&w=3840&q=100)
Bitcoin, Ethereum remained most traded cryptos amid stock market crash
Cryptocurrencies, especially bitcoin, are back in the limelight following the return of Donald Trump at the White House. Bader Al Kalooti, MENASAT head of growth & operations at Binance, shares his views on the road ahead for cryptocurrencies, cybersecurity, and compliance issues for crypto exchanges in an email interview with Kumar Gaurav. Edited excerpts:
How has the trading in cryptocurrencies been in the last 6–8 months amid the stock market crash and the rise of gold? Which coins found takers?
Despite corrections in traditional equities and a renewed focus on gold as a store of value, the crypto market has remained active, albeit with regional variations in the last 6 – 8 months. Globally and in India, bitcoin (BTC) and Ethereum (ETH) remained the most traded assets due to their market dominance and established use cases, while stable coins like Tether also saw significant traction as volatility hedges. This is largely because BTC is viewed by many as a long-term store of value akin to digital gold, especially in times of macroeconomic uncertainty, while ETH remains the backbone of decentralised finance (DeFi) and smart contract development, driving much of the utility and innovation in the crypto space.
Some analysts believe that BTC needs to decouple from a declining NASDAQ to prove its safe haven store-of-value status like gold. Do you agree?
The narrative around BTC as "digital gold" is one that has gained momentum, especially during inflationary periods. However, data over the last few years shows that BTC's price action has often been correlated with high-growth tech stocks, particularly during periods of broader market stress. This is likely because many institutional investors treat crypto as part of a risk-on portfolio allocation.
That said, over longer cycles, BTC has shown the potential to behave differently, especially in economies with high remittance demand. Whether BTC fully decouples from traditional markets is yet to be seen.
How do you see long-term adoption of cryptocurrencies, including institutional investments, influencing the market's recovery and growth?
Long-term adoption will be a cornerstone of the crypto market's sustainability. Over the last few years, we have seen growing institutional interest from hedge funds and asset managers to payment processors and even public companies integrating blockchain solutions. This trend brings not just capital but also deeper due diligence, governance, and infrastructure development. In India, we have seen growing interest in blockchain innovation, particularly in sectors like digital identity and supply chain.
What are your views on altcoins and meme coins?
Altcoins represent a wide spectrum of use cases from smart contracts and scaling solutions to decentralised finance (DeFi) and gaming. Each project brings a different value proposition, and some have strong development ecosystems that contribute meaningfully to the blockchain space. Meme coins, on the other hand, are often driven by social sentiment and community culture. While they may not always have strong fundamentals, they highlight the participatory nature of the crypto ecosystem. We urge caution and responsible trading particularly with highly volatile assets like meme coins.
As an exchange, what are your compliance costs as a percentage of revenue and profit (PAT)?
While the exact numbers are not publicly disclosed, our investment in compliance has grown exponentially in recent years. This includes scaling internal teams, onboarding seasoned professionals from the regulatory and law enforcement space, and implementing advanced technological frameworks like real-time transaction monitoring and AI-based fraud detection.
Typically, how much does a crypto exchange spend on cybersecurity as a percentage of revenue and PAT?
