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⚡Exodus at Binance.US😵

Croxroad

15 Sep 2023 — 6 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

👣Binance.US CEO Exit

According to a report from Bloomberg, Binance.US, which is a cryptocurrency platform, had its CEO, Brian Shroder, step down from his position. They confirmed this through a spokesperson. Now, in the meantime, they've put someone named Norman Reed in charge temporarily as the CEO.

But that's not all. This year, they've had to cut jobs twice. In this latest round, they let go of more than 100 people, which is about a third of their entire workforce. So, there's been quite a bit of change and downsizing happening over at Binance.US.

Well, it's a wild ride in the crypto world! Binance.US's CEO, Brian Shroder, steps down, and they've laid off a third of their staff - more than 100 people! Cryptocurrency is full of surprises and uncertainties. Hold on tight to your investments!

Back in June, Binance, along with its US counterpart, Binance.US, and its CEO CZ, got hit with a lawsuit from the US Securities and Exchange Commission (SEC). That's a pretty big deal because it means they were accused of doing something not-so-great in the world of finance.

After that, things got even messier. The banks that Binance.US was working with decided they didn't want to be involved with them anymore. So, Binance.US had to change its approach and move towards being a crypto-only exchange. That means they were cutting ties with traditional banking and focusing solely on dealing with cryptocurrencies.

Now, here's the real kicker: their trading volume, which is basically how much crypto people are buying and selling on their platform, took a nosedive. According to TokenInsight, a data source, in the last 90 days, they only had about $969 million in trading volume. But if you look back to the 90 days before that, it was a whopping $32.36 billion! Damnnn that’s a real nosedive!

So, it's been a rocky road for Binance.US with the lawsuit, losing banking partners, and seeing a massive drop in trading activity. This whole saga is a stark reminder of how the cryptocurrency world can be a real rollercoaster ride.

According to a spokesperson from Binance.US, they've taken some significant steps to ensure their financial stability. They say that these actions have given them enough financial strength to operate for over seven years without any issues. Basically, they've set themselves up to keep providing services to their customers, but now they're exclusively dealing with cryptocurrencies.

The reason for all these changes, they claim, is because of the SEC, the U.S. Securities and Exchange Commission. They're accusing the SEC of being really aggressive in trying to hurt the cryptocurrency industry,Fishy? And they say that these actions by the SEC have had a real impact on their business. They're not happy about it because they believe it's causing job losses and hampering innovation in America. Same old excuse!

So, in a nutshell, Binance.US is adapting to the situation, focusing solely on cryptocurrencies, and they're not too thrilled with how the SEC is handling things in the crypto world. It's a sign of how regulatory actions can have ripple effects in the industry.

🇨🇦 🇨🇷 BTC Pair: Canada, Costa Rica

This company called Bull Bitcoin, which is a Bitcoin exchange based in Canada. They're not like traditional banks because they don't hold onto your Bitcoins for you; you're in charge of your own Bitcoins when you use their service.

Now, they've teamed up with two Costa Rican partners. One is SINPE Movil, which is basically Costa Rica's main system for regular money payments. It's like the way we use banks and apps to send money to each other.

The other partner is called Bitcoin Jungle, which sounds pretty cool, right? They're a local company that provides a way to store and manage your cryptocurrencies. Think of it as a digital wallet for your Bitcoins.

So, this partnership means that Bull Bitcoin is working with these Costa Rican companies to make it easier for people in Costa Rica to buy, use, and store Bitcoins. It's like a bridge between the world of traditional money and the world of cryptocurrencies. Exciting times for Bitcoin enthusiasts in Costa Rica!

I just read this press release from Bull Bitcoin dated September 14th. It says that people in Costa Rica, whether they're locals or foreigners, will soon have a way to change their local money, Colones, into Bitcoin, and the other way around. Basically, you can swap your regular money for Bitcoin and vice versa.

Bull Bitcoin is making it even more convenient. They're also letting you convert between Colones and US Dollars in your bank account using regular bank transfers. So, it's like they're opening up this pathway where you can easily move between your traditional money and the world of Bitcoin, making it simpler for everyone in Costa Rica to get into BItcoin.

So, according to Bull Bitcoin, their move into the Costa Rican market is like the starting point for their big global expansion. It's like they're opening the door to the world.

See, they've been doing their thing in Canada for nearly a decade, serving about 35 million people there. But now, they're ready to take on a much bigger stage. In the next year, they're planning to make their services available to more than a billion people all over the world. It's a pretty ambitious move, and it shows they're gearing up to be a major player in the global cryptocurrency scene. So, they've gone from serving millions to potentially serving billions in just one big leap!

Costa Rica is one of the Latin American countries included in Binance's new product called "Send Cash." It's a pretty cool thing they've rolled out. In August, Binance, which is the world's biggest crypto exchange, introduced this system that lets you turn your crypto into regular money and send it straight to a bank account.

Now, this service is available in several Latin American countries, including Honduras, Guatemala, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. And here's the twist: you can use Binance Pay to send money to folks who have bank accounts in Colombia and Argentina. It's like a new way to move money across borders, and it's all powered by cryptocurrency. Pretty nifty, right?

🧟 Hanging Man

Imagine you're looking at a graph that shows the price of something, like a stock or Bitcoin, over time.

Now, think of two important points: the starting price and the ending price during a certain time period, like a day.

When you see a "hanging man" pattern, it looks kind of like a hammer. But here's the key difference: the hanging man appears when the price is going up and is near the end of that upward movement.

So, what makes it "bearish" (which means it suggests prices might go down) is that when this hanging man pattern forms, the price at the end of that time period is lower than where it started. In other words, it's like a warning sign that the good times might be ending, and the price could start going down.