Celsius Network is launching business restructuring processes. Thus, it has already received permission to launch mining capacity for BTC mining.
Celsius Network has received permission to build a new bitcoin (BTC) mining farm. With it, the troubled company hopes to successfully restructure its business to stay in the game.
Celsius bets on mining
Celsius Network, which has been making front-page news lately, continues to make active attempts to stay afloat. As we learned from recent published documents, it plans to make bitcoin (BTC) mining an important new line of business as part of its financial restructuring.
Celsius plans to allocate $3.7 million to build a new mining facility. The company is also willing to spend another $1.5 million on customs fees and duties for importing mining equipment. Authorities have already been granted permission for these steps.
What do you think about the prospects for Celsius? Share your thoughts with us in the comments and join the discussion on our Telegram Channel.
Mining operations in the U.S. are nothing new for Celsius. The company currently operates more than 43,000 mining farms. According to documents, that number should increase to 112,000 by the 2nd quarter of 2023.
Additionally, the documentation shows that Celsius’ asset value fell from $22.1 billion to $4.3 billion between March 30 and July 14. It also reflects a lot of preventative measures the company has taken to protect and preserve assets, including the termination of customer services.
Further, the company intends to preserve the value of assets through a comprehensive restructuring of operations, which will be discussed with shareholders.
Also, there are high hopes for BTC mining. With its help, Celsius wants to finance further mining operations and replenish its bitcoin holdings. The company’s management is also considering asset sales and investment opportunities.
Customers will be offered – of their choice – either cash compensation or the ability to “maintain a long position in cryptocurrency.”
Earlier, news of this heavyweight’s problems in the cryptocurrency lending segment caused a big stir in the market. Recall, as it became known that the hole in Celsius Network’s corporate account exceeded $1.19 billion.
On July 14, the company filed for bankruptcy under Chapter 11 of the U.S. Code, after which it launched a financial restructuring process.
Nevertheless, many are concerned that customers will have to wait a very long time for reimbursement of losses incurred. Against this backdrop, the number of lawsuits filed against the company is increasing.
US Judge Approves Binance’s $4.3 Billion Settlement Deal: Reuters
A U.S. federal judge has approved Binance’s guilty plea and a hefty $4.3 billion settlement deal for violating anti-money laundering (AML) and sanctions laws through its cryptocurrency exchange.
According to a Reuters report, the plea and the settlement were accepted on Friday, February 23.
The Settlement Deal
The U.S. Department of Justice (DOJ) had announced the plea deal and settlement in November, alleging that Binance had violated the Bank Secrecy Act (BSA), the International Emergency Economic Powers Act (IEEPA), and failed to register as a money transmitting business.
Additionally, the agency alleged that Binance’s founder and now-former CEO, Changpeng “CZ” Zhao, failed to maintain an effective anti-money laundering program on the platform, violating the BSA.
The guilty plea and settlement comes after a years-long investigation by the DOJ into the leading crypto exchange.
Prosecutors stated that CZ’s failure to maintain an AML program on Binance “allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.”
As part of the settlement deal, which prosecutors described as the largest corporate resolution, Binance agreed to forfeit $2.5 billion and pay a criminal fine of $1.8 billion, bringing the total to $4.3 billion. The exchange also agreed to retain an independent compliance monitor for three years and upgrade its AML program.
On the other hand, CZ pleaded guilty to money laundering violations and was released on a $175 million bail bond. As part of his settlement, he paid a fine of $50 million and gave up his CEO role at the exchange. CZ has remained in the U.S. ever since, as he was not allowed to travel back to his residence, Dubai.
Prosecutors Seek to Modify CZ’s Bond
In the latest court hearing on Friday, federal prosecutors sought to modify CZ’s bail bond. These modifications include the executive giving a three-day notice before any travel plans, surrendering his passports, and maintaining his current residence in the U.S. “unless he gets approval for a change.”
In addition, pretrial services officers asked that CZ be subjected to location monitoring.
CZ’s sentencing hearing is scheduled for April 30. While the assigned judge would determine his sentencing, prosecutors believe he could spend 18 months behind bars for his crimes.
Ethereum (ETH) Reclaims $3K Level as Bitcoin (BTC) Eyes $52K (Weekend Watch)
Bitcoin’s price went on the offensive once again after yesterday’s retracements and came inches away from tapping $52,000.
