Binance issued an official announcement stating that it has reached resolutions with the U.S. Department of Justice, the Commodity Futures Trading Commission, the Office of Foreign Assets Control, and the Financial Crimes Enforcement Network regarding its historical registration, compliance, and sanctions investigations.

These resolutions acknowledge the company’s responsibility for historic, criminal compliance violations and enable the company to begin a challenging but transformative chapter of learning and growth.

It is worth noting that the resolution with U.S. agencies did not involve fund misappropriation or market manipulation. Binance adheres to its commitment to transparency and will become a stronger company, laying the foundation for the next 50 years.

Coinbase CEO Brian Armstrong said today’s news (Binance settling with U.S. regulators) once again proves that doing it the hard way was the right decision.

We now have the opportunity to start a new chapter in this industry. We’ve had a lot of difficulty operating in the U.S. due to a lack of clear regulation, and hopefully today’s news will be the catalyst to finally make that happen.

Americans should not go to offshore unregulated exchanges to benefit from this technology. This industry should be established on American soil in a compliant manner, under American laws, and we will stay in the United States because we believe in economic freedom and that American democracy will ultimately enable that.

Binance’s total fine is $4,316,126,163, including $3.4 billion from the U.S. Treasury Department’s FINCEN (Financial Crimes Enforcement Agency) and $968 million from OFAC (Office of Foreign Assets Control).

Court records show that Binance faces three criminal charges, including operating an unlicensed money transfer business, conspiracy charges, and violating the International Emergency Economic Powers Act.

The Bitcoin trading net position change indicator, which measures the number of coins held by trading wallets on a specific day compared to the same date four weeks ago, rose to 31,382.43 BTC ($1.16 billion) on Sunday, according to blockchain analytics firm Glassnode. The highest level since May 11.

This brings the total balance held by the exchange to 2.35 million BTC. Inflows into exchange wallets are widely believed to represent investors intending to liquidate their holdings, potential selling pressure, or deploy tokens as margin in futures and options markets.

Data shows that BTC by market capitalization is up 7.5% this month, continuing October’s 28% gain.

Bernstein’s latest research report stated that Bitcoin is expected to become a global macro political asset.

With Bitcoin’s market cap expected to grow to over $3 trillion by mid-2025, the cryptocurrency’s fundamentals have never been better.

As of press time, the market value of Bitcoin is US$726.5 billion.

Bitcoin prices in Argentina are back near all-time highs after pro-Bitcoin libertarian Javier Milei won the country’s presidential election last night.

After the news was announced, Bitcoin rose 2% from 13 million Argentine pesos to 13.2 million Argentine pesos.

According to data from CoinGecko, Bitcoin is currently trading at 13.17 million Argentine pesos. Previously, on November 4, the price of Bitcoin hit a record high in the country – 13.37 million Argentine pesos.

According to Bloomberg Intelligence, with the participation of well-known traditional financial institutions such as BlackRock, Fidelity and Invesco, the Bitcoin spot ETF market has the potential to develop into a huge market worth US$100 billion.

Galaxy Digital, which is working with Invesco, held a conference call with about 300 investment professionals earlier this month, according to a person familiar with the matter.

Discuss allocating to Bitcoin as the debut of the Bitcoin Spot ETF approaches.

The U.S. Department of Justice is seeking more than $4 billion from Binance Holdings Ltd. as part of a proposed settlement of its years-long investigation, people familiar with the matter said.

According to people familiar with the matter, the news may be released as soon as the end of this month, but it is still uncertain. The exact timing and structure of the proposed resolution, as well as the exact cost, are unclear.

However, Binance may have to pay more than $4 billion, which would be one of the largest fines ever imposed in a cryptocurrency criminal case.

Three people familiar with the matter said the agreement was intended to strike a balance that would allow Binance to continue operating rather than risk a collapse that would negatively impact the market and cryptocurrency holders.

According to data from Fineqia, total assets under management of crypto exchange-traded products (ETPs) are up 91% year-to-date, outperforming underlying assets by 30%.

Fineqia’s research includes a total of 168 currently issued cryptocurrency ETPs, based on ETP AUM data from 21Shares, Grayscale Investment, VanEck Associates and other sources.

According to Fineqia statistics, the asset management scale of cryptocurrency ETP reached US$38 billion in October, soaring 25% month-on-month, reaching the highest level since May 2022.

The total cryptocurrency market capitalization also rose by 17% in October, soaring from $1.15 trillion to $1.35 trillion.

Data shows that BTC trading volume involving South Korean won accounted for 3.53% of the total trading volume on Saturday, ETH accounted for 1.65% of the total trading volume, and solana (SOL) accounted for 8.78% of the total trading volume.

Upbit alone processed $2.62 billion in transactions in the past 24 hours.

Major exchanges in South Korea, especially Upbit and Bithumb, are experiencing significant price premiums.

At 1:50 pm on Saturday, Bitcoin was trading at $37,985 each on Upbit, compared to the global average price of $36,700, indicating a premium of nearly $1,300 in South Korea.

Bithumb’s BTC price has also increased, with Bitcoin trading at $37,978 per coin.

US presidential candidate Vivek Ramaswamy discussed a number of topics, including Bitcoin, in interviews this week.

He said the government was “threatened by the existence of Bitcoin” and stressed that if the cryptocurrency became more popular, it would “pose a threat to the incumbent position of the Federal Reserve itself.”

