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Sam Bankman-Fried Agrees to Extradition; Uniswap Crypto Development; Binance Red Flags

Steve Miley trader
Updated 21 Dec 2022

Sam Bankman-Fried agrees to be extradited, according to the BBC, Users of the decentralized exchange Uniswap, will allow users to buy cryptocurrency using debit and credit cards, and also be able to use bank transfers to purchase crypto. Plus, we look at some Red Flags at Binance.

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YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


FTX boss agrees to be extradited to the US

According to a BBC news report, Sam Bankman-Fried (SBF), the former CEO of FTX , the collapsed cryptocurrency exchange, has agreed to be extradited to the US to face charges. A source close to Bankman-Fried told the BBC he had agreed to be extradited. SBF, 30, lives in the Bahamas and denies the allegations but has been accused by US authorities of committing “one of the biggest financial frauds in US history.

It is unclear when Mr Bankman-Fried will be extradited, following his 12th December arrest, though Reuters reported that a Wednesday court hearing is scheduled in the Bahamas that could establish his extradition to the US.

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YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY

Uniswap to permit buying cryptocurrency using credit and debit cards

Uniswap, the decentralized exchange in partnership with Moonpay, a fintech company, will let users buy cryptocurrency via its web app using bank transfers debit cards, and credit cards. The option for bank transfers is being introduced for users within the Single Euro Payments Area (SEPA), which will include most U.S. states, the United Kingdom and Brazil. In a tweet posted Tuesdsay, Uniswap stated “Starting today, you can now purchase crypto on the Uniswap Web App using a credit/debit card or bank transfer at the best rates in web3 thanks to our partnership with @moonpay!

Binance Red Flags

Genevieve Roch-Decter (CFA), the CEO of GRIT Capital points out that Binance invested in FTX’s series A in 2019 and, in 2021, exited that transaction after SBF bought out its stake for $2.1 billion. In an interview with CNBC’s “Squawk Box” this week, Binance CEO Changpeng “CZ” Zhao said that a “good chunk” of that payment was received in FTT and that until recently, he had “actually forgot” about $580 million FTT that Binance still had from the transaction. In the op-ed article on Coinbase, Roch-Decter goes on to point out that “is forgetting about over half a billion dollars supposed to make me feel more confident in Binance’s ability to properly run an exchange? File under “Not Fine,” adding “You see, in the eyes of the bankruptcy proceedings, transactions made by FTX to outside entities (like the $2.1 billion payment to Binance) may be considered fraudulent conveyances.”‎


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Steve has 29 years of financial market experience including 3 years at Credit Suisse and 15 years at Merril Lynch. Steve is the Academic Dean for The London School of Wealth Management and has won many awards from Technical Analyst Magazine.