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The Binance Kraken Continues With Nasdaq-Listed EQONEX!

Binance Founder Changpeng Zhao is certainly a very clever and super-rich guy. In March 2022, his Binance Group entered into a strategic partnership with the Nasdaq-listed crypto exchange operator EQONEX Limited, making it a sort of subsidiary. Binance Group provided a $36 million loan facility and has the right to nominate key management positions and Board members. Consequently, Jonathan Farnell has been appointed CEO, Almira Cemmell Chief Corporate Affairs Officer, and Daniel Ling was appointed Chief Financial Officer (CFO).

The New Management

Under the terms of the strategic partnership announced last week, Bifinity retained the right to nominate key appointments, including the CEO and two new Board members. Before joining EQONEX in March 2022, Jonathan Farnell served as Head of Binance UK and CEO of Bifinity. Helen Hai, President of Bifinity, has also been appointed to the EQONEX board. Daniel Ling served as the Strategy Director for Bifinity before becoming EQONEX’s CFO.

Regulatory Worries

The UK Financial Conduct Authority (FCA) said that it would be concerned about the announcement made by the Eqonex Group and the Binance Group. The FCA said it did not have powers to assess the fitness and propriety of the new beneficial owners or the change in control before the transaction was completed. However, the regulator previously published its concerns about Binance. The Binance Group includes Binance Markets Limited. The FCA regulates Binance Markets Limited with reference number 688849 for a limited set of activities.

Binance US

BAM Trading Services Inc. d/b/a Binance.US, the US branch of the Binance Group raised over $200 million in its first external funding round in April this year, just before the markets took a nosedive. The company was valued at $4.5 billion at the time. Binance.US CEO Brian Shroder recently said that the company is “in the strongest position possible to not only successfully weather this downturn but also emerge as the leading crypto platform in the U.S.

Binance.US is tied to Binance through its founder, Changpeng Zhao, and its licensing agreements with Binance Group that cover its core technology and naming rights.

Exposed! The Secretive Beneficial Owner Behind Starling Bank!

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FinTelegram exposed the secretive Austrian billionaire who controls the UK FinTech unicorn Starling Bank. In June 2015, the reclusive Austrian investor Harald McPike met its founder, Anne Boden, aboard his yacht in the Bahamas to discuss his investment in the then freshly squeezed neobank. McPike allegedly made his first fortune as a professional blackjack player. The former hedge fund manager reportedly invested at least £133m in Starling Bank for nearly two-thirds of the shares and is the controlling person and beneficial owner of Starling Bank says the UK Companies House.

The Dominant Shareholder

According to The Guardian, Harald McPike’s stake has since been reduced to 36%, while Anne Boden was diluted down to a remaining 4.9% stake. Founder and CEO Anne Boden lost control of Starling Bank in April 2019, say filings at UK Companies House. With her 4.9%, she is now one of several small shareholders in the unicorn. According to a report of fn financial news, McPike is represented on the Starling board by Lázaro Campos, the former chief executive of Swift, and the New Zealand-based accountant Marcus Traill.

However, it is unclear whether McPike’s position had been diluted in a capital raising, or sold to new investors, who invested money into Starling after its incredible growth during the Covid-19 crisis. That latest internal fundraising of £130.5 million pushed the bank’s valuation from more than £1bn last spring to £2.5bn earlier this year, pricing McPike’s remaining stake at more than £900m.

McPike has made the Starling investment via his special purpose vehicle JTC Starling Holdings, managed by the McPike Family Office, based in the Bahamas, where there is no income or capital gains tax.

Starling is expected to report its first annual profit in the coming weeks, a milestone for the neobank and the UK FinTech scene. In 2019, Starling Bank had lent just £23 million, but by June 2021, it had issued £1.6bn of bounce-back lending. In the Covid-19 pandemic, Starling has increased its total business account pool to 470,000, which is 8% of the small business banking market in the UK.

SpaceX Employees Criticize Elon Musk’s Twitter Behavior!

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Elon Musk is one of the richest and most gifted guys on this planet. But he is also a strange animal and currently plans to acquire his favorite communication channel Twitter. According to WSJ, some employees of SpaceX wrote a letter raising concerns and frustration over their CEO’s recent public Twitter statements and behavior, describing them as a source of embarrassment and distraction.

In the letter, the employees urged the management at Space Exploration Technologies Corp. to publicly address and condemn Musk’s “harmful Twitter behavior” to separate the company from his personal brand. “As our CEO and most prominent spokesperson, Elon is seen as the face of SpaceX—every Tweet that Elon sends is a de facto public statement by the company,” the letter said.

WSJ could not determine how many employees signed the letter. SpaceX has around 12,000 employees, Musk said in a recent interview.

Bill Gates Thinks Cryptos And NFTs Are Based On Greater Fool Theory!

Bill Gates said he thinks cryptocurrencies and NFTs are “100%” based on the Greater Fool Theory. The 66-year-old billionaire was referring to the notion that overvalued assets will keep rising because there are enough people willing to pay high prices for them. He joked that “expensive digital images of monkeys” would “improve the world immensely.

In referencing NFTs and monkey images, Bill Gates appeared to be commenting on a monkey from the Bored Ape Yacht Club NFT collection. NFTs, or nonfungible tokens, are digital proofs of purchase for goods like art, digital music, or sneakers.

