Binance Exodus Continues Amid Regulatory Troubles: Nasdaq Introduces AI-based Orders, Sam Bankman-Fried Denied Bail Appeal

Stay updated with the latest developments in the cryptocurrency industry. Learn about the exodus of Binance executives, Nasdaq's new AI-based orders, and the bail appeal denial for Sam Bankman-Fried. Stay informed and make informed decisions.

Posted 8 months ago in Blockchain

Executives leaving Binance, Nasdaq introducing AI-based orders, and Sam Bankman-Fried denied bail appeal.

A key talking point in the crypto community has been the ongoing exodus of executives from Binance amid growing regulatory troubles. Binance has seen the departure of 10 key executives from various departments in the first nine months of 2021.

The latest to join the list is Helen Hai, executive vice president of Binance, who announced her resignation from her post on Sept. 6. On the same day, Gleb Kostarev, vice president of Eastern Europe, Turkey, the Commonwealth of Independent States, Australia, and New Zealand at Binance, also announced his resignation, as did CIS general manager Vladimir Smerkis.

Four top executives from Binance reportedly all left on the same day after Binance’s response to the United States Department of Justice investigation. Binance CEO Changpeng Zhao has hosed down recent rumors against his firm, assuring its balance sheet and employee retention remain robust despite the recent market uncertainty.

The United States Securities and Exchange Commission has approved Nasdaq’s request to operate its first AI-driven order type on Sept. 8. Called the dynamic midpoint extended life order (M-ELO), the new system expands on the M-ELO automated order type by making it “dynamic,” meaning it will use artificial intelligence to update and, essentially, recalibrate itself in real-time. The follow-on effect should be a significant acceleration of orders placed with the system.

Nasdaq says the dynamic M-ELO demonstrated a “20.3% increase in fill rates and an 11.4% reduction in mark-outs” during its research and testing.

Former FTX CEO Sam “SBF” Bankman-Fried lost an initial appeal to be released again on bail prior to his criminal trial. His lawyers had petitioned the court for temporary release, claiming the current measures to allow SBF to prepare for his trial were inadequate due to limited internet access. An appeals court denied the motion on Sept. 6, maintaining SBF’s detention at the Metropolitan Detention Center in Brooklyn. The former FTX CEO had his bail revoked on Aug. 11, following allegations of witness intimidation for leaking, to The New York Times, personal notes and diary entries from former Alameda Research CEO Caroline Ellison. SBF has roughly four weeks to prepare for his Oct. 3 trial.

Last updated 9/9/2023, 5:15:00 PM


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