Cybersecurity is one of the largest and fastest-growing cost centers in our operational structure. Though specific numbers vary, Binance allocates nearly double-digit percentages of operational expenditure to cyber defence. This includes internal security protocols, continuous system penetration testing, multi-factor authentication, cold wallet storage, bug bounty programs, and partnerships with global cyber intelligence firms. Our SAFU (Secure Asset Fund for Users) is a prime example of our commitment to user protection, with a fund size of $1 billion in USDC, designed to safeguard users in extreme cases.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
35 minutes ago
- Economic Times
Gemini confidentially files for US IPO as crypto markets heat up
Gemini, run by the Winklevoss twins, has confidentially filed for a US IPO. This move comes as crypto firms see renewed market strength. Circle's recent successful debut has encouraged others. Experts say crypto firms should seize this opportunity. The IPO surge signals growing confidence in the crypto industry. This could bring more transparency and capital to the market. Tired of too many ads? Remove Ads Crypto TrackerPowered By TOP COINS TOP COIN SETS Solana 13,053.94 ( 2.88 %) Buy XRP 187.03 ( 2.12 %) Buy Bitcoin 89,95,220 ( 1.28 %) Buy Ethereum 2,13,447 ( 1.05 %) Buy BNB 55,601 ( 0.94 %) Buy Tired of too many ads? Remove Ads Gemini, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, on Friday disclosed it had confidentially filed for a U.S. initial public offering, as digital asset firms seize on renewed market high-profile companies, including those in high-risk sectors such as crypto and financial technology, have launched successful listings in recent weeks, reflecting pent-up demand and renewed vigor in the capital this week, stablecoin issuer Circle went public in a blowout debut on the New York Stock Exchange."Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. "Crypto can be an unpredictable market, so when you get a chance like this, you take it."The surge in cryptocurrency IPOs signals a turning point for the industry, reflecting growing confidence among digital asset firms to attract mainstream investors and bringing increased transparency, regulatory scrutiny and capital that could help solidify crypto's place in traditional financial which operates a trading platform enabling investors to buy, sell and store more than 70 crypto tokens, said it has not yet determined the size or proposed price range for its offering."Gemini's move contributes to the broader momentum and reinforces the idea that crypto-native firms are increasingly preparing to access public markets," said Kat Liu, vice president at IPOX."More broadly, this signals that long-anticipated firms are now ready to reengage with public capital," Liu added, noting that investor appetite is returning, especially for companies with well-defined business models in strategic sectors such as fintech, AI and digital Winklevoss twins shot to fame after they sued Facebook and its CEO Mark Zuckerberg, alleging he had stolen their idea for the social networking site. They agreed to a settlement in 2008, in which they received cash and Facebook MOMENTUMThe global cryptocurrency market is currently valued at roughly $3.3 trillion with bitcoin trading firmly above the key $100,000 apiece milestone, according to data from CoinMarketCap."A successful listing would confirm that the crypto thaw is real," said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. "If equity underwriters smell a new fee stream, expect the calendar to unfreeze for everything from fintech to AI chips."The industry, particularly after the approval of spot bitcoin ETFs in the U.S., has attracted billions in inflows from institutional investors seeking exposure to the asset May, Coinbase became the first U.S. crypto-focused company to join the S&P 500, a watershed moment for the the crypto sector matures financially and gains regulatory footing, firms are becoming more integrated into traditional marks a sharp turnaround for an industry that spent more than a decade under intense regulatory scrutiny the collapse of crypto exchange FTX in 2022, many institutional investors retreated from the digital asset market. Prices later recovered, and the sector gained fresh momentum when U.S. President Donald Trump voiced support during his campaign, pledging to be a "crypto president."
Mint
41 minutes ago
- Mint
Gold outlook: Precious metal likely to remain rangebound. Is it right time to invest?
