logo
Binance to Keep Hundreds of Staff in Singapore Despite Crackdown

Binance to Keep Hundreds of Staff in Singapore Despite Crackdown

Bloomberg6 days ago
The world's largest digital-assets exchange Binance plans to keep hundreds of remote workers in Singapore, despite a crackdown on unlicensed crypto outfits in the city-state.
The Monetary Authority of Singapore recently announced a hard deadline of June 30 for crypto firms incorporated in Singapore and offering services offshore to cease activities, prompting top-10 exchange operators Bitget and Bybit to weigh shifting staff overseas.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The stock of a small crypto miner soared 3,000% in a week on a plan to amass a trove of ethereum
The stock of a small crypto miner soared 3,000% in a week on a plan to amass a trove of ethereum

Yahoo

time36 minutes ago

  • Yahoo

The stock of a small crypto miner soared 3,000% in a week on a plan to amass a trove of ethereum

BitMine Immersion Technologies raised $250 million to buy Ethereum as a reserve asset. The company is aiming to follow Michael Saylor's Strategy playbook. Ethereum's role in stablecoins positions it for growth, with a $2 trillion market forecast. No profits, no problem. Just add Ethereum. That's the strategy BitMine Immersion Technologies is following. The blockchain infrastructure company, which specializes in crypto mining and digital asset management and reported a net loss in the three months through May 31, surged 3,000% in the five trading days ending July 3 after raising $250 million to add Ethereum to its balance sheet. BitMine sold more than 55 million shares to a group of crypto and venture investors at $4.50 apiece on June 30. The company plans to use the proceeds to buy ethereum as the company's primary treasury reserve asset. The company also appointed Tom Lee, managing partner and head of research at Fundstrat Global Advisors, as the Chairman of the Board of Directors. The stock is up almost 1,600% year-to-date despite not being profitable. However, the Ethereum-inspired rally is proving to be volatile: the stock began falling after market open on Monday, dropping 25% from its Thursday close of $136. The company is taking a page from Michael Saylor's Strategy playbook by creating a crypto treasury reserve. While many companies have mimicked Strategy by loading up on bitcoin, an Ethereum-focused treasury purchase plan is still rare. While BitMine will continue to focus on its primarily bitcoin-dominated business operations, the company is betting that Ethereum will become more mainstream. With stablecoins playing a growing role in the crypto ecosystem, BitMine is positioning itself as an early investor in the infrastructure behind them. Unlike bitcoin, Ethereum allows programmable tokens, which are a key feature for the smart contracts that power stablecoins. Ethereum runs on "proof of stake," which allows users to earn rewards by locking up their holdings to help validate transactions and secure the network. Bitcoin, on the other hand, still relies on "proof of work," where miners use energy-intensive computers to solve cryptographic problems to mint new bitcoins. Ethereum hosts over half of existing stablecoins, making the crypto critical to the stablecoin ecosystem. According to the investment platform AInvest, 30% of Ethereum's transaction fees are generated by stablecoins. US Treasury Secretary Scott Bessent predicts that the $250 billion stablecoin market could expand to over $2 trillion in the next three years, meaning that Ethereum is positioned to receive an outsized benefit from the industry's growth, Tom Lee said. "That is really the backbone and architecture of stablecoins," Lee said of Ethereum on CNBC on June 30. "It's important to create a project that essentially accumulated Ethereum to essentially protect and have some influence on the network," Lee added. "The more Ethereum that's accumulated, the more secure the network is." Ethereum has lagged bitcoin's big bull run in recent years. The second-largest cryptocurrency has fallen from its 2021 high, dropping 23% in 2025. But with increasing stablecoin tailwinds through a crypto-friendly administration, the GENIUS Act, and more mainstream adoption, BitMine is betting that Ethereum can achieve bitcoin-level success. Read the original article on Business Insider

Samsung Elec to buy healthcare services company Xealth
Samsung Elec to buy healthcare services company Xealth

Yahoo

time38 minutes ago

  • Yahoo

Samsung Elec to buy healthcare services company Xealth

SEOUL (Reuters) -Samsung Electronics said on Tuesday it had signed an agreement to acquire Xealth, a U.S.-based healthcare platform, as part of its efforts to expand its mobile healthcare services business. The South Korean company did not disclose the value of the transaction. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

China warns Trump on tariffs, threatens retaliation on supply chain deals
China warns Trump on tariffs, threatens retaliation on supply chain deals

Yahoo

time40 minutes ago

  • Yahoo

China warns Trump on tariffs, threatens retaliation on supply chain deals

BEIJING (Reuters) -China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains. Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente. On Monday, President Donald Trump began notifying trade partners of sharply higher U.S. tariffs from August 1, after he delayed all but 10% of his April duties on most countries to give them time to strike deals with the world's largest economy. China, initially singled out with tariffs exceeding 100%, has until August 12 to reach an agreement with the White House to keep Trump from reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May. "One conclusion is abundantly clear: dialogue and cooperation are the only correct path," the official People's Daily said in a commentary, referring to the exchanges in the current round of China-U.S. trade tension. The article was signed "Zhong Sheng", or "Voice of China", a term the paper uses to express views on foreign policy. Reiterating Beijing's view that Trump's tariffs amount to "bullying", the paper added, "Practice has proven that only by firmly upholding principled positions can one truly safeguard one's legitimate rights and interests." The remarks set the stage for another round of tariff war should Trump stick to what the ruling Communist Party's official daily said was "a so-called 'final deadline.'" The average U.S. tariff on Chinese exports now stands at 51.1%, while the average Chinese duty on U.S. goods is 32.6%, with both sides covering all their trade, the Peterson Institute for International Economics said. The paper also took a swipe at regional economies that are considering striking tariff reduction deals with the United States that cut China out of their supply chains. Last week, Vietnam secured a tariff reduction to 20% from 46% with a deal for goods "transshipped" through it, typically originating from China, to be subjected to a levy of 40%. "China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions," the paper said. "If such a situation arises, China will not accept it and will respond resolutely to protect its legitimate interests." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store