Crypto exchange Binance says it is complying with international sanctions by denying sanctioned Russian individuals and entities access to its platform. “Compliance remains our top priority. We are deeply committed to our users and maintaining their trust in our platform. We constantly invest in our teams and systems to protect our users,” Binance claimed.
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Binance Says It Complies With International Laws on Sanctions
Cryptocurrency exchange Binance says it is restricting access to its platform for Russian individuals and organizations that are under international sanctions. The company’s press office told Tass last week
This aligns with Binance’s policy of adhering to global sanctions against Russia and other sanctioned nations, affecting a range of restricted users.
While the platform continues to provide limited services to existing Russian users to ensure the security of their digital assets, Binance explained that it is reassessing its operations in the region. The company stressed
The exchange also underlined its dedication to developing compliance frameworks, noting: “Our goal is to create industry-leading compliance programs that effectively cooperate with legislative bodies across the world.”
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The Dow Jones Industrial Average (DJIA) dropped more than 350 points Monday afternoon after Federal Reserve Chair Jerome Powell said that more interest rate cuts were coming, but that the central bank is not in a rush to “cut rates quickly.”
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Speaking at the National Association for Business Economics’ annual conference in Nashville, Powell expressed confidence in the country’s economic outlook.
“Labor market conditions are solid, having cooled from their previously overheated state,” he said. “Inflation has eased, and my Federal Open Market Committee colleagues and I have greater confidence that it is on a sustainable path to 2%.”
The Dow fell 0.8%, or 351 points, to 41,960. The tech-heavy Nasdaq (NDAQ) and S&P 500 dropped 0.6% and 0.5%, respectively.
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The remarks came less than two weeks after the Federal Open Market Committee approved a half-percentage-point (50 basis points) cut, its first cut following years of hikes to combat a post-pandemic inflation spike.
Powell expressed confidence in the labor market, noting that layoffs remain low. He highlighted that the labor force participation rate for individuals aged 25 to 54 is near a historic high, while prime-age women’s participation continues to reach new all-time records. Key employment data are set to be released this week, providing further insights into the economy’s health.
Inflation is cooling down🛸
Powell also expressed optimism about controlling inflation, citing recent data that point to steady progress toward the Fed’s annual 2% inflation target.
Core goods prices have fallen 0.5 percent over the past year, close to their pre-pandemic pace, as supply bottlenecks have eased,” he said.
With the economy in solid shape, Powell hinted at the possibility of further rate cuts, but emphasized that the recent half-percentage-point reduction should not be seen as a signal that future cuts will be as aggressive.
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“Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course,” Powell said. “The risks are two-sided, and we will continue to make our decisions meeting by meeting.”
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Coinbase Institutional’s report highlights optimism for the crypto market, driven by expectations of U.S. rate cuts and China’s monetary stimulus, which could boost bitcoin’s performance in Q4 2024. While bitcoin remains strong, ethereum faces challenges with rising transaction fees and limited impact from U.S. spot exchange-traded funds (ETFs).
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Coinbase: ‘We Anticipate a Constructive Q4 2024’
Coinbase Institutional published its latest “Takeaways from Token2049” on Friday. The report, co-authored by David Duong, Head of Institutional Research, and David Han, Institutional Research Analyst, summarized key insights from the Token2049 and Solana Breakpoint conferences, which were held in Singapore. They wrote:
The report focused on bitcoin and high-beta crypto assets, with a strong overall outlook for the market in the upcoming months.
Ethereum’s recent struggles, particularly its rising transaction fees, were also discussed. “Onchain activity is growing, with rising DEX volumes and higher Ethereum gas prices,” the report noted. However, despite the recent launch of spot ETH ETFs in the U.S., the token has not seen the same benefits as bitcoin. The report described:
This skepticism contrasted with the excitement surrounding bitcoin and alternative networks like Solana, which is rapidly expanding its ecosystem with new products and partnerships.
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Despite some concerns about ethereum’s performance, the broader crypto market remains well-positioned for growth. This optimism is fueled by China’s massive fiscal and monetary stimulus and supportive U.S. economic conditions. Solana and other emerging layer-1 networks are increasingly challenging ethereum’s dominance, with more attention being paid to scalability and transaction efficiency. The rise of decentralized exchanges (DEXs), along with improvements in blockchain infrastructure, signal promising developments for the crypto space as a whole.
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