Streetbeat News

Regulatory

BNBUSD

Binance, a leading crypto exchange, is facing a tumultuous period with the exit of CEO Changpeng Zhao and a $4 billion fine for alleged regulatory violations. The fine, one of the largest in crypto history, was levied for allowing groups like Hamas and ISIS to receive funds. Zhao also agreed to pay a $50 million personal fine. These events have caused significant outflows from Binance and raised questions about the future of the crypto industry, highlighting the importance of regulatory compliance and its impact on investor confidence.

Portfolio Pulse from Murtuza Merchant

November 22, 2023 | 7:04 pm

EADSY

Airbus SE's Defence and Space unit in the U.K. has received a £3.9 million grant from the U.K. Space Agency to create a space and connectivity catalyst at its Stevenage headquarters. This initiative, part of the Community for Space Prosperity (CUSP) program, aims to foster growth in the U.K. space supply chain, research, and outreach activities. The new facilities will be available to new and existing space industry players, offering laboratories, test facilities, and access to Airbus' skilled workforce.

Portfolio Pulse from Nabaparna Bhattacharya

November 22, 2023 | 6:27 pm

ADN

Advent Technologies Holdings, Inc. (NASDAQ:ADN) has been granted a 180-day extension by NASDAQ to meet the minimum bid price requirement. The company must increase its share price to at least $1.00 for 10 consecutive business days before May 20, 2024, to regain compliance. The current NASDAQ notification does not affect the listing or trading of ADN's shares.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 6:15 pm

USO

Oil prices dropped as OPEC+ postponed their 187th meeting, delaying decisions on supply adjustments. The meeting, originally scheduled for Nov. 25-26, is now set for Nov. 30. Crude oil futures fell 2.5% to $75.80, and the United States Oil Fund, LP ETF (USO) decreased by 2.3% to $70.78. The delay comes amid a 20% drop in oil prices since September due to supply and demand concerns and economic slowdown fears. The upcoming meeting will discuss supply limits into 2024, with Saudi Arabia's potential extension of a 1 million barrel-a-day curb being a focal point.

Portfolio Pulse from Surbhi Jain

November 22, 2023 | 6:02 pm

ETHUSD

On Tuesday, 8,320.17 Ether (ETH) valued at approximately $16.9 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -9.74% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

November 22, 2023 | 6:00 pm

COIN

GBTC

Genesis Global is suing Gemini Trust to recover over $689 million withdrawn by customers before Genesis filed for bankruptcy in January. The lawsuit aims to claw back funds for fairer creditor distribution. Genesis, facing SEC scrutiny and internal disputes, is proceeding with bankruptcy liquidation. The SEC sued Genesis, Digital Currency Group, and Gemini for defrauding investors. Gemini had also sued DCG and Genesis over failed crypto lending partnerships and unreturned collateral.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 5:59 pm

CRBU

Caribou Biosciences, Inc. has received FDA Orphan Drug Designation for its allogeneic CAR-T cells engineered to target B Cell Maturation Antigen (BCMA) for the treatment of multiple myeloma. This designation is granted to drugs that are intended for the treatment of rare diseases, providing benefits like tax credits, market exclusivity, and assistance with clinical research.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 5:58 pm

TSLA

U.S. lawmakers have requested the SEC to investigate Elon Musk and Neuralink for potential securities fraud related to misleading statements about the safety of Neuralink's brain implant technology. Veterinary records indicate that animals suffered severe health effects from the implants, contradicting Musk's previous claims. The controversy arises as Neuralink prepares for human trials, and any negative news about Musk tends to affect Tesla Inc's stock price, which was down 3.81% at the time of reporting.

Portfolio Pulse from Surbhi Jain

November 22, 2023 | 5:38 pm

BYFC

Broadway Financial Corporation (NASDAQ:BYFC), the parent company of City First Bank, has received a notification from Nasdaq for not filing its Form 10-Q for Q3 2023, violating Nasdaq Listing Rule 5250(c)(1). The company must submit a compliance plan within 60 days and may be granted up to 180 days to rectify the issue. However, Broadway has regained compliance with Nasdaq's minimum bid price requirement.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 5:33 pm

BA

RYAAY

RYAOF

UAL

The FAA has approved Boeing Co (BA) to begin flight tests on its 737 MAX 10 aircraft, a crucial step for the jet's commercial readiness. Deliveries are scheduled for next year. United Airlines (UAL) and Ryanair (RYAAY, RYAOF), among others, have placed orders. Boeing has faced delays with the 737 MAX series and awaits certification for other models. BA shares rose 1.07% to $220.61.

Portfolio Pulse from Vandana Singh

November 22, 2023 | 5:33 pm