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Bitcoin Daily: Crypto Exchange Bullish Plans Reverse SPAC Merger; JPMorgan Cautions After El Salvador Eyes Bitcoin As Legal Tender

Binance is working on bolstering its international compliance team, according to a report from the Wall Street Journal (WSJ).

This comes at a time where crypto companies and other related ones are facing more regulatory scrutiny.

Binance was started in China four years ago by Changpeng Zhao, who has been boosting its compliance efforts to meet the increased scrutiny. He said the company wanted to comply and that it planned to boost its compliance team by double by the end of the year.

The U.S. Federal Reserve has said it’s looking at a sharp rise in crypto prices as it analyzes the stability of the financial system, a report from CoinDesk says.

In its semiannual Monetary Policy Report, the Fed said the new increases in crypto prices had reflected the new appetite for risk from investors.

This is a first because, while Fed officials have talked about crypto before, this is one of the rare times it has used the digital currencies as any kind of benchmark to measure where the broader market is.

As El Salvador has declared bitcoin legal tender, J.P. Morgan says this could make for new challenges — both for the country and the cryptocurrency.

A Bloomberg report finds that the major exchanges eat up much of the bitcoin trading volumes.

“Daily payment activity in El Salvador would represent ~4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year,” the report said, with the illiquidity and nature of the volume “potentially a significant limitation on its potential as a medium of exchange.”

Tom Farley, a former New York Stock Exchange (NYSE) president, will be behind the special purpose acquisition company (SPAC) helping crypto startup Bullish go public, CNBC writes.

The deal will likely close by the end of the year.

He said digital assets are “here to stay” and that the smartest engineering talent was going into that field.

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