Fun

Crypto Biz: Bitfarms gets new board after months of power struggles

News Feed - 2024-09-28 06:09:00

Ana Paula Pereira3 hours agoCrypto Biz: Bitfarms gets new board after months of power strugglesBitfarms and Riot Platforms settle months of corporate disputes with board review, while BlackRock moves for changes to Bitcoin ETF withdrawals. 308 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe conflict between Bitfarms and Riot Platforms has been resolved through governance changes. 


The companies announced a settlement on Sept. 23, with Riot agreeing to withdraw proposals and support board expansion, adding Amy Freedman and another member, while Andrés Finkielsztain stepped down. 


In addition, both companies agreed to a standstill arrangement lasting until 2026, preventing further hostile actions between the Bitcoin (BTC) miners. The settlement is expected to restore Bitfarms’ leadership amid previous disputes, including those linked to former CEO Geoffrey Morphy.


Riot, which owns an 18.9% stake in Bitfarms, has been pushing for board changes and a takeover since May 2024. 


This week’s Crypto Biz also looks at BNY’s crypto custody, BlackRock"s new stance on BTC settlements, PayPal’s crypto services, Terraform’s bankruptcy and an exclusive interview with Binance CEO Richard Teng.BNY nears crypto custody for ETFs after SEC softens SAB 121 stance


BNY Mellon is moving closer to offering Bitcoin and Ether (ETH) custody services for its exchange-traded fund (ETF) clients after the Securities and Exchange Commission eased its stance on crypto accounting rules under the Staff Accounting Bulletin (SAB) 121. The guideline required firms holding crypto assets for clients to record them as liabilities, posing a setback for the crypto industry since its introduction in April 2022. With the SEC’s revision, BNY Mellon is exempt from the rule, though it still needs authorization from other regulators before starting to offer the services. Other financial institutions may receive similar relief. “Certain broker dealers and custody banks have sufficiently demonstrated to SEC staff that their fact patterns are different from those described in SAB 121,” said the SEC. BlackRock Bitcoin ETF demands 12-hour BTC withdrawals from Coinbase


BlackRock has filed an amendment for its Bitcoin ETF, requiring Coinbase, the ETF’s custodian, to process withdrawals within 12 hours of a client request. The filling follows investor concerns about Coinbase’s onchain settlement practices, with some questioning whether the Bitcoin ETFs were fully backed by real BTC. Coinbase CEO Brian Armstrong clarified that all ETF transactions are settled onchain, despite not sharing all ETF addresses publicly. Coinbase is the custodian for 10 of 11 spot Bitcoin ETFs and eight of the nine recently approved Ether ETFs in the US.BlackRock ETF amendment. Source: SECPayPal enables business accounts to buy, sell and trade crypto


PayPal has expanded its crypto services to business accounts, allowing United States merchants — except in New York — to buy, sell and trade cryptocurrencies. Business owners can now access the same crypto functionalities available to individual users, with the option to withdraw assets to external wallets or cold storage. According to PayPal, the new feature aims to meet the growing merchant demand for crypto services in the country. The company began allowing retail customers to buy, sell and hold crypto directly from their PayPal and Venmo accounts in 2020. Terraform Labs may close products, services in bankruptcy wind-down


Terraform Labs has announced plans to shut down several products and services by Oct. 30 unless third parties take them over. The move is part of a bankruptcy wind-down after the company settled with the SEC in June 2023. Ongoing discussions with potential buyers have yet to yield results, and the company has urged its community to take responsibility for some of the services. Products and services like the Luna Foundation Guard and blockchain APIs are on the list for closure or sale.


Before you go:In an exclusive interview with Cointelegraph, Richard Teng, CEO of Binance, talks about Binance after CZ, how it has recovered, and the major changes implemented at the exchange since he took over.


Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.# PayPal# Business# Bitcoin Mining# BNY Mellon# Binance# Terra# BlackRockAdd reaction

News Feed

S&P Global joins Singapore's Project Guardian tokenization trials
Derek Andersen2 hours agoS&P Global joins Singapore"s Project Guardian tokenization trialsThe rating agency will provide its perspective on risk mitigation in tokenized fixed income transactions.395 Total views1 Tota
Bitcoin’s window to reach $100K by end of Q4 'looks very tight'
Ciaran Lyons11 hours agoBitcoin’s window to reach $100K by end of Q4 "looks very tight"Bitcoin reaching $75,000 to $80,000 by Christmas seems plausible, but hitting six figures will require everything to “go right fr
Recession No More? Bond-Market Selloff Pushes Treasury Yields to Six-Week High
U.S. bond markets extended their slide on Friday, as investors continued to reevaluate the recession risk. | Image: AFP PHOTO / Stan HONDAU.S. government debt yields continued to ri
Is the Bitcoin halving priced in? Analysts compare BTC price targets vs previous halvings
Nancy Lubale9 hours agoIs the Bitcoin halving priced in? Analysts compare BTC price targets vs previous halvingsThe Bitcoin halving is 30 days away. Should investors expect a new all-time high, or is the event already pr
Bakkt to Launch Options on Its Bitcoin Futures Dec. 9
The Intercontinental Exchange (ICE) is launching bitcoin options contracts through its subsidiary Bakkt. Bakkt announced Thursday that it would “launch the first regulated opt
Amid Youtube Censorship, Individuals Flock to Decentralized Video Sharing Apps Like Lbry.tv
Amid Youtube Censorship, Individuals Flock to Decentralized Video Sharing Apps Like Lbry.tvIn mid-May, news.Bitcoin.com reported on one of our mining pool videos being censored and
Bitcoin, Ethereum Technical Analysis: BTC, ETH Slip Ahead of US Consumer Confidence Report
Bitcoin, Ethereum Technical Analysis: BTC, ETH Slip Ahead of US Consumer Confidence Report Bitcoin and ethereum were trading lower on Feb. 28, as markets anticipated the release of
‘I’ve moved on to other things’ — Satoshi Nakamoto’s final email revisited after 13 years
Ana Paula Pereira3 hours ago‘I’ve moved on to other things’ — Satoshi Nakamoto’s final email revisited after 13 yearsIn the last known communication in 2011, Satoshi Nakamoto disclosed they had moved on to othe
NBA Extends Partnership With Meta to Bring Basketball Games to the Metaverse
NBA Extends Partnership With Meta to Bring Basketball Games to the Metaverse The NBA has extended its current partnership with Meta to broadcast its games to the metaverse. The com
Bitcoin Price Smashes $61.7K High — Leading Crypto Asset Needs to Gain Over 5% to Reach ATH
Bitcoin Price Smashes $61.7K High — Leading Crypto Asset Needs to Gain Over 5% to Reach ATH The price of bitcoin has continued to push toward higher prices as the leading crypto
Exploring the CropBytes Metaverse: A Futuristic Crypto Game With Real Economics and Immersive Graphics
Exploring the CropBytes Metaverse: A Futuristic Crypto Game With Real Economics and Immersive Graphics On January 20th, CropBytes, the four-year-old metaverse farming game, is laun
Tassat Is One Step Closer to Offering Crypto Derivatives With CFTC Approval
Tassat Derivatives has successfully acquired a swap execution facility (SEF) registration after securing regulator sign-off. The U.S. Commodity Futures Trading Commission (CFTC) ann