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Binance Founder Changpeng ‘CZ’ Zhao Is a Free Man

Zhao, who has been in a halfway house since late August, was released on Friday.

Binance founder Changpeng “CZ” Zhao has been released from prison, according to the U.S. Bureau of Prisons (BOP).

Zhao’s release comes two days ahead of his scheduled release date this Sunday, Sep. 29. The BOP is legally allowed to release prisoners early if their release date falls on a weekend or holiday.

In April, Zhao was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) by failing to set up an adequate know-your-customer (KYC) program at Binance. As part of his guilty plea, Zhao also agreed to pay a $50 million fine and step down as CEO of the crypto exchange. The exchange agreed to pay a $4.3 million fine to various U.S. regulators to settle related charges.

Though custodial sentences for violations of the BSA are unusual (former BitMEX CEO Arthur Hayes, who pleaded guilty to similar charges in 2022 was sentenced only to probation), Zhao’s four-month sentence was lenient compared to the three years sought by federal prosecutors.

The judge overseeing Zhao’s case, U.S. District Judge Richard Jones of the Western District of Washington, seemed to be swayed by Zhao’s squeaky-clean criminal record and positive reputation – aided by 161 letters of support from his friends, family, and colleagues.

Zhao – formerly known as Inmate #88087-510 – served three months in a low-security prison, Lompoc II, on California’s central coast. In August, he was moved to a halfway house in San Pedro, California.

At an estimated net worth of $25.3 billion, according to the Bloomberg Billionaires’ Index, he is believed to be the richest person to ever go to prison in the U.S.

A spokesperson for Zhao declined to comment when reached by CoinDesk.

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China’s Former Minister of Finance Calls Crypto a ‘Crucial Aspect’ of Digital Economy

The former minister called on Beijing to study the industry in light of Republican candidate Donald Trump’s comments on crypto.

China’s former minister of finance, Zhu Guangyao, said at a forum hosted by Tsinghua University that the government should study crypto more closely, given remarks made on the U.S. campaign trail.

Crypto “has negative impacts, and we must fully recognize its risks and the harm it poses to capital markets,” Sina News quoted him as saying. “However, we must also study the latest international changes and policy adjustments, as it is a crucial aspect of digital economy development.”

Sina reports that Zhu pointed directly at Republican Candidate Donald Trump’s remarks as a need for further action by Beijing.

At the Bitcoin Conference in Nashville in July, Trump said that the U.S. must embrace the crypto industry fully, or “China will do it.”

Crypto, he said at the time, is “the steel industry of 100 years ago. You’re just in your infancy. One day, it probably will overtake gold. There’s never been anything like it.”

Zhu also noted that the Securities and Exchange Commission (SEC) had approved bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) despite initial opposition.

While mainland China remains cautious on crypto, Hong Kong – which maintains a semi-autonomous system of government and market regulations – has embraced it, listing bitcoin and ether ETFs, while some members of its mini-legislature actively court the industry to open up shop in the city.

Bitcoin Bulls Eye $75K and Higher as BTC Registers Three-Week Winning Streak

BTC has registered its first three-week winning trend since February.

Bitcoin (BTC) has notched its first three-week winning streak since February, according to data source TradingView. The upswing has been characterized by traders buying call options, offering an asymmetric upside potential above $75,000.

The leading cryptocurrency by market value rose over 3% in the seven days to Sept. 29, extending over 7% price increases that occurred in each of the previous two weeks. China’s large stimulus announcement and inflows into the U.S.-listed spot ETFs, equivalent to more than a month’s supply of newly mined BTC, likely helped the cryptocurrency maintain the upward trajectory.

As prices rose, dealers saw massive call buying activity at the $75,000 strike price and beyond on crypto exchange Deribit, according to order flow tracked by Amberdata. Investors also sold put options.

“This flow pattern suggests a bullish outlook for spot prices (due to the put selling) while also anticipating an acceleration in price movement,” Amberdata’s Director of Derivatives, Greg Magadini, said in a note shared with CoinDesk.

