🏦 **Earn $200,000 at Binance: Verified Method** 🏦 #kunaldesai 🛑 Don't miss the chance! Follow the steps in this post and earn free money.
Binance Futures brings an exciting opportunity with the Futures Grand Tournament, happening from November 27 to December 24, 2023. Engage in various activities and compete for a share of the dynamic $2 million USDT token voucher prize pool and exclusive rewards.
🌐 1. Early Bird Challenge: - Period: November 27 - December 3 - Tasks: Earn stars by completing tasks for a chance to claim rewards from a $35,000 USDT futures bonus voucher prize pool. - Categories: Stars unlock rewards, with a maximum of 16 USDT futures bonus vouchers per participant. - Claim Deadline: December 4, 23:59 (UTC)
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🛞 Welcome Rewards: - Period: November 27 - December 24 - Eligibility: New futures users can share up to $200,000 USDT and 1 BNB in rewards.
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📅 Key Dates: - Early Bird Challenge: November 27 - December 3 - Team Competition, Copy Trading Competition, Battle of the Bots: December 4 - December 24 - Welcome Rewards: November 27 - December 24
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Cryptocurrency trading platform Binance has made the decision to remove the Nigerian currency, the naira, from its peer-to-peer (P2P) service, prompting discontent and concern among Binance users in Nigeria. This development coincides with reports that two Binance executives have been detained in Nigeria, with their passports confiscated. The executives had traveled to Nigeria to address the country’s ban on crypto exchange websites.
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Trade $1 on Binance Convert and Win 500 USDT Daily 😱
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🗓️ Promotion Period: Dec 4, 2023, 00:00 (UTC) - Jan 3, 2024, 23:59 (UTC)
💵 Rewards Pool: 20,000 USDT in token vouchers
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SEC Will Likely Force Cash-Create Bitcoin ETFs: Here’s Why That Matters
It’s nearly guaranteed that regulators will force Bitcoin (BTC) ETF applicants to adopt a “cash-create” model before launching their highly anticipated investment products, according to Bloomberg ETF analyst Eric Balchunas.
The decision, if true, would have major implications for the cost of managing each fund – and by extension, the fees passed down to customers.
In-Kind VS In-Cash
Since last month, BlackRock and other applicants have held multiple meetings with the Securities and Exchange Commission (SEC) concerning their “redemption model” – the process by which their ETF shares will be kept in tandem with the value of the fund’s underlying BTC.
Sponsors like BlackRock have pushed for an ‘In-Kind’ redemption model, by which a registered intermediary transfers Bitcoin (BTC) to the ETF issuer whenever it must issue new fund shares to meet market demand.
By contrast, the SEC seeks a cash-create model, which would require intermediaries to send an ETF issuer cash, which is then used to buy the BTC they need. The added step prevents intermediary broker-dealers from needing to personally handle real BTC, which is a no-no for the regulator.
Yet there’s a cost. As explained by Balchunas in a Thursday post to X:
“Cash creates are worse for taxes bc cash changes hands vs in-kind is simply trade and no cash exchanges hands. Thus, cash create only bitcoin ETFs are not ideal and screw up one major advantage of ETF structure.”
Early Capital Gains Tax
By executing cash-to-BTC conversions on its own, ETF issuers would be subject to capital gains taxes whenever they need to sell their fund’s BTC.
According to fellow Bloomberg analyst James Seyffart, this could make ETF holders forced to recognize gains when they otherwise wouldn’t have needed to yet.
“This is how *all* Mutual Funds work because mutual funds operate on cash create and redeem,” he elaborated. “Should be more of an inconvenience. BTC 42982.87 +0.19% PEOPLE 0.01373 +3.16% #Bitcoin