Market Update: October 13, 2022

  /  2 minutes read

According to the co-owner of a UK-based subsidiary of the firm, Binance has been charged with releasing a “grossly misleading” annual report. In its own filings with Companies House, the directors of Dimplx, a UK business created as part of a partnership with Binance, made the claim. In light of the allegations, it is unclear what part UK businesses may have had in Binance’s extensive global activities prior to the Financial Conduct Authority’s harsh warning against the cryptocurrency group last year. The exchange has stated that it wants to mend fences with the watchdog and reapply for UK supervision. The exchange has stated that it wants to mend fences with the FCA and reapply for UK oversight. If transaction fees were collected from users using, Binance declined to comment.

Source : Binance

The U.S. Treasury Department and its sanctions watchdog, OFAC, have been sued by Coin Center. In August, OFAC imposed sanctions against Tornado Cash after asserting that North Korean hackers had used the mixer to launder cryptocurrency valued at hundreds of millions of dollars. The cryptocurrency sector has criticised the action, arguing that OFAC typically does not penalise software. The federal government must respond to Coin Center’s lawsuit by November 7, 2022. Last month, the Treasury published guidance telling U.S. persons to apply for a license to withdraw their funds.

Source : Ledgerinsights

In Washington, D.C. The Federal Reserve has been boosting interest rates to fight the rise in American consumer prices. At the IMF’s annual meeting in Washington, D.C., managing director Kristalina Georgieva urged participants, “Do not waste your reserves to safeguard your currency.” The Colombian peso decreased as the central bank of Colombia announced a smaller-than-expected rate increase. Since the value of bitcoin is negatively correlated with the strength of the dollar, it is possible that the cryptocurrency will profit if central banks take action to counteract falling foreign exchange prices. According to Bove, the Federal Reserve is automatically “the central banker to the world” since the U.S. dollar is the world’s reserve currency. If the Fed tightens, all other significant central banks must do the same if they want to continue operating.

Source : thenewscrypto

That’s it for today, see you tomorrow

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