Most altcoins are also slightly in the green, with ETH surging past $3,000 and SOL maintaining above $100.
BTC to Challenge $52K?
After a few consecutive weeks of price increases, the primary cryptocurrency had a quieter seven-day period this time. The only notable price surge came on Tuesday when the bulls drove the asset to a new multi-year peak of precisely $53,000.
However, a sharp rejection followed that pushed the cryptocurrency south by more than two grand. It tried to recover most of the losses but ultimately fell below $51,000 on a few occasions.
The next couple of days were calmer, but BTC still struggled to post any substantial gains. Just the opposite, the cryptocurrency fell to a multi-day low of $50,600 yesterday.
The landscape has changed since then, though. Bitcoin began another leg-up that resulted in gaining over a grand in hours and jumping to nearly $52,000. As of now, BTC has been unable to conquer that line even though it is more than 1% up on the day.
Its market capitalization has gone above $1 trillion once again, but its dominance over the altcoins is down to 48.6%.
ETH Reclaims $3K
Perhaps driven by the hype around the potential approval of spot Ethereum ETFs, the second-largest digital currency, has been on the rise in the past few weeks. This led to the inevitable challenge of the $3,000 level. The asset jumped above it a few times lately but was always pushed back down. The past 24 hours saw another increase that has driven ETH to just over $3,000, following a 2.5% increase.
Solana has remained above a round-numbered milestone, as it stands at north of $100 now. BNB, XRP, ADA, AVAX, and LINK are also slightly in the green.
UNI has dumped the most on a daily scale (-16%), but it is still up by double digits since Friday after this proposition.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
ChatGPT Analyzes if the Ripple v. SEC Lawsuit Will be Over in 2024
- The lawsuit between Ripple and the SEC is approaching a crucial trial in April 2023, with potential long-term impacts on the cryptocurrency sector and possibilities of extended legal battles through appeals.
- Ripple has gained key partial legal victories, but the final outcome and its implications are still uncertain.
Could We See the Conclusion This Year?
The lawsuit between Ripple and the United States Securities and Exchange Commission has been among the trendiest topics in the cryptocurrency industry for years. It dates back to December 2020, when the agency accused the company of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.
For its part, Ripple argues that its native token is a currency rather than a security and thus does not fall under the SEC’s jurisdiction.
The case is reaching its last chapter – a grand trial scheduled for April 2023, whose outcome might significantly impact the entire cryptocurrency sector. However, the beginning of the courtroom battle does not necessarily mean that the end of the dispute is around the corner. As such, we decided to ask ChatGPT if a resolution is likely to be observed before the end of the year.
The AI-powered chatbot estimated that a final judgment is expected in the summer of 2024. On the other hand, it is important to note that appeals could delay the outcome potentially until 2026:
“This means that while a decision might be reached this year, the overall legal battle could extend further due to the appeals process.”
In addition, the case has been adjourned “sine die,” which translated from Latin means “without a date.” Another factor hinting that the battle might be nowhere near its end is the SEC’s determination to win at all costs and appeal each unfavorable (for its part) ruling. Earlier this week, the popular X (Twitter) user Mr. Huber presented a flippant scenario in which the Commission drags the lawsuit for an additional decade.
ChatGPT claimed that a resolution is still possible this year, assuming both parties shake hands on a mutual agreement:
“Like many legal disputes, there’s always a possibility of settlement before a final verdict, which could be seen as a victory for Ripple if the terms are favorable.”
Who has the Better Chance?
Ripple seemingly enters the upcoming trial as the top dog, securing three vital (yet partial) court wins last year. The first occurred in July when Judge Analisa Torres ruled that the firm’s programmatic sales to secondary trading platforms did not constitute offers of investment contracts.
The magistrates later dismissed the SEC’s wish to appeal and cleared Ripple’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – of all charges brought by the watchdog.
The regulator achieved a small victory earlier this year when Judge Sarah Netburn ruled that Ripple should disclose important financial records for 2022 and 2023 (as insisted by the Commission).
- Forex2 years ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex1 year ago
Unbiased review of Pocket Option broker
- Forex2 years ago
How is the Australian dollar doing today?
- Forex1 year ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- World1 year ago
Why are modern video games an art form?
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- Stock Markets2 years ago
Morgan Stanley: bear market rally to continue
- Economy1 year ago
Crude oil tankers double in price due to EU anti-Russian sanctions