A call option gives the holder the right but not the obligation to purchase the underlying asset, BTC, at a predetermined price at a later date. A call buyer is implicitly bullish on the market, while a put buyer is bearish, looking to hedge against price swoons.

The bullish flow of increased call buying and put selling suggests expectations that prices will soon break out of a six-month-long corrective trend, referred to as the “expanding triangle” by veteran analyst Peter Brandt.

A potential break out would mean the broader uptrend from October 2023 lows under $30,000 has resumed.

“A break above $75K could lead to a swift rally through all-time highs toward $100K, where the last tranche of call buyer activity is concentrated in the December 27, 2024, expiration,” Magadini said.

Crypto Services Provider Matrixport Buys Deutsche Boerse Unit, Crypto Finance

Crypto Finance AG has been renamed as Matrixport Asset Management AG (MAM).

Singapore-based crypto financial services platform Matrixport has announced an all-cash acquisition of licensed Swiss crypto asset manager and former Deutsche Boerse Group subsidiary, Crypto Finance (Asset Management) AG.

The Switzerland-based entity, now renamed Matrixport Asset Management AG (MAM), offers cutting-edge, institutional-grade digital assets investment solutions, including the first FINMA-approved crypto fund.

FINMA is the Swiss Financial Market Supervisory Authority, an independent regulator of the European nation’s financial markets. Matrixport has $6 billion in assets under management.

The regulatory-compliant acquisition expands Matrixport’s footprints in Europe, reflecting the firm’s “steadfast commitment towards continually collaborating with regulators to review existing regulations and refine virtual assets specific regulations in the years to come,” Matrixport’s Chief Compliance Officer & Head of Regulatory, Christopher Liu, said in the press release.

Stefan Schwitter, the former head of Crypto Finance AG and now the CEO of MAM, said global clients stand to benefit from both firms’ expertise.

Bitcoin’s Bearish September May Be Its Best Since 2013 Ahead of Bullish October

BTC is close to ending September up 9%, its best since 2013, ahead of a seasonally bullish October.

Bitcoin’s (BTC) historically worst month may have be its best one yet, with the asset on track to gain at least 9% this September, beating a trend that’s seen it end in the red eight times since 2013.

And that’s putting the asset on a stronger footing going into October, the start of a generally bullish period with some traders targeting a run to as much as $70,000 in the coming weeks from the current $64,000 levels. A green September has always resulted in bitcoin closing higher in October, November and December.

In contrast to September, there have just been two October months where bitcoin has ended in the red since 2013 – chalking gains of as high as 60% and an average of 22%.

Seasonality is the tendency of assets to experience regular and predictable changes that recur during the calendar year. While it may look random, possible reasons range from profit-taking around tax season in April and May, which causes drawdowns, to the generally bullish “Santa Claus” rally in December, a sign of increased demand.

September has recorded an average value depletion rate of 6.56% in bitcoin, as previously reported, leading to traders being generally defensive about betting on higher prices.

But it gained amid a slew of global monetary easing policies, a weakening yen, increased institutional investments in bitcoin and both political parties in the U.S. – which influence market movements – showing a favorable sentiment toward the crypto market ahead of November elections.

The trend is widely expected to continue.

“With crypto correlations staying high to macro assets, particularly against the SPX, we consider the friendly macro background to remain a strong tailwind for crypto prices into Q4,” Augustine Fan, head of insights at SOFA, told CoinDesk in a Telegram message.

“Furthermore, with the Kamala camp playing lip service to crypto ‘support’ as part of her campaign rhetoric, we remain bullish on price action in the near term, with targeted put-selling strategies likely to be popular as investors switch into a ‘buy-the-dip’ mode,” he added.

Bitcoin ETF Demand Grows Among U.S. Investors as China Considers Massive $142B Capital Injection

Data from SoSoValue shows that the total daily net inflow cracked $100 million for the second day in a row for the BTC ETFs amid global monetary easing. PLUS: Worldcoin is up double digits as World ID expands to more countries.

Bitcoin (BTC) traded above $63,000 for the first half of the Asian trading hours on Thursday, down 1.4%, but up 2% on-week as inflows into BTC exchange-traded funds (ETFs) remain positive.

