The SBF Trial: Ex-FTX Exec Nishad Singh Back in Court; Binance.US Halts Direct Dollar Withdrawals

Another star witness on the stand at the SPF trial and Binance us halts direct dollar withdrawals. You're watching coin desk daily. I'm your host, Jen Sani. Let's take a look at the markets. The coin desk, Bitcoin price XBX index is currently trading around $28,500. The largest Cryptocurrency by market cap has paired gains after a short lived jump to $30,000 yesterday. It happened after a fake report that Blackrock spot Bitcoin ETF was approved in a Fox Business interview. Blackrock Ceo Larry Fink said the rally was suggestive of the quote pent up interest in crypto. We now turn to the latest in the trial of FTX founder Sam Beman Fried. One of the prosecution's last star witnesses, Nishad Singh will testify for a second day. Singh is a former senior FTX executive who has already pleaded guilty to several fraud charges earlier this year. He told jurors that he knew around $8 billion of FTX customers money had gone missing and that Beman Fried used customer money for quote excess spending sprees. Meanwhile, Beman Fried's former exchange is floating an amended proposal to return up to 90% of creditor holdings. The proposal states that customers with a preference settlement of less than $250,000 can accept the settlement without any reduction of claim or payment. The debtors group will formally file the plan to a US bankruptcy court for perusal by December 16th and Binance US users can no longer withdraw dollars directly from the platform after the exchange updated its terms of use on Monday. The exchange set of customers wish to withdraw us dollar funds. They can convert to Stablecoin or other digital assets. In early the firm suspended dollar deposits saying the S ECs aggressive and intimidating tactics against the crypto industry have left banking partners reluctant to engage with the sector. That's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.