Binance to block US customers, DOJ targets for BTC Silk Road and billionaire admits being a hodler

Photo by André François McKenzie on Unsplash

Binance to block U.S. users from its exchange

Crypto exchange Binance has begun blocking U.S. users from accessing its exchange platform. The move comes more than a year after Binance first announced in July 2019 that it would stop serving U.S. residents from September of that year.

The Block shares an e-mail that is sent to all American customers:

“We noted your account may be associated with the U.S. due to an IP address you connected from in the past. In-line with regulatory requirements, we are unable to provide services to U.S. citizens or residents.”

“If you are a U.S. citizen or resident, please transfer your assets out of your account within 90 days. You may consider using Binance U.S. or other U.S. platforms,” the email continues.

This moves follows on rumors that Binance used Binance US to circumvent regulations and of course the legal cases against crypto derivatives exchange BitMEX.

Source: The Block

Silk Road Bitcoins Worth Over $1 Billion Are Target of U.S.

The U.S. is suing for the forfeiture of more than $1 billion in Bitcoin. According to Bloomberg these BTC are linked to the criminal marketplace Silk Road which was shut down seven years ago.

The thousands of Bitcoin, which the Justice Department seized on Tuesday, represent the largest cryptocurrency bust the government has ever made.

“The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go? Today’s forfeiture complaint answers this open question at least in part.”

U.S. authorities seized the Bitcoins from an alleged hacker who had gained access to them, identified in the statement as Individual X. Researcher Elliptic flagged that the crypto was on the move on Tuesday.

Source: Bloomberg

Another Wall Street Millionaire turns out to be a Bitcoin bull

On Monday (November 9), American billionaire investor Stanley Freeman Druckenmiller, who was highly skeptical of Bitcoin as recently as last June, now owns Bitcoin as part of his investment portfolio.

“I own many many more times gold than I own Bitcoin. But frankly if the gold bet works, the Bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it.”

The 67-year-old Druckenmiller was named as the 167th richest person in America with a personal fortune estimated to be worth $4.4 billion.

“I have had to recognize that competing in the markets over such a long time frame imposes heavy personal costs. While the joy of winning for clients is immense, for me the disappointment of each interim drawdown over the years has taken a cumulative toll that I cannot continue to sustain.”

Source: Cryptoglobe

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