![]() ![]() Sophisticated consumers, in contrast, might rake in the benefits while avoiding the payments and thus profit from usage. Binance has cemented its status as the world’s largest cryptocurrency exchange, making it the dominant middleman of a 1trn market. "Naive consumers might underestimate these payments and incur costs from usage. can design financial products to exploit these mistakes, combining salient benefits with shrouded payments," the researchers said. Richard Teng Singapore 22K followers 500+ connections Join to view profile Binance About Supporting blockchain and crypto adoption by actively engaging both mainstream and Web 3 stakeholders. The declaration was made by Sachin Verma, an Assistant Chief Accountant of. If you're not careful, banks can easily profit off your lack of knowledge, the researchers noted. Securities and Exchange Commission (SEC) has made a shocking allegation against cryptocurrency exchange Binance, claiming it sent approximately 20 billion in commingled funds to a foreign affiliate of stablecoin issuer Paxos in 2021 via Merit Peak trading firm. ![]() ![]() There’s a deep divide between the folks who benefit from credit card rewards and those who don’t, a discrepancy that banks appear to profit from, according to a new working paper.įinancially savvy individuals with higher credit scores were more likely to profit from credit card rewards at the expense of naive consumers with lower scores, who had a tendency to overspend to gain more rewards, creating an imbalance.Īs a result, the researchers of the staff working paper from the Federal Reserve’s Finance and Economics Discussion Series estimated that $15.1 billion was transferred annually from "less to more educated, poorer to richer, and high to low minority areas," widening existing disparities.įor credit card holders, spending wisely when it comes to rewards programs can make a difference to your financial wellbeing – especially if interest rates continue to rise. ![]()
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