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Binance is Reportedly Under Investigation by the CFTC, Involving Inside Trading

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Binance cryptocurrency exchange has come under the regulatory radar again, and this time, it is with the United States Commodity Futures Trading Commission (CFTC).

According to a Bloomberg report recently, the derivatives regulator is notably investigating the company for possible insider trading and market manipulation.

As the world’s largest digital currency trading platform, Binance is believed to have access to a number of customer orders. According to the agency, it considers that some of its staff could leverage to trade on these orders before executing them. The report states that the CFTC has been reaching out to potential witnesses, as confirmed by anonymous sources profiled by Bloomberg.

Per the report, the exchange has not been accused of any wrongdoing yet, and the investigations may notably not lead to legal action. The commission, alongside the Department of Justice (DOJ), has notably kept its eyes on Binance for a few months now. The report states that it could be some time before the agencies decide whether to pursue enforcement actions. 

A Binance spokesperson debunked the possibilities of insider trading, stating that the firm has a “zero-tolerance” policy for insider trading and a “strict ethical code.” With an affirmation that the exchange cannot do anything to hurt its customers, the spokesperson added that Binance’s security team has long-standing guidelines for investigating wrongdoing and holding workers accountable, with termination being the minimal repercussion.

Binance has notably had it rough with regulators around the world in the past couple of months. While the current CFTC investigation is primarily centred on market exploitation, other market watchdogs from Japan, Italy, and Malaysia are onto the firm for illegally operating in their countries.

In the US, the DOJ and the Internal Revenue Service (IRS) are also looking at whether Binance has been used for money laundering. Should Binance be found guilty of these broad compliance irregularities, it can cost the firm millions of dollars in settlement. This fate was suffered by the BitMEX Derivatives Exchange, which paid $100 million in settlement with the CFTC and Financial Crimes Enforcement Network (FinCEN).

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Source: https://Blockchain.News/news/binance-is-reportedly-under-investigation-by-the-cftcinvolving-inside-trading

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Bitcoin Corrects after Hitting ATH at the $66,900 Level, Holders Remain Unfazed

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Bitcoin (BTC) recently achieved a significant milestone of setting a new all-time high (ATH) price at the $66,900 level after 189 days of waiting. Nevertheless, the leading cryptocurrency is facing a correction, having retraced to the $63,349 area during intraday trading, according to CoinMarketCap.

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Despite this trend, holders remain unperturbed if history is to repeat itself. Lucas Outumuro, the head of research at IntoTheBlock, explained:

“Is Bitcoin facing a deeper correction? Unlikely. Historically after breaking an ATH following a correction of 30+ days, BTC proceeds to increase by 145% on average hodlers remain unfazed by the recent dip.”

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Santiment believes that this retracement has sparked both positive and negative reactions. The on-chain metrics provider noted:

“Spirits remain quite high, and the pattern of overwhelmingly positive vs. negative BTC commentary has continued for a 9th straight week.”

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Consultancy and educational platform Eight recently stated that Bitcoin was testing its previous record high level of $64.8K. If a bounce happens, the next areas to watch are around $75K, $87K, and $96K based on the Fibonacci retracement tool. 

How different is the current ATH price compared to the previous one?

Data analytic firm IntoTheBlock disclosed that the current transaction volume is seven times the one recorded in April. Furthermore, the current record high price has been attained with less retail interest and lower speculation. 

IntoTheBlock pointed out:

“What’s different between April’s Bitcoin ATH and this one? 1. Transactional Volume: Bitcoin has recorded this week +$700b in on-chain volume transacted. This is a 7x increase compared to April. More interesting, 99.7% of that volume comes from transactions greater than $100k.”

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These large transactions have been showing the trickling of big money in recent months. 

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Source: https://Blockchain.News/news/bitcoin-corrects-after-hitting-ath-the-$66-900-level-holders-remain-unfazed

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Walmart Installing Bitcoin ATMs in its Retail Stores

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Walmart Inc, the world’s largest retailer, announced on Thursday, October 21, that customers at some of its U.S. stores will be able to buy Bitcoin using ATMs installed by Coinstar.  

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Walmart stated that it has begun a pilot program where consumers can purchase Bitcoin as Coinstar kiosks in some of its U.S. stores.

Molly Blakeman, Walmart communications director, talked about the development and stated that:

“Coinstar, in partnership with Coinme, has launched a pilot that allows its customers to use cash to purchase bitcoin. There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.”

Mr. Blakeman said that the pilot test by Coinstar started earlier this month, and the pilot program includes 200 kiosks in Walmart stores.

The program is part of a broader initiative by Coinstar, which has partnered with a cryptocurrency exchange and payment firm called CoinMe that specializes in Bitcoin ATMs, to allow customers to purchase Bitcoin at some of its kiosks.

The Walmart spokesperson stated that there are 200 Coinstar kiosks located inside Walmart stores across the U.S. that will allow consumers to purchase Bitcoin.

Coinstar, which is best known for its machines that allow customers to exchange physical coins for cash, plans to provide Bitcoin at more than 8,000 kiosks worldwide.

Walmart Expanding Its Virtual Payment Options

Walmart is testing the pilot service program weeks after the firm became a subject to a cryptocurrency hoax in September when a fake press release was published, claiming that Litecoin (LTC) would be accepted as payment at Walmart stores. The phoney news sent values of the little-known crypto token surging.

Though the announcement was false, Walmart is examining the future of cryptocurrency in its business operations.

As reported by Blockchain.News in August, Walmart advertised to hire cryptocurrency experts to help the firm develop “the digital currency strategy and product roadmap” while identifying “crypto-related investment and partnerships,” a time when an increasing number of Fortune 500 companies warm up to digital currencies.

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Source: https://Blockchain.News/news/walmart-installing-bitcoin-atms-in-its-retail-stores

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U.S. Houston Firefighter’s Pension Fund Invests $25 Million in Bitcoin and Ethereum

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The Houston Firefighters’ Relief and Retirement Fund, which manages nearly $5.5 billion in assets, announced that it has invested in cryptocurrencies. (Read More)
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Source: https://Blockchain.News/news/us-houston-firefighter-pension-fund-invests-25-million-bitcoin-and-ethereum

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Total Value Locked in DeFi on Ethereum Crosses $100 Billion as ETH Address Profitability Clocks 100%

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The total value locked (TVL) in DeFi on the Ethereum network breached the $100 billion mark as demand continues to soar. (Read More)
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Source: https://Blockchain.News/analysis/Total-Value-Locked-in-DeFi-on-Ethereum-Crosses-100-Billion-as-ETH-Address-Profitability-Clocks-100-20af5b79-aef5-4348-9f8a-d4f07f677b32

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