippi. Now, new research on a rare pre-Emancipation artwork that has long been on display at the historic house museum has unearthed Baker’s story, dispelling years of false narratives that dignified the reputations…

Gianluigi Donnarumma has no considerations about being requested to play out from the again by Manchester Metropolis following his deadline day transfer from Paris Saint-Germain. Donnarumma made the transfer to the Etihad Stadium having been made surplus to necessities by PSG following the arrival of Lucas Chevalier from Lille. The Italy worldwide was allowed to depart regardless of enjoying a…

KuCoin dispels layoff rumors, CEO cites ‘normal’ personnel adjustments

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Crypto exchange KuCoin denied “any alleged layoff plan,” according to a July 25 email statement to CryptoSlate.

On July 25, Wu Blockchain, citing three unnamed internal employees, reported that KuCoin planned to lay off 30% of its workforce. Wu attributed the exchange’s plan to a decline in profits because of the strict Know-your-customer (KYC) policy it implemented after being sued by New York’s Attorney General  Letitia James.

However, KuCoin’s CEO, Johnny Lyu, told CryptoSlate that the company might have some personnel adjustments as a part of its business development and semi-annual employee performance review. According to him, this is normal in any organizational development.

Lyu reiterated these statement in a tweet, saying:

“We regularly evaluate our org structure based on employee performance and company development. So it is not layoffs, and it is all about making the organization more dynamic and competitive.”

He added:

“KuCoin is actively embracing regulatory requirements and focusing on core business development. We will continue to increase investment in our core business to further enhance service quality and user experience.”

KuCoin is one of the largest crypto exchanges in the industry, with 29 million registered users as of June. The platform saw $345.19 million in trading volume over the past 24 hours, according to CoinMarketCap data.

Meanwhile, Binance, the largest crypto exchange by trading volume, recently reduced employee benefits following a discreet layoff of thousands of its staff.

The post KuCoin dispels layoff rumors, CEO cites ‘normal’ personnel adjustments appeared first on CryptoSlate.

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Binance's CZ dispels FUD, speculates on next big crypto trend in new interview

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Binance CEO Changpeng Zhao commented on the state of the crypto industry and market during an interview with Bankless on May 29.

Zhao dispels FUD

First, Zhao discussed recent controversies around his company. Binance has recently attempted to refute reports from Forbes, the Financial Times, and Reuters concerning matters such as its alleged misuse of funds and supposed ties to China.

Zhao suggested that mainstream news sources tend to cover cryptocurrency negatively and that Binance specifically attracts FUD because of its large size. He said:

“If you write a negative article about a smaller exchange nobody cares … but if … you put Binance’s name in the title, and hopefully something negative, people click more.”

Zhao also posited that his ethnicity makes him a target. Zhao, though born in China, is a Canadian citizen. Though Binance itself was founded in China, it no longer operates in the country due to regulations and insists it has relocated Chinese staff.

Zhao said that Binance aims to be transparent “as transparent as possible” in spite of FUD and said that Binance currently provides proof-of-reserve reports.

He acknowledged that there are limits to transparency. He argued that if Binance were to disclose all of its own wallet addresses, it would reveal Binance’s vendors and partners, thereby compromising privacy and security and affecting competition.

CZ on global regulations

Zhao said that Binance engages with global regulations. He once again said that regulators put Binance “under the microscope” to a greater degree because of its size.

However, he also suggested that the crypto sector is becoming less competitive and more cooperative when it comes to regulations. He said that companies like Coinbase and Kraken are working together with regulators, and he said that collective engagement can redistribute Binance’s need to engage with regulators to other companies.

More broadly, Zhao said that the Middle East and Europe are currently implementing the most promising crypto regulations. Zhao said in a previous AMA discussion that his company has a growing presence in the Middle East and North Africa (MENA).

Zhao also noted that Binance at one point considered acquiring a bank but found that this would require extensive compliance with local regulations. He also said that banks are very expensive, carry high risk, and often are not very profitable.

Zhao on the state of the market

Zhao also commented on the current state of the cryptocurrency market. He said that the market is recovering from 2022’s bear market. Zhao said that this gives the market a “mixed mood” as it is unclear what will drive “explosive growth” in the future:

What’s going to drive the next [cycle]? … everyone’s looking for that right now … and when we’re not sure, this is probably why a lot of people pile into memecoins … it shows that there are funds  that are ready to be deployed.

Zhao acknowledged that he could be wrong about positive trends and later provided advice to investors who began to invest in crypto during a market downturn.

He said that those who are investing during a bull market should only invest in what they feel comfortable losing and should not seek out overhyped investments. Zhao said that he “learned this lesson the hard way” when he first began to invest in stocks and crypto.

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Binance Dispels FUD Of A 'Financial Black Box'

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In addition to the macroeconomic headwinds, the Binance rumors and the uncertainty surrounding Grayscale/DCG are clouding the sentiment in the Bitcoin market. In a renewed attempt to dispel the “FUD,” Binance released a detailed report today in which the world’s largest crypto exchange addresses current questions from the media and the community.

Even though analytics firms like CryptoQuant and Nansen recently confirmed the existence of customer funds on-chain, one of the biggest accusations against Binance at the moment is that it is a “financial black box”. Critics claim that the exchange led by Changpeng Zhao is refusing to disclose financial information.

The exchange counters these charges in its statement. It says that it does not have to disclose a detailed financial status for two reasons: first, it is not a publicly traded company; second, Binance is financially autarchic and doesn’t need external funding. In addition, it has no “intention to go public at this time.”

In addition, Binance discloses “operational and financial information” in the countries where it operates, to the extent necessary, as “required by local regulators.” The exchange further added that “In some cases, the disclosure process takes up to six months due to the sheer volume of information.”

Further, Binance says that its capital structure is debt-free, can cover all ongoing costs with revenue, and keeps assets fully separated.

“Based on the principles of ‘customer first’ and ‘openness and transparency’, Binance will continue to promote asset reserve verification on the chain to make it easier for the outside world to query and verify user asset storage,” the statement elaborates.

Other Binance “FUD”

A major argument against Binance’s integrity has also been the recent resignation of accountant Mazar and the question of why the company does not hire a “Big Four” auditor. As the statement reiterates, Mazars withdrew from all crypto companies, not just Binance.

Regarding the audit by a “Big Four” auditing firm, the exchange clarifies that they have not worked with any crypto company to verify on-chain reserves so far.

As for Coinbase’s collaboration with Deloitte, Binance says it is important to distinguish that the audit is aimed at the financial status of the listed company, not the verification of on-chain reserves.

On-chain verification of encrypted corporate reserves is a very new field. At present, we are still actively communicating with companies willing to provide verification services for encrypted companies, and will share the latest progress with you soon.

In addition, the exchange sets the record straight that the verification of Bitcoin reserves is just the first step, and on-chain proof of reserves of some mainstream currencies will follow “as soon as possible.”

Bitcoin Price Eyes $16,900

Confronted with the uncertainty and massive levels of FUD swirling the market, the Bitcoin price is currently holding critical levels of support, although a retest of $16,600 does not seem out of the question. If BTC manages to break through the tenacious resistance of $16,900, a continuation into the zone up to $17,500 could be conceivable.

BTC price, 4-hour chart

Featured image from Binance, Chart from TradingView.com

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