Bitcoin Daily: Binance Crypto Exchange Hires Ex-Ripple Exec As CEO; Prime Factor Approved As UK’s First Crypto Hedge Fund

BAM Trading Services has announced that Catherine Coley is its new CEO. BAM will be the operator of Binance.US, the digital asset marketplace launched with Binance.

Most recently, Coley served as Head of XRP Institutional Liquidity at Ripple. As the CEO of BAM, she will oversee the launch of Binance.US and BAM’s market expansion in North America.

“I am honored to lead BAM and bring Binance.US to North America,” Coley said in a statement. “This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S.”

In other news, Prime Factor Capital has become the first crypto hedge fund approved as a full-scope alternative investment fund manager by the Financial Conduct Authority.

The firm will follow European regulations and be allowed to manage more than 100 million euros ($113 million) in assets and target institutional investors.

“This is a significant milestone not just for Prime Factor, but for the industry as a whole. Being FCA-regulated brings us under the purview of one of the most recognized financial markets regulators globally. This is particularly relevant in the cryptocurrency space, which has repeatedly captured headlines for poor operating standards and even fraudulent activity. Investors need to be able to trust their managers not only to generate returns, but also to act responsibly and in their best interest,” Nic Niedermowwe, CEO of Prime Factor Capital, said in a press release.

Nestlé is partnering with blockchain platform OpenSC to become the first major food and beverage company to pilot open blockchain technology that allows consumers to track their food back to the farm.

The initial pilot program will track milk from farms and producers in New Zealand to Nestlé factories and warehouses in the Middle East. The technology will be tested later on using palm oil sourced in the Americas.

“We want our consumers to make an informed decision on their choice of products – to choose products produced responsibly. Open blockchain technology might allow us to share reliable information with consumers in an accessible way,” Magdi Batato, executive vice president and head of operations at Nestlé S.A., said in a press release.

And the U.K. finance regulator issued a stern warning to Facebook about its upcoming cryptocurrency, Libra.

Christopher Woolard, the executive director of strategy and competition at the Financial Conduct Authority (FCA), said regulators are facing issues that “could have a fundamental effect on the financial services system,” adding that tech giants need to “get it right the first time round.”

“When it comes to other people’s money, or safeguarding against terrorist financing, corner-cutting is simply not an option,” he explained. “For those who think the model is to try it in beta for a few million people and see what happens, there may be activities here that are illegal without authorization in many countries, not just the U.K.”


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