Gold price: After the release of weak US economic data, MCX gold prices opened with an upward gap at ₹ 98,248 per 10 grams and quickly rose to an intraday high of ₹ 98,378 shortly after the market opened on Friday, June 6. The precious metal settled 0.02 per cent higher to end the day at ₹ 97,051. The weak U.S. economic data overshadowed the early optimism sparked by President Donald Trump's call with Chinese President Xi Jinping, as investors turned their focus to the upcoming U.S. payroll report. In the international market, Gold prices declined by over 1% on Friday following a U.S. jobs report that exceeded expectations, reducing optimism for near-term interest rate cuts by the Federal Reserve. ' Gold prices have rallied with good momentum in the recent week from a close of Rs.95875/10 gms to around Rs.98133/10 gms as on 6th June 2025, a rally of around 2.5 percent. On the COMEX, gold prices have rallied from lows of $3245/ounce to around $3366/ounce as on 6th June 2025, rally of around 3.7 percent. The yellow metal is shining bright on account of factors revolving around the escalation of geo-political tensions between Russia-Ukraine although they are sitting on the negotiation table discussing peace, combined with the tariff situation between US-China,' said Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd. Silver prices climbed past $36 per ounce, hitting their highest level since February 2012, fueled by strong technical momentum, solid industrial demand, persistent supply shortages, and growing investor interest as a safe haven during economic uncertainty. Jigar Trivedi, Senior Research Analyst at Reliance Securities says that investors will be closely monitoring how the growing rift between President Trump and Elon Musk unfolds, in addition to the ongoing uncertainty surrounding US tariff negotiations. Trivedi further said that Comex gold has been trading in the broad range from $3,200-3,400/oz, this range is crucial for the next move. A close above $3,400/oz will open doors for the next rally until $3,500/oz in the coming weeks. ' On the other side, a close below $3,200/oz may pull it lower to $3,100/oz. Hence will have to wait for the range to be broken decisively. The undertone is bullish amid a weak US dollar, economic uncertainties, trade war and escalating Geo political risk between the Russia and the Ukraine. MCX Gold August may appreciate to Rs. 98,40/10gm,' he added. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Tighter H-1B rules, tech layoffs push Indians to alternative US visas
As scrutiny around H-1B work visa applications intensifies and tech layoffs continue to rattle the US job market, Indian professionals and their employers are increasingly exploring alternative visa routes to live and work in the US, reported The Economic Times. Among the most sought-after options now are the L-1 and O-1 non-immigrant visas. Simultaneously, there's a significant uptick in interest for the EB-5 immigrant investor visa programme. 'These trends aren't entirely new, but we've seen a sharp rise in the number of people reaching out over the past few months,' Gnanamookan Senthurjothi, a US immigration attorney, told The Economic Times. The shift comes as the US, under the Donald Trump administration, has ramped up its scrutiny of H-1B visa applications since the start of the year. According to recent data from the United States Citizenship and Immigration Services (USCIS), H-1B visa approvals this year dropped by 27 per cent Year-on-Year—marking the lowest since the pandemic-hit FY21. Each year, the US allots 85,000 H-1B visas to foreign professionals, with Indians accounting for nearly 70 per cent of the total. However, a wave of layoffs across major tech firms including Microsoft, Google, and Intel has deepened uncertainty among Indian workers in the US. 'Our clients have become more fearful and anxious, particularly regarding international travel and visa 'stamping' at consular posts abroad,' said Joel Yanovich, attorney at the Murthy Law Firm. 'I don't think a day goes by where I don't have a client or two asking me whether it's safe to travel.' Rise in L-1 and O-1 applications In response to growing apprehensions around the H-1B process, more applicants are turning to L-1 and O-1 visas—both of which do not have annual numerical limits. The L-1 visa facilitates intracompany transfers, while the O-1 visa is designed for individuals with extraordinary ability in fields such as science, arts, or business. 'Part of this [spike in demand] is seasonal, based on people not being selected for the H-1B lottery,' Yanovich said. 'But part of it appears to stem from employers and individuals hoping to avoid the heightened scrutiny they fear the H-1B program may face.' Canada as a staging ground Adding to the shift, companies are also considering temporary assignments outside the US as a strategic move to qualify employees for other visa categories. 'What we are also seeing is that some companies are transferring their employees to countries like Canada or elsewhere outside the US for a short time so that they will qualify for the L-1 visa,' Sukanya Raman, country head – India & GCC practice team at Davies & Associates LLC, was quoted as saying by The Economic Times. This tactic typically applies to professionals in managerial roles who may later transition to the EB-1C visa, which can lead to a green card, she said. There's also rising interest in the EB-2 NIW (National Interest Waiver)—a green card category for individuals with advanced degrees whose work is deemed to benefit the US on a national level. EB-5 investor visa sees surge The EB-5 immigrant investor visa has also seen a notable 50 per cent increase in demand since January 2025, according to Raman. 'These are in current status for Indian nationals, which means that visas are available and applicants can receive their authorisation and travel documents in just 3-6 months,' she noted. 'This allows them to stay in the US legally.' Raman also highlighted a growing number of Indian families on H-1B visas applying for EB-5, particularly when their children are nearing the age of 21 and risk 'aging out'—becoming ineligible to stay as dependents under their parents' visa status.
