May 7 Crypto News: Bitcoin Rising, Altcoins Lagging behind

Crypto News- Binance CEO Richard Teng has shed light on the detention of its staff in Nigeria, suggesting that officials attempted to strong-arm the exchange into a secret settlement. The saga involves Tigran Gambaryan, a former IRS agent leading Binance’s financial crime compliance team.

May 7 Crypto News: Bitcoin Soars while Altcoins Struggle to Keep Pace

Teng revealed that discussions between Binance and Nigerian authorities began during public hearings initiated by the House of Representatives Committee on Financial Crimes. The committee raised concerns about Binance’s Nigerian operations, even threatening to issue arrest warrants against the exchange’s team and CEO, and blocking them from leaving the country.

According to Teng, individuals approached Binance employees proposing a cryptocurrency settlement to resolve the allegations. Despite pressure, Binance refused the demand, opting to continue negotiations with Nigerian authorities.

SEC Postpones Decision on Galaxy’s Ethereum ETF Bid

The US Securities and Exchange Commission (SEC) has delayed its decision on Galaxy Invesco’s bid for an Ethereum exchange-traded fund (ETF). The extension grants the SEC an additional 60 days, pushing the decision deadline to July 5.

In a recent filing, the SEC cited the need for more time to evaluate the proposed rule change and associated concerns. This delay follows a series of postponements affecting Ether ETF applications, with May 23 marking the final deadline for VanEck’s bid.

Bitcoin-friendly Block, Inc. Set to Raise $1.5 Billion

Block, Inc., led by Jack Dorsey, has announced plans to raise $1.5 billion from institutional investors. The fintech company intends to issue senior notes through private placement, targeting pension funds, banks, mutual funds, and high-net-worth individuals.

Fitch Ratings has expressed confidence in Block’s potential, citing its strong position in payment and consumer financial services sectors. Dorsey’s recent revelation about Block’s monthly Bitcoin investment strategy further underscores its commitment to cryptocurrency.

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