Bitcoin Daily: Bullish Plans Reverse SPAC Merger

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Binance is working to strengthen its international compliance team, according to a Wall Street Journal (WSJ) report.

This comes at a time when crypto companies and other related companies face tougher regulatory scrutiny.

Binance was launched in China four years ago by Changpeng Zhao, which has stepped up its compliance efforts to respond to increased scrutiny. He said the company is keen to comply and plans to double its compliance team by the end of the year.

The U.S. Federal Reserve has said it is considering a sharp rise in crypto prices as it analyzes the stability of the financial system, according to a report from CoinDesk.

In its biannual monetary policy report, the Fed said further increases in crypto prices reflected investors’ new risk appetite.

This is a first because, although Fed officials have spoken about crypto before, it is one of the few times that they have used digital currencies as any kind of benchmark to measure where the market is in the world. wider.

As El Salvador has declared bitcoin legal tender, JP Morgan says it could pose new challenges for both the country and the cryptocurrency.

A Bloomberg report reveals that major exchanges consume a large portion of bitcoin trading volumes.

Daily payment activity in El Salvador is believed to be around 4% of recent on-chain transaction volume and more than 1% of the total value of tokens that have been transferred between wallets over the past year, according to the report, with the illiquidity and nature of the volume potentially a significant limitation of its potential as a medium of exchange.

Tom Farley, a former president of the New York Stock Exchange (NYSE), will be behind the Special Purpose Acquisition Company (SPAC) helping crypto startup Bullish go public, writes CNBC.

The deal will likely be concluded by the end of the year.

He said digital assets are here to stay and the smartest engineering talent is heading into this area.

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