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Good Thursday morning. This is Billy Bambrough, here with the latest bitcoin and crypto news.
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24-hour crypto market snapshot
Bitcoin (+1%) $47,495
Going out with a fizzle 📉
The likelihood of fireworks before New Year's Eve is slowly slipping away as the cryptocurrency market continues its slide—a sharp contrast from this time last year when new all-time highs were being set on an almost daily basis.

The bitcoin price has traded sideways over the last 24 hours, climbing into positive territory in just the last hour. The rest of the crypto top ten, as measured by CoinMarketCap, have begun to follow bitcoin into the green. Ethereum is down by around 1% while solana has added 1%. Binance's BNB is also down by about 1%.

Just outside of the top ten, Elon Musk's pet project dogecoin is leading the market higher, adding more than 3%.

Now read this: The bitcoin price and looking to the future
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Binance courts France 🇫🇷
Crypto exchange Binance has been seeking regulatory approvals around the world
Crypto exchange Binance has been seeking regulatory approvals around the world SOPA Images/LightRocket via Getty Images
Francophile: After doing a string of deals with countries around the world, crypto exchange Binance is looking to gain a more secure foothold in France, according to a CNBC report. In November, Binance announced an initiative called Objective Moon that includes a $113 million deal with industry group France FinTech to support the cryptocurrency and blockchain sector in the country. The initiative involves other companies like the French crypto hardware company Ledger, recently valued at $1.5 billion, and edtech company OpenClassroom.

Hodl and buidl: "The aim of Objective Moon is really to develop an ecosystem and to nurture and accelerate an ecosystem. You cannot do it alone," David Princay, Binance’s French GM, told CNBC. "We need to be also able to capture the talent and to have more capabilities to grow bigger," he said of plans to open an R&D office. "Having an R&D center is one step that we need to go for our next evolution."

Zoom out: Binance, the world's largest crypto exchange that has eschewed a traditional corporate structure and headquarters, has come under significant scrutiny over the last year due to its rapid growth. Multiple U.S. investigations on allegations of tax offences and money laundering have been followed by bans and consumer protection warnings across Europe and Asia. However, Binance has done local deals with Indonesia, Bahrain, the United Arab Emirates, and Canada recently as it looks to work with regulators. Last night, Binance emailed users to say it will continue operating in the Canada region of Ontario after successfully working with Canadian regulators, it was reported by Coindesk.

The bottom line: Binance's "decentralized" approach to international regulation is slowly bearing fruit but a prolonged bear market will bring greater scrutiny and the race is on to head off regulators and watchdogs before they become more aggressive.

Now watch this: The 5 Numbers That Defined Cryptocurrency And Blockchain Technology In 2021
Lost in the fog 😶‍🌫️
😵‍💫 Confusing and ill-defined regulations are one of the crypto industry's biggest challenges going into 2022, according to Elena Hughes, chief compliance officer of the U.S. Gemini cryptocurrency exchange.

🗣️ "One of [the challenges] is the continuous, certain lack of regulatory clarity in certain aspects of the industry or the business that we engage in," Huges told the Wall Street Journal. Hughes, who joined the New York-based Gemini in May 2020 after more than a decade of compliance work for the likes of Wall Street giants Morgan Stanley and Goldman Sachs, manages about 40 people at Gemini’s compliance team.

🧳 Huges' team is currently grappling with the so-called travel rule, an unfinalized proposal made by the U.S. Treasury Department last year that would require banks and cryptocurrency trading platforms to collect, keep and pass on records of a customer’s cryptocurrency transactions and counterparties—including verification of their identities—for any transactions exceeding $3,000.

Now read this: The year of the doge? 2021, crypto's wildest year yet
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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