Asian stocks surged higher amid reports that China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy.

This follows an easing decision from earlier in the week that saw The People’s Bank of China (PBOC) cutting the reserve requirement ratio for mainland banks by 50 basis points (bps) while also lowering the seven-day reverse repo rate – the interest rate at which a central bank borrows funds from commercial banks – by 20 bps to 1.5%.

Data from SoSoValue shows that the total daily net inflow cracked $100 million for the second day in a row for the BTC ETFs. This marks a five-day streak of positive net inflow for the funds.

That has flipped an indicator tracking 30-day net holdings among ETFs to positive for the first time in September, data from CryptoQuant shows, suggesting a rising trend of accumulation as opposed to sales.

Meanwhile, ether (ETH) is trading above $2,500, down 1.3% on-day and up 8% for the week. Data shows that spot ETH ETFs had daily net inflow of $43 million, marking a second day of positive net inflow.

In a recent note, Presto Research wrote that rising Ethereum gas fees, driven by an increase in network transactions, have coincided with ETH outperforming BTC following the Fed’s 50 basis points rate cut.

While on-chain yields remain below the three-month treasury bill, some investors are positioning for a potential recovery in total value locked (TVL), Presto Write. However, a broader capital migration may not happen until 2025.

Sam Altman-backed WorldCoin’s WLD jumped 14% in the past 24 hours to become one of the only gainers in the broader crypto market. The company on Wednesday said it had begun its verification services in Poland, Malaysia and Guatemala over the past week – onboarding more users and boosting the project’s fundamentals.

The rise came amid an executive shuffle at OpenAI – another Altman company – and a switch in the company’s status from a nonprofit to a for-profit benefit corporation. WLD tokens have historically tended to move on development at OpenAI as crypto traders may consider the two closely related.

Key Indicators Challenge Fed’s ‘Normalization’ Rate Cut That Torched Bitcoin Rally

The post-Fed risk-on rally supports the normalization narrative, but some indicators disagree, suggesting caution to bulls.

Since the U.S. Federal Reserve (Fed) cut rates by 50 basis points a week ago, the debate has been raging on whether the so-called easing represents the normalization of an overly tight monetary policy aimed at taming inflation or preparation for an impending economic swoon.

Risk assets, including pure fiat liquidity plays like bitcoin (BTC) and altcoins, have rallied since the Fed decision, a sign that markets perceive the rate cut as a normalization move. Some analysts foresee accelerated gains once bitcoin surpasses the $65,200 resistance.

However, at least three indicators point to an economic malaise ahead, suggesting caution on the part of the bulls. Perhaps, the Fed delivered an outsized rate cut, taking note of these forward-looking indicators.

Rising joblessness

The U.S. Household Survey, which tracks the unemployment rate across 50 states, Washington D.C., and Puerto Rico, showed that as of August, more than 57% of states experienced an increase in joblessness compared to the preceding month and the same period last year, according to data tracked by MacroMicro.

The fact that most states are witnessing an uptick in the unemployment rate means the risk of reduced income, consumer spending and investment, and a decline in business and consumer confidence in the months ahead, potentially leading to a marked economic slowdown, if not an outright recession (consecutive quarters of economic contraction). A slowdown could see investors scale back exposure to riskier investments.

“According to August’s analysis, 57.7% of U.S. states reported higher unemployment rates than the previous month and year. This points to increasing challenges in the labor market, possibly signaling a more widespread slowdown,” MacroMicro said on X.

Lead/lag ratio

Conference Board’s Leading Economic Index (LEI) fell to 100.2 in August, falling to its lowest since October 2016. The index marked its sixth consecutive monthly decline, triggering a recession signal.

The LEI comprises several forward-looking indicators such as average weekly hours in manufacturing, average weekly initial claims for jobless insurance, ISM new orders index, stock prices and leading credit index. The index is widely tracked to identify shifts in economic trends and turning points in asset prices.

