Cryptocurrency existed as a theoretical construct long before the first digital alternative currencies debuted.
The price fluctuations came as conflicting reports on whether Chinese property giant Evergrande had "defaulted" on its loan surfaced.
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According to the Wall Street Journal, Zhao stated that he would be willing to step down as the CEO of Binance in order to resolve the company’s regulatory problems.
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Despite its size and name recognition, Binance has had issues with regulators. In 2017, Binance left China and re-located to Japan and Taiwan before eventually moving to Malta. However, in February 2020, after Malta announced that Binance was not actually within its jurisdiction, the exchange quickly changed positions and declared that it doesn’t have a headquarters because Bitcoin doesn’t have a central headquarters.
"The U.S. has always been a very important market; globally it's one of the biggest markets for any business, including in cryptocurrency," he said. "We want to be fully compliant. Before we didn't feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market."
Bitcoin, Ether Crypto Coins Surge to New Highs Before Correction, Shiba Inu, Dogecoin Slip Continues
“Good thing Americans are forced on to these dogshit exchanges where they can get completely scammed on unreasonably thin books. This type of shit just shouldn’t be happening. It’s not fair that some get stopped out and some stay in, some get fills and some don’t.”BTC/USD 1-hour candle chart (Binance). Source: TradingView
Binance CEO Changpeng Zhao insisted that the long-term pay-off will be worth any compromise.
Some speculated the Chinese giant had missed its loan payments, however, Bloomberg reported it paid delayed interest on at least two loans to avoid a default.
But whether that growth is sustainable, and what it means long-term, is still in question. “This crypto, blockchain technology, the public interest in it right now is being driven by a kind of speculative fever,” says Dr. Richard Smith, executive director of the Foundation for the Study of Cycles, a nonprofit organization dedicated to studying recurring patterns throughout economies and cultures.
Unlike traditional payment processors, such as PayPal and credit cards, most cryptocurrencies have no built-in refund or chargeback functions, although some newer cryptocurrencies have rudimentary refund features.
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