The United States Department of Justice (DoJ) is reportedly concerned about pursuing criminal charges against Binance. Meanwhile, Worldcoin could allow governments and businesses to utilize its iris-scanning and identity-verifying technology in an effort to onboard more users. MicroStrategy is back to profitability and said it holds around $4.4 billion worth of Bitcoin (BTC) but is still looking to buy more.
DoJ warns of run on Binance should exchange be prosecuted: Report
Officials at the United States Department of Justice are reportedly concerned about pursuing charges against Binance due to a potental run on the crypto exchange’s assets.
Citing DoJ officials, an Aug. 2 Semafor report said the federal department is worried about another FTX-like bank run should Binance face legal actions. As such, officials are mulling over fines and other non-prosecution agreements for the exchange instead of pressinging crominal charges.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US (@BinanceUS) June 9, 2023
Binance has been caught in regulatory crosshairs in many jurisdictions worldwide. In the United States, the Changpeng Zhao-led exchange is reportedly the target of a criminal probe for allegedly violating sanctions on Russia. The Securities and Exchange Commission also filed a lawsuit against the exchange over allegations of unregistered securities offerings.
Worldcoin to allow government and businesses to use ID system: Report
Worldcoin reportedly plans to allow governments and businesses to utilize its iris-scanning and identity-verifying technology in an effort to onboard more users.
Ricardo Macieira, the general manager for Europe at Tools For Humanity, which is behind the Worldcoin project, said that the company is on a mission of “building the biggest financial and identity community” possible. According to a Reuters report, Macieira revealed that the company os on a mission of “building the biggest financial and identity community.”
“The idea is that as we build this infrastructure and that we allow other third parties to use the technology.”
Additionally, Worldcoin plans to potentially allow companies to use its digital identity system, thus eliminating the need to gather personal data.
MicroStrategy back in black, owns nearly 153K Bitcoin
One of the United States’ largest corporate holders of Bitcoin (BTC), MicroStrategy, returned to profitability in Q2 2023 amid Bitcoin’s price surge and disclosed it now holds $4.4 billion worth of the cryptocurrency.
MicroStrategy’s second-quarter earnings released Aug. 1 reported $22.2 million in net income — a stark comparison to the $1.1 billion net loss recorded in Q2 2022.
“Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021,” said MicroStrategy CFO Andrew Kang.
In July, @MicroStrategy acquired an additional 467 BTC for $14.4 million and now holds 152,800 BTC. Please join us at 5pm ET as we discuss our Q2 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/SCHeBJ80TH
— Michael Saylor⚡️ (@saylor) August 1, 2023
The firm incurred digital asset impairment losses of $24.1 million in the quarter compared to its $917.8 million in Q2 2022.
MicroStrategy is planning a $750 million raise through a stock sale and it hinted it could use the proceeds to buy even more Bitcoin, according to an Aug. 1 filing with the Securities and Exchange Commission.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