More concerning is the slide in the ratio between leading and lagging indicators to under 0.85, the lowest since at least the 1950s, according to data tracked by Jeff Weniger, head of equities at WisdomTree.

The plunge seen over the past several months points to a potential slowdown or recession, with lagging indicators catching up to the economic reality.

The ratio has seen eight similar meltdowns in the past, each portending a recession.

Surging gold/brent ratio

The ratio between prices for gold futures and brent crude futures has surged over 35% this year to nearly 40 points, the highest since 2020, according to data source MacroMicro.

Gold is a safe haven asset and an inflation hedge, while oil is tied to global demand and economic activity. Therefore, gold’s prolonged outperformance relative to oil is often taken to represent a sign of economic slowdown.

Crypto Inspired by ‘Moo Deng’ Zooms to $100M as Hippo Meme Takes Over Internet

Holder count has zoomed to 12,400 unique wallets with over $48.5 million in volume traded over the last 24 hours, a fan page for the token said Wednesday.

Moo Deng, a newborn Thai hippo at the Khao Kheow Open Zoo in Bangkok, has captured the hearts of many online through her cute antics. Now, she’s the star of a $100 million memecoin.

The Solana token crossed the milestone capitalization earlier Thursday, becoming one of the few to reach that level from zero in recent months, CoinMarketCap data shows.

It’s also the first Thai-themed token to hit that market cap, though it’s not a Thai project per se, according to Udomsak Rakwongwan, a professor at Kasetsart University and co-founder of decentralized exchange FWX.Finance.

“There used to be other memes in Thailand, but they were not so successful because they began in Thailand,” he said. “There was a token about ex-junta prime minister. It went quite viral, but the price and market caps didn’t go anywhere.”

“Moodeng is a little different,” because the hippo has been on major global media and appeals to a global audience rather than a token about a politician that only Thais would know.

Holder count has zoomed to 12,400 unique wallets, with over $48.5 million in volume traded over the last 24 hours, a fan page for the token said Wednesday.

One trader made millions from the hippo heartthrob, with on-chain data from Lookonchain showing a wallet that turned $1,331 into $3.4 million by correctly timing the market.

Moo Deng – which means bouncy pork in Thai – was born in July and became a popular Internet meme earlier this month after images of her went viral online. She has two siblings, brother Moo Toon (stewed pork) and sister Moo Waan (sweet pork). They also birthed tokens on Solana and other networks, but failed to catch the traction that Moo Deng did.

Companies including Dreamworks and UFC are using Moo Deng’s popularity to produce memes based on the hippo, a shift away from the usual cats or dogs.

The Bangkok zoo is reportedly working on copyrighting and trademarking “Moo Deng the hippo” for fundraising purposes. So far, it hasn’t acknowledged the memecoin or any crypto-related Moo Deng imagery.

Meanwhile, some see the token as a fresh, engaging memecoin with genuine appeal due to its cute and interesting theme.

“I believe Moodeng is EXACTLY what meme coins should be like,” X user and crypto trader @0xuberM said. “Something genuinely cute/interesting with crazy normie appeal that will capture enough attention over a sustained period of time to guarantee PVE expansion where everyone eats.”

Curve Finance Mulls Removing TrueUSD as Collateral for Stablecoin Curve USD

“crvUSD is overexposed to minor stablecoins, especially TUSD which has a dubious track record and has recently been charged by the SEC with defrauding investors,” the proposer wrote.

A new proposal on Curve Finance, a decentralized exchange (DEX) for stablecoin trading, is contemplating the removal of TrueUSD (TUSD) from its list of collateral tokens for its stablecoin, Curve USD (crvUSD).

Curve Finance is one of the largest and most used decentralized finance protocols, holdings billions of dollars in user funds. It is autonomously governed by its CRV token holders, who float and vote on proposals to keep the protocol running.

“WormholeOracle” proposed reducing the upper limit on TUSD backing for crvUSD to zero, meaning that TUSD tokens can no longer underpin crvUSD if the proposal is passed. They also recommended reducing the minting capacity of crvUSD with PayPal’s stablecoin, PYUSD, from $15 million to $5 million, aiming for a more balanced reliance on different collateral assets.

