In today’s market developments, Bitcoin has retracted to around $30k, weighed down by various technical factors and a series of recent regulatory interventions.
Techinical analysis
An initially strong Bitcoin rally has given way to resistance, largely due to the continued downward trend of the monthly Bollinger Bands’ midline. In June, this midline stood at 31409, with Bitcoin reaching a short-term peak of 31432 on June 23rd.
This surge on June 23rd also demonstrated an evident bearish divergence in Bitcoin’s RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) on the 4-hour chart. Such a pattern is often a harbinger of a significant imminent adjustment.
On the 1-hour chart, a clear double top pattern has further underscored the downtrend.
Currently, market-watchers’ focus is trained on the Bollinger Bands’ midline on the daily chart. This could potentially create a support level at 29500, paving the way for market consolidation around this figure.
News analysis
Regulatory news, a vital external factor, is exerting pressure on Bitcoin’s value as well. Binance Australia is currently grappling with an investigation, while Danish bank Saxo Bank has received instructions from regulatory authorities to divest its cryptocurrency holdings and discontinue its cryptocurrency services.
These regulatory actions serve as a reminder of the persistent volatility in the world of cryptocurrencies. As Bitcoin continues to navigate this precarious landscape, it’s crucial for investors to stay informed and vigilant. While the potential for high returns remains, it’s accompanied by substantial risk and uncertainty.
Binance, recognized as the largest cryptocurrency exchange in the world, is currently facing an increasing number of regulatory issues across various global jurisdictions.
As reported by Bloomberg, the Australian Securities and Investments Commission (ASIC) executed a search operation at the offices of Binance Australia. This operation is a part of an ongoing inquiry into the crypto giant’s now-closed local derivatives business, highlighting the intensifying regulatory scrutiny Binance is encountering.
ASIC, the authority overseeing corporate affairs, markets, financial services, and consumer credit in Australia, has been rigorously examining Binance Australia’s classification of retail and wholesale clients. In April, Binance disclosed its plans to phase out its local derivatives exchange but affirmed the continued operation of its spot platform. However, the same month saw the revocation of Binance Australia’s derivatives operation license.
Fast forward to May 18, 2023, Binance announced via Twitter that it would cease facilitating PayID AUD deposits, attributing the decision to its third-party payment service provider. The firm also indicated potential disruptions to bank transfer withdrawals.
Beyond Australia, Binance’s regulatory woes are expansive. On June 5, 2023, the U.S. Securities and Exchange Commission (SEC) filed charges against Binance Holdings Ltd., its U.S. affiliate BAM Trading Services Inc., and founder Changpeng Zhao, citing multiple securities law infringements. Following this, on June 17, Binance agreed to repatriate assets held for the benefit of Binance.US customers as part of an emergency relief secured by the SEC.
Binance’s regulatory hurdles also extend to Europe. On June 23, the Belgian Financial Services and Markets Authority (FSMA) directed Binance to cease offering its crypto exchange and custody wallet services in Belgium. Shortly after, on June 29, German financial regulator Bafin reportedly rejected a proposal from Binance, escalating the company’s regulatory challenges.
The crypto community in Australia remains enthusiastic about digital assets, despite regulatory concerns dominating discussions at recent crypto conferences. Attendees are more interested in discussing intelligent questions around regulation and tax rather than the extravagant parties of past events. While regulatory concerns remain high, the rise in the price of Bitcoin is encouraging the crypto-curious to attend conferences and ask beginner-level questions.
At a recent meetup event hosted by Binance Australia, regulation was the most popular point of discussion. Attendees asked intelligent questions about regulation, reflecting a more serious tone at the conference. The bear market did not seem to discourage attendees, with many newcomers showing interest in attending and asking beginner-level questions.
Meanwhile, XRP Las Vegas, a conference for XRP enthusiasts and the “XRP Army,” also saw attendees asking well-thought-out questions about regulation. Attorney John E. Deaton, a social media commentator on the SEC’s lawsuit against Ripple, noted that the frustration among XRP fans was not due to fear but to the lack of regulatory clarity in the United States.
The recent tone of crypto conferences has become more serious, with attendees asking more intelligent questions about regulation and tax. Tiffany Fong, a popular crypto vlogger who attended her first crypto conference this year, noted that the parties and events were much tamer than in previous years. While some attendees may miss the extravagances of past events, the focus on discussing regulation and tax is a positive development for the industry.
In conclusion, while regulatory concerns continue to dominate discussions at crypto conferences, the community remains enthusiastic about the potential of digital assets. Attendees are more focused on asking intelligent questions about regulation and tax, reflecting a more serious tone at these events. The rise in the price of Bitcoin is encouraging the crypto-curious to attend conferences and ask beginner-level questions, indicating that interest in crypto remains high despite ongoing market volatility.
The former executive of the first blockchain listed publicly is now the current CEO of Binance Australia. The exchange announced Leigh Travers’s appointment. The new CEO was formerly the chief executive of DigitalX, a locally known blockchain technology and payment enterprise.
Leigh Travers served seven years at DigitalX. He also served as a board member in Blockchain Australia, the local leading blockchain sector body. DigitalX broke records as the first publicly-listed blockchain organization in June 2014.
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This announcement was made after the firm completed the reverse takeover of Macro Energy Ltd, an Australian Stock Exchange-listed Firm.
