Institutional
Binance SWIFT banking partner set to ban USD transfers below $100K
Binance stressed that credit and debit card payments will continue to be accepted and that non-USD bank transfers would still be processed through the SWIFT payment system. News Own this piece of history Collect this article as an NFT Binance has informed its retail customer base of a potential incoming service disruption that may halt on and off-ramp bank payment transfers. The service disruption will impact users of U.S Dollar-held bank accounts that are looking to buy or sell cryptocurrencies for less than $100,000 via the SWIFT payment system. The disruption will take effect on Feb. 1. Binance announced the news to its “Binancians” by email on Jan. 21, stressing that they’re now “actively seeking” a new SWIFT (USD) partner to avoid service disruptions for future bank payment transfers....
3 ways crypto derivatives could evolve and impact the market in 2023
Futures and options let traders put down only a tiny portion of a trade’s value and bet that prices will go up or down to a certain point within a certain period. It can make traders’ profits bigger because they can borrow more money to add to their positions, but it can also boost their losses much if the market moves against them. Even though the market for crypto derivatives is growing, the instruments and infrastructure that support it are not as developed as those in traditional financial markets. Next year will be the year that crypto derivatives reach a new level of growth and market maturity because the infrastructure has been built and improved this ye, and an increasing number of institutions are getting involved. Crypto derivatives’ growth in 2023 In 2023, the volume...
Institutional investor sentiment about ETH improves as Merge approaches
Ethereum prices may have dipped again today, but there are signs that professional investors are warming to the asset as the highly anticipated Merge draws closer. In its digital asset fund flows weekly report, fund manager CoinShares reported that Ethereum-based products saw inflows for the third consecutive week. There was an inflow of $7.6 million for institutional Ethereum funds, whereas those for Bitcoin continued to outflow with a loss of $1.7 million. Referring to the Ethereum funds CoinShares stated: “The inflows suggest a modest turnaround in sentiment, having endured 11 consecutive weeks of outflows that brought 2022 outflows to a peak of US$460M.” It added that the change in sentiment may be due to the increasing probability of the Merge happening later this year. The Merge is a...
AGF: I do not have personal ‘debt collectors’
The Minister of Justice, Abubakar Malami, SAN, says the recovery agents engaged by his office are institutional recovery agents for the federal government. Dr Umar Gwandu, Special Assistant to the Minister on Media and Public Relations made the clarification in a statement on Friday in Abuja. “Malami in his personal capacity does not have any personal debt collectors for the recovery of federal government debts. “For the avoidance of doubt, the office of the Attorney-General and Minister of Justice does not engage recovery agents based on personal gratification or individual’s inclinations’’. He said that none of those engaged by the Federal Government in the recovery of assets and generation of revenues belonging to the government work for “Malami”, as mischievously portrayed in some medi...
