{"id":203591,"date":"2023-11-30T15:21:07","date_gmt":"2023-11-30T09:51:07","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203591"},"modified":"2023-11-30T15:21:07","modified_gmt":"2023-11-30T09:51:07","slug":"binance-settlement-net-positive-for-cryptocurrency-industry-mike-novogratz-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-settlement-net-positive-for-cryptocurrency-industry-mike-novogratz-crypto-news\/","title":{"rendered":"Binance settlement \u2018net positive\u2019 for cryptocurrency industry \u2014 Mike Novogratz – Crypto News"},"content":{"rendered":"
\n

Binance\u2019s $4.3 billion settlement\u00a0with the United States Department of Justice (DOJ)<\/a> is being hailed as a positive move for the company and the wider cryptocurrency industry, according to Galaxy Digital\u2019s Mike Novogratz<\/a>.<\/p>\n

In an interview<\/a>\u00a0with Bloomberg on Nov. 29, the CEO of the cryptocurrency investment firm expressed his belief that the high-profile settlement should assuage concerned investors and users of the global exchange:<\/p>\n

\u201cI think they’re de-risked in lots of ways. People were worried about dealing with Binance. There’s a lot less to worry about now.\u201d<\/p><\/blockquote>\n

Novogratz also weighed in on the considerations for major investment firms dealing with exchanges as well as traditional finance (TradFi) players as regulatory oversight continues to take center stage in the U.S.<\/p>\n

Binance didn\u2019t steal money<\/h2>\n

The Galaxy Digital CEO said that a \u201creasonable\u201d approach underpinned by investments and relationships with companies that \u201ctake their jobs seriously\u201d remains key while stressing that mainstream finance has also found itself on the wrong side of regulators in recent years.<\/p>\n

\u201cIf you went through the list of TradFi banks who have been sanctioned or fined by different regulators in the last 24 months, it’s a shocking list. So you’re not looking for zero mistakes, otherwise there’d be no one to deal with,\u201d Novogratz said.<\/p>\n

Related:\u00a0FTX collapse, Binance\u2019s US settlement provide strong case for MiCA regulations<\/em><\/strong><\/a><\/p>\n

He added that concerns over Binance potentially being shut down or that the exchange had \u201cstolen people\u2019s money\u201d in a situation similar to FTX<\/a> simply was not the case:<\/p>\n

\u201cIt came down to some pretty serious violations of KYC protocols and they’ve worked to correct them, they paid their fine and they’re moving on,\u201d the Galaxy Digital CEO said.<\/p>\n

“I think it’s a net positive for their company. I think it’s a net positive for our industry.”<\/p><\/blockquote>\n

Bitcoin price \u201cwill be significantly higher\u201d<\/h3>\n

Novogratz also weighed in continued anticipation<\/a> of a Bitcoin exchange-traded fund<\/a> (ETF) being approved in the U.S. as well as the mining reward halving looming in 2024.<\/p>\n

\u201cThere’s a bunch of good things happening for Bitcoin. We are going to get an ETF. There’s a lot of anticipation and some of that’s built into the price,\u201d Novogratz said.<\/p>\n

Related:\u00a0Why Binance\u2019s US plea deal could be positive for crypto adoption<\/em><\/strong><\/a><\/p>\n

The investor added that if and when an ETF is approved, a number of investment and asset managers, including the likes of BlackRock, Fidelity, Ark and Galaxy Digital will mobilise their sales forces to convince people to adopt Bitcoin:<\/p>\n

“The price is going to be significantly higher, especially at a time when the Fed is probably cutting rates. Could we go to old highs by this time next year? Of course we could.”<\/p><\/blockquote>\n

Novogratz also noted that the Bitcoin halving sets things up for \u201ca wonderful story,\u201d while the 2024 U.S. elections could also play a role.<\/p>\n

\u201cThat uncertainty should help Bitcoin in the fact that the U.S., Europe and Japan still can\u2019t come close to being fiscally responsible is why people got invested in Bitcoin in the first place,\u201d Novogratz said.<\/p>\n

Magazine:\u00a0The truth behind Cuba\u2019s Bitcoin revolution: An on-the-ground report<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Binance\u2019s $4.3 billion settlement\u00a0with the United States Department of Justice (DOJ) is being hailed as a positive move for the company and the wider cryptocurrency industry, according to Galaxy Digital\u2019s Mike Novogratz. In an interview\u00a0with Bloomberg on Nov. 29, the CEO of the cryptocurrency investment firm expressed his belief that the high-profile settlement should assuage […]<\/p>\n","protected":false},"author":2,"featured_media":203592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-203591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=203591"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203591\/revisions"}],"predecessor-version":[{"id":203594,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203591\/revisions\/203594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/203592"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}