The biggest news in the cryptoverse for September 2 includes CZ stating that Binance is not incorporated in China, Cardano’s Vasil update is scheduled for September 22, and US regulators proposing amendments to large hedge reports fund.
Best CryptoSlate Stories
CZ denies Binance is “in the pockets of the Chinese government”
Changpeng “CZ” Zhao responded to allegations about Binance and the Chinese government. He explained that the cryptocurrency exchange was never incorporated into China and that his birthplace and ethnicity shouldn’t be a “scarlet letter”.
“Binance was never incorporated in China. Nor do we operate culturally as a Chinese company. We have branches in many countries … But we don’t have legal entities in China and we have no plans to do so. “
CZ also responded to allegations about an alleged Chinese secret agent named “Guangying Chen”. He said Chen is a back office manager and not the owner or agent of the Chinese government.
The Vasil Cardano update will take place on September 22nd
Cardano Input Output (IOHK) parent company has confirmed that the tentative date for Vasil’s update will be September 22.
Vasil’s upgrade will increase Cardano’s network capacity and reduce its transaction costs. The update should be continuous and not interfere with users or interrupt the block production process.
Stake.com digital casino is facing a $ 400 million lawsuit filed by the former partner
Christopher Freeman, a former Stake.com partner, is suing the casino platform for being cut off from the company.
In the early days of starting, Freeman owned 20% of the company but his stake was cut to 6% to distribute to other team members. He is asking for $ 400 million in punitive damages.
Terra LUNA Classic continues to record amazing results with 2,400% gains in the past 7 days
The 2,400% gains of Earth’s LUNC over the past 7 days can be traced back to the new features introduced by the developers.
LUNC offers a high stake reward of up to 2.6% and is expected to reach a maximum of 37% per year.
Token burning mechanisms also helped raise prices. More than 3 billion tokens have been burned since its relaunch.
SEC, CFTC proposes amendments for large hedge fund cryptocurrency reporting
US regulators are working to provide a framework for hedge funds to report their exposure to cryptocurrencies.
Regulators have said that investments in digital assets have become more common and there is a growing need to gather more information on the exposure of funds to cryptocurrencies. They also called on the cryptocurrency community to seek clarity on the best term to use for cryptocurrencies, “crypto assets” or “digital assets”.
Celsius expects to receive a loan repayment of $ 70 million to fund operations beyond November
A cash flow forecast for Celsius over the next three months revealed that the company expects to see an inflow of $ 70 million from the repayment of a USD-denominated loan.
The extra cash will finance Celsius’ business operations and restructuring plans through November and still leave the company with a surplus of approximately $ 42 million.
On-chain metrics suggest more suffering for long-term Bitcoin holders
CryptoSlate analyzed three key metrics on the chain that all suggest that the market bottom is not there yet. Take an example from analysis using Bitcoin’s total supply for long-term holder metrics (LTH).
Whenever the total supply exceeds 5 million tokens, the price of BTC returns to the uptrend. At present, the current BTC offering has not yet crossed the threshold, indicating that Bitcoin holders are at a loss and could still suffer a further drop in prices.
News from all over the cryptoverse
The IMF plans the platform for cross-border CBDC transactions
The IMF hinted in its September bulletin that it is seeking to build a digital platform that facilitates cross-border CBDC transactions.
The platform will allow the public and private sector to write smart contract codes with the ability to implement settlement functions adapted to user needs.
Bybit celebrates 10 million with an offer at 0 commissions
Bybit has announced offers to celebrate the milestone of 10 million users.
Users trading on the platform will receive its zero commission offer on all spot trading pairs, starting September 6. Users can also earn up to 12% APY for staking via Bybit Savings.
Bitcoin fell -0.55% on the day, trading at $ 19,972, while Ethereum was trading at $ 1,578, reflecting a 0n drop of -0.47% increase.