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“We haven’t always got everything exactly right”: Binance CEO speaks out

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The founder and CEO of crypto exchange platform Binance holdings has defended the company’s flaws saying it is a result of its rapid growth.

Chief Executive “CZ” says “Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day”.

The exchange platform has been impacted by a series of scandals and flaws in recent weeks.

Most significantly, the UK affiliate of Binance was impacted by a crackdown from the nation’s Financial Conduct Authority, preventing banks like Barclays from issuing debit and credit card payments to the company.

Binance has also been forced to temporarily suspend bank deposits at one of Europe’s key payments networks and has been at the centre of probes by multiple US agencies.

The CEO admitted he knows the company is at the tipping point, and outlined steps the executives had taken to make operations smoother.

He says Binance is rapidly expanding its international compliance team and advisory board whilst also localising operations to better comply with local regulations.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly ticker Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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North Korea bears the brunt of the crypto market crash

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The crypto market crash is impacting North Korea’s weapons programme

The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.

The isolated country relies on stolen crypto to fund part of their weapons program.

But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.

KCNA

North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.

Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.

Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.

Katerina Kostakos contributed to this report

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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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