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RIYAD: Trading volumes on the Binance cryptocurrency exchange soared between July and September, suggesting that a recent crackdown by regulators around the world has had little impact on the platform’s activities .

Concerned about consumer protection and the standard of anti-money laundering controls on crypto exchanges, regulators from Britain and Germany in Hong Kong and Japan have in recent months stepped up pressure on Binance.

Some have banned the platform from certain activities, while others have warned consumers that it is not licensed to operate in their jurisdiction. Binance has in response tightened anti-money laundering controls and reduced its product line.

Still, Binance’s spot cryptocurrency transaction volumes totaled $ 789 billion in September from $ 454 billion in July, UK researcher CryptoCompare data has shown compiled for Reuters, with Binance consolidating its status as the largest platform. -form of digital assets in the world.

Volumes of derivatives jumped nearly 25% to $ 1.7 trillion, the data showed.

A Binance spokesperson declined to comment.

New legislation

The Wall Street Journal reported on Monday that the Federal Reserve will begin examining the risks and opportunities associated with the introduction of a central bank digital currency as early as this week.

Federal Reserve officials will also issue a document seeking public comment on the matter. Federal Reserve Chairman Jerome Powell called the development of the digital dollar “critical work” last week at a Senate Banking Committee hearing, adding that it would take Congressional legislation to go from there. before.

However, the decision to launch a central bank digital currency will only be made if there are clear and tangible benefits that outweigh the costs and risks. according to a Wall Street Journal report, according to the report.

Mining

Nasdaq-listed Marathon Digital Holdings Inc. has secured a $ 100 million revolving line of credit with Silvergate Bank in bitcoin and dollars.

The loan will be used to finance the company’s bitcoin mining operations and to acquire new equipment.

It will also be available for one year and may be renewed each year by agreement between Silvergate Bank and Marathon.

Marathon Digital said it has received 26,960 top-tier ASIC mining machines from Bitmain so far this year, with 8,459 additional ASIC miners currently in transit. Its current mining fleet stands at 25,272 active miners producing around 2.7 EH / s.

Bitcoin is the new gold

Chamath Palihapitiya, president and CEO of Social Capital’s Virgin Galactic, said bitcoin has already taken the place of gold.

He also predicted that the price of the cryptocurrency would reach $ 200,000, adding that the market value of bitcoin would rise.

“It’s very difficult for me to sit here giving you a price prediction, but I can say with enough confidence that bitcoin, I think, has indeed replaced gold. And he will continue to do so. And so that market cap will just increase, ”Palihapitiya told CNBC.

Trade

Bitcoin, the main cryptocurrency, traded lower on Monday, falling 0.49% to $ 47,678.20 at 6:50 p.m. Riyadh time.

Ether traded at $ 3,324.81, down 2.38%, according to data from CoinDesk.


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