Travers Reaction To The New Office
Leigh Travers disclosed that his priority is to build relationships for Binance Australia with regulators. Also, he emphasized that he aims to grow Australia’s brand.
He stated that the company has a special part to play: to become involved in assisting in structuring the industry’s growth. That is why; they need to prioritize conversations and engagements with regulators and policymakers, says Travers.
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In his speech, Travers added that “looking from the industry’s viewpoint, I’m aware that it is essential to continue developing the sector’s relationship with the regulatory bodies. Also, we need to strengthen Binance Australia’s dedication to compliance as well as best practice.
Binance Australia Launch
July 2020 brought the official launching of crypto exchange Australia. Meanwhile, InvestbyBit operates the Australian Binance subsidiary.
InvestbyBit is a locally operating digital asset platform that AUSTRAC (Australian Transaction Reports and Analysis Centre) regulates. The platform went into operations on Sept. 2017.
As we gathered from the Australian Business Register reports, on February 22, 2019, InvestbyBit was rebranded to Binance Pay. Four days later, it changed its brand to Binance Lite. Then, again on August 6, 2020, the company undertook another rebranding to become Binance Australia.
In April, Jeff Yew, the former CEO of Binance Australia, resigned from the company. After leaving Binance Australia in April, Jeff launched Monochrome in May. Monochrome is a unit trust which targets funds as well as high net worth persons.
In his speech at Sydney Morning Herald last May, Leigh Yew expressed that Australia’s policymakers failed in their duty to deliver sufficient regulatory clarity to the digital asset zone.
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Thus, he calls for higher regulation in crypto trading exchanges. Most especially since many retail investors and institutions now admire digital assets like Ethereum and bitcoin.
The cryptocurrency market is following an uptrend on the daily chart | Source: Crypto Total Market Cap on TradingView.com
Yew acknowledged that Australia is more up-to-date with its regulations as compared to other economies. However, there is the need to work harder on regulation to stop dodgy operators from exploiting everyday investors.
Featured Image From Pixabay, Chart From TradingView.com
Binance exchange officially announced Sunday that the company hired former DigitalX CEO and director Leigh Travers as the CEO of Binance Australia.
Binance Australia appreciated that Mr. Travers has deep expertise and background in the blockchain industry. He served on the board of directors of Blockchain Australia, an Australian blockchain industry organisation, before serving as the executive officer of DigitalX Limited. In the past seven years, Travers has also played a key role in building products and developing the blockchain technology company DigitalX Limited network.
DigitalX is an innovative software solutions company focused on digital asset funds management and building blockchain products, which was listed on the Australian Securities Exchange in 2014 through a reverse acquisition of the listed company Macro Energy Ltd.
Travers expressed his belief in the good experience that Binance Australia brought to trading customers and said that he would continue to strengthen the compliance operation of Binance exchange and strengthen the connection and cooperation with regulatory agencies. He said that:
“I’ve long been an advocate of the benefits that blockchain technology has to offer society, and it’s a mission of mine to grow the industry over the coming years. My key interests are shared with Binance Australia in championing the adoption of blockchain and the pathway for blockchain businesses in Australia. The opportunity to work with users nationally is incredibly exciting.”
The Chief Operating Officer at Binance Australia, Sam Teoh, welcomed the new personnel appointment and replied that:
“We’ve observed the work Leigh has done at DigitalX for a while now and we’re excited to work with him not just on Binance Australia’s continued growth, but widespread adoption of blockchain businesses and cryptocurrency in Australia at large.”
As reported by Blockchain.News on August 18, another division of the world’s largest cryptocurrency exchange Binance in terms of daily trading volume Binance.US, has appointed Joshua Sroge, the company’s CFO, as the interim CEO.
Binance Australia has announced the appointment of Leigh Travers, the former chief executive of local blockchain technology and payments firm DigitalX, as the company’s new CEO.
Travers has worked at DigitalX for seven years, and previously served on the board of leading local blockchain industry body, Blockchain Australia. In June 2014, DigitalX became the world’s first publicly-listed blockchain firm after completing a reverse takeover of the Australian Stock Exchange-listed company, Macro Energy Ltd.
In an Aug. 28 announcement from Binance, Travers emphasizes that he will prioritize building Binance Australia’s relationships with regulators and growing the company’s brand.
“We have a responsibility to be involved in helping to shape the growth of our industry and this means prioritising engagement and conversations with policy makers and regulators,” said Travers, adding:
“From an industry perspective, I know it’s imperative that we continue to develop our relationships with regulatory bodies while reinforcing our company commitment to compliance and best practice.”
Binance Australia launched in July of 2020. Binance’s Australian subsidiary is operated by InvestbyBit — a local digital asset exchange regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) that launched in September 2017.
According to the Australian Business Register, InvestbyBit rebranded to Binance Pay on Feb. 22 of 2019, before changing its name to Binance Lite four days later, and again rebranding to Binance Australia on Aug. 6, 2020.
Binance Australia’s previous CEO, Jeff Yew, left the company in April. The following month, Yew launched Monochrome, a unit trust targeting superannuation funds and high net worth individuals.
Speaking to Sydney Morning Herald in May, Yew stated that Australia’s lawmakers have failed to provide the digital asset sector ample regulatory clarity.
