๐จ Breaking News - The U.S. administration under President Donald Trump is reportedly planning to give Changpeng Zhao, the Co-Founder and former CEO of the cryptocurrency exchange Binance, a presidential pardon.
In 2024, Changpeng Zhao, also known as CZ, pleaded guilty to money laundering and was sentenced to four months in prison along with a $50 million fine. He also had to resign as Binanceโs CEO and step down from any executive role from the firm.
In a post on X, New York Post columnist and Fox correspondent Charles Gasparino said that people close to Zhao have been saying that Trump insiders think the case against him was โpretty weakโ and didnโt need a felony charge or jail time. And since Zhao is still Binanceโs biggest shareholder, these talks have made it possible for him to come back to the crypto exchange.
๐จMajor crypto ETFsย (Bitcoin and Ethereum) posted $672 million in combined outflows on Thursday, October 30. BlackRock's IBIT ETF lost $291 million, and ETHA shed $118 million.
Meanwhile, a $500 million telecom-financing fraud tied to BlackRock's private-credit arm has rocked institutional markets, raising new concerns about risk management and due diligence.
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Thai authorities arrested Chinese national Liang Ai-Bing, alleged mastermind of FINToch $31 million crypto Ponzi scheme, following a coordinated cross-border intelligence operation in Bangkok.
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Build It or Buy It๐ A Key Choice for Blockchain Stablecoin Infrastructure
As stablecoin based payment systems emerge from the fringes of crypto to gain widespread acceptance, new questions and challenges arise. One of the more pressing dilemmas is whether to develop your own blockchain or make use of an existing system.
Recent examples of blockchain going mainstream include SWIFTโs use of distributed ledger technology as part of its inter-bank messaging system, while payment processor Stripe created a native blockchain, Tempo. And even JP Morgan, not previously known for its crypto enthusiasm, unveiled its own JP MD stablecoin like token in June.
$XRP Trades Higher on Big Flows, Yet Technical Setup Signals Caution
XRP rose 0.60% to $2.623 as trading volume increased by 47% above its seven-day average, signaling heightened institutional interest. Despite bullish patterns, XRP faces resistance near $2.68, with momentum indicators suggesting possible short-term consolidation. Traders should watch for XRP to maintain support around $2.60-$2.63, as a sustained rise above $2.65 could shift the bias bullish.
The moves come ahead of a pivotal Federal Open Market Committee (FOMC) meeting on Oct. 28โ29, where officials are widely expected to cut benchmark rates by 25 basis points to the 4.00%โ4.25% range.
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