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On May 2, Hungarian Prime Minister Orban said in Budapest on May 2 local time that the Russian-Ukrainian conflict has caused Hungary to lose about 20 billion euros in the past three years. Now, Ukraine asks the EU to support it to maintain the size of its 1 million troops, and this part of the funds should have stayed in the EU to develop the economy. Ukraines joining the EU will lead to the bankruptcy of Hungarys economy. Orban said that the EU proposed to jointly borrow to fund Ukraine because they have realized that they can no longer rely on existing resources to support Ukraine. Now it is necessary to prevent Europe from falling into a debt vortex.Gold futures rose in relatively light trading as the dollar and U.S. Treasury yields slipped. But they fell overall this week after a sharp sell-off on Thursday. Analysts at SP Angel said in a report that ETF outflows indicate that traders and investors have taken profits after gold prices rose 21% so far this year. SP Angel said that the cooling of trade tensions is reducing the appeal of gold, while Trump announced that he does not intend to fire Powell. The focus now turns to U.S. employment data due on Friday. If the data is weaker than expected, it will boost optimism about the Federal Reserves interest rate cuts, which is a positive for non-interest-bearing gold.Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said on May 2 that the rise in core inflation in the eurozone in April should not cause concern for ECB policymakers because the rise in the service sector is temporary. Core inflation rose from 2.4% to 2.7%, and service sector inflation rose from 3.5% to 3.9%, partly due to the timing of Easter. But lower oil prices and a stronger euro will pull down energy inflation, leading to lower costs for production inputs and imports. At the same time, the hit to demand will push down core inflation and accelerate the slowdown in wage growth. This anti-inflation trend means that the ECB is likely to cut interest rates at its June meeting and then keep them unchanged.On May 2, Capital Economics economists said in a report that the rise in eurozone service sector inflation in April may not worry ECB officials because it was mainly driven by the Easter timing effect. The core inflation rate rose from 2.4% in March to 2.7% in April, an increase that exceeded expectations, which was entirely due to the increase in service sector inflation from 3.5% to 3.9%. But service sector inflation will start to fall again in the coming months, and US tariffs will have a disinflationary effect on the eurozone. This will pave the way for two more interest rate cuts this year.Spotify spokesperson: Apple has approved Spotifys app update in the United States.

Binance Calls Out Reuters with False Claim Narrative

Cameron Murphy

Apr 24, 2022 09:31


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Binance, the world's largest cryptocurrency exchange, has received a lot of press in recent months.


Following Russia's invasion of Ukraine in February, crypto exchanges were once again in the limelight.


Reuters reported that Binance will restrict Russian client accounts targeted by sanctions, but not all accounts, in response to requests from the Ukrainian government to freeze all Russian crypto accounts.


Binance was not alone in taking this stance on account freezes, as numerous other major exchanges followed suit.


Reuters is being chastised by Binance for making a false claim.


Binance was caught on the wires exchanging customer data with Russia on Friday. Binance's regional leader met with Russia's financial intelligence agency in April 2021, according to a Reuters Special Report. Russian intelligence, according to reports, wants Binance to provide customer data to aid in the battle against crime.


Russian intelligence was reportedly attempting to track Russian opposition leader Alexei Navalny's Bitcoins (BTC) worth millions of dollars, according to Reuters.


Gleb Kostarev, Binance's head of Eastern Europe and Russia, allegedly agreed to the request, telling a "business acquaintance that he didn't have much option."


Binance has continued to function in Russia since the invasion of Ukraine, according to Reuters. This is despite the fact that other payment systems, such as PayPal, have stopped operating in the nation.


Binance has denied helping Russian intelligence track down contributions to Alexei Navalny in reaction to the Reuters article.

Binance Announced on Friday

"Any claims that Binance exchanged user data with Russian FSB-controlled agencies or Russian regulators, including Alexei Navalny's, are totally incorrect."


Binance also said,


"On the particular issue of not sharing data, any government or law enforcement agency in the world may request user data from Binance today, as long as the request is backed by sufficient legal authorities." Russia is no exception. Binance complies with its legal duties." "Becoming a regulated firm entails fulfilling disclosure requirements to the authorities in each country, and Binance complies with its legal obligations."


Binance has announced that it would file a legal complaint with Reuters. The exchange also published a whole email conversation with Reuters about Binance's Russian activities.

Russian Users Will Have Limited Access to Binance's Services

Binance said on Thursday that Russian account holders with more exceeding €10,000 would be restricted to withdrawal-only mode.


The announcement states that


"Binance is obligated to prohibit services for Russian nationals or natural people resident in Russia, or legal companies incorporated in Russia, who hold cryptos above the value of 10,000 EUR, as part of the EU's fifth package of restrictive measures against Russia." As a result, we need you to complete your verification of proof-of-address."


Binance also said,


"Accounts that fall under this limitation will only be able to withdraw money." On these accounts, no deposits or trading will be authorized. All spot, futures, custodial wallets, and staked and earned deposits are included in the limit. Furthermore, any deposits of more than 10,000 EUR to Russian citizens, natural people resident in Russia, or legal companies created in Russia will be prohibited."


Despite Binance CEO Changpeng "CZ" Zhao apparently claiming that his exchange "will fight requests to restrict services to common people," calling such a move immoral, the new statement arrives.

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