Gates, who for years has lampooned cryptocurrencies, said at a TechCrunch event in Berkeley, California, that people bought cryptos and NFTs based on the idea that, no matter their price, they could be sold for higher because “somebody’s going to pay more for it than I do.

Bill Gates is not the only crypto skeptic among the superrich investors. Warren Buffett and Jamie Dimon, have also expressed skepticism about cryptocurrencies. Buffett once called bitcoin “rat poison squared.”

Time will show! The Twitter user @StrobFX remarked “that the same could be said of expensive images of a certain Italian noblewoman. Gold and many other store of value are also based on the greater fool theory.

Elon Musk Is Expected To Reiterate His Desire To Acquire Twitter!

The Wall Street Journal reports that Elon Musk is expected to confirm his desire to own Twitter when he speaks to the social-media company’s employees today, according to a person familiar with the matter. The billionaire Tesla CEO will answer pre-submitted employee questions for roughly an hour at a virtual Twitter all-hands meeting Thursday morning West Coast time.

In addition to reiterating his interest in owning Twitter and his view of its importance in the world, Elon Musk is likely to clarify recent comments about remote work and touch on aspects of his strategy for Twitter, including the role of advertising and subscriptions.

Musk has criticized Twitter for being too reliant on advertising. The WSJ sources expect that Musk will stress that the company should have multiple revenue streams, with advertising and subscriptions.

Twitter shares were up roughly 5% in after-hours trading after WSJ reported on Musk’s expected remarks.

No Soft Landing Expected! U.S. Fed Raises Rates by 0.75 Percentage Point!

The U.S. Federal Reserve (Fed) announced the largest interest-rate increase since 1994 and signaled it would continue lifting rates this year to fight inflation that is running at a 40-year high. Fed Chair Jerome Powell indicates that the economy may go into recession without a soft landing. Officials agreed to a 0.75-percentage-point rate rise, which will increase the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%. It is expected that the Fed may raise rates to at least 3% this year. Projections showed officials see the fed-funds rate peaking at around 3.75% by the end of 2023.

“We’re not trying to induce a recession now. Let’s be clear about that. We’re not trying to induce a recession now. Let’s be clear about that. It is not going to be easy!”

Fed Chairman Jerome Powell

Fed Chairman Jerome Powell said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession. The risks of a downturn could rise as the economy digests tighter monetary policy.

Bitcoin Investor MicroStrategy Has Not Yet Received Margin Calls!

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Nasdaq-listed business intelligence firm MicroStrategy of Michael Saylor had invested nearly $4 billion to buy 129,218 BTC, according to SEC filings in March 2022. The firm borrowed $205 million in a three-year loan from crypto-focused bank Silvergate in March to buy more BTC and used 19,466 Bitcoins to secure the loan. As the BTC prices continue to crash, rumors said that MicroStrategy could be faced with margin calls against the loan. However, they said that they did not receive a margin call.

In the course of Wednesday, the BTC price dropped to $20,200. “MicroStrategy has not received a ‘margin call’ against our Silvergate loan even as bitcoin prices have fluctuated recently,” the company informed Reuters.

MicroStrategy’s average purchase price for its Bitcoin sits at $30,700. The company has about $2.2 billion in debt and roughly $44 million in annual interest expenses. It’s expected to generate $90 million of free cash flow this year, according to a BTIG analyst.

A Sentient AI Chatbot? Google Suspended A Software Engineer!

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In the US, Google suspended an engineer who contended that LaMDA, an AI chatbot the company developed, had become sentient, telling him that he had violated the company’s confidentiality policy after dismissing his claims. Blake Lemoine, a software engineer at Alphabet Inc.’s Google, said he believed that its Language Model for Dialogue Applications (LaMDA) is a person who has rights and might well have a soul. LaMDA is an internal system for building chatbots that mimic speech.

Blake Lemoine has said that his interactions with LaMDA led him to conclude that it had become a sentient AI chatbot, a person that deserved the right to be asked for consent to the experiments being run on it. In the medium post Is LaMDA Sentient? – An Interview,” Lemoine published parts of the interview with LaMDA.

Google spokesman Brian Gabriel said that company experts, including ethicists and technologists, have reviewed Lemoine’s claims and that Google informed him that the evidence doesn’t support his claims.

Crypto Collapse! MicroStrategy Shares Crashed Amid Fears Of Margin Call!

The MicroStrategy founder and CEO, Michael Saylor, is a merciless bitcoin apologetic and strategically focused his company on bitcoin two years ago. He even borrowed $205 million to buy even more BTC. MicroStrategy’s bitcoin holdings were worth $5.9 billion in March 2022. It held 129,218 bitcoins then. The company may need to post additional collateral for a loan as the Bitcoin price continues to go south. The MicroStrategy stock crashed 25% to $152.15 and has lost more than 70% of its value this year.

We don’t expect to receive a margin call, and the company has plenty of additional collateral should we need to post more,Michael Saylor told Wall Street Journal on Monday. However, the crypto rout deepened on Monday with bitcoin falling below $21,000 before recovering back to over $22,000.

It will at least be exciting around Michael Saylor and MicroStrategy. Many Bitcoin analysts predict a further decline of the BTC to below $20,000. The market environment couldn’t be worse for MicroStrategy.

Introducing Online Casino Operator Dama!

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