He promised that, if elected president, he would ensure that the government stayed out of the affairs of innovators.

CryptoFees data shows that from November 16 to 18, the average daily cost of Bitcoin was US$10.65 million, exceeding the average cost of Ethereum during the same period by US$6.9 million.

According to data from BitInfoCharts, average Bitcoin transaction fees have increased significantly since the beginning of the month, rising more than 1,000% and peaking at $18.67 on November 16.

The surge reflects optimism over the potential approval of a U.S. spot Bitcoin exchange-traded fund (ETF).

GHO, the stablecoin of DeFi lending platform Aave, has been trading below $1 since its launch over the summer.

DeFi developer TokenBrice said that the small-scale experimental phase of GHO has ended and it is time to increase the price. TokenBrice hinted that it will mobilize numerous resources within a few weeks, with the goal of raising the GHO price to $0.985 by November 30.

TokenBrice and others stated that GHO’s relatively low borrowing costs also contributed to the token falling below $1. Prior to Wednesday, GHO’s interest rate was 3%, making borrowing GHO cheaper than borrowing other stablecoins such as Maker’s DAI.

TokenBrice also blamed GHO’s decoupling on a lack of “utility.” Unlike other stablecoins, GHO offers its holders few opportunities to earn money from the tokens.

Aave founder Stani Kuchelov said that simply put, Aave DAO chose growth as a market entry strategy, and now the focus has turned to the pegged exchange rate.

GHO is minted when Aave users borrow GHO with cryptographic collateral worth more than the GHO they borrowed. As of press time, the number of GHO tokens in circulation exceeds 32 million.

According to data from The Block, the active supply of Bitcoin and Ethereum both hit record lows in the past year.

Between March 2017 and 2018, more than 59% of the Bitcoin supply was active. However, only 30.12% of the Bitcoin supply has changed hands in the past year.

More than 86% of Ethereum’s supply changed between July 2016 and 2017, while only 39.15% of its supply changed hands last year, which also hit a record low.

Turkish Lira (TRY) became the most traded fiat currency pair on Binance in September, accounting for over 75% of all fiat currency trading volume.

Previously, Turkey ranked fourth in terms of cryptocurrency trading volume, behind the United States, India and the United Kingdom.

In addition, 27% of Turkish people started investing in cryptocurrencies in the past year, and 8% of them started investing in cryptocurrencies in the past six months.

Over the past three years, Turkey’s cryptocurrency adoption has increased from 16% to 40%.

Bitcoin mining company Riot Platform announced a third-quarter production and operations update, in which a total of 1,106 Bitcoins were mined this quarter, bringing the total production year-to-date in 2023 to 4,996.

In addition, total revenue this quarter was US$51.9 million, and hash rate capacity reached 10.9EH/s, setting a record high.

As of the end of the quarter, it had $290 million in cash and 7,327 Bitcoins, totaling nearly $500 million in liquidity.

SC Ventures, the investment arm of Standard Chartered Bank, has partnered with Japanese financial group SBI Holdings to launch a $100 million cryptocurrency company in the United Arab Emirates.

In the form of a joint venture, the company plans to invest in cryptocurrencies in areas such as decentralized finance, tokenization, infrastructure, payments and virtual worlds, the companies said.

It aims to invest globally, covering seed to Series C financing.

Matt Hougan, chief investment officer of Bitwise Asset Management, said that the BTC ETF has not yet been priced, and as a natural audience for the BTC ETF, most advisors do not expect it to arrive until 2025 or later.

If people who are planning to buy this ETF don’t think it will be approved in the next two months, then I don’t understand how it is priced.

ETFs will play an important role in opening up cryptocurrency investment to a wider range of investors, especially financial advisors who manage the majority of wealth in the United States.

Currently, 20% of cryptocurrencies are purchased by independent retail investors, but a full 80% of wealth in the United States is controlled by financial advisors and institutions who need ETFs to gain exposure to cryptocurrencies.

Analyst James Seyffart said that expectations for a spot Bitcoin ETF to be approved in the United States have been doubled, with a January launch “likely 90%.”

The SEC also issued delay orders against BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity and Valkyrie.

If the agency wants to allow all filers (12) to roll out (as we believe it will), this will be the first available window since Grayscale’s court victory was confirmed.

JPMorgan Chase has expressed doubts about the sustainability of the recent surge in the cryptocurrency market, saying that “the rally in cryptocurrencies looks overdone.”

Analysts have pointed to two main factors that appear to have contributed to the cryptocurrency’s rise over the past month.

The first is the prospect of a spot Bitcoin ETF being approved in the U.S., which could bring new money to the cryptocurrency market, and such approval has the potential to be seen as a win for the crypto industry and a loss for securities trading.

The second major factor driving the recent cryptocurrency rally is the SEC’s failure in the Ripple and Grayscale legal cases.

But despite these apparent losses, it remains uncertain whether cryptocurrency regulations will be relaxed in the future, JPMorgan analysts said.

“Given the extent to which the cryptocurrency industry is unregulated, it is unclear whether regulatory tightening in the industry will be significantly reduced,” the analysts said. “U.S. cryptocurrency industry regulations are still pending, and we do not believe U.S. lawmakers will do so due to the above two issues.” A legal case may result in a change of stance, especially with memories of the FTX fraud still fresh.”