“crvUSD is overexposed to minor stablecoins, especially TUSD which has a dubious track record and has recently been charged by the SEC with defrauding investors,” WormHoleOracle wrote in the proposal. “It may be prudent to consider completely removing crvUSD exposure to TUSD, which has a notably poor track record on peg stability and transparency standards compared to all other PegKeeper stablecoins.”

Currently, users can mint up to $10 million worth of crvUSD using TUSD through what’s known as the ‘PegKeeper’ liquidity pool. A liquidity pool can be thought of as a collection of tokens stored on a smart contract.

PegKeeper debt ceiling is the max amount of crvUSD that a PegKeeper can mint to a target crvUSD pool. Historically, the USDC/USDT pools have been the primary liquidity centers and most useful PegKeeper pools for keeping crvUSD pegged to its intended U.S. dollar-backed – ensuring crvUSD is equal to $1 at all times.

The move is part of a broader strategy to diversify and ensure the stability of crvUSD by reducing reliance on any single asset, or group of assets, that are deemed risky.

It comes after regulatory concerns and legal challenges faced by TrueCoin, the original issuer of TUSD before it ended up in the hands of offshore firm Techteryx.

TrueCoin was earlier accused by the U.S. Securities and Exchange Commission (SEC) of engaging in unregistered offers and sales of securities involving TUSD through TrueFi, a stablecoin platform, and the agency said they remained closely tied to the asset after unloading the stablecoin to the other issuer.

The SEC alleged that TUSD was not fully backed by U.S. dollars as claimed, but instead, a significant portion of its reserves (allegedly 99%) was invested in a speculative offshore fund.

Earlier this week, the companies agreed to pay $163,766 each in fines, and TrueCoin will return nearly $400,000 in profits and interest, assuming a federal court approves the settlement.

U.S. Crypto Industry Will Follow a Different Path From Rest of World: BitMEX Group CEO

BitMex does not operate in the U.S. and is positioned more in Asia than any other part of the world.

SINGAPORE —The U.S. crypto market will take a different path from the rest of the world, consolidating more with traditional finance (TradFi), because of differences in the regulatory environment and customer needs, Stephan Lutz, CEO of crypto exchange BitMEX, said in an interview at Token2049 in Singapore.

“I think that the U.S. crypto businesses will pivot in one direction that is consolidating TradFi with crypto,” Lutz said. “If you look at Coinbase, if you look at Circle, you look at Kraken, they are basically going more and more into becoming a digital twin of the TradFi system.”

The split, Lutz called it a bifurcation, means U.S. crypto businesses will focus on domestic customers, and companies from the rest of the world will stay out of the country. BitMEX itself does not operate there, having pleaded guilty in July to violating the Bank Secrecy Act and failing to set up an adequate know-your-customer (KYC) and anti-money laundering (AML) program between 2015 and 2020. In 2022, co-founders Arthur Hayes, Benjamin Delo and Samuel Reed were fined a total of $30 million for violating money-laundering rules.

Instead, BitMEX is more prominently placed in Asia, said Lutz, who was previously a partner at PwC after spending time at Deutsche Boerse, the operator of Germany’s largest stock exchange.

The industry has been “begging for issue-specific legislation in the U.S. for years,” he said, though he’s not optimistic of the chances for crypto legislation moving through the Senate before November’s presidential election.

“Market institutions in Asia will take advantage of America’s confusion.”

Asia and India

Unlike the U.S. and European Union where almost everyone has access to the conventional banking system, Asia has the banked – family offices, accredited investors and wealthy corporates – alongside the so-called unbanked, who comprise more than half of the continent.

It’s that group that needs alternative services such as international remittances from family members working abroad to support relatives at home, a real use case.

“This is why you have a bifurcation of the markets. You serve completely different needs,” Lutz said.

According to Lutz, outside of the U.S., India will power the crypto industry in the next 10 years provided the companies are reasonably open and if policymakers understand that crypto “actually adds to their capability of maintaining” monetary policy independence.