Following Coinbase, many other major cryptocurrency exchanges were puzzled by the issue of placing their shares on the American stock market, which is a very good signal for the world of cryptocurrencies and the digital industry in general. Yesterday, Binance.US, led by former banker Brian Brooks, has hired Manuel Alvarez as its chief administrative officer. Alvarez previously worked for the California Department of Financial Protection and Innovation and said in a statement that he joined the company back on July 22nd.
The new CEO continues to strengthen the staff and build up his team since joining the company in May this year. Now the staff has almost doubled, and there are plans to hire about a hundred more people in the next six to nine months. The official statement of the exchange says that Binance.US may eventually become public. Most likely, the placement will be carried out in the next four years. "The involvement of Manuel Alvarez shows that we are not only serious about protecting our customers, but we are also going to be at the forefront, so we will continue to hire the best specialists, the most senior people who will perform various functions for us."
Recently, the cryptocurrency community has been subjected to increasing attention from regulators in different countries. China is putting pressure on the market with its bans, the UK is depriving the largest cryptocurrency exchanges of licenses, and the US supervisory authorities have taken up stablecoins closely. It is not easy for exchanges to live in such regions as Thailand, Nigeria, and Mexico. Executive Director of Binance.US explained that the exchange is completely independent of Binance and simply has a common founder. Brian Brooks also believes that the market has already reached the point of growth where it needs basic foundations, and calls for regulation are good signs of the industry's maturing.
Binance CEO Changpeng "CZ" Zhao also spoke about regulation and recent pressure from regulatory authorities on his exchange business. He compared the cryptocurrency market to the creation of a car. In an open letter, CZ noted that the adoption and development of cryptography have many parallels with the rules concerning cars, in the sense that laws and guidelines were developed in parallel with the development of this area. "We are seeing a wider spread of cryptocurrencies around the world and the need for a clearer regulatory framework in different countries," CZ said.
And while the regulators of many countries are successfully fighting against cryptocurrencies, the regulatory authorities of Nigeria have not coped with this task. A few months after the introduction of a ban on the use of cryptocurrencies across the country, it became clear that the efforts did not work. The nation is a vivid example of how people turn to cryptocurrency to cope with the difficulties of the economy, despite the state's prohibitive stance.
Let me remind you that in February of this year, the Central Bank of Nigeria ordered banks to identify individuals and organizations that conduct transactions in cryptocurrency or transfer funds to cryptocurrency exchanges, and ensure the immediate closure of such accounts. But this ban did not affect Bitcoin in Nigeria, as the crypto community used the services of direct sending payments to each other.
According to the blockchain analysis firm Chainalysis, the dollar volume of cryptocurrency received by users in Nigeria continues to grow this year. In May, Nigeria received a cryptocurrency worth $2.4 billion, compared to $684 million in December last year.
Nigeria is further proof of how much interest Bitcoin and other altcoins can be to countries with weak economies and banking systems.
As for the technical picture of Bitcoin, it has not changed in any way. Buyers have real problems with the breakout of the $36,000 resistance, which creates quite a lot of problems for further growth. A breakout of this range will lead to a new upward wave to the upper border of the side channel at $41,100. Only after the breakout of this range can one seriously talk about a new wave of BTC growth to the highs of $46,700 and $52,000. The bears face a completely different task. To begin with, they need to prevent Bitcoin from exceeding $36,000, but a breakdown of the lower boundary of the side channel around $30,000 will collapse the rate to the lows at $25,700 and $21,650.
