Today in Crypto, Binance founder Changpeng “CZ” Zhao received a pardon from US President Donald Trump, clearing the way for a possible return to the exchange. Revolut has secured a MICA license from the Cyprus Securities and Exchange Commission, while Bitcoin Miners’ debt has advanced 500% in the past year as companies race to meet rising demand from AI and crypto mining.
Binance confirms that CZ received the Presidential Pardon from Trump
President of the United States Donald Trump has pardoned the convicted founder of Binance Changpeng “CZ” Zhao, following months of lobbying and appeals from the company and its former CEO, The Wall Street Journal reported Thursday, citing people familiar with the matter.
President Trump signed the pardon on Wednesday, people saidthough no official details have been published on the White House website or in the Federal Register, where presidential pardons are usually announced. The information was later confirmed by Binance.
Zhao apologized in November 2023 to one count of failing to implement an adequate Anti-Money Laundering (AML) program at Binance, in violation of the Bank’s Banking Law. As part of his plea, Zhao agreed to step down from his role at Binance.
In April 2024, Zhao was sentenced to four months in a US prison. He was subsequently released from custody in September.
Binance confirmed the Presidential Pardon to Cointelegraph, sharing the following statement:
“Incredible news of the CZ pardon today. We thank President Trump for his leadership and his commitment to make the US the capital of the world.
Revolut Secures MICA License in Cyprus to launch crypto services across Europe
Revolut obtained a license to MICA from Cysec.
The move furthers Revolut’s expansion into the crypto market as the fintech prepares to launch its next-generation “crypto 2.0” platform, the company said in a news release shared with Cointelegraph.
“This authorization allows us to deliver groundbreaking crypto products with improved transparency and trust for our growing customer base, while further reiterating our commitment to crypto as an asset class,” said Costas Michael, CEO of Revolut Digital Assets Europe.
The MICA license allowed Revolut to sell the entire suite of crypto products under a regulatory framework. The company, which serves more than 65 million customers worldwide, including 40 million in Europe, will use the license to expand its crypto trading, staking and stablecoin offerings, per the announcement.
Revolut also released a suite of new products, including the next-generation crypto platform, Crypto 2.0, which will include access to more than 280 tokens, zero-fee staking with returns of up to 22% annual percentage yield and 1:1 stablecoin-to-us dollar conversion with no spread.
“When paired with crypto-enabled Revolut Visa/MasterCard cards, seamless on/off-ramping tools, and X’s low trading fees (0.00%-0.09%), the platform delivers one of the broadest and most effective crypto experiences in Europe,” the company wrote.
Last year, Revolut Introducing Revolut xa dedicated desktop crypto exchange targeted at experienced traders. The platform offers trading for 100 tokens with low fees and real-time on/off-ramp capabilities.
Bitcoin Miner Debt Falls 500% As Miners Beef For Hashrate Fight
The debt to bitcoin miners has increased from $ 2.1 billion to $ 12.7 billion In just 12 months as they fight to meet the demands for artificial intelligence and bitcoin production, according to investment giant Vaneck.
Without constant investment in the latest machines, a miner Part of the global hashrate has worsened. said on Wednesday in their October Bitcoin Chaincheck Report.
“We refer to volatility as the melting ice cube problem. Historically, miners have relied on equity markets, not debt, to fund steep capex costs,” they said.
A growing number of bitcoin miners have diversified income streams Shifting their energy capacity towards AI and HPC Hosting Services after April 2024 The cessation of mining rewards up to 3.125 Bitcoin, hurting overall profitability.
At the same time, several miners the pair spoke to for the report revealed that they are exploring methods to Monetize excess electrical capacity When demand for AI services is low.
