Binance reshapes its leadership, UK grants property rights to crypto, and American Bitcoin stock crashes.
- Yi He becomes co-CEO of Binance with Richard Teng.
- UK law confirms crypto assets are part of personal property rights.
- American Bitcoin’s stock drops by 50% in one day.
Yi He Joins as Co-CEO at Binance
Binance, one of the world’s top crypto exchanges, has named co-founder Yi He as co-CEO. She will work alongside Richard Teng, who became CEO in 2023. Teng said that Yi He has led key projects at Binance since it launched in 2017. She was most recently its Chief Marketing Officer.
Yi He will focus on expanding Binance’s products and community. Teng will continue leading efforts related to regulation and finance. He said their different skills would help the company grow stronger. Yi He was also a co-founder of Binance with the former CEO, Changpeng Zhao.
UK Defines Digital Assets as Personal Property
The United Kingdom has passed a new law giving legal status to crypto assets like Bitcoin and stablecoins. The Property (Digital Assets etc) Bill was approved by King Charles on Tuesday. It confirms that digital assets count as personal property, even if they don’t fit old legal definitions.
The law follows a 2024 proposal by the Law Commission to create a third category of personal property. Crypto experts say this helps users protect and recover their crypto assets more easily. Groups like CryptoUK said the law makes ownership clearer and safer for both users and investors.
American Bitcoin Corp Stock Crashes
American Bitcoin Corp (ABTC), a mining and treasury company run by Eric Trump, saw its stock drop 51% on Tuesday. The company went public in September after a merger with Gryphon Digital Mining. Its stock hit a low of $1.75 during the day.
ABTC’s price has now fallen 78% from its September high of $9.31. The drop reflects a larger trend of falling prices in the crypto market. Analysts see few signs of recovery as Bitcoin prices also dropped from $126,000 in October to under $80,000 in November.
Source: cointelegraph.com
