The Nigerian government has dropped money laundering charges against Tigran Gambaryan, Binance’s head of financial crime compliance, who had been detained since February. Gambaryan was released to seek medical treatment abroad after the charges were dropped due to his worsening health.

Elon Musk’s electric car maker Tesla reported its earnings for the third quarter of the year on Wednesday, October 23, and revealed that it hasn’t sold any of the $184 million invested in digital assets during the quarter, nor has it sold any for the past consecutive quarters.

The United Kingdom is likely to see stablecoin regulations implemented in the coming months, according to Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy. He shared this outlook during a recent interview with CNBC in London.

The Bitcoin open interest on centralized exchanges reached a new all-time high of $45.8 billion on October 19 after the price of Bitcoin surged 8.1% to $68,370 from the previous week. The lion’s share of open interest was captured by institutional exchange CME, which accounted for 31.1% of the total.

Top stories in the Crypto Roundup today:

• Binance Exec Released After Nigerian Government Drops Money Laundering Charges
• Tesla’s Q3 Earnings Reveal Bitcoin Stash Remains Untouched
• UK Set to Introduce Stablecoin Rules Within Months, Predicts Circle’s Policy Chief
• Bitcoin Open Interest on Centralized Exchanges Hits New All-Time High

Binance Exec Released After Nigerian Government Drops Money Laundering Charges

The Nigerian government has dropped money laundering charges against Tigran Gambaryan, Binance’s head of financial crime compliance, who had been detained since February. Gambaryan was released to seek medical treatment abroad after the charges were dropped due to his worsening health.

Gambaryan, a U.S. citizen, had faced accusations of laundering more than $35 million alongside Binance, allegations that both he and the company have consistently denied. Despite a request from his legal team for an acquittal, the court did not grant it, though it did allow the case against Gambaryan to be discontinued on health grounds.

His detention at Kuje correctional center in Abuja had lasted since April, and a recent herniated disk had severely impacted his ability to walk. Earlier pleas for bail had been denied by the court in October.

While charges against Gambaryan have been dropped, the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-corruption body, intends to continue its money laundering case against Binance without Gambaryan’s involvement. Separate charges of tax evasion against Binance also remain, which the company has denied.

Diplomatic arrangements helped secure Gambaryan’s release, according to the EFCC lawyer. Binance had also publicly campaigned for Gambaryan’s release, emphasizing that his visit to Nigeria was not in a decision-making capacity.

The situation escalated earlier in the year when Binance CEO Richard Teng alleged that the team had been asked for a “secret” payment to resolve their issues during their stay in Abuja in January.

Tesla’s Q3 Earnings Reveal Bitcoin Stash Remains Untouched

Elon Musk’s electric car maker Tesla reported its earnings for the third quarter of the year on Wednesday, October 23, and revealed that it hasn’t sold any of the $184 million invested in digital assets during the quarter, nor has it sold any for the past consecutive quarters.

The company’s financial statements reveal revenue dipped slightly from the previous quarter while net income saw a significant rise to $2.18 billion, up from $1.5 billion in the second quarter.

Earlier this month, Tesla moved its BTC holdings from the wallet they were in and spread them across a number of wallets, with the largest portions going to addresses identified by their initials “1Fnhp” and “1LERL.”

Blockchain analytics firm Arkham Intelligence has, however, suggested that Tesla’s wallet movements were “wallet rotations with the Bitcoin still owned by Tesla.” Its wallet still holds an estimated $750 million in BTC.

Tesla notably first invested in Bitcoin in February 2021, investing a whopping $1.5 billion into the cryptocurrency. The company sold about 75% of its BTC holdings a year later, citing a need for cash as the reason behind its move.

UK Set to Introduce Stablecoin Rules Within Months, Predicts Circle’s Policy Chief

The United Kingdom is likely to see stablecoin regulations implemented in the coming months, according to Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy.

Disparte noted that the country is on the verge of introducing formal rules for stablecoins, which are digital currencies designed to maintain a stable value by pegging to traditional currencies like the U.S. dollar or British pound. He shared this outlook during a recent interview with CNBC in London.

Disparte suggested that the UK’s cautious stance on regulating the crypto sector may have been beneficial, especially in light of past market turbulence, such as the collapse of FTX, a once highly popular crypto exchange.

He also pointed out that the current atmosphere shows a heightened urgency to introduce stablecoin regulations, as well as rules for other crypto activities, to stay competitive. Disparte cautioned that the UK might fall behind if it does not act soon, especially compared to the EU, which has already begun regulating stablecoins under the MiCA framework. Meanwhile, Singapore has also established formal rules for the sector.

Disparte highlighted the potential benefits of stablecoin technology, such as enhancing wholesale banking, enabling real-time transactions, and digitizing the British pound. He revealed that he recently met with Bank of England officials who appeared to be carefully considering the introduction of a central bank digital currency (CBDC), sometimes dubbed “Britcoin.”

Bitcoin Open Interest on Centralized Exchanges Hits New All-Time High

The Bitcoin open interest on centralized exchanges reached a new all-time high of $45.8 billion on October 19 after the price of Bitcoin surged 8.1% to $68,370 from the previous week. The lion’s share of open interest was captured by institutional exchange CME, which accounted for 31.1% of the total.

An increase in open interest, which refers to the total number of outstanding derivatives contracts, highlights the optimism surrounding Bitcoin as the cryptocurrency moves to previous highs over easing macroeconomic factors.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.