Moscow Against All, Binance Returns, Whale Market | Day summary for December 6 with Skyrex

07.12.2021 8:47 am

🇬🇧 Binance Returns to UK Market Compliant with Regulatory Requirements

According to the CEO of Binance, the exchange wants to open a division to comply with the requirements in the field of combating money laundering and terrorist financing.

According to Binance CEO Changpeng Zhao, they plan to obtain a license from the UK regulator in 6-18 months. At the same time, the okmpaniya undertakes to assist the government in the fight against terrorism and money laundering.

Zhao stressed that meeting the requirements of the regulator has become a priority for the company. For this, many changes have been made to the work and processes of the company. To do this, Binance is assembling a team of employees from regulators from various countries, including Britain.

Recall that the British regulator banned Binance from providing citizens of the country with access to cryptocurrency futures and derivatives in June this year.

🇷🇺 The Central Bank of the Russian Federation opposed the provision of services related to cryptoassets by financial organizations.

The regulator believes that “the provision by financial institutions of services related to operations with cryptoassets and derivatives on such assets does not meet the interests of investors in the financial market and carries great risks.”

Also, the Central Bank did not support the market’s proposal to expand the practice of issuing Russian financial instruments in foreign currency.

🕵️‍♂️ An error in the Solana library potentially allowed to steal ~ $ 27 million per hour – several lending protocols and a yield aggregator were at risk, the total blocked value (TVL) of these projects reached $ 2.6 billion.

Three large companies – Tulip Protocol, Solend and Larix – could have suffered a potential cumulative loss of $ 2.6bn.

This bug was discovered by one of the auditors back in June, but after a second check on December 1, the bug was detected again. The company probably considered it insignificant and harmless, but experts say that it can be used to withdraw millions of dollars through tiny operations.

🐳 One of the major investors reduced positions in bitcoin by $ 500 million

One of our hypotheses was correct. One whale cashed in for half a yard. It is not surprising that this provoked such a massive drop in the price of the first cryptocurrency.

This triggered massive liquidations in the derivatives market for $ 1.3 billion and led to a drop in Bitcoin to $ 42,000 for the first time since late September. After that, the total number of open positions to buy derivatives fell from $ 21.6 billion to $ 16.7 billion in less than an hour.

Despite this, analysts note that there are still large players on the market, which makes us understand that it is far from over.

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