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Wei Zhou, Binance’s Chief Financial Officer Resigns

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According to a spokesperson at Binance, the biggest crypto exchange by trading volume, Wei Zhou, the chief financial officer has left the company.

“After three years at Binance, Wei has decided to leave for personal reasons,” the spokesperson said in an email. “While we cannot comment on what Wei will do next, we would like to thank him for his services and contributions during his time here.”

It is unclear when specifically he left the exchange, but a Twitter account that appeared to be associated with him was still tweeting about Binance as of June 9. Binance later clarified with CoinDesk that the account does not represent Zhou and has reported the impersonation account to Twitter.

Binance recruited Zhou in 2018 for his “over 15 years of executive experience” in both the finance and technology industries. Zhou graduated from Harvard University and served as the vice-chairman at Grindr, the world’s leading LGBTQ social platform before he came to the exchange.

Given his track record of creating initial public offerings, there were rumors at the time of Zhou’s hiring that Binance was considering going public. Changpeng Zhao, the CEO of Binance, denied the rumor.

Wei Zhou graduated from Harvard University with a Bachelor’s Degree in Economics and East Asian studies.

He started his career in Goldman Sachs Hong Kong, where he worked for four years as a specialist in the investment banking division.

He has over 19 years of executive experience at leading technology, internet and media companies, where he has built up particular expertise in financial management and investments, as well as growing and scaling business operations in China and the United States.

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Bitcoin

Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

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Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

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Nigeria’s SEC Tightens Grip on Crypto: Raises Crypto Registration Fees

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Nigeria’s Securities and Exchange Commission (SEC) has announced a significant tightening of regulations governing cryptocurrency exchanges.

Under the proposed amendments, the registration fee for crypto exchanges is set to skyrocket from N30 million ($18,620) to N150 million ($93,000), a fivefold increase.

Also, application fees are set to rise from N100,000 ($62) to N300,000 ($186), while processing fees will surge from N300,000 ($186) to 1 million naira ($620).

These fee hikes signal the SEC’s intention to impose stricter oversight on digital asset exchanges and reflect a broader trend of regulatory scrutiny surrounding cryptocurrencies in Nigeria.

The SEC justified these changes by citing the need for clarity and incorporating feedback from industry stakeholders, particularly following engagements with the Central Bank of Nigeria (CBN).

The amendments also include a renaming of the rules and guidelines to “Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody,” emphasizing the regulator’s comprehensive approach to regulating the digital asset ecosystem.

This latest development comes amid growing tensions between Nigerian authorities and prominent cryptocurrency platforms.

Just recently, Binance, one of the world’s largest crypto exchanges, found itself embroiled in a dispute with Nigerian authorities over allegations of currency manipulation, resulting in the detention of two Binance executives.

Against the backdrop of Nigeria’s decision to abandon its currency peg and allow the naira to trade freely, the SEC’s move underscores the government’s determination to assert control over the country’s financial landscape, even as it grapples with economic challenges such as inflation and currency devaluation.

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Bitcoin Retreats from Record Highs Amid Debate Over Market Speculation

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The cryptocurrency retreated from its recent record highs, igniting a debate over the speculative fervor gripping global markets.

In Asian trading on Friday, Bitcoin plummeted by as much as 5.6%, shedding its gains from the previous day when it reached a new pinnacle of nearly $73,798.

Despite recovering slightly to trade at $67,300, the retreat has triggered concerns about the sustainability of the crypto bull run.

The moderation in Bitcoin’s surge, alongside a similar trend in other top cryptocurrencies like Ether, BNB, and Solana, reflects a broader shift in investor sentiment.

With both Bitcoin’s ascent and the performance of the top 100 tokens hovering around 60% for the year, market participants are reevaluating their risk appetites amidst a backdrop of escalating inflationary pressures.

In a Bloomberg Television interview, Bank of America Corp.’s Chief Investment Strategist Michael Hartnett sounded alarms, likening the market’s euphoria to the characteristics of a bubble, particularly evident in the technology sector’s “Magnificent Seven” stocks and the soaring highs of cryptocurrencies.

The debate over market speculation is gaining traction on Wall Street, with questions looming about the vulnerability of various asset classes to a potential pullback.

Proponents of Bitcoin point to fundamental supports, such as significant net inflows into US exchange-traded funds and an impending reduction in token supply growth.

However, Bitcoin’s stumble coincided with a surge in US yields and the dollar following a report revealing a spike in producer prices, exacerbating concerns about the Federal Reserve’s ongoing efforts to rein in inflation.

Also, data from Coinglass indicates a rise in caution within the derivatives market, with a notable increase in liquidated bullish crypto wagers and a slump in funding rates for Bitcoin perpetual futures, favored by speculators.

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