Binance’s exec exodus, Nasdaq to trade AI orders, and more

Top Stories This Week

Binance crypto exchange saw 10 key execs leave in 2023. Here’s the list

A key talking point in the crypto community has been the ongoing exodus of executives from Binance amid growing regulatory troubles. Binance has seen the departure of 10 key executives from various departments in the first nine months of 2023. The latest to join the list is Helen Hai, executive vice president of Binance, who announced her resignation from her post on Sept. 6. On the same day, Gleb Kostarev, vice president of Eastern Europe, Turkey, the Commonwealth of Independent States, Australia and New Zealand at Binance, also announced his resignation, as did CIS general manager Vladimir Smerkis. Four top executives from Binance reportedly all left on the same day after Binance’s response to the United States Department of Justice investigation. Binance CEO Changpeng Zhao has hosed down recent rumors against his firm, assuring its balance sheet and employee retention remain robust despite the recent market uncertainty.

Nasdaq receives SEC approval for AI-based trade orders

The United States Securities and Exchange Commission has approved Nasdaq’s request to operate its first AI-driven order type on Sept. 8. Called the dynamic midpoint extended life order (M-ELO), the new system expands on the M-ELO automated order type by making it “dynamic,” meaning it will use artificial intelligence to update and, essentially, recalibrate itself in real-time. The follow-on effect should be a significant acceleration of orders placed with the system. Nasdaq says the dynamic M-ELO demonstrated a “20.3% increase in fill rates and an 11.4% reduction in mark-outs” during its research and testing.

Former FTX CEO Sam “SBF” Bankman-Fried lost an initial appeal to be released again on bail prior to his criminal trial. His lawyers had petitioned the court for temporary release, claiming the current measures to allow SBF to prepare for his trial were inadequate due to limited internet access. An appeals court denied the motion on Sept. 6, maintaining SBF’s detention at the Metropolitan Detention Center in Brooklyn. The former FTX CEO had his bail revoked on Aug. 11, following allegations of witness intimidation for leaking, to The New York Times, personal notes and diary entries from former Alameda Research CEO Caroline Ellison. SBF has roughly four weeks to prepare for his Oct. 3 trial.

Following SEC delays, ARK Invest and 21Shares file for spot Ether ETF

ARK Invest and 21Shares requested the U.S. Securities and Exchange Commission to approve the listing of shares of a spot Ether ETF on the Cboe BZX Exchange. The investment vehicle, called the ARK 21Shares Ethereum ETF, will have crypto exchange Coinbase act as a custodian and will measure the performance of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate. The proposal from ARK Invest and 21Shares is one of many spot crypto ETFs that will be reviewed by the SEC in the coming months. The U.S. regulator has been delaying decisions on crypto investments products lately, especially concerning Bitcoin spot ETF proposals.

Grayscale asks SEC to meet on ‘way forward’ for Bitcoin ETF conversion

Grayscale has told the U.S. Securities and Exchange Commission that it has no legal reasoning left to block the conversion of its flagship Bitcoin fund to a spot exchange-traded fund (ETF). The company’s lawyers sent a letter to the SEC requesting the pair meet to discuss the next steps following the regulator’s court loss regarding the conversion of the Grayscale Bitcoin Trust (GBTC) on Aug. 29. Grayscale added that it believes the SEC should conclude there are “no grounds” for treating the GBTC differently from Bitcoin futures ETFs whose filings “the Commission has previously approved.” According to Grayscale, its fund conversion application has been pending for nearly three times longer than the length of time stipulated by the SEC’s rules.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $25,871, Ether (ETH) at $1,635 and XRP at $0.50. The total market cap is at $1.04 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Synthetix (SNX) at 12.86%, Stellar (XLM) at 9.83% and Render (RNDR) at 9.09%. 

The top three altcoin losers of the week are Gala (GALA) at -14.74%, Mantle (MNT) at -7.49% and Flare (FLR